I couldn't agree more - I've known lots of poor people - they have nicer things than I do .. they like to get tattoos, buy expensive car rims, and collect iphones. They dress much nicer than I do - for when they get a little change in their hand they go shopping for 'things' - their mentality does not account for the future or for investing ways that return their money. Usually when poor people come to me asking for money - they have a cigarette in one hand and an Iphone in the other. I always hear them say things like " I can't afford to save money - I can't afford to invest " then they spend their money on depreciating assets like fast food , designer shoes, and sports memorabilia - lots and lots of sports memorabilia - they go to sporting events, concerts and stand in line all night to get into a toy store on Black Friday so they can spend even more of their money on cheap imported electronics. I've spent enough time around people to know that they are where they are because of the decisions they make and how they choose to spend the money the come across - being "poor" is 100% state of mind - my wife and went from being broke, bankrupt, and foreclosed on ( after a really bad business venture) on to owning rental property in less than 3 years. We saved every penny - we ate at home - we didn't go see movies - and during that time -we actually put up some other "poor people" till they could get back on their feet too... I attribute all of it to making the right financial choices and having the right mindset.
We never say " we can't afford that" - instead we ask "HOW can we afford this?" Then we work towards that. When I first got to Fresno - I had 1 chair, 1 computer , and 1 TV set plus my dog and my car - I had nothing else. SInce then I've bought and sold several multifamily properties , collected thousands of dollars of rental income and continue to build up my portfolio with income producing properties and other investments. All of it is about STATE OF MIND.
Nice reply... I have a feeling you're going to love stumbling upon my posts... I also have rental properties, but that's not what my posts are about... My posts are more about paying off the Debt... And what to bring along with you to the other side of the Reset...
You're absolutely right @jorlauski! Nice point noted, that poor people are poor because they only make the wrong financial choices with the wrong mindset. From your story above I can say that you weren't poor because you never limited yourself. As you can only be when you accept it.
I haven't said it in a while because my focus has shifted from finances to family .. but I used to always say " I'm already a millionaire.. the money just isn't in my bank account yet"