This article is not aimed at anyone who has lost their job and is struggling. This is for those who are working and making a wage but have no money and want to know how to stay poor. Years ago I worked for a company that paid an excellent wage. I put money in a savings account and still had plenty to pay bills and buy things I wanted. It surprised me how many coworkers asked me on Wednesdays if they could borrow money. We were paid weekly. I never understood it, but now with many years under my belt since, I do understand. With that, here is how to stay poor. Unfortunately (or fortunately), I learned most of these lessons from relatives which will remain unnamed.
Take a percentage of your paycheck every payday and blow it. One relative complained about being broke all the time, so I gave him a book by Suze Orman (a top financial advisor). When I saw him later he was spending money like it grew on trees. I asked him if he read the book. “Oh, yes,” he said. “I’m doing exactly what Suze said. I’m paying myself first. She says to take a percentage of your paycheck and pay yourself before paying anything. So that’s what I’m doing. I’m paying myself and buying what I want first with that money.” What she said was to pay yourself by putting a percentage of your paycheck in a savings account, then pay bills and buy the things you need with what’s left of your paycheck. (Some people only hear or read what they want to hear or read.)
Buy a brand new vehicle every other year ( or every year). Another relative believed he needed a new vehicle every two years. As long as I knew him, until the day he died, he was making payments he really could not afford. An excellent way to stay poor.
I want it and I want it now. One relative called me and asked to borrow money for a new electric heater that was designed to cut down on power usage. I told him “no.” Why? It was the middle of spring and I told him to save his money through the summer and buy it in the fall because he would use it only once or twice (if that many times) before summer, then it would set until fall. Yes, he would use it come winter, but why borrow money when you can wait and pay for it with cash and be done with it? Oh, this is about staying poor, so borrow money until you are deeply in debt.
Believe It costs nothing. I was talking to a relative about parts. He made the statement they cost nothing. I asked where I could get them for nothing. He said, “Everywhere.” I was taken back since I did not know this. “You mean they will just give me these parts free?” I asked. “No, they cost nothing,” he replied. “I don’t understand,” I said. “They are only about five dollars which is nothing,” he answered. If you believe any amount of money is nothing, then you are going to be broke all the time. There are thirty to thirty-one days in a month (except February). If it’s a thirty day month and you think five dollars is nothing and spend that much each day then by the end of the month you have spent $150. If you spend five dollars every day for a year then you will have spent $1,825 in a non-leap year, year. That’s a whole lot of nothing. And the more times you spend “nothing” each day the better the chance you can stay poor.
Do not stay home. Another relative called and said he had to stay home and do nothing because he was broke. He said he almost asked to borrow money. I would not have lent it to him. There is nothing wrong with staying home and working around the house or watching TV. It’s a good way to save money. Oh, yes, this article is about staying poor. Be on the go all the time even if you do not have the money.
Party every night. Have a party every night. Invite your friends over and pay for everything yourself. Take your friends to the bar on you. This is one of the things I discovered why many coworkers had to borrow money before the week was over.
Lend relatives money. Okay, this is one I learned the hard way. Most relatives and some friends will not pay you back. I now do not lend money to relatives. I either give it to them without any strings attached or not at all. If you lend it to them you will expect it back. If you give it to them, then you will not be disappointed when you don’t get it back. Also, you will think twice before giving it if you know you won’t get it back. I keep forgetting–go ahead, lend money to every Tom, Dick and Harry even if you don’t have it to lend. And expect it back some day in the future.
Charge everything on a credit card, pay the minimum amount and don’t read the bill. One relative was paying the minimum amount of his credit card bill while charging his internet service to the credit card. When I saw it I pointed out his internet charge was more than the minimum payment. He didn’t even bother to read the bill so he had no idea. A perfect way to stay poor.
Do not give to charity. Yes, you read it right. My theory on this is giving money to charity makes you feel good–even if it’s only a couple of dollars. You will not have that feel-good feeling if you do not give so you will blow money trying to get that feeling. Spending money makes most people feel good. So spend away and stay poor. And stay away from charities. You do not want that feel-good feeling.
Now you have several ways to stay poor, so go at it so you can stay in the poorhouse.