Why Being Poor Can Be Amazing For Finances

POOR PRIVILEGES

My mother once told me her father, one of twelve children born to a Welsh miner, was so poor growing up in the early 19th century that even a loaf of bread was a luxury. She found wads of money stuffed under his mattress countless times when she was older.

It is no surprise someone who, as a child, experienced World War One, then the Great Depression, and served in World War Two was so thrifty. He retired comfortably, having lived a long, prosperous military career.

With a fluctuating currency linked to global shifts and domestic policies, Victor warned to always see the pound’s value as falling. Awareness of this will help you, notwithstanding the occasional distracting spike in value.

1. What Goes Up Usually Stays There

Making money is more challenging than spending it; each pound you earn is a luxury, and you should make a benefit analysis for the money you spend — if anything, out of respect.

2. Value Every Pound or Dollar

Just because you aren’t poor now, don’t change how your mindset was when you were. The mantra is to remain “poor at your core.” By all means, buy nice things that improve your quality of life, but justify each.

3. You Can Have Nice Things in Moderation

Nothing is guaranteed in life — especially your next paycheck. Victor believes that relying on one sole income stream can be dangerous. He always makes sure there are at least two avenues for a salary.

4. Diversify Your Revenue

Victor’s philosophy is that using credit cards wisely means you spend their money and not your own. Ensure you pay cards off at the end of each month after making the most of their rewards or cashback features.

5. Credit Where It’s Due

When purchasing large items like a car, always look for 0% financing and pay it off before the offer runs out — this goes for intro offers, too. Spending credit card companies’ money is a fringe benefit here.

6. Zero Finance For The Win

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