How Life Insurance Agents Impact Poverty


By Lloyd Lofton

When you struggle to make ends meet, it fundamentally changes your relationship to money.

Being poor means every experience centers on money.

Although poor people possess little money in relationship to others, money nonetheless becomes central to their everyday lives.

People who are not poor have little worry about common things but, to poor people, those common things are luxuries.

Poor people don’t plan for the future; they’re planning for right now.

Higher-quality products last longer than cheaper ones. Paying for products upfront means you don’t have to pay interest on credit cards or loans.

When you’re poor, none of that matters. Struggling financially is the bottom line. Other people focus on how much money they are letting go of now. But poor people are concerned about how much money they have left at the end of each day.

Being poor is expensive.

When you’re poor, because you lack money, you end up buying stuff at full price because you didn’t have the money to buy it when it was on sale.

You make minimum payments on credit card bills because you aren’t focused on paying off the balance; you’re concerned about meeting the minimum payment because that’s all you can afford so you can continue using the card.

Making the minimum payment means you may buy things that won’t last as long.


Because that’s all you can afford.

Poor people lose out on affordable, durable merchandise because all they can afford is what they have the minimum amount of money to buy.

With a sustainable income, some financial reserve to fall back on, poor people can take advantage of things on sale instead of having to buy them when they have the money.

With a sustainable income, they can make more than the minimum payment on their credit cards or student loans. They can buy bulk items at Sam’s Club or Costco, saving dollars instead of pennies because they don’t have to buy the smallest amount of something because that’s all the money they have.

When people who don’t have a sustainable income go to the grocery store, they often have a budget for the week. They buy what they can get for the least amount of money rather than what would last the longest or what would cost less over time…Read more>>