The lower class often faces ongoing challenges that make it hard to break free from financial struggles. Understanding these obstacles helps shed light on the barriers many people face daily. By recognizing these challenges, we can have better conversations about finding solutions and creating opportunities for everyone to achieve financial stability and success.
1. Car Troubles
Imagine someone who can barely afford to fix, inspect, or register their car but still has to drive it to work. Now, that person gets a ticket, and their car is impounded. It may seem like a minor setback, but considering they can’t pay for anything, they won’t have their car back in time and might even lose their job for not showing up.
2. No Quitting Allowed
Some might say that if the job is so bad, you should simply quit and find something better. Unfortunately, it’s easier said than done. “You can’t risk switching jobs if leaving your low-paying job would make you homeless,” writes one. Taking such risks requires a financial safety net.
3. Unaffordable Housing
It’s no surprise that housing is unimaginable for most in this economy. The increasing cost of rent doesn’t help either. A person shared online, “If you can’t afford to buy a house or be accepted for a mortgage due to low income, you have to pay more in rent than a mortgage would cost.”
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4. Quality Control
According to a community online, people shared that poor people tend to buy lower-quality items since they are “less” expensive. However, this is a self-feeding cycle as such items usually break or get worn out much quicker than a higher quality item. “They end up replacing the broken items at a much higher rate than people who buy higher quality items. In the long run, they spend more money on things.”
5. Unaffordable Bulky Bargains
Not only is purchasing higher-quality items a concern, but lower-class individuals can’t buy in bulk either. As one person points out, “It costs more per item if you can’t afford a bulk amount,” and with little purchasing power in the first place, any opportunity to save up dwindles.
6. Horrendous Healthcare
Healthy living is not a cheap proposition. A good diet is costly, and making time for working out is a luxury many people can’t afford. To top it off, if you compromise your health due to budget restraints, then your medical expenses will be higher.
7. Tuition Trap
All high-paying jobs require a college degree, so ideally, you’d want to pursue higher education to escape poverty. But here’s the catch. You can’t afford college tuition since you’re poor in the first place, and if you still choose to do so, you’ll be spending much of your life in debt.
8. When Old Isn’t Gold
Budget restraints would mean that you can’t upgrade or buy newer, better models of appliances, gadgets, and vehicles. However, if you keep using the old goods, the maintenance costs for them are much higher than the newer versions.
9. Banks and Hypocrisy
One person highlights the hypocrisy of the banking system. “You get charged overdraft fees by banks for running out of money, but if the bank runs out of money, then everyone has to pay them.”
10. Can’t Qualify With Higher Pay
With a minimum-wage job, making ends meet is insanely hard. Hence, many people work two jobs to get more money. However, as soon as they do so, they no longer qualify for any services or benefits despite being just as needy.
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Read more: 50 Super Simple Side Hustle Ideas (& How to Make Them Work)
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