Broke, poor, and in debt are three different things.
Broke just means no cash on hand. You can have tons of cash flow and assets but at the moment you are lacking liquidity to pay cash for things. You may or may not have debt. You might have just blown all your cash on a big purchase.
Poor means you have little and earn little and can do little. Debt is often a factor here but you can be poor and not in debt.
People in debt owe money. They might not be struggling at all. Sometimes rich people borrow money because it costs them less than the interest they receive on the cash they have. Or it could be the opposite, it could be crippling every aspect of their lives.
Americans carry a lot of debt on average. My only debit is my mortgage plus the last two weeks of credit card spending. I pay off my card in full every month. I only use the credit card because it offers purchase protection and I get rewards. Not all debt is bad debt, but a lot of it is.
I used to be comfortably poor with no debt. My income, expenses and living standards were low.
Now earning a little over minimum wage and fucking hell life is easy, but largely because I was poor and just got used to not having things. I continue that now.
Broke, poor, and in debt are three different things.
Broke just means no cash on hand. You can have tons of cash flow and assets but at the moment you are lacking liquidity to pay cash for things. You may or may not have debt. You might have just blown all your cash on a big purchase.
Poor means you have little and earn little and can do little. Debt is often a factor here but you can be poor and not in debt.
People in debt owe money. They might not be struggling at all. Sometimes rich people borrow money because it costs them less than the interest they receive on the cash they have. Or it could be the opposite, it could be crippling every aspect of their lives.
Americans carry a lot of debt on average. My only debit is my mortgage plus the last two weeks of credit card spending. I pay off my card in full every month. I only use the credit card because it offers purchase protection and I get rewards. Not all debt is bad debt, but a lot of it is.
I used to be comfortably poor with no debt. My income, expenses and living standards were low.
Now earning a little over minimum wage and fucking hell life is easy, but largely because I was poor and just got used to not having things. I continue that now.