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Why It Is So Hard to Climb Out of Poverty

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If you are broke, you already know that there are about a hundred reasons why climbing out of poverty is a challenge. Jobs are hard to come by these days, and those you are offered may pay less than a living wage as income inequality continues to rise. To top it off, inflation keeps driving up costs for goods and services – and let’s not even start in on the struggle to afford healthcare.

But did you know the poor are probably paying significantly more for the same products and services than their rich counterparts?

It’s a perverse thought, but it is the truth. You may already be well aware of it, or you may only have suspected it. But there are so many reasons why those who are not as well-off have higher than expected expenses because of the lack of money.

You cannot buy in bulk, so you shell out more for individual purchases. You cannot keep up with home and automobile maintenance costs, so you end up with higher repair bills later down the line. Your low credit stops you from qualifying for cash back credit cards and other financial products that could save you money. No wonder you cannot seem to get ahead no matter how hard you try.

If you keep a monthly budget and crunch the numbers, you can calculate how much you would be able to save if you only qualified for the same privileges as people who have more money than you do. The results can be pretty devastating, both economically and emotionally. Take a look at this sobering infographic below for more details.

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Via: InvestmentZen.com

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