Difference between Rich and Poor

[2TxAgs]

I read in a magazine recently about the difference between the rich and
the poor:

The Rich plan and save for the next 3 generations
The Poor plan and save for Saturday night



So, for those of you who don't need to pinch pennies but still choose to,
maybe they will thank you 3 generations from now!

 

[patsal]

Oh, I thought the only difference was the term "crazy" vs "eccentric"

 

[ncbyrne]

The rich go to WDW whenever they want. The poor go to their rich friend's house and watch the Disney Channel.

 

[HenDuck]

The rich go to WDW whenever they want. The poor go to their rich friend's house and watch the Disney Channel.

Now that made me laugh out loud!

 

[LisaNJ25]

The rich go to WDW whenever they want. The poor go to their rich friend's house and watch the Disney Channel.

 

[meloneyb21]

Wow, what a snobby thread

 

[SamSam]

Don't see this as snobby at all! I took what the OP to be saying is that people that plan 'way ahead', may budget better and in the long run be more fiscally sound.

 

[Free4Life11]

Yeah, if I weren't making $7 bucks an hour I too could plan 3 generations ahead.

 

[disneyjunkie]

Yeah, if I weren't making $7 bucks an hour I too could plan 3 generations ahead.

ITA

I wonder how smug most of us would feel if we had to raise a family on such a low salary.

 

[crisi]

Yeah, if I weren't making $7 bucks an hour I too could plan 3 generations ahead.

You can plan three generations ahead on $7 an hour.

Generation 1: Self

Live within your means
Try to make a better tomorrow for yourself

Generation 2: Kids

Raise your kids to go to college or tradeschool (plumbers are well paid - nothing to scoff at).
Instill in them, if possible, an enterprenurial spirit
Encourage them to delay marriage and children until their late twenties
Teach them about money and debt

Generation 3: Grandkids

Repeat (with as much influence as you can as a grandparent) what you did with your kids.
If you have been living WITHIN your means, you won't die without assets - they may be small, but they will be assets. Earmark them for school for your grandkids.

Now you are "thinking rich." You will probably never be rich, but chances are pretty good some of your children or grandchildren will do well.

On the other hand, if you say you can't plan making $7 an hour and things won't be any better for your kids than you, you are setting them up.

 

[Mouse House Mama]

Rich = healthy happy family (especially my kids!) and enjoying our life
Poor = taking it all for granted and not realizing until it's too late!

Sorry- just had to put my spin on it.


Rich or poor, live life to the fullest!

 

[Chicago526]

I've always thought that "poor" was a state of mind, not a financial situation. You can be totally broke and not be poor. You can also be wealthy and be very poor indeed.

 

[ZipaDeeDooDah]

I've always thought that "poor" was a state of mind, not a financial situation. You can be totally broke and not be poor. You can also be wealthy and be very poor indeed.

Beautifully said!

 

[eliza61]

Rich = healthy happy family (especially my kids!) and enjoying our life
Poor = taking it all for granted and not realizing until it's too late!

Sorry- just had to put my spin on it.


Rich or poor, live life to the fullest!

Well said,
As a 9/11 survivor, the last thing I now do is equate rich with the amount of money I have.

 

[Littlemotherhaywood]

I've always thought that "poor" was a state of mind, not a financial situation. You can be totally broke and not be poor. You can also be wealthy and be very poor indeed.

ITA with this. I absolutely think how we see ourselves is more important than what our bank statement reflects and I think some of the comments in this thread were rather tasteless. No matter how much one plans, things come up. A good example would be the million dollar plus medical bills my uncle racked up trying to save his life. Would you consider him poor because he'll never be out of debt and able to save for his daughter and future grandchildren? Really? What about all of the college grads in my area that can't get a decent job because the job market is in a slump. Ten workers for every job means lower wages because people are desperate. If we're talking money, then my family would probably be considered poor by the standards of some on this board and rich by the standards of others. It's all perspective but I certainly wouldn't sit around laughing at the misfortune of those who can't or choose not to save for future generations. Also, I don't believe the actions of the parents determine the actions of the children. Both of my parents are poor by my standards. My father has filed bankruptcy twice and neither of my parents own their own homes. They're both essentially still living off of their parents (who both own their own homes, saved for retirement, etc.). I moved out at seventeen, attended some college (still have to finish my degree but life happens), own my own home, raise my children with values and have taught them how to save.

 

[crisi]

There is rich in spirit and rich financially. And poor in spirit and poor financially. But wouldn't you rather be rich in spirit AND rich (or at least comfortable) financially than rich in spirit but struggling financially. You CAN have both, you know.

 

[Chicago526]

There is rich in spirit and rich financially. And poor in spirit and poor financially. But wouldn't you rather be rich in spirit AND rich (or at least comfortable) financially than rich in spirit but struggling financially. You CAN have both, you know.

Quite true! And nothing wrong with having both, either.

What I also meant in my earlier post about "poor" being a state of mind was that often for people who are financialy poor, it's their state of mind that keeps them that way more than any other reason. They see no way out of their situation, and give up. And worse, often teach their kids (often unintentionally) to feel the same, and the cycle of poverty continues on another generation.

 

[2TxAgs]

When I read the article, and that quote specifically, what I got out of it was that 'attitude' is the key. If you're not thinking beyond this weekend, then you're never going to get anywhere long term.

There's nothing snotty about that. It's what every one of these financial threads has been about for months - 'we've planned ahead, we've made sacrifices now so we have something for later, etc.' I thought it was a very concise summary of what so many have been saying ever since this turned into a budgeting/financial advice website.

 

[runwad]

You can plan three generations ahead on $7 an hour.

Generation 2: Kids

Raise your kids to go to college or tradeschool (plumbers are well paid - nothing to scoff at).
Instill in them, if possible, an enterprenurial spirit
Encourage them to delay marriage and children until their late twenties
Teach them about money and debt

.

Totally on with this!!

 

[tinker&belle]

I agree with the state of mind thing...my mother raised us as a single mom. We never had a lot, but she insisted I get an education. Now, I have moved on and my husband and I are doing okay, but mom feels like her financial situation can never get better. She doesn't save for yearly bills such as taxes, license plates, etc. so she is constantly scraping. I've tried to show her how to budget but she feels she is too "poor" for it to help... it makes me really sad, yet she won't accept help either financially or with planning...