You may think that your status as “rich” or “poor” depends on your bank account. But according to one man in New York, these numbers mean nothing.
Big Apple musician Jean-Luc explains how he came to this conclusion finale episode From Subway Takes, a one-minute interview show on TikTok that takes place on a New York City subway. Host Karim Rahma begins each episode by asking his guests the same question: What do you think?
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“Bankruptcy is a mindset,” says Jean-Luc. “If more people didn't think they were broke, they wouldn't be.”
Rahma agrees with his opinion. But soon after, Jean-Luc admitted that he had $100,000 Credit card debt (Plus of interest), however you plan to visit the Gucci store and eat at the famous but expensive Balthazar restaurant later that day. He has also booked a vacation to the Caribbean island of Saint Barthelemy.
So, is Jean-Luc on to something, or is he delusional?
Rich state of mind
You may be surprised to learn that personal finance expert and radio host Dave Ramsey similarly believes there is a difference between being poor and living that way.
“Poor is a state of mind,” Ramsey said in 2018. YouTube video. “I was broke, but I was never poor.”
Ramzi believes that a poor person can have a rich mentality, and a rich person can have a poor mentality. Think about a Child Trust Fund Who spends all their money or a Lottery winner Who loses all his gains.
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But here is the difference
Where the two men differ is that Jean-Luc wants it Feel Rich, while Ramsay aims to He is rich.
Jean-Luc believes that “you don't even need to be rich to act like this.” He lives this motto by buying expensive clothes and going on sunny vacations.
But Ramzi believes that it is the rich mindset that drives a person to generate wealth. Instead of racking up $100,000 in debt, he was investing the money long-term so he could buy clothes and go on vacations consequence-free.
Ramsay would likely accuse Jean-Luc of engaging in “poor people's things” by spending recklessly, something he does He strongly refuses.
How to act rich
Ramsey explains what the “habits of the rich” look like using the lottery as an example. Quotes A Bloomberg article Quoted from A Study of banks It says that low-income families in America at the time spent $412 a year on lottery tickets, nearly four times as much as the highest-income families. For some, winning the jackpot may seem like a way out of poverty.
But Ramsey believes this is the opposite of thinking about wealth.
“If you put [money] In the lottery Do you know what you will have when you retire? Ramsay said: Nothing.
A person with the mindset of a wealthy person would take the $412 a year normally spent on lottery tickets and put it into a growth stock mutual fund instead, Ramsey explains. Doing this over a number of decades could result in a retirement nest egg worth hundreds of thousands.
Ramsay admits it wasn't always this way. As a young man, his business mistakes led to him declaring bankruptcy Millions of dollars owed In short-term debt. He carries the lessons he learned from his experiences.
“If I keep making those stupid decisions, I'll still be broke,” he said.
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