{"id":127798,"date":"2025-04-03T10:00:42","date_gmt":"2025-04-02T23:00:42","guid":{"rendered":"https:\/\/propertyupdate.com.au\/?p=127798"},"modified":"2025-04-16T22:13:00","modified_gmt":"2025-04-16T12:13:00","slug":"the-advantages-of-growing-up-in-poverty","status":"publish","type":"post","link":"https:\/\/propertyupdate.com.au\/the-advantages-of-growing-up-in-poverty\/","title":{"rendered":"The Advantages of Growing Up In Poverty"},"content":{"rendered":"

Those who struggle with poverty, while growing up, see the world as a very different place from those raised in the middle-class or in wealthy households.<\/strong><\/p>\n

In my\u00a0Rich Habits Study<\/a>, 41% of the 177 self-made millionaires were raised in poor households.<\/p>\n

Yet, somehow they managed to break out of their poverty as adults.<\/p>\n

Ironically, according to\u00a0my research, being poor actually endows you with certain advantages over the middle-class and the wealthy.<\/p>\n

More Willing to Take Risks<\/span><\/h2>\n

One of the common denominators among all of the self-made millionaires in my study was the need to become comfortable with taking risks.<\/p>\n

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<\/div>Growing up poor forces you to take risks in the pursuit of wealth.<\/p>\n

Overcoming the fear of taking risks, therefore, becomes a habit.<\/p>\n

With respect to my\u00a0Rich Habits self-made millionaires<\/a>, the fear of taking risk resurfaced only after they accumulated their wealth.<\/p>\n

At that point, the fear of losing their hard-earned wealth motivated them to hire wealth advisors, insurance agents, CPAs, Estate Planners and other financial advisors to help them preserve their wealth.<\/p>\n

So, becoming rich actually lowered their tolerance for taking risks, risks which could potentially decrease their wealth.<\/p>\n

Desire to Change is Great<\/span><\/h2>\n

Poverty can either beat you down or make you stronger.<\/p>\n

For the self-made millionaires in my study, it made them stronger.<\/p>\n

That\u2019s why they were in my study\u00a0\u2014 poverty motivated them to achieve.<\/p>\n

Their desire to become successful and rich drove them to transform themselves.<\/p>\n

This desire to change motivated them to learn what they needed to know in order to succeed.<\/p>\n

It also forced them to develop and perfect superior skills in order to earn more than their competition.<\/p>\n

Superior Work Ethic<\/span><\/h2>\n

A hard work ethic is a prerequisite to success.<\/p>\n

Those who are raised in poverty have no choice but to work hard.\"Work<\/p>\n

Thus, the poor develop a hard work ethic.<\/p>\n

When you are able to combine that hard work ethic with your dreams and goals, what a powerful combination!<\/p>\n

If you grow up in an environment of comfort, you might be less willing to do the hard work success requires.<\/p>\n

Failure Doesn\u2019t Scare You As Much<\/span><\/h2>\n

One of the downsides of failure is that failing at something can put you in the poor house.<\/p>\n

When you grow up poor, you don\u2019t fear poverty as much because it is something you are familiar with and something you survived.<\/p>\n

Therefore, failure does not frighten you as much and, in fact, emboldens you to take risks.<\/p>\n

Poverty Removes Rose-Colored Lenses<\/span><\/h2>\n

When you grow up poor, you see things through a much different lens.<\/p>\n

\"RoseYou know, life can be very hard when you are poor.<\/p>\n

Things can and do go wrong.<\/p>\n

You know that because you experienced that growing up in poverty.<\/p>\n

The experience of poverty allows you to see things as they really are and not allow yourself to be blinded by unrealistic rose-colored optimism.<\/p>\n

Being anchored in reality allows you to see potential pitfalls ahead of time, which enables you to navigate and pivot around those pitfalls.<\/p>\n

Those who are not raised in poverty might see things as they wish them to be and be blind to reality, until it hits.<\/p>\n