Per The Atlantic
The poor spend relatively more on what will keep them alive, because they must, and the rich spend more on what will keep them rich, because they can.
Look, I know, coming up with content is hard. I know that I’m writing about an article that has no business being an article. And therefore, by the transitive property (for the second time today), this has no business being an article. I get all of that. But I’m hard headed so here we go:
Share of Spending on Certain Categories, by Income Group
From WSJ : Data Labor Department
As you make more money the percentage of your money that it takes to keep you alive goes down
The more money you make, the higher percentage you can spend on Entertainment. Remember the higher percentage of the higher number compounds so it’s actually a pretty large difference.
And lastly, the more money you make the more you can invest in Pensions and Insurance.
Basically, I can’t think of a single good reason to be poor. So take this Chanel laden Teenager’s advice and:
Clearly it’s a choice and not a systemic issue or anything. And there’s no way we should invest in our lower and middle class. That would be CRAZY!