"poverty mentality"

heretolearn_2

Talking to someone the other day who said that OS stuff, trying to keep costs down, buying 2nd hand stuff, not spending a lot on food etc when it wasn't essential (ie you could spend more), was a sign of having a "poverty mentality".If you act like you are poor you reinforce that in your expectations/approach to life and so then while you might not be 'poor', you won't ever get rich.

Agree or disagree?

suzybloo

Definately disagree - obviously they have never been in the predicament when they didn't know which way to turn. I do OS, try to keep costs down, buy some 2nd hand stuff and will not give Tesco anymore for my shopping than I have to. I Work hard for my wages, as does my husband - we have a very comfortable life,- more than we ever have done before, so dont see the problem with looking after our money - you never know whats round the corner - especially when you are self employed. As for the tag 'poverty mentality' it is slightly insulting to those that are making the effort to do their best for their families on what they have and staying out of debt, while doing so. On the other hand also Money is not everyones god, and many are happy to do the above and are 'rich' in many other ways.

Bitsy_Beans

Disagree.

I would just rather spend my money on more exciting things than the weekly shop at Sainsburys

Rich is a state of mind not a figure on my bank balance.
Allegedly I heard those on a more modest income who live within their means are happier than those that earn significantly more money. Money will not buy happiness, it only enhances what is already there IMHO. Sure it opens up access to more opportunities BUT is that always a good thing? To constantly be chasing the moon and missing out what is going on in front of your face?

Oops got all philosophical there :o

scrabbles_2

heretolearn wrote: »

Talking to someone the other day who said that OS stuff, trying to keep costs down, buying 2nd hand stuff, not spending a lot on food etc when it wasn't essential (ie you could spend more), was a sign of having a "poverty mentality".If you act like you are poor you reinforce that in your expectations/approach to life and so then while you might not be 'poor', you won't ever get rich.

Agree or disagree?

Disagree, one hundred percent. I would no more live like a millionaire in the hope I might become one than I would live like fairy at the bottom of the garden and hope I magically turned into one

Seriously, I know where he/she is coming from in a way, because if you live 'poor' you don't 'need' more, so are less likely to say, play the lottery or, more practically, train for a better job/apply for a promotion/become an entrepreneur.

BUT you are more likely to get rich by scrimping for every penny and investing the money you save than you are developing a millionaire mentality. I think you're more likely to learn to be happy in the meantime, too. :cool:

It sounds as though your friend is worried you might get rich before them

beemuzed

I completely disagree too. When we were young newly weds in the 70s we were OS from necessity. Over the years we both held down reasonable well-paid jobs - and wasted loads of money through not being OS. In retirement we actually have more disposable income than previously as all major expenses like the mortgage are paid. We choose do be OS because we want to enjoy spending our money in the way we choose. We have great holidays which are expensive - but that's fine. By being OS we "expect" to be able to spend what we want on things we really want - or not if we so choose.
And how we sympathise with those who have little choice in the matter - but in time, they will also hopefully find things get easier - but they'll have learned the hard way that OS habits may give them a different outlook on spending money. Someone's just done some research on the way that increased money (beyond the basic needs) does not mean you get happier - you just want more again if money is your only goal.

lostinrates

Hmm. I partially agree.

I hate to be wasteful. But I am lucky enought o have some choice in our grocery budget, i prefer to save in other areas than for example, quality of food. If we had less leeway i would adjust accordingly.

Althoguh i see little joy in profligacy neither do i i see much joy on living GOING WITHOUT by choice, living everyday feeling hard done by, rather than everyday as if i have done well. e.g. I will not waste food, use more than we need, not use left overs, but neither do we have to eat uber cheap stuff which i would consider emergency ratios...prepared value curry sauce is an example thT springs to mind. (i know many here find it useful, and it may be great, i haven't tried it, so my view is quite potentially one of ignorance and bigotry).

Most really rich people i know are also not wasteful. I see a difference in being wasteful to npot being frugal. I think frugality is wise, green and allows spend for quality where you can afford it and where you use it well.


Its a slightly different angle from here to learn's friend, but also based on people being frugal by choice not by necessity.

Molly41

I do think you can take OS too far. Like my parents for example. Their thrifty (miserly) approach to life - albeit established by their experience of World War 2 and rationing - made for a miserable childhood. Our house was cold, I had minimal toys and no fashionable clothes and a home-cut hair cut that made me a target for bullies. As they grow old (now in their 80's) they get worse and my nightmare fear is that they will found dead as they have either been gassed by their heating or from hypothermia - I kid you not! They probably have pots of money - but it is not for spending!

thriftwizard

Hmmm - a disagree from me, because a) like lostinrates, I do know some very rich people, and they are just about as frugal as I am, with the exception of one or two posh toys; they swear by LIDL, they holiday mostly in the UK (though possibly in their own second homes) they lurve charity shops and they make things last, and b) because I've known some of them for almost all of my life, I wouldn't want to be rich, I've seen what it can do to you long-term & it's not much fun. Many of them have splashed it around happily, then found they can't trust people (sometimes even their own families, never mind employees or so-called friends) and there's nothing left to reach for...

LondonDreamer

Disagree. There isn't the saying "The rich stay rich by acting poor, the poor stay poor by acting rich" for nothing. In fact, Warren Buffett is well known for being frugal despite being one of the wealthiest people on the planet. It obviously sets no ceiling in regards to ambition, wealth or success.

DH and I still comfortably live on the same combined salary we were receiving 7 years ago, despite having several promotions and pay rises since then. Reasoning is that we coped on that amount of money just fine then, so why spend more now just because we have it? Every pound not spent is an extra pound in our savings account, which will eventually pay for far more important things (e.g. a house) than wasting it on things that don't matter just to prove we can "afford" to!

Chickenopolis

Hhhm,good question OP !
Well I guess it depends on the circumstances . I would not say that I have a "poor mentality" , but the "you get what you think you deserve" type of statement could also work the other way. I was able to pay my mortgage off before I was 40 on a part time wage. This was in part due to a certain amount of luck,sold high, purchased low etc but also due to the fact that I hate spending money for the sake of it and have always been a saver.I also know that I will have a limited earning capacity due to a chronic disability, so it made sense to get shot of the mortgage debt asap.OH has also been unemployed for 10 of the 12 years that I have been with him. I love a bargain and secondhand clothes, furniture, horses and Men have never phased me ( I would draw the line at second hand underwear though):). I see it as a challenge and not a chore . Is this a poor mentality?

This will make an interesting thread -thanks OP

katieowl_2

Interesting question. I've done a lot of reading of the 'you create your own reality' type of self help book (and I have a few fundamental problems with the concept!) and there's a lot of similar preaching in the pages, that to attract money into your life you mustn't treat it as a rare thing that is hard to come by, otherwise you create the reality that money is hard to come by..... I have attempted some of this in the past when I've been really brassic, pinning up little cards to remind myself that "Money flows to me easily" "The universe is full of abundance" etc! But maybe I never had sufficient faith to 'enable' the universe to shower me with riches, I've not bought a lottery ticket

Most of the authors of the books I've read are American it has to be said, and their idea of wealth seems to be having several expensive cars, and a big house. Doesn't do it for me I'm afraid.

I'd much rather be in the 'place' I am now, where I know I can get by nicely using my skills such as foraging, bargain hunting, and being able to make stuff myself, as insurance for quality of life. And to be really honest having pot loads of money and squandering it on stuff that I don't need doesn't sit comfortably with some of my 'eco' principles!

Kate