There is an enormous difference between someone who is broke and someone who considers themselves poor. Being broke refers to a current financial situation. Poor is a state of mind.
The person who is broke can rectify their circ*mstances by improving their finances. As a solution, they seek to change their strategy in a way to improve their finances. There are countless examples of an individual losing all of their money and then making it all back. Even wealthy people have gone through this cycle.
Walt Disney didn't give up after he filed for bankruptcy in 1920. In 1928, he founded a new company and created Mickey Mouse.
Henry Ford didn't give up after his first company went bankrupt. He got right back up and started a second company, which also went broke. Undaunted, he launched FORD in 1903.
These are but a few examples of people who have lost everything but never considered themselves poor. They were determined to continue until successful. They didn't waste one second making excuses. They devoted all of their time and energy to turning their situation around.
The poor person has a self-image of poverty. They believe their financial situation is a result of forces beyond their control. They use poverty as an excuse to justify their circ*mstances.
Anyone may experience tough financial times.What you do when there, and where you go next, are the determining factors that make all the difference.Should you view yourself as a victim who doesn't have control over their circ*mstances, you prevent yourself from taking corrective action.
Broke vs. poor illustrates the contrast between circ*mstances and attitude.Although circ*mstances do fluctuate, it's your response which determines the future. Action changes circ*mstances but attitude controls action. So, it's attitude which differentiates between someone who is broke and someone who is poor.
An attitude of 'woe is me' leads to passivity. With this outlook, no action is taken because there is no point. This approach to life is characteristic of a victim mentality. Victims passively wait for things to get better, for adversity to pass.
Victims blame other people or circ*mstances for their fate. They don't believe they have any control over what happens to them. Where they are is a result of what has been done to them. The targets they blame include family, friends, the economy, their job, bad luck, the government, or even strangers.
A person who thinks of them self as poor has a victim mentality. If they receive guidance from anyone successful, they have limitless excuses as to why they can't succeed. A poor person will also claim to have tried numerous strategies, none of which worked for them.
A broke person can't wait to do whatever is necessary to improve their finances.These people know their situation is temporary. They are constantly looking for ideas and inspiration.They study successful people to learn how they have done things. A broke persons does whatever is necessary to turn their situation around.
If you ever find yourself in an adverse situation, remember that the outcome is based on your outlook. Taking the 'poor' approach leaves you passively hoping and waiting for things to get better. Utilizing the 'broke' strategy gets you in gear to take whatever action is needed to improve your circ*mstances.
FAQs
Being broke refers to a current financial situation. Poor is a state of mind. The person who is broke can rectify their circ*mstances by improving their finances.
What does broke mean as poor? ›
broke adjective (POOR)
without money: I can't go to the movies – I'm flat broke.
What is considered a broke person? ›
adjective. without money; penniless. Synonyms: impoverished, destitute, insolvent. bankrupt.
How much money is not considered broke? ›
Females are more likely to consider themselves “broke” than males, with 55.8% of women and 41.1% of men agreeing they feel this way. So what does it take to feel financially secure? Our survey found that Americans need an average of $17,430 in savings to feel like they are in a good financial position.
What does broke mean financially? ›
having no money; bankrupt.
Can you be broke but not poor? ›
There is an enormous difference between someone who is broke and someone who considers themselves poor. Being broke refers to a current financial situation. Poor, however, is a state of mind. The person who is broke can rectify their circ*mstances by improving their finances.
Does poor mean no money? ›
Poor, impecunious, impoverished, penniless refer to those lacking money. Poor is the simple term for the condition of lacking means to obtain the comforts of life: a very poor family. Impecunious often suggests that the poverty is a consequence of unwise habits: an impecunious actor.
Am I broke or poor? ›
There is an enormous difference between someone who is broke and someone who considers themselves poor. Being broke refers to a current financial situation. Poor is a state of mind. The person who is broke can rectify their circ*mstances by improving their finances.
Can a rich person be broke? ›
Rich people often find themselves poor after making bad financial decisions. According to a blog by renowned penny stock investor Timothy Sykes, the average millionaire goes bankrupt at least 3.5 times. The reasons rich people go broke are not all that different than the reasons anyone goes broke.
What is a fancy word for broke? ›
bankrupt , ruined, insolvent, in the red (slang), skint (UK, slang), strapped for cash (slang), hard up (slang), penniless, out of money, short of cash, without a penny to your name, in debt, poor , poverty-stricken, dirt-poor (slang), impoverished, destitute, down-and-out (slang), flat broke (informal), stony broke ( ...
Poor: Households in the 20th percentile, with a net worth of around $10,000, are categorized as poor. This group likely doesn't own a home and focuses financial resources on necessities.
What is considered cash poor? ›
A homeowner is considered house-rich, cash-poor when they have wealth tied to their home but lack readily available cash to meet their everyday living expenses. Being cash-poor can result from a myriad of factors, such as unexpected expenses, debt, budgeting issues, medical concerns, or reduced income.
Am I asset rich but cash poor? ›
“Asset-rich, cash-poor” means that you have locked most of your wealth in assets, like real estate, that are difficult to convert into cash. Both assets and cash can be good investments. Ideally, you want a balanced portfolio with liquid cash in the bank and strong assets that are likely to appreciate over time.
Why is having no money called broke? ›
The word "broke" comes from an old use of the word break, meaning "impoverished," says linguist Geoff Nunberg. "It suggests an abiding association between destitution and destruction."
How do you say I am financially broke? ›
Different ways to say you don't have enough money for personal relationships:
- I'm a bit low on funds.
- I'm a bit short on cash at the moment.
- I'm broke.
- I can't afford it.
- I'm strapped for cash.
Definitions of impecunious. adjective. not having enough money to pay for necessities. synonyms: hard up, in straitened circ*mstances, penniless, penurious, pinched poor.
Am I poor or broke? ›
Being broke is a more temporary condition than being poor. Being broke means you have no money right now. Being poor means you don't earn very much money ever. I can earn a good wage and be broke because payday is just a few days away and I've spent what I earned.
What does it mean to be called broke? ›
The term broke has been slang for being “out of money” since the 17th century.
What is the literal meaning of broke? ›
Literally, broke comes from the past tense of break (i.e. “I broke my arm”). However, as slang, broke is an adjective and it means that you don't have any money. That's right. If you are broke, it means you have no money.
