"Their paper clearly illustrates that many poor people stay poor not because of their talent/motivation, but **because they are in low-paying jobs that they must work to survive**. "They are, in essence, in a poverty trap. **This is a poverty trap where their lack of money prevents them from ever getting training or capital to work in higher-paying jobs**. You might be skeptical of these findings, but similar things have been found by experimental researchers doing random cash transfers in [[Kenya]] as well. "This is why **the biggest lie in personal finance is that you can be rich if you just cut your spending**." --- **Tags** -- [[quotes]], [[personal-finance]], [[frugality]], [[investments]], [[wealth-inequality]] **Source** -- [[20250201125729 - B - Just Keep Buying]]