So in this video, I’ll talk about 5 things that are more expensive when you are poor, but I’ll also I’ve you solutions. This video is not for the man who is poor and wants to petty party, is for the man who is poor and wants solutions.

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1st Transportation:
Being poor may mean you live in not the best neighborhood, those paying higher insurance fees
You may not have a good credit score those paying more in financing a car
I knew a poor man, and his car payment interest rate was about 18%, being poor means you don’t get the best deals
And the cars poor people get, usually cars that tend to break down

Solution:
Affordable, reliable beater vehicles are your saving grace
People don’t have 20 or 25k to buy a car in cash but they do have $500 or $800 a month to spare on payments
Be uncomfortable a little longer, on the bus or with that crappy car and save up 3-5k and buy yourself a good car that will last
Toyota Corolla and Honda Civic are known to go for over 200k
You won't be riding in style but you won't be emptying out your pockets on payments and car repair

2nd Household Good
You know where all the pawn jobs, payday loans, and rent-to-own stores are at? In Hood in the poverty-striking communities, these businesses do one thing very well, they take advantage of the impatient people who need something
Not just that but food, in some places you don’t have that much competition and you don’t have the time to waste it on traveling outside, so you pay what people want for bad quality food

Solution:
Get very good at not spending more than you make, write down all your bills and your income
Write down all the things you need and set up savings goals for them
Also check marketplaces and eBay and Amazon, and compare prices and try to get the best deal possible. My friends bought a mattress worth over 1000 dollars for sure, for less than $200 on Facebook
Meal plans help a lot with diets and money

3rd Housing
You have more interest and rents can be higher a portion of your income
I recommend you pay no more than 33% of your net income on housing cost
You know how many people I know that this number is like 50% or even more sometimes

Solution:
Single people rent rooms or get a cheap apartment
People with kids look into trading a commute for a better place to live
All people, compare and contrast all your options and be serious, yes I have 3 kids but we don’t need a 4-bed room house, stack them all up in one room
But what about privacy, for what, they are kids

4th Health care and Childcare
People spend thousands of dollars on two expenses and they think there is no way around it
Let's talk about the solution right away

For health: look into an HSA and High deductible health plan
With this, you’ll pay a fraction of what you used to pay but will have to come out of pocket when something big happens up to a certain cap
So invest some money into the HSA that grows tax-free to cover these costs when the time comes
If surgery is going to be 100k and my limit is $5k and I already saved 10k its not a big deal you see
And you’ll be saving $100s per month, so invest that

5th Child Care

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.