I hope you are none of them, but the fact of the matter is that many people feel that they are less well off than they used to be and definitely previous generations. Some of this reality is inflation, some the economy around jobs and housing, some is lifestyle creep and perception. Whatever that cause may be, the feeling of economic pressure grasps many today.
Not having money takes many forms. Understanding how and why is actually the key to escaping it. Not suggesting that everyone can easily or realistically escape their income bracket, or even circumstances. Everyone has their own struggles, only one of which may be money or the lack thereof. Instead, I simply hope you can diagnose your situation and take steps to improve it, no matter how incremental it may seem.
When people don’t have money, they tend to think of it in 3 ways, whether they name the condition or not. Broke, impoverished, or poor. They can all be translated to mean the same, but I would suggest they can be different and hold different solutions that apply to them.
Broke: A Temporary State
Broke is the easiest. Broke is not having money in your pocket now. It is not being able to spend as you may want today. “I can’t do that, because I am broke” or “I can’t buy that thing, because I am broke.” There are a lot of causes of feeling broke. Maybe all your bills just came out and you are reeling from the money you watched leave your bank account, even though there is still money there. Maybe it is two days before payday and there is nothing left to your name until the check clears. No matter the cause, you do not have the money to part with. You are broke.
The solution, as we all know too well, don’t spend money. Bide your time until the next round of funds hit your bank account. Budgeting can alleviate this stress, reducing your expenses can too. At its core, broke should be somewhat temporary.
Impoverished: A Deeper Struggle
Impoverished is a bit deeper. By the definition, it means the state of being inferior in quality or insufficient in amount. Normally you hear it describing long term circumstances that plague a person or groups of people. These circumstances are not trivial. Systematic pressures from location, family, heritage, government failures, industry, and lack of education can trap entire populations in a state of need. Worse, it can just be bad luck and needless suffering. I won’t begin to demonize people in these conditions, because an unfortunate reality of this world is that as long as there have been those who have more than enough, there have been many more who simply do not have nearly enough. I don’t claim to hold the power nor the answers to curing poverty, but I do wish to say that I have experienced, first hand that there is a wealth of riches that can be had in this situation.
Surely, anyone would be better if they had more and it wasn’t a struggle to put food on the table, but those that find themselves living in various stages of poverty develop support systems and forms of wealth that those who are able to make ends meet simply can’t understand. People play by different rules here and to different ends. The relationships can be deeper and sweeter as communities come together to truly depend on each other for survival. The ability of individuals to maintain a level of minimal self sufficiency outside the bounds of material possessions is a testament to human will. It stems from knowing your situation and relishing in small wins. It makes you more willing to give and ask for help. It keeps people coming to dinner together. This mindset, while the circumstances are extremely difficult and unfair, is that of ingenuity and hope. It keeps those individuals grounded in reality more than anyone could be with secure circumstances ever could be. This is one reason that low to middle class is the easiest upward mobility to accomplish and maintain. Increasing your circumstances through hard work and a good break or two is possible and maintaining any wealth accumulated becomes easier through habits, because you know how to do without to maintain. Most importantly, the community celebrates when people escape. They celebrate more when those people come back and participate in the community to help make it a little better. Being impoverished is a situation and one you can adapt to, learn from, and even possibly thrive in. Most importantly, it can be escaped.
Poor: A State of Mind
Poor is the acceptance of your position and situation. It is an attitude. If you see yourself as poor, it is harder to convince yourself of being anything else. The habits, ideas, and excuses linked to your situation become your identity, thus continuing and perpetuating the cycle.
Many in my family were poor and they still are. They had poor habits with money. They spent frivolously all the money they had and were quick to blame everyone and everything around them for the situation they were in. As a teenager, they discouraged me from continuing education. They became offended when I started to pull ahead. They tried to call in debts any time they could for small things. They looked at my friends that led modest middle class lives as if they held my family at gunpoint to take all they had. They were bitter, they were not happy, and they wanted the rest of the world to be just the same. They were the epitome of poor.
Shifting Your Mindset for Financial Improvement
It’s hard to work in a complicated system. Obtaining and maintaining any level of wealth is difficult when it takes technology, knowledge, and resources to simply get the wealth generating engine started. What isn’t as hard, setting your mindset to pay attention to the correct things. Something that seemed to be common knowledge until recently is that the way to true wealth and security is to make more money than you spend. Sometimes that can be difficult, but it is about paying more attention to your spending than your income. Optimizing your resources in a practical fashion may be the thing that takes you from poverty to wealth.
Embracing Opportunities for Change
Poverty, poor populations, and the problems they create are nothing new. Something that is new is the mechanisms of obtaining knowledge, skills, and chances for improvement. We can improve ourselves and our surroundings faster than at any other time, whether through online resources or travel infrastructure to take you away from your current environment, the means of transformation are at our fingertips. What our biggest barrier to change is now is the courage to do things differently. That has never been easy and it won’t get easier. There are no sure examples of how to go from having nothing to having more than enough. You have to find that for yourself.
Final Thoughts: A Path to a Better Future
I won’t fill you with the ambitions of becoming a millionaire, but if you are at the bottom, know there is always somewhere to move up to. Don’t trap yourself in a poor mindset. You can be broke, no matter what your income. Most importantly, though, stay positive and thrive in whatever environment you find yourself in. There is always a way out if you truly want it.
Keep the faith and make the best decisions today for a better future.
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