Do you think there is a Rich and Poor Mindset?

[Brogues]

I only came across this theory (Rich dad Poor dad) a couple of weeks ago and I’m not sure or maybe we’ll never be able to not think ‘poor’?

Me and DH were brought up ‘poor’ - comfortable but in council housing, with working parents but worried about unexpected bills. We both went to university are now professionals in our work and are high earners (not top 1% of Mumsnetters by any means admittedly) so ‘rich’ but we still buy stuff like TVs rather than focusing on investments. Can we get out of our ‘poor’ mindset or isn’t there one in the first place?

Nicked from google:

I do all the rich things and am living below the poverty line

@theresapossuminthekitchen

My parents come from very different backgrounds. One parent came from a family where money and ‘family silver’ was passed down from generation to generation (not landed gentry or anything, but enough to make each generation comfortable, always professional jobs - barristers, doctors, etc.). The other parent’s family were very low income, lived day-to-day, never ate in a restaurant in their lives, outdoor toilet and no heating well into the 1970s, etc. Both parents well-educated (grammar school and local polytechnic for the low income parent, private school and university for the other). Both ended up in managerial positions earning very good salaries. ‘Poor’ parent would typically buy the best they could afford when something was wanted, ‘rich’ parent would buy the best value/on offer item, if it was needed. I think this came from their families - there wasn’t ever any point in saving up if you only had a little left at the end of the week. You might as well just buy something to make you happy there and then, albeit something small. But for the family where there was always plenty but a sense of responsibility to future generations of passing wealth (opportunities) down, then investing and ‘making do’/not wasting money was seen as important. Of course, this could have nothing to do with anything and might just be chance. It does seem to fit with results of studies though.

I agree with your description of buying the best you can afford v buying what's best value. That is consistent with some low income families spending a lot of money on Christmas gifts and Nike trainers for toddlers, whereas some high net worth people are happy to wear old clothes and drive an old banger

growing up wealthy can give a confidence that means you dont feel you need a big Tv or Nike hoodies for toddlers. You're not feeling guilty every day for not giving your kids a secure future. When xmas comes around it's often a case of making up for it all by over doing presents.

I could probably save about £25 a month if I cut back entirely but life's shit and that once a month takeout keeps up morale.

I do think the poor mindset makes people very shortsighted which is entirely understandable

@SchrodingersImmigrant

What do we consider rich here btw? Just so I know because I found out I may have different limkts to UK🙈

I think in this example (using the book) it means having multiple revenue/income streams, choices about how you educate your children, a financial legacy to leave behind you, time and resources to travel and indulge hobbies.

It's not just a case of being in a good job on say, 6 figures or whatever.

Never trust a badly-written chart. “Fears change” should not have an apostrophe, therefore the writer (presumably on the rich side) has not paid attention to education!

No

Poorly-written nonsense.

I sense a potential Ponzi scheme developing alongside that list which, I guess, comes from a 'self development, I can make you rich beyond your wildest dreams' type pack. Often backed by a charismatic smarmer anxious to part you from your cash.

Yes, there is, but not as detailed in that chart. Generally, those with a poor mindset engage in lots of conspicuous consumption and chase instant gratification. These people are not necessarily poor though; your lower middle class brand lovers and range rover evoque drivers, fall into this group. They spend too much to increase their net worth.
My parents are working class and absolutely hated their jobs. They would save like mad all year in order to go abroad for a fortnight. Every year they wished away the days so they could have a holiday. Then blow it all. Thousands. Every year.

This is about mindset, not whether you are rich or poor, in the same way you have feminine and masculine traits, but some women will have more masculine traits than some men.

Some poor people have rich mindset and vice versa. It is also of course very black and white and few people will fall 100% in one category or the other.

However, it can't be ignored that there are some mindsets, acquired through nature and nurture that impact on one change of being better off financially. Immediate gratification vs investing (in time, effort etc... not just financially) is a big one. People whose priority is immediate rewards are overall much less likely to end up 'rich', than those who are prepared to put a lot of effort and energy into things, that bring nothing back at that time, but are likely to bring a lot more at a later stage.

