You’re not wrong but generally it’s very difficult for anyone to develop financial literacy unless they already have financial stability. Real hard to learn about the details of contributing to a Roth when you are already struggling to meet basic needs.
Anyone who has access to the Internet can begin learning the basics of financial literacy right now. That is the only barrier, other than being literate.
Here are some basic tips that could get someone with zero financial literacy started:
Don’t use credit cards unless you can pay them off before interest accrues at the end of the month, otherwise you are wasting money and entering the Debt Trap.
Don’t use Doordash and other expensive delivery services, pick up your own food or make it at home.
Make a budget, which should at least consist of a list of your monthly expenses such as housing, food, utilities, etc, and keep track of what you spend on it.
Subscriptions are leeches, don’t subscribe to anything that you can avoid.
If you have an employer provided retirement plan, always put in what they will match so that you get the full match (free money).
It really seems like you’re trying to blame people in poverty for being in poverty and that if only they’d follow these simple steps they wouldn’t be poor so clearly it must be their own fault for not educating themselves. It’s so simple and easy, just don’t doordash your avocado toast and put some money in your 401k!
Poverty begets poverty. It’s not a personal failing. People can’t make a home cooked meal after a 12 hour shift on minimum wage. People can’t just decide to not take on credit card debt when their car they can barely afford needs maintenance because it’s the only way they can get to work every day to make enough money to keep barely scraping by. Systemic issues trap people in a cycle that literally destroys their bodies and minds.
It really seems like you’re imagining a bunch of things I never said anything about, because you want to get on your soapbox and talk more about poverty. Everything I suggested is completely achievable by many of those in poverty, to which I speak from personal experience.
Well I’ve lived through poverty and the Debt Trap and worked my way out of it into success and stability, but if you want to ignore my advice that’s your problem. My financial literacy allowed me to buy a house and land.
You’re not wrong but generally it’s very difficult for anyone to develop financial literacy unless they already have financial stability. Real hard to learn about the details of contributing to a Roth when you are already struggling to meet basic needs.
Anyone who has access to the Internet can begin learning the basics of financial literacy right now. That is the only barrier, other than being literate.
Here are some basic tips that could get someone with zero financial literacy started:
Don’t use credit cards unless you can pay them off before interest accrues at the end of the month, otherwise you are wasting money and entering the Debt Trap.
Don’t use Doordash and other expensive delivery services, pick up your own food or make it at home.
Make a budget, which should at least consist of a list of your monthly expenses such as housing, food, utilities, etc, and keep track of what you spend on it.
Subscriptions are leeches, don’t subscribe to anything that you can avoid.
If you have an employer provided retirement plan, always put in what they will match so that you get the full match (free money).
It really seems like you’re trying to blame people in poverty for being in poverty and that if only they’d follow these simple steps they wouldn’t be poor so clearly it must be their own fault for not educating themselves. It’s so simple and easy, just don’t doordash your avocado toast and put some money in your 401k!
Poverty begets poverty. It’s not a personal failing. People can’t make a home cooked meal after a 12 hour shift on minimum wage. People can’t just decide to not take on credit card debt when their car they can barely afford needs maintenance because it’s the only way they can get to work every day to make enough money to keep barely scraping by. Systemic issues trap people in a cycle that literally destroys their bodies and minds.
It really seems like you’re imagining a bunch of things I never said anything about, because you want to get on your soapbox and talk more about poverty. Everything I suggested is completely achievable by many of those in poverty, to which I speak from personal experience.
Wow such a genius, after following this simple 5 bullet points I can now afford a house!
Well I’ve lived through poverty and the Debt Trap and worked my way out of it into success and stability, but if you want to ignore my advice that’s your problem. My financial literacy allowed me to buy a house and land.
Survivorship bias