What key mistakes are ppl on low incomes making that ppl on upper incomes aren't?

Question

What key mistakes are ppl on low incomes making that ppl on upper incomes aren't?

Answer 1

Most people with upper incomes work long hours and make good decisions on how to go further up the corporate ladder.

Most people with lower incomes do no more work than what is required.

Answer 2

I would say that there is a big diference between the two on what they buy on their pay day!

The poor and the middle class tend to have more liabilities than assets. On their pay day the poor and the middle class buy ''expenses'' yet the upper class re-invests on new assets.

Kind Regards

Kazooli

Answer 3

Live within your means, whether you're earning a little or a lot. Put something aside for emergencies.

Many make the mistake of trying to live like those on upper incomes. Buying big screen TVs on interest-free credit, buying the latest and greatest, brand new car, etc.

We live in a consumer-oriented society and are bombarded with buy-buy-buy messages every day of our lives. We need to pick and choose.

(And for the record, I started my working life on less than minimum wages. I did it tough for years, as did my parents.)

Answer 4

There can be several factors which can keep someone in a low income bracket.  The first one that comes to mind is education.  In addition to this, one would have take into consideration whether the person is capable of wanting to advance themselves in life.  Self worth is a big factor.

Answer 5

they are spending beyond their means and before you start giving me the thumbs down i have been there. lived like it for years with my ex husband. im now with someone else who has shown me the other side, and it isnt hard to live without debt on low wages.

Answer 6

not making enough money

Answer 7

I think that things which will consistently bring you an income throughout your life - e,g, financial investments etc, are something that those on modest incomes tend to neglect.  I suppose its because of the associated risks - but its always important to remember that there are also potential gains to be made too.

Answer 8

I don't know for certain. I can put my finger on a few however.  Not taking advantage of the educational opportunities available certainly must be one.  Most high school drop outs have a very dismal future to look forward to.  Not taking any risks is another.  Some people are satisfied to go with the flow taking the path of least resistance.  That is not the way to get ahead in the world.  Not saving money for opportunities that might present themselves.  It is almost beyond belief the numbers that are posted on credit card debt.  Will these people ever amount to anything?  The probablities are certainly against them.  

That however is not to say that people with higher incomes do not make mistakes also.  They sure do.  The idiots in charge of Bear Stearns made a whopper as did a few other Wall Street idiots.  These were guys hauling down multimillion dollar salaries.  The real sad part is that all they did was loose their jobs but not all that money they made.  The stock holders lost darn near everything.  Maybe now they are low income instead of upper income.

Answer 9

Spending more than they can afford. but that could happen to anyone, and usualy does. This is usually the case for everything, be it high mortgages, food, cable, luxury items you shouldn't buy but do or put on you credit card anyway.

When me and my husband bought our home he gave us a lot of good advice, such as "Don't start using a credit card unless we really have to, and buy stuff we want/need after spending time  to put money aside for it." need > want also. which is something people tend to forget too. D:

There really isnt much to it. A lot of people on low income jobs aren't able to get the upper income jobs cause of lack of education, or some other problem such as lack of jobs on the market, but that doesn't have to limit them to not being able to work hard to get to a comfortable lifestyle if lacking anything over a high school education. Hard work and common sense pays off.

Also some people are just born into it and feel they don't have to worry, but in reality we all have to worry about our money no matter how much we have. The mistakes aren't only on the low income families, its all classes. Common sense is key. The only ones who make it are the ones who have it. :P

Answer 10

THE FIVE LAWS OF GOLD

I. Gold cometh gladly and in increasing quantity to any

man who will put by not less than one-tenth of his earnings

to create an estate for his future and that of his family.

II. Gold laboreth diligently and contentedly for the wise

owner who finds for it profitable employment, multiplying

even as the flocks of the field.

III. Gold clingeth to the protection of the cautious owner

who invests it under the advice of men wise in its handling.

IV. Gold slippeth away from the man who invests it in

businesses or purposes with which he is not familiar or

which are not approved by those skilled in its keep.

V. Gold flees the man who would force it to impossible

earnings or who followeth the alluring advice of tricksters

and schemers or who trusts it to his own inexperience and

romantic desires in investment.

written thousands of years ago...i still deem it to be true....my passive income is incredible since i took the time out to advance my knowledge.

Answer 11

trying to keep up with the Jones'..basing happiness on possesions and not on what is really important.

Answer 12

false beliefs generated by the last ten plus years of labour government,also the t,v and media. imagine a family of four ,mum dad 10 year old son 12 year old daughter. now work out, if they lived what could be described as a typical british lifestyle how much income they would need to lead that lifestyle.Dads a bus driver £250 a week after tax and insurance Mum works part time  as a care worker £100 a week a further £100 a week in child benifit /tax credits so say £450 a week or £1800 a month income.  Now lets look at where the income goes . mortgage £500 a month council tax £125 a month running and paying for the car £250 a month food and drink £500 a month utility bills £150 a month  clothing £200 a month t.v. licence /internet rental 4 mobile phones satelite t.v. £125 a month, oops  thats the monthly income gone wht about the house insurance ,little jenny's spectacles dads trip to the dentist the dinner moneys bus fares to school the odd family holiday new furniture for the home some savings to put away for retiemnt/the kids further education the list goes on .Why should this family be unable to lead a quality of life as shown by the media,after all they are behaving as they have been told to by the government ,going out to work .THE ONLY mistakes the poorer people of society are making is believing the government that having pride and respect will be more beneficial to the family.It is a sad state of affairs in this country where doing nothing gives a better quality of life than by going out to work.   As for those who earn high salarys i say good on you ,but you to will be affected when the working classes decide that enough is enough. Wage structures need a overhaul in this country ,why someone who risks their life say driving a white van up and down the motorway delivering much needed goods/services only gets £10k a year ,then somone tapping on a few keys in a government office gets £30k a year i don;t understand .which would you find easier to do .spellcheck not working

Answer 13

Education is normally the key, but theres alot of luck involved to,

also being born into rich families helps a bit to

Stacey C, you're a bit ignorant!! (what a stupid comment!!!)

Answer 14

some people feel sorry for themselves.

some people feel no self worth of becoming something.

some people have no ambition or drive &

some people jus't can't handle life as it is anymore

but also...people on less income, arent born into 'already'  rich from years ago,  families.

most rich people now don't even work for their wealth, its inheritace and down the line family businesses.

(2comments below.... how can you say im  ignorant from showing one point of view... that just shows how ignorant you are for not just accepting other peoples opinions on things...>]  )