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13 Differences Between Broke and Poor

13 Differences Between Broke and Poor

13 Differences Between Broke and Poor      

Most people wrongly use the terms broke and poor interchangeably. While a poor person is almost always broke, it does not follow that a broke person is poor. In fact, nothing could be further from the truth. So, what is the difference between broke and poor? Read on to find out.

1. Duration

A broke person suffers from a temporary lack of money, but a poor person’s situation is such that he/she is perpetually broke. Thus, a rich individual may be broke due to reasons such as poor investment decisions but he/she cannot be classified as poor.

2. Approach to money

Poor people tend to focus on simply getting money – usually, to survive and live to see another day. Antagonistically, the broke concentrate on implementing systems that will earn income for lengthy periods even if it means present discomfort.

3. Risks

Making money calls for risk taking and as is often the case, the risk may pay off handsomely or backfire. In case things go south, one can be classified as broke but not necessarily poor.

Poverty, however, hardly involves taking any risks and thus, the willingness to take calculated risks is one of the stand-out differences between broke and poor persons.

4. Attitude

Poor people usually have a “why me” attitude. They see themselves as victims of circumstances who are always left holding the short end of the stick. In comparison, broke people understand that life is unfair and that it is up to them to change their circumstances by rising above, rather than submitting to challenges.

5. Thinking

In no other respect is the difference between broke and poor persons more distinct than in their mode of thinking. Poor people see problems for what they are: problems, but broke people, despite their situation, look for the silver lining in challenges and discover exploitable opportunities therein. This is probably the reason why broke people soon rebound into prosperity.

6. Optimistic vs. Pessimistic

Broke people tend to see the glass as half full. They hope for the best and the bright reality they foresee regardless of current circumstances almost always materializes.

Contrastingly, the poor tend to be incurably pessimistic. They focus on the problematic aspects of everything which renders them unable to see, appreciate and enjoy all the good around them.

7. Focus

According to T Harv Eker, a financial self-help guru, poor people focus on what it is they do not want rather than what they want. Drawing from his experience, T Harv Eker proposes that what one focuses on expands and thus, the poor get exactly what they focus on. Conversely, broke people dwell on what it is they want which contributes to an upturn in fortunes.

8. Knowledge

A broke person’s knowledge on money dynamics supersedes a poor person’s money knowledge. A misstep may have led to getting broke in the first place, but the broke individual learns and corrects his mistakes and soon makes positive strides. Most poor people do not know how to handle their finances, how to save, invest, etc.; or rather, they lack the requisite discipline to do so.

9. Taking action

Poor people go through life passively trying as much as possible not to take drastic action or upset the status quo. They are held back by a poor mentality, societal expectations, fear of failure, fear of rejection, etc. Broke people, on the other hand, are decisive and they overcome their fears to change their situation for the better.

10. Discipline

Poor people are largely financially undisciplined. Whenever they get money, rather than strategize on how to multiply it, they spend lavishly on wants and luxuries only to return to their previous state. A broke person knows that financial discipline if key if he/she is to overcome current challenges and cross over into prosperity.

11. Giving up

Often, the poor, so used to their squalid conditions, give up trying and accept their lot in life in what is perhaps the starkest difference between the broke and the poor.

Antithetically, ambitious to overcome bad fortune, the broke person knows that giving up is not an option. Regardless of several failures, they continue trying and with so many trials under their belt, the law of probability favors them at some point.

12. Dwelling on the past

The poor dwell on the past and let it shackle them to undesirable lifestyles. Broke individuals may sulk and mourn a bit in the face of disappointments, but they know that learning from and then forgetting the past, is one of the core ingredients of success.

13. Planning

Most poor people have no plan, and even if they do, it rarely goes beyond a wistful wish. Often myopic, poor people hardly take the time to consider the big picture and the long-haul.

Dissimilarly, a broke person considers both short-term and long term ramifications of any course of action and factors them into his plans.

Final thoughts

Every rich person and rich family had a start and in those early days before getting a big break, the realization that poverty is a choice is what often ignited the fire that resulted in success. It is when this realization hits that one ceases to be poor and crosses over into being broke as the journey to success earnestly commences.