"Poverty Mentality" What are the signs?

[Perry]

Isn't that a very USAmerican perspective?

[Perry]

Belief that you are a victim of others’ decisions and choices.

Political, perhaps.

Fear of spending money on non-essentials.

No fear, but cautious

Constant search for cheapest alternative, even if a discomfort.

Do not do that

Obsession with getting “deals” and free entry.

If I reasonably can, yes. Obsession - no

Belief that you’re lucky when you succeed, incompetent when you fail.

No

Denying yourself as an ongoing way of life.

Don't know what that really means

Feelings of guilt when you have more than someone else.

Definitely not

Fear of being seen as boasting when you describe a simple accomplishment.

Just careful where things are said

Never picking up a check someone else may pick up.

Not something I relate to

Never feeling you have enough reserves or resources.

No

A belief you can “lose it all” despite everything you do.

Always a possibility, but very unlikely and not something to dwell on.

[Perry]

OK I've got the wrong idea of what this "poverty mentality" is. I pictured people who were halfway between poverty and average wealth

That's my fault for not explaining well enough, just what I meant.

I was thinking of those people who can't (or perceive they can't) break free of what might be called the 'daily grind.' People who have little savings; who can't see how to save more; who can't or won't grasp (or even recognise) an opportunity, even if it carries some risk; who assert that they're hard done by to the next person at the counter at McMalnutrition when ordering burgers, fries and soft drinks for the family; who think they must have the latest dumbphone; a flash car; who see sacrifice today to achieve something tomorrow as a no-no; who have multiple credit cards all 'maxed out' and only pay off the minimum, each month; who are jealous of and complain about others who can better manage those things and get ahead; and so on.

In an analogous way to Donna's observation, at some point, many PT Forumites may've been in that position. What was it that lifted the veil from their eyes, so they could see and recognise for what it was, a golden opportunity and seize it with both hands? What enabled them to break free of those fetters to success?

Rumour has it that the library has many books on the subject.

[Keithw]

Some of the "Breaking out" occurs when big things can be broken down in to little bites, but equally it can trap those that dont have the financial discipline required.
A $3 mil mortgage just seems too scary to most, but break it down in to 200k here & 300k there across multiple properties & suddenly the scariness disappears.
I guess thats why HP is so attractive to the less well off, $2k TV is impossible for them to come up with in one go, but break it down to $50 pw & the 2k (3k after fees & interest) becomes irrelevant, only the $50 pw, which sounds so much less.

[McDuck]

That's my fault for not explaining well enough, just what I meant.

What was it that lifted the veil from their eyes, so they could see and recognise for what it was, a golden opportunity and seize it with both hands? Rumour has it that the library has many books on the subject.

Ah.

I get you now.

I can't say that I remember ever having a different mindset.

Even from when I was a very young duck, before my gold rush days.

I do know that all the older McDucks thought just like me.

They were always pointing out smart ways to deal with money, and excited about new ways to go off on some new adventure searching for more it.

The fact that those pesky beagle boys want my money so bad, well that makes me want it even more.

So I guess my answer will have to be, those people at the counter spending their coins on junk food, well, there just not McDucks

[Perry]

Anti-Rich Rituals

Over the w'end, I observed a neighbour go to town three times over two days.

First was to the supermarket, on day one.

Day two was "to get an ice cream."

But, towards evening on day two, another trip to town was made to get takeaways.

You what?

And then there's . . .

Buying bonus bonds.

Friday night 'drinkies.'

Thursday (payday?) is takeaways night.

Are those behaviours signs?

[Sportsvee]

So I guess my answer will have to be, those people at the counter spending their coins on junk food, well, there (?) just not McDucks

I'm sure Buffett will be very happy to learn he is not a McDuck.

[McDuck]

I'm sure Buffett will be very happy to learn he is not a McDuck.

You've gotten hold of the wrong end of the stick.
Just like that empty headed relative of mine, Donald.

Many of Buffett's traits are McDuck traits.

The question Perry might ask is, "Why did Young Buffett buy shares at the tender age of ten, while the neighbour spent his hard earned on lotto, beer, and fast food"?

