It’s not enough to just be poor, that would be easier to accept if you are paying for things according to your earnings. But that's not how it goes; when you're poor, everything costs more and I'll explain how and why. Below are 5 reasons being poor is expensive.
1. Ignoring Small Expenses Become Massive Bills When Left Too Long
Let's start off with an all too common scenario; you feel that your tooth is a little more sensitive than it should be and you know it's due for a filling but choosing between getting a filling or filling up your tank with gas is a no-brainer. The gas wins hands down so you've got this nagging tooth, fast forward a few months and your tooth is aching, your mouth is swollen and you need a root canal surgery.
Now the bill is 10 times the amount you would have paid if you had gone for the filling straightaway. The same applies to car problems, healthcare, leaks or any situation where preventative measures could ensure that a huge unnecessary cost is avoided down the line. Rich people can fix problems right away, however, poor people don't have that luxury.
2. Banks Favour Rich People over Poor People
Who is a more lucrative consumer for a financial institution; a poor person struggling to make ends meet desperate for a loan or a rich person that will bring more business into the bank? It's an obvious answer so banks try to deter poor people from using their services or rather to look elsewhere. The poor must pay to bank while the rich get paid to bank. Many banks require a minimum amount to be left in the account, if that minimum amount is not there, the bank charges you for keeping the account open. That's just one small example.
Getting a loan is impossible when you don't have a good track record and ultimately you're seen as a risk to the bank. Poor people also don't have substantial assets for lender liquidation.
3. Eating Nutritious Food Is Unaffordable
In a previous article with the title “5 ways poor people think they save money,” I spoke about junk food and why poor people gravitate toward buying it. I said the obvious reason is that it's cheaper but the not so obvious reason making fresh healthy food from scratch is time-consuming. And poor people are often working several jobs to make ends meet trapped in a financial, mental and emotional crisis that requires every ounce of energy to survive the day, so by the end of it, it's just a case of buying whatever is convenient.
It's just not an option for poor people. The rich on the other hand can consume avocados to their hearts' delight buy their almond milk and pop blueberries into their mouth like candy.
4. Being Poor Leaves You with Limited Choices
Being poor isn't just about not being able to afford things, it also means having limited options available to you. Here's an example; a poor person finally scrapes together enough to buy a small car, so with 250, how many cars is that poor person going to find? Not many we assure you and if they do find one or two options, neither are going to be pretty. Whereas a rich person can choose any car they want and not have to stress about paying off the monthly fees or the insurance next how poor people easily lose their money.
5. The Poor Are Easy Prey for Scammers
In a previous article “5 things you should not waste your money on,” I highlight the problems with these get rich quick schemes. And that's what they are; schemes. But when you're desperate and need to get out of a bad financial situation, poor people opt for these in the hopes they can turn the tables on their financial woes. As I said in that article, people are always looking at ways to make quick cash and there is so much noise online promising a great return on a small investment. To the untrained eye, it would seem like the opportunity of a lifetime but sadly, they don't usually pan out the way you would hope.
Thanks for reading. See you in the next article.
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