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:

There are differences between rich and poor but not as described in the OP. For example, it’s not true that poor people don’t study. They just make the mistake of studying subjects that aren’t profitable, such as nursing or art or vague media studies courses. They haven’t thought about long term profitability. While the rich think very specifically from day 1 about how their studies will ultimately lead to a well paying job and they don’t waste time studying something they merely enjoy. Unless they’re SO rich that they don’t need to work in a well paid job.

I agree with what PP have said about how it’s much easier to embrace change and take chances when you have money to invest and to fall back on if you fail. When you’re living from one payday to the next you’re unlikely to have enough money to invest. You can’t take responsibility and develop multiple income streams if you’re barely surviving.

There is a “poor” mindset in the sense that you don’t like to spend money or get into debt because you’re used to being poor. Splashing the cash never feels safe or right no matter how much you have. Whereas wealthy people (and even middle class people) feel more comfortable about spending.

And the main thing I’ve noticed - rich people seem to think you can do anything you want. They’re the people spouting “do what you love”, “follow your dreams”... because doors are open for them and they’re not tied to earning enough money to stay afloat. Poor people understand that life and money restricts you, and ultimately you can only do what the wealthy gate keepers allow you to do.

This list was written by a cunt.

Coming back to this thread to give one example that I think demonstrates this difference in mindset, interested in what others think.

I run a food bank for people who need ongoing food support. Every week 10* people queue up before opening time to be there as the place opens. One took me aside on his second visit to ask if he could help at all, volunteer, do anything for us. We bit his hand off and he now helps with shelf-stacking, inventory and similar.

That's the difference for me - 10 people with time on their hands who are happy to stand there and wait for a handout, v one who thinks about how he can learn and grow. In a few months' time this chap will have current work experience on his CV and a decent reference to apply for a job, the others will still be queuing up waiting for our doors to open.

Someone's going to come along in a sec and ask how I know who is fit for work, what issues they have etc - for obvious reasons I won't share details on here but there are plenty of people there who could make the decision to do the same, once you factor out ill health, caring duties etc.

I have elements from both sides of that chart. That's incredibly insulting to both sides
You are missing the point as the majority of posters seem to be. It's not about being one or the other, it's about traits that makes you who you are.

Like feminine vs masculine traits. I have more stereotypical masculine traits than feminine, but I'm still very much a women.

Most people will have a bit of both traits, but likely to have more in one or the other column. The more traits from the second column, the more likely to reach a level of financial wealth. I can't see how this is debatable.

There are differences between rich and poor but not as described in the OP. For example, it’s not true that poor people don’t study. They just make the mistake of studying subjects that aren’t profitable, such as nursing or art or vague media studies courses. They haven’t thought about long term profitability. While the rich think very specifically from day 1 about how their studies will ultimately lead to a well paying job and they don’t waste time studying something they merely enjoy. Unless they’re SO rich that they don’t need to work in a well paid job

Straight up bullshit.

As for “vague” courses - again plenty of rich people study what you may define as nonsense which don’t lead to an obvious career. But because of connections, stereotypes etc, they still manage to get decent jobs.

And what’s wrong with nursing? We need nurses, we just don’t pay nurses enough.

There is an inherent assumption that having more money makes you a “better” person - that’s what sits uncomfortably with me. That people are “stupid” in studying “poor” subjects.

The problem with our society is that working in certain careers doesn’t give you enough money to survive. And those at the top continue to perpetuate the myth that it is those at the bottom who are at fault.

When the reality is, that the rich are hoarding too much wealth for themselves.

Most people will have a bit of both traits, but likely to have more in one or the other column. The more traits from the second column, the more likely to reach a level of financial wealth. I can't see how this is debatable

Again, our society gives us the illusion that hard work pays off when it really doesn’t for a lot of people.

That’s why most people on housing benefit are actually in paid work. That’s why people who want to work, but can’t because they cannot afford childcare. That’s why you have nurses visiting foodbanks.

We can all find examples to fit the idea what you just need to work hard and you’ll be fine - but the reality is that that does not apply to most people.

Put simply, there’s a finite pool of money/land/assets in the world. I think we can all agree on that.

So, by logical extension, that if too much of that sits with too small a group of people, then there’s less for everyone else?

Some people will have just about enough. They’ll keep fighting for what little there is left for them.

Those with the most will smile and say “just work harder and you can be like us” - but how, if they’re not giving any up?

Seriously, I wish people would actually do some research and try and understand why people struggle with this “rich mindset” nonsense.

@aerosocks

'Scuse my language, but that chart is an utter crock of shit.

There. I feel better for saying that.

Part of it is a mindset towards "stuff" - rich people DO still buy cars, TVs, handbags etc - but buy a good one once and use it for years (mostly - I am generalising), quite possibly buy 2nd hand or else buy new to get specific things but keep a long time, but also tend to buy quality - so might buy a decent leather handbag that works well for their lifestyle, which might be high end or more mid-range, but just one daily and 1 evening purse that will last years, not a whole range of bags to match different outfits or new one each season etc.

That what they buy is a good version of what they need, but they will use a lot before replacing. And only replace when it's necessary, not constantly updating. (And they may well repair their original item before replacing it, depending on what it is and how practical that is to do).

Also, if you have money to start with, you can buy higher quality items that last longer. But if you don't, you are stuck buying items that are cheaper because they are poorer quality so won't last as long and will need to be replaced, and are less practical to repair before replacement.

I know that's a serious generalisation- you can get very high quality items in charity shops sometimes, some rich people spend all their money on loads of "stuff" just to have it....you can turn it on its head all sorts of ways.

RDPD is a poorly-written and poorly-evidenced book, but it does pose some interesting questions about how people with different mentalities view money.

For example:
The willingness to take on debt and make money work for you vs the fear of debt.
Paying someone to work for you so that you can (potentially) make more money elsewhere
Developing passive income streams.

Whilst not following its advice to the letter, it did make me reflect on my attitudes.