4 Money Lessons Rich People Could Learn From the Poor
Written by
Chris Adam
Edited by
Ashley Barnett
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Creativity may be one of the more powerful lessons poorer people learn when it comes to finances. After all, if you’re having trouble affording the basics, coming up with alternatives can be a life-saving skill to develop.
That’s just one of the money lessons rich people could learn from the poor. Here’s a look at four of those lessons.
Developing Creative Solutions
When it comes to finding creative solutions, sometimes the best resource is your past. If you’ve learned tricks for getting along without much in the bank or in your pocket, they can come in handy many times in life.
Even if you don’t consider yourself creative, coming up with alternative ways to buy food, get clothes, and have fun can be an interesting way to stretch your brain. Learning to repair your belongings instead of replacing everything that breaks teaches you important skills. It also puts you in good company. According to a 2022 Ipsos poll, “1 in 3 adults in the United States aren’t considered financially literate.”
Using Free Resources
When money is tight, you learn to use free community resources. For instance, if you want to save on cooling or heating costs during the day, you might head to the public library or a community center. Not only can you save on those costs, but you can take advantage of the social opportunities and build community connections. Plus, many of these places now offer workshops and family activities to help you have even more free fun.
Just like other homeowner costs, Wi-Fi can be a big expense each month. That’s why those with fewer financial resources get smart about using public Wi-Fi and services. After all, why pay for something when you can get it for free? Just be sure to use secure connections so you don’t put your personal information at risk.
Focusing on Practical Wellness
You might think that those with fewer financial resources are much more stressed about money than the rich. However, according to Kiplinger, “Americans list money as their number one stressor in life.”
If you can’t afford expensive gyms or the latest diets, find practical and free ways to be healthier. You can stock up on affordable and nutritious foods, share recipes and dishes with friends, and create your own exercises at home or participate in community sports and gyms.
Sharing What They Learn
One of the good things about being around other people with fewer financial resources is the ability to build community and share things you learn. For instance, who doesn’t enjoy letting everyone know about the great deals they find on food, clothing, and fun?
If you’re looking for a boost to your self-esteem, figure out a new way to save money and then share it with your friends and family. Don’t forget about sharing these money lessons with your children – starting with something as simple and classic as a jar or kiddy bank. “Young kids may not understand the exact value of money, but they will understand the concept of accumulation as the piggy bank fills.”
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