What the Poor Spend Money on that the Rich don't

There are a lot of differences between the rich and the poor and one of this differences are on the things they spend money on. A lot of poor people see some things as assets whereas they are liabilities in the making. In this post, I will be sharing a few things the poor spend money on that the rich do not always do.

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First, we need to understand that in most cases, the poor often enrich the rich and other things like waste, un-prioritized expenses and so on make the poor remain poor so let me share a few things that the poor do that make them remain poor.

Shopping Spree with Credit Card

Incurring credit card debt is a one very bad habit that the poor enjoy but what is more confusing is they get into this debt for things that aren’t necessities. Credit card debts can be very expensive to pay and can weigh people down, once a person gets into a credit card debt, other credit card company start to bring offers which keeps them in debt at the end of the day.

Shopping for wants and waste, not need

Shopping is one thing that the poor love to do because they want to look rich. The poor buy what they want and not what they need. A poor person can buy a remote controlled umbrella which does the same function as the two other umbrellas they have at home except from the fact that this has a remote. Having three umbrellas for a person is regarded as want and waste. What you need is an umbrella and not three. The poor waste a lot of food and yet still buy more than they need. There is a home economics rule that says “no waste, no loss” this rule is supposed to be used while cooking but the poor do not consider this at all.

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Games and in app purchase

A lot of people spend money on game and interestingly the people who do this are poor. Fun is good and having fun at a specific time is amazing. A gamer makes money playing games but most poor people play the game for fun and at the end of it all spend excess money on the game which they do not always put into account.

Latest technological innovations.

The poor go on the long queue for the latest iPhone compared to the rich. The rich understand that their gadgets should be valuable and provide more value than the amount they got it for but the poor wants to get the latest gadget to show off to a person of the same level who doesn’t care about the gadgets they use. I have seen people living in slums but using the latest iPhone so they can feel accepted by the community.

Gambling

A lot of poor people dream of winning big and so they spend most of their time playing lottery and gambling. Gambling has taking a lot of money from the poor and the possibility of winning a gambling is 1/100. You are more likely to lose than win a gamble.