Philosophy of a Poor Man – Why earn it when you can win it!

win it-earn it-poor manSo, how does a poor man think?  Well in a nutshell – poorly.  One definition of poor is not having enough of something. Poor man thinking is not just about money or men, it’s a general attitude. We can be insufficient in many areas, but typically we think of money or possessions when we define the word poor.  So, in this article we will define a poor man as a persons attitude about money.

Money is a good thing, but the sad fact is money not earned is usually not a good thing. Those who win, or inherit large amounts of money, often do not make the wisest of choices.

Someone once said, If you are going to win a million dollars, you must first begin to think like a millionaire.   The meaning is two-fold:

1.  When you get money free you, must act like the given-money was earned-money.

2.  Millionaires do not stay millionaires without the wise use of money (budgeting, discipline, not procrastinating, smart investment decisions etc).

But I worked hard for that money!

A friend of mine told me of a story of his young son who wanted the newest action figure.   His son asked him for the twenty dollars needed to buy this new toy.   His dad told him he wouldn’t give it to him, but that he could earn it.  He then gave his son a bunch of odd jobs to do around the house. After completion, the son was excited to have his money.

A few days later his Dad asked him if he had bought that new toy.  His sons indignant reply was.  “What? Why would I waste twenty dollars on a stupid toy, I worked hard for that money!

 The poor man wastes money when its free

poor man
Yes, its easy to buy everything and anything on a whim when the money is free.   It’s another thing when we have to earn it. If you don’t believe this try looking at the people who have been trapped in the poverty of welfare.   In the United States there are millions of people trapped in the vicious cycle of generational welfare.

People do need assistance every once and awhile, but human nature often takes advantage of these situations.  This has caused  government and various non-profit organizations to continue this “support” for so long that entire generations think they are entitled to it.   Thus the beginning of poor man thinking.

It’s easy to feel that way when your family and friends  have received help, so why shouldn’t you.    In some people’s mind, it makes no sense to make an effort to work for money, because no effort will still give the same result. This leads to the general attitude of – “Why work for what I need. When it will be given to me for free!”.

Needing or recieving assistance of any kind is not a problem. However, when we stop making effort and start to depend on “assistance” as a way of life, then it is a problem. The good news is many have been able to make their way out of this mind set.

 Note to Poor Man.  Win a million, Think like a millionaire

philosophy of a poor manPoor man thinking can be  a problem especially for  those who win large amounts of money, or gamble for that next big pay off.  Obtaining such a large sum of money basically required little effort. As say working, saving and investing wisely over time.

The problem, of course, is not the money, but the thought process behind the money. It’s easy to fall into the trap of thinking “now that I have this large sum, why keep working. Why not relax and enjoy the harvest?”

Yet its not hard to spend money. Your family and friends can even help. Why, there’s no problem with spurging and even wasting alittle.  However, money goes quickly, especially when there’s no incentive to save. Then, faster than we think, it will be all gone.

Now we have a bunch of stuff that requires more money to maintain, only now we’re out of money.  Just ask the countless celebrity, sports figure or jack-pot winner who is now bankrupt. The landscpapes full of them.

The problem of course is two fold. 1 If we don’t go through the steps needed to earn money, we don’t have the experience to keep the money. 2. We believe that our skills (or luck) will be able to keep making the same amount we had before. Only our luck, skills, abilities and circumstances can all change.  Sometimes in a blink of an eye.

Poor Man Thinking Conclusion

If we have the poor man mind set, we have to first change the way we think about things. Our perception of money is a great place to begin. We can start by:

  1. Remembering money as a limited source, with lots of competition for it.
  2. Our ability to earn it is timed. Acknowledging our ability to earn money will not keep up with our pretention to spend money.
  3.  The odds of obtaining wealth the easy way are stacked against you. So stop thinking your smarter or luckier than everyone else.
  4. Learn about compounding. Money has the ability to increase exponentially over time.
  5. Start putting aside money into a savings account. Then spend time learning about places you can invest your money.
  6. Stop being intised by the present. We all want things now, which leads to poorman thinking. Instead look out into your future before you spend money today.

Running out and buying lottery tickets, sitting in front of an online gambling site as you recieve unemployment, and rushing to the nearest casino will not help you find or build wealth.  Working diligently and investing wisely gives you the best odds by far.

So top thinking like a poor man and wasting money on gambles that won’t pay off. The best place to start is to learn how to increase the money you are currently earning.  Here are a few places to start.

Tips on Saving and Keeping More of Your Money

Wanna be rich? 20 Places to invest your money

6 ways to find good companies to invest in (stock market advice)

How to make money in Real Estate

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