As a Buffett fan, were you able to point out the different actions and strategies that made Warren a billionaire and the neighbour a bit fatter, drunker, and probably more in debt?

[McDuck]

I've been trying to remember back to my earliest days.

Trying to answer Perry's question.

A curious memory swam its way up from the depths of the deep past.

It was in a primary school classroom.
We had all just been on a school trip to a company that either made or imported potato crisps.
Maybe I was six or seven, and I had a half bag of the free sample chips, given to us as part of the tour, still clasped in my hands.
The other kids had all gobbled theirs down instantaneously, but I thought to save half of mine for lunchtime.

Now, that particular trick, I had learned from my little brother, who would always have the best tasting thing left in his plate at the end of each dinner time, while I had the less tasty (veggies usually) thing left on mine. His glee as he would watch me eat veggies while he ate something more delicious.

lunchtime arrived and I broke out the chips.
instantaneously I was surrounded by a hoard of my classmates, all demanding some of the chips, since I had extra.
I was a bit stunned.
But you've had yours, I protested.
No, apparently I was mean and selfish for not sharing.
I begrudgingly shared out most of the chips, but kept 25% back for myself.

I suspect the heart of Perry's question lies in these behaviors.

Was I right or wrong to do what I did?
And why did I do something totally different from my classmates?

[Don't believe the Hype]

The expression you can’t have your cake and eat it too comes to mind. Your example and the COL would suggest actually you can.

[Perry]

Is holiday mentality another subset?

When you get a well-earned break, do you splurge on everything - especially food and drink? A sort-of: I'm on holiday and I deserve it type of justification. Or do you remain prudent on those things, so there's more left over for something else?

[Wayne]

Is holiday mentality another subset?

When you get a well-earned break, do you splurge on everything - especially food and drink? A sort-of: I'm on holiday and I deserve it type of justification. Or do you remain prudent on those things, so there's more left over for something else?

You could budget and spend your budget having a good time.
In the past I would have been frugal but spent what I wanted - now I just spend what I want (I could be dead tomorrow).

[McDuck]

Is holiday mentality another subset?

When you get a well-earned break, do you splurge on everything - especially food and drink? A sort-of: I'm on holiday and I deserve it type of justification. Or do you remain prudent on those things, so there's more left over for something else?

yes, I think so.


Although the "holiday mentality" would presuppose there was a "work mentality" already installed in the brain, as a counterpoint.

And "more left over for something else" would need some sort of strategic forward thinking or planning.


A vision of a more worthy "something else".

Some people can't (or don't ) do that.


They live in the moment.

Poor imagination, you see. Sheep people. Sheeple.


Advertising is a big problem.


Empty headed people with no dreams or imagination simply follow the fake images of happiness in advertising.

Of course, it's all a big con, to get them to part with their time (in the form of dollars).


The thing you are looking for Perry, are dreams and ideals, and understanding just how they get in to our brains.

Of course my Cousin Mcdonald, he just loves the idea that he can swap his vision of a happy child for some cash.


Shhhhhh. he wouldn't like it if I told you that though.

[McDuck]

Does that answer your question Perry?


I found an old 1955 book by Vance Packard.

"The Hidden Persuaders."


I think that's got some of the basic ideas in there.


There's more going on in that brain next door, just ask if you want any more details.

[donna]

I lived in London for nearly 10 years. Now there's a nationality that lives in the moment. Any excuse and they're off to the pub (or they did when I was there). I was thinking as we experienced a good jolt of 6.2 last week, if it had happened in the London (yeah well there wouldn't be much standing so let's say it was a richter 3) everyone would down the pub quick smart, drinking as if it was their last. There'd be no going back to work, they'd stay out or go home and drink with their families or friends and come in the next day with hangovers (if they made it in to work at all).

The same goes for holidays - 'Brits abroad' it's a real thing. They go mental or that was my experience of them. It's as if they'd been locked up for months and finally they've been let out. It must be where that saying comes from: What goes on tour stays on tour.

cheers,

Donna

...it's not just the Brits of course. Antipodeans can certainly hold their own esp. when on their OE