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I grew up impoverished. I developed an instinct for dealing with that, and I still have it. I don't know how else to describe it, but I can feel when things aren't right (or worse than usual since nothing is ever right in the fiat world). This instinct, sense, whatever you want to call it, always pushes me tighten up on spending and push harder on earning. Fortunately, this just makes me wealthier now. It used to be awful when I didn't understand economics and the world I live in. I was poor then. I was also broke. I never fucking want to be poor or broke again. This feeling I have is uncomfortable as hell, but I'm sort of thankful for it now. It's saved me and my family from what would be a lot more pain if I was out buying boats, houses, phones, and all the other shit people around me are buying

I don't know where I was going with this. Anyone else know what I'm talking about?

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Discussion

karo 5mo ago

I've read that being impoverished, especially in youth, is a type of emotional trauma that a person builds skills to cope with. Since it is part of their history, it is also a part of their identity. I don't know where you're going with it either but it makes you the person you are today.

I'm curious though, what's your differentiation between poor and broke?

Matt 5mo ago 💬 2

Poor is more of a mindset to me. Broke is simply not having capital at a given point for some reason. Poverty is a deeper condition. My parents told me we were poor and therefore ____. It was part of our identity as a family. We wore this, and drove that, and would likely go to this college and not that one (and only with government handouts) because we were poor.

I escaped that mindset and became just broke. After some work, I'm not broke anymore. And if I ever am again, I'll have the skills to not be for very long (assuming no physical or mental disability or other rare exceptions of nature).

Most poor people are also broke, but I don't think being broke necessarily makes one poor. Being poor usually keeps one broke since it is such a deeply ingrained condition. There are many components to poverty that I started recognizing early on, and they go well beyond net worth or income.

Matt 5mo ago

In a way, poor is an acceptance of the current condition as the future condition in perpetuity. I think this is in part the reason we see generational poverty. Obviously, there are other factors involved in being broke, but they are reinforced and solidified by poverty identity that is passed on to offspring. It's a deeply psychological condition that I think has real world consequences.

karo 5mo ago

thank you for sharing your thoughts. the way you explained it gives me a lot more clarity on the topic.

Matt 5mo ago

An even more interesting observation is the divergence of poverty and income. I know people who have a higher net income than me, yet a much lower net worth due to debt from cars, boats and houses. On the surface they seem wealthy, but I know of one case who doesn't even have access to $1000 of non-debt. In some ways, they embody the poor mindset. They spend like there's no tomorrow and can't weather most events that I view as minor because of my mindset and financial position. Yet on the surface, most people would think I am closer to broke than they are. It's such a complex topic that goes way beyond simple numbers. Many high income earners are living check to check.