Money

Beware Advice From Rich People

They don’t know jack about effective money management for poor people.

Photo by BP Miller on Unsplash

The world is full of wealthy people who are anxious to tell poor, working class and lower middle class people how to handle their money. They believe they are experts.

They are not.

They may be experts in how to handle money for people of their own financial circle. That does not mean they know how people without much income can get the most out of what they have.

I don’t presume to advise them about their hedge funds; they should not presume to advise me about credit cards.

Wealthy people appear to assume everyone makes a good wage and if you’re struggling, it’s because you’re too stupid to handle your own money.

Think back to some of the advice you’ve heard clueless well-off folks offer:

• Just live within your means!
• Make a budget and stick to it.
• Never go into debt for a car.
• Never use credit cards.
• Have more discipline!

Now, here is why most of that is bullshit: