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Title: cost of being poor
Description: These notes actually describe how the poor is paying the price for being poor. The irrational decisions taken for the short-term benefit actually turned out to be more costly for them. for instance, the loan is only granted to them with higher interest rate in comparison to the one with good credit in their bank. checkout my notes for full description.
Description: These notes actually describe how the poor is paying the price for being poor. The irrational decisions taken for the short-term benefit actually turned out to be more costly for them. for instance, the loan is only granted to them with higher interest rate in comparison to the one with good credit in their bank. checkout my notes for full description.
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The Cost of being poor
James Baldwin once stated," It is expensive to be poor”, reflecting on the economic challenges faced by the
low income families in every aspect of their lives
...
Poor families are trapped in the vicious
cycle of expensive basic necessities and inelastic commodities including food, healthcare, education,
insurance, and transport facilities
...
Unfortunately, the poor individuals are unable to practice this approach
...
Food is also not an easy
option for the poor households, especially with issues like lack of access to the cheaper or larger stores!
The richer families often buy in bulk: this grants them the advantage of lower prices
...
After trying to cover other basic requirements, only a small portion is left for healthcare
...
Furthermore, if one think of taking loans or borrowing money, the higher interest rate plays a pivotal role
in discouraging such motives
...
The higher taxation rate makes the situation and survival of the underprivileged individuals quite
difficult
...
Concluding the discussion, the world truly revolves around the mantra of ‘survival of the fittest’
...
The key difference that creates a line of distinction
between the poor and the rich is how they allocate their resources and time
...
The social mobility seems impractical in such societies where cost for
being poor is so high
Title: cost of being poor
Description: These notes actually describe how the poor is paying the price for being poor. The irrational decisions taken for the short-term benefit actually turned out to be more costly for them. for instance, the loan is only granted to them with higher interest rate in comparison to the one with good credit in their bank. checkout my notes for full description.
Description: These notes actually describe how the poor is paying the price for being poor. The irrational decisions taken for the short-term benefit actually turned out to be more costly for them. for instance, the loan is only granted to them with higher interest rate in comparison to the one with good credit in their bank. checkout my notes for full description.