25 years old and deep in debt

[garbon]

But Malthus, you always had a saftey net that people who are poor dont have.

You were just the poor little rich kid.

Fine. Assume I went on being a 'poor little rich kid' and living in communal houses working as a potter's assistant or whatever.

Would I still be a 'poor little rich kid' in my middle 40s, or would I be genuinely "poor"? 

I think what you are missing from the equation is the possibility of actual downward social mobility - something I've seen in my friends (the few I have left) from those days.

I think that's always an interesting question - the same one tied in with social class and when does yours become divorced from that of one's parents.  I guess to what you immediately said though, I wonder if you have to factor in potential inheritance amounts.

[CountDeMoney]

What percentage of people are actually making money through entrepreneurial means?

I bet those in private equity and venture capital are.

[garbon]

What percentage of people are actually making money through entrepreneurial means?

I bet those in private equity and venture capital are.

That doesn't answer my question but thanks for your snide aside.

[merithyn]

What percentage of people are actually making money through entrepreneurial means? I mean even if credit was freely available to everyone, I feel like there are lots of people who aren't really in the entrepreneurial vein.

I was actually thinking things like cars and houses. If you have poor credit, you can't get a loan for a car, which limits your earning potential, not to mention the jobs you lose because of the poor credit. If you have poor credit, you can't get a mortgage, which limits your ability to build equity to help you build up your financial portfolio.

For the people that I know, buying a business is kind of low on the totem pole. Having a steady income and a permanent place to live, however... well, that's important.

[Malthus]

Fair enough, I was never "poor" in that sense, because if I was literally dying of starvation my parents would not let that happen, and had the ability to prevent it. Not that they would give me a dime otherwise, mind.

What simple, one-word description should one use to mean, "when I was young I had no money because I could not earn very much, what little I did earn went to basic stuff like food and accomodation, my parents had made it perfectly clear it was up to me now and they would not help out [unless I was dying], and I feared that unless I did something different, I never do any better"? I've been using "I was poor" for that.

I believe "not living up to your potential" would work, but that's more than one word.

That being said, I have to agree with DG and CC. Having been truly poor most of my life - no connections, no fall-back, no safety net - your situation and mine are vastly different. On top of that, having educated, well-off parents means that you learned life skills from your youth forward that sustained you, skills that I had to learn on my own as an adult after making a myriad of mistakes learned from my parents.

That doesn't mean that one can't overcome that - my siblings definitely have - but it's much harder.

That's all fair enough, but two people's situations don't have to be identical to be covered by the same word.

Being poor simply means having no money.

The fact is that none of you can come up with a better term. There certainly is a distinction between "I was poor in the sense that I, personally, had no money, but I came from an educated middle class family" and "I was poor because my parents had literally nothing", sure. But both people are "poor".

[Malthus]

I think that's always an interesting question - the same one tied in with social class and when does yours become divorced from that of one's parents.  I guess to what you immediately said though, I wonder if you have to factor in potential inheritance amounts.

In my case that would not help much.

My grandparents on both sides lived to an inordinately elderly age - my grandma on my dad's side lived to be 95.

My parents are still very spry in their middle 70s, chances are I would not inherit until I myself was in my 60s. 

[Admiral Yi]

The fact is that none of you can come up with a better term.

"Slumming."   

[merithyn]

That's all fair enough, but two people's situations don't have to be identical to be covered by the same word.

Being poor simply means having no money.

The fact is that none of you can come up with a better term. There certainly is a distinction between "I was poor in the sense that I, personally, had no money, but I came from an educated middle class family" and "I was poor because my parents had literally nothing", sure. But both people are "poor".

I'd say the distinction is between "broke" and "poor". You were broke; I was poor.

[Malthus]

The fact is that none of you can come up with a better term.

"Slumming."   

Nope. 

[CountDeMoney]

That doesn't answer my question but thanks for your snide aside.

"Snide Aside".  I like that.  That will be my production company's name.

[garbon]

That doesn't answer my question but thanks for your snide aside.

"Snide Aside".  I like that.  That will be my production company's name.

[Malthus]

That's all fair enough, but two people's situations don't have to be identical to be covered by the same word.

Being poor simply means having no money.

The fact is that none of you can come up with a better term. There certainly is a distinction between "I was poor in the sense that I, personally, had no money, but I came from an educated middle class family" and "I was poor because my parents had literally nothing", sure. But both people are "poor".

I'd say the distinction is between "broke" and "poor". You were broke; I was poor.

No, because "broke" means a purely temporary condition - having literally no money at that particular moment. "Wanna go out for drinks tonight? - Naw, I can't, I'm broke until payday"

I was never "broke". I had money, because I worked. I just had very little money, because I only earned a little. In short, I was what most people (except I guess languishites) call "poor". 

[DGuller]

Couple of months ago, I stepped out of my apartment and forgot my wallet, with all the cash and credit/debit cards inside.  That brief period of poverty was very traumatic.    Never again! 

[Malthus]

Couple of months ago, I stepped out of my apartment and forgot my wallet, with all the cash and credit/debit cards inside.  That brief period of poverty was very traumatic.    Never again! 

I assume it took until now for you to find your way back again? 

[garbon]

That's all fair enough, but two people's situations don't have to be identical to be covered by the same word.

Being poor simply means having no money.

The fact is that none of you can come up with a better term. There certainly is a distinction between "I was poor in the sense that I, personally, had no money, but I came from an educated middle class family" and "I was poor because my parents had literally nothing", sure. But both people are "poor".

I'd say the distinction is between "broke" and "poor". You were broke; I was poor.

No, because "broke" means a purely temporary condition - having literally no money at that particular moment. "Wanna go out for drinks tonight? - Naw, I can't, I'm broke until payday"

I was never "broke". I had money, because I worked. I just had very little money, because I only earned a little. In short, I was what most people (except I guess languishites) call "poor". 

Maybe it is voluntary poverty vs. not - particularly when there still at the end of the day is a safety net that could help you out.