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Economic disparity in how rich and poor save money on bills

Here are ways the Rich save Money on monthly bills that the middle-class and poor do not.
A wealthy person

It's been long that I used to hear people say the perfective at which wealthy people reason something is totally different from way middle class and poor people reason something.

More than 90% poor individuals don't make enough money to cover their bills. Well, in Nigeria, many poor man usually don't do pass themselves.

For instance, if you earn N50,000 per month, you cannot live beyond it. Because, if you live beyond it, you will end up in uncontrollable debts.

I published an article titled; "you're not poor, you're just overspending". You can read that article to manage all your spending base on your monthly income.

With that being said, however, Wealthy people don't stress themselves too much on bills because they invest in something that can take care of the bills automatically every month.

Paying of Bills in Advance

A wealthy person would prefer to pay for bills upfront instead of making payment per month. For instance, a wealthy person can subscribe to TV cable for one year which he will get discounts and rewards for.

However, a middle class person would prefer subscribing every month because he would have to divert the remaining money to other part of financial problems.

Between the two people, one would get discounts and regards for purchasing full year while one will get higher price because he's only purchasing per month.

Hadn't been the middle class or people that are considered poor have the financial resources to make the full yearly payment, they'd have. But instead, you'll hear them say "It's not important; people that are doing it have no responsibility."

Investing in Dividends to Pay Bills Monthly

According to Erika Kullberg, he said and quote "A great way to help offset the cost of your monthly bills is to invest in dividend-yielding stocks."

Wealthy people usually consider dividend-yielding stocks as an investment that helps mitigate the burden of your monthly bills. It emphasizes the potential benefit of dividend-paying stocks for many rich people's financial situation.

However, while dividend-yielding stocks can be a good option for investors seeking regular income. It's important to remember that the stock price can also fluctuate, so you might not always get back what you initially invested.

A wealthy person can invest in dividend-paying stocks that automatically transfer money into their accounts, which could be used to handle monthly expenses and bills.

However, only 13% of poor people know what's Divided. Meanwhile, you don't need to be rich to start investing in dividend-paying stocks. Financial independence, where your investments cover your expenses, is achievable with planning and time.

Investing in Energy-Efficient Homes

Instead of investing in building and constructing of regular Homes, a wealthy man would invest in energy-efficient homes such as Smart Homes and offices that uses renewable energy to power up.

This investment will definitely help them safe more money on other expenses because significant house bills have been eliminated.

In a smart homes, everything there consume less energy and the home is powered by renewable energy - Solar panels and inverter. So, they don't have to bother about electricity or any thing that uses Electricity in the house.

I have seen a house that's completely smart and moveable. The house uses nothing from the public. It's solar powered and everything in the house from construction to water running system completely depends on the renewable energy.

In essence, a poor man doesn't have the financial resources to own this kind of House. He will keep up paying bills on its energy consuming appliances that uses the public Electricity or powered generator.

Buying High-Quality Products

A wealthy person would prefer to invest money on a higher quality product, so they don’t have to worry about monthly bills or replacing the item regularly. For instance, a rich person can buy reliable car so they don’t have to waste money on replacing it often or dealing with maintenance fees.

Although, purchasing a high-quality products might be associated with a more durable of the product, but it's important to note that the long-term savings on replacements and repairs can be significant. This can be a wise strategy for anyone, regardless of income level.

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About the Author

With five years experience in Media, Temmy Samuel's become a modern journalist, delivering impressive reporting about tech, finance, business and science around the world. More About Temmy

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