How long can you continue to spend more each month than you make?
I don't fully trust that story. Maybe many of the people who have "no savings" have a mortgage to pay off? Technically they have a debt and all spare money goes to the bank, but really they own a house that is worth more than the debt?
In such cases I'd say it is more of a mindset issue.
Here in the United States, there's well-publicized research into how hard many families would have to work to come up with the money to cover an unexpected $400 expense.
I didn't see anything about how much they would have to work, just what percentage would have trouble coming up with the money on short notice. It doesn't even imply they are poor, they could simply put all their money into their mortgage every month.
You should do something about your financial situation if that seems like a lot of money to you.
Edit: how is it controversial that if you are poor, you should try to do something about it? To claim it is impossible to escape poverty is madness (unless you are sick or handicapped). Obviously the only way to escape is if you do something about it.
Even if you just earn 5$ per hour, you can try to save something. 1000$ would be 200 hours, not impossible. A better strategy would be to try to find a job that pays better, though.
> To claim it is impossible to escape poverty is madness
This is an offensively wrong statement and suggests an extremely privileged and out-of-touch upbringing. There are numerous - hundreds - of articles explaining in-depth why it's very expensive to be poor in the US.
> Even if you just earn 5$ per hour, you can try to save something. 1000$ would be 200 hours, not impossible.
It really sounds like you're suggesting that someone in poverty should be willing to work for below minimum wage for 200 hours (5 weeks of full-time work) to save $1000 to "invest" on Kazakh emoji domain names? I would typically assume I'm misunderstanding someone since that's such an incredibly asinine comment, but given the first half of the comment I have to wonder if that's what you actually mean.
"This is an offensively wrong statement and suggests an extremely privileged and out-of-touch upbringing. There are numerous - hundreds - of articles explaining in-depth why it's very expensive to be poor in the US."
Nobody says it is not "expensive to be poor". But it is idiotic to claim it is impossible to escape poverty. Billions of people have done so in the last century.
"It really sounds like you're suggesting that someone in poverty should be willing to work for below minimum wage for 200 hours (5 weeks of full-time work) to save $1000 to "invest" on Kazakh emoji domain names? I would typically assume I'm misunderstanding someone since that's such an incredibly asinine comment, but given the first half of the comment I have to wonder if that's what you actually mean."
No, your interpretation is asinine. However, if you believe "emoji domains" or whatever have a shot at becoming a viable business, doing that is an option. Personally I would suggest trying to find a better paying job first. But if you can't, what would you suggest? Vote Democrat and hope for a minimum wage law, which will then make you lose your job?
Obviously, if you don't believe in the emoji business, don't invest in it. Find something else to invest in.
Because people want to live in the city. I bet you can find really cheap houses in the countryside.
Iirc A couple of days ago there was even a post up on HN that listed places where the government would give you land for free, and I think also some starting capital.
I don't fully trust that story. Maybe many of the people who have "no savings" have a mortgage to pay off? Technically they have a debt and all spare money goes to the bank, but really they own a house that is worth more than the debt?
In such cases I'd say it is more of a mindset issue.