Poor people spend money, middle class saves money and the rich invest money….. correct?

[Wassup_King]

[MTC29]

Sadly, that is accurate. We get a lot of young and middle-aged people posting who talk about saving money, as though a bank account was the same today as it was when I was a kid- anyone else want to earn 6% on a passbook account? Anyone else old enough to even know what a passbook account is?

Invest, and it hardly matter in what, as long as you keep ahead of inflation. Thanks to Sleep Joe Biden, this isn't easy, but it can be done. Keep in mind that setbacks are to eb expected, so don't panic if you take a hit or two to your portfolio.

As for myself, I just need to hold onto what I have. No risks for me, because I don't have the time remaining to earn it back again.

[Wassup_King]

Well said man this definitely will be top comment.

[DaveJord]

More or less I would agree with this. I mean earning money is not the same as managing wealth. So poor people don't earn enough to mange any wealth, middle class earns enough to save and plan for retirement, and the wealthy have wealth and they are good at managing it. Wealthy people on spend the money that their money is earning for them.

When poor people get money they usually spend it fast. Middle Class honestly, most the middle class might live just about as well as the poor, but that because they don't spend money on stupid shit and have no debt, but eventually they pull them selves out of the economic hole over time and get ahead of things.

Where as the poor people just keep digging deeper and deeper, by maxing out everything and then spend what ever they get, while making it by paying card minimums on maxed out cards. Poor people come to money from time to time and they will not pay off debt, they will spend on new phones, big screen TVs and stupid shit.

[AmandaYVR]

Nooooo. That's pretty insulting actually. It's not nearly that cut and dry.

I'm in a business relationship with a really rich Chinese woman property owner, and her obsession with nickel-and-diming every little $20 item, to save herself money and inflict b. s. on all of us around her, is really pathetic. I think it's a game to her or something. Or a battle of wills.

Some rich people are rich (and yeah, I'm saying "rich" not wealthy and there's a difference) because they've shafted others, over and over.

Don't blame the poor and middle class. The middle class have been the ones paying the bulk of the taxes which run countries. And they're being squeezed into non-existence.

[Thatgirlcvp]

This is random but I've heard of this.

Poor people have a bunch of kids. Middle class people have a decent amount and rich people have like one or two kids. Am I wrong?

Anyway, poor people don't have any money to spend. They don't have rainy day saved up money. Their entire paycheck goes to things. Middle class has some money left over to save probably for their kids college. Rich people don't even worry about money, they worry about making more money. So I agree.

[MCheetah]

Wrong. I grew up poor and been poor most my life, and whenever I had anything to save, I saved it. I also hustled; I only ever spent money on essentials. But I assume this saying means "poor people are bad with money, so spend it all the time, which is how they stay poor." In either case, no, this is wrong. Also, you must have never been to Dubai before. They waste money all the time there! Noveau Riche is a thing, bruh.

[roy_ricky09]

Well, if we talk about past, yes it was like that. However, now things are changing with access to all kinds of information, education, etc.. Which wasn't there before. Now people are becoming more and more aware about investing, business etc.
Also there's huge market now for a business, it's no longer limited to shops stores...

[Zeus_66]

Poor people spend taxpayer's money. The middle class spend money to account for inflation. And the rich aren't spending enough because the economy is stagnant and nobody wants to work. Rinse and repeat.

[Astarlessnightsky]

Not really,

Everyone spends money, its just lower or middle class don't have much money left after they paid for their needs.

You need more than enough money to invest.

[jshm2]

Nope.

Poor people do all three and still remain poor. The reasons are usually from personal circumstances to family debts.

[NorthwestRider]

False because rich people love spending money on yachts, mansions and sports cars

[jamesgoldman]

But that's from the profit generated by investment activity

[Pinay_ako]

Correct …

[Wassup_King]

Yeah I just noticed thank you😂 I was multitasking.

[Smallboobsgotohell]

Incorrect and stfu

[Wassup_King]

Smd!

[LazerBean]

Pretty much.

[jamesgoldman]

Yeah it's true

[maximumpower]

Essentially, yes.