@MasterGland

Yes, there is, but not as detailed in that chart. Generally, those with a poor mindset engage in lots of conspicuous consumption and chase instant gratification. These people are not necessarily poor though; your lower middle class brand lovers and range rover evoque drivers, fall into this group. They spend too much to increase their net worth. My parents are working class and absolutely hated their jobs. They would save like mad all year in order to go abroad for a fortnight. Every year they wished away the days so they could have a holiday. Then blow it all. Thousands. Every year.

Some of the charts have poor/middle class but obviously that’s the US-centric version so I don’t know how directly it would compare to UK class signifiers but I think the Range Rover evoque clique are still on the ‘poor’ mindset side, as I feel am I.

I read rich dad poor dad ages ago it is fucking rubbish and it's entirely devoted to the USA taxation and legal system so most of the advice wouldn't even work in the UK. My advice to anyone is don't read it, it's shit and a prefect illustration of why most self-help books are a waste of money.

Rich one sounds like a totally narcissist

Blame others is evident in this threat. 🤣

bananamushy

Your essay was unnecessary. For you to assume I am uneducated on these matters purely for pointing out your crass statement and made up statistic is pretty gross tbh. Just so you know, I actually grew up on a council estate with bailiff visits and all sorts of craziness you wouldn't have been exposed to in your self admitted ivory tower. So don't attempt be a social justice warrior or be a voice for people who have actually experienced poverty first hand.

Furthermore, Sociology and Psychology where my chosen subjects, so you can imagine calling me uneducated has really hit a nerve!

I am now in a fortunate position where money is not an issue, so I have real lived experience in both social classes and absolutely know the behaviours and choices of many working class people are self destructive for example binge drinking and smoking. (Which I still do myself) I also didn't disagree with you about social mobility, I certainly didn't say anything to warrant your condescending rant. I merely pointed out that saying 99% of rich people got their by luck or family is wrong. I'm living proof!

were*

Omfg. Poverty is a reality not a mindset.

vivain

I have tel dc, same parents, family both diametrically opposed.

One dc is happy to wait for more cookies than have the one right there on the table

The other had to have the one in the table

The rest of ones personality follows through this... Spends wisely, spaces things out, the other is now how now

Both young and I'm trying to educate no 2 but nature is a vast part of this.
Even wetting this thinking about opening a sipp for no 2 because I think she will struggle to manage money!!

I knew/ met loads of successful people's from the wc background in successful roles who went to grammar schools.

Unfortunately not now so much because Labour kicked that ladder away from the academy children by the removing school help.

In the old days the system was much fairer to help dc get in without parents involvement or help needed.

Now not only does that system soley rely on parents being invested but also it means many bright dc from the wc families who don't value education or can't support their dc, :can't access a grammar school.

• tons the poster who mentioned buying the Nike trainers for a baby and huge TV.

The huge TV I have can understand, a good TV is a joy and used so much often it will increase quality of life.

However the £25 quit or whatever baby Nike trainers cost, put into a low cost stock and shares junior isa index fund will have about 16 glorious years to grow into something, esp with a few tops ups here and there.

Has anyone posted that cartoon explaining rich and poor mindsets?

I think there are certain mindsets that contribute towards 'success' but the main issue is that success for so many people is based purely on financial status and contribution to society and nothing else.
I contribute very little financially to society because I don't earn very much, in fact I'm supported by taxes that are paid by society. From that POV (which is very popular) I'm completely unsuccessful.
I work in care, however, my contributionto society is practical rather than financial, without my contribution (and those like me) many people would be much worse off and not just the people I look after but their families too, because they'd need to do that caring.
But my contribution isn't valued at all by most people because it's not financially successful.

I find that list closed minded and could be offensive really, without people in society that are 'poor' from low paid jobs a lot of people wouldn't be doing their better paid jobs at all.

digitalsynopsis.com/inspiration/privileged-kids-on-a-plate-pencilsword-toby-morris/

@ssd Great link. The arrogance is stomach churning on these threads.

That's a great example @ssd