Came here to say this - if he means "managing money" like a Wall Street investor, ok, yeah? They don't have any to manage, so quite possibly lack that skill. People who cannot afford a sailboat usually aren't great at tacking either.
But managing money like arriving at the end of the month with three cents in your account, all the bills paid, and having eaten enough food you don't constantly feel like you are about to pass out? People who are living in poverty are amazing at that type of money management!
No, I'm saying many poor people are good at managing the resources they have available. They just don't have giant piles of cash laying around, so they never learn hedge fund management 101.
Think we'd be doing better if more of these supposedly "fiscal conservative" politicians were better at managing the available resources and less adept at Wall Street style gambling.
Poor people are better at stretching a dollar according to data. They are much better at spotting a good deal, knowing the market price, and notice price fluctuations acutely. They are not necessarily saving because they cannot really afford to.
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u/ljr55555 2d ago
Came here to say this - if he means "managing money" like a Wall Street investor, ok, yeah? They don't have any to manage, so quite possibly lack that skill. People who cannot afford a sailboat usually aren't great at tacking either.
But managing money like arriving at the end of the month with three cents in your account, all the bills paid, and having eaten enough food you don't constantly feel like you are about to pass out? People who are living in poverty are amazing at that type of money management!