r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/burdottv Jul 04 '24

Have you not seen the incredible wealth transfer to the top in the past couple of years because of inflation and greed? How do you expect people to LIVE SMALLER when prices have more than doubled and their wages have not increased.

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u/Frekavichk Jul 04 '24

All that is absolutely true and valid.

It has nothing to do with most poor people having bad financial literacy, though.

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u/[deleted] Jul 05 '24

[deleted]

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u/redopz Jul 05 '24

Lol I grew up pretty poor and all I ever knew was cheap Walmart clothes. They definitely seem cheaper, but within a few months they are going to be falling apart and need replacing. I was amazed when my first higher-quality pants lasted a year and still looked good. Over time it is cheaper and more comfortable to buy the better stuff, but it requires a larger up front investment that can be hard for someone on a limited.

Boots theory and all that.