Why It Costs More To Be Poor (A Simple Explanation)

In this video, I will share six reasons why it is more expensive to be poor. This is not a political video. I have no agenda and frankly no political affiliation. The truth is that being poor can, in many cases be more expensive than being wealthy.
Luckily for us, the majority of the six reasons explained in this video can be prevented or counteracted in one way or another.
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I am not a financial advisor. The ideas presented in this video are personal opinions and for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.

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[NateOBrien]

Hi everyone. What videos would you like to see next?

[TheWealthPrince]

This literally wouldn't be a problem if schools taught financial literacy and real life skills as well as insight on aspects such as taxes, mortgages, loans, wealth, financial independence. With a little bit of financial advice so many people would be much better off. It's a shame really.

[NaamWynn]

*Life is a dream for the wise, a game for the fool, a comedy for the rich, a tragedy for the poor.*

[ozzitor]

I love how Nate actually takes context in consideration when discussing these topics. It's so refreshing. There are too many people on YouTube and elsewhere telling poor people horrible things and making them feel guilty. Guess what? That kind of talk doesn't lead to changes in behavior. Change talk can start in many different ways and one of them is compassion, understanding, and speaking the truth. Someone seeing this video will be much closer to improve their lives than someone watching all those other a-holes on YouTube being willful ignorants. Thank you Nate. You're my favorite financial guy on YouTube so far.

[MTXSHOvVSHO]

Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor --James Baldwin

[victorpla]

What I learned from this Educational Video? Nate DOES NOT have a Political Agenda

[FJParravicini]

It's a pity to see the people who are most in need to be abused the most by systemic exploitation. Hopefully, people use this kind of videos to grow and help others!

[jsleamer]

I've recently found your channel, and I instantly felt the difference from other channels where they just flaunt their wealth or give you obvious but hard to do tips. Instead you come across very genuine and really provide realistic solutions for everyday people. Keep up the good work man!

[bebop]

I noticed this same thing when I was poor and I always used to say it!!! Being poor is literally more expensive than being middle-class or rich. When you already have money, it's easier to pay off your credit cards and other debts which means you'll have a higher credit score, which means you will qualify for lower interest rates which will save you even more money, and if you're renting a place you might even get to pay a lower deposit just for having a better credit score. It's easy to get money and build wealth when you already have money. It's hard as hell to dig yourself out of poverty when the entire financial systems are already set up to essentially benefit the rich (or those who already have money).

[DanielIles]

Having an emergency fund would fix most of these problems but it can be so hard to build one up!

[tonysteel]

Life is expensive. Take advantage of every free lesson. 💡

[Jakhaleesis]

Thank you for this video! Gives so much insight into how poverty is so cyclical and it’s a trap that’s hard to escape. I remember my dad telling me how he got his last car because it was $0 down payment and he couldn’t afford a down payment after his old car broke down. He had to pay so much in interest for the past decade :( anyhow, I’m just glad that I’m learning a lot from you and other youtubers on how to be wise with my money now that I graduated college and have my first job!

[HustlinHorse]

Money makes you more money. The rich get richer as long as they continue to invest in assets.

[Arvabelle]

I'm happy that online banks are getting rid of a lot of the fees traditional banks have!
Are you going to Fincon now? 😱

[Arthurpazeli]

I totally agree! And I truly believe we need more financial education, because people in general don't care about their finances, they only care of how much money they make. Which matters of course, but it's not everything.

[Lisa.M.J]

Very important topic Nate. Creating awareness, while imparting knowledge & understanding is definitely half the battle. If we can help one another in some small way, it’s much better than completely turning a blind eye to pervasive issue. On a side note: I totally give you props for managing to discuss this issue without acknowledging a political view. We could all tell how difficult it was for you.☺️

[CleverDoughKids]

Nate I totally agree! Thank-you for explaining it so well. I will definitely share this with my audience for sure. So many of us have been taught that being rich equates to being a 'bad person', so with videos like this one we can start to change that mindset and show the true realities, like you mention, how being poor actually costs you more! If you were rich instead, you could do so much more good in our world. I always tell me students that money is like a hammer, it's neither bad nor good, it's just a tool. If you have a lot of money and you're a bad person, you will be able to do a lot of bad in our world, but just as equally, having a lot of money and being a good person, means you have the opportunity to do a lot of good in our world. So stop being poor, feeling like it's a more 'moral' option and learn from Nate, being poor only costs you more, it doesn't make our world a better place. That's why I focus on teaching my students how to build a strong, healthy, wealth mentality and I love videos like this one that help show the actual facts being the truth of being poor and being rich. Great job Nate! Hugs 🤗😍😍

[venictos]

No matter what, you will have the savers and the consumers; which side you choose is up to you. Glad I have friends who are aware of this matter as well. Great video, man. I was literally just thinking of this subject.

[bretroberts]

Great content! I like how you break this stuff down in a way that's easy for anyone to digest. I also like how you strategically touched on the difference in money habits between lower income and higher income people. There are different types of thinking going on there and most financial gurus will talk about that. They'll compare the different types of thinking and behavior using terms like "broke mentality". Granted, they aren't wrong but I can see where some might find such language condescending or otherwise offensive. Your content seems more applicable to the everyday person as opposed to the would be entrepreneur hoping to become rich.

Edit: Creating wealth is hard but being poor is also hard. Choose your struggle.

[chrisglaze]

The dream of becoming rich is the demise of people who are not financially literate.