Poverty is a Very Profitable Business

Rich Habits
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Many financial institutions, ones with strong ties to the media, politicians, businesses and influencers, depend on the existence of poverty. In fact, poverty income is one of their most profitable income streams.

Think I’m crazy?

There is Dark Money out there funding a two-tiered banking system.

The first tier you’re very familiar with – they are the well-heeled banks that blanket metropolitan areas and their outlying suburbs: JP Morgan, Citibank, Bank of America and so on. You won’t, however, find many of their branches doing business in the inner cities of America.

The second tier “banks” would likely be unfamiliar to you. That is, unless you happen to live one of America’s inner cities. Major, blue chip financial institutions fund and partner with these second tier financial institutions in an effort to fleece the poor of what little money they have.

Check Cashing Outlets pepper the inner cities, where the poor live. Their primary service is cashing checks, at a fee that ranges from 1- 3% of the amount of the check. They also offer “Payday Loans” – typically, a customer writes a check for say $240 and receives $200 in cash. That’s an annual interest rate of approximately 520%, annualized.

ACE Cash Express’s is one of the largest check-cashing companies in America. It was established in 1968.

Do you have any idea who helped propel ACE’s impressive expansion?

American Express.

Cash America is a publicly traded pawnshop company. You won’t find any of their outlets on Main Street, USA. But you will find them in the inner cities, where many of the poor live.

The primary service pawnshops offer is a loan collateralized by property given to the pawnshop in exchange for the loan. The pawnshop will lend about 25-30% of the value of the property and hold on to the property until the loan is paid back. About 30% of customers default on their Pawn Loans. The pawnshop then sells the property for full value.

Guess who helped fund Cash America’s expansion back in 1984?

Bank of America.

Guess who Cash America purchased in 1999?

ACE Cash Express.

Most poor people are not ignorant fools being used by the second-tier financial institutions. Most poor people are well aware they are being fleeced. They are just desperate and desperate people do what they have to do to survive.

These second-tier financial institutions exist in order to profit from that desperation.

Many of these blue chip financial institutions who fund these second-tier financial institutions are in bed with politicians and the media. Their political and media lackeys are only too happy to do what they can to keep the poor, poor.

The politicians pass legislation that only serves to promote poverty by keeping the poor dependent on government assistance, in perpetuity.

The major media plays the flute, writing articles that supports these politicians and their policies and they write articles lambasting anyone critical of these same politicians and their pro-poverty policies.

These are the same dark forces driving the very loud, big government, quasi-socialist agenda in America today. They want vassals, hopelessly dependent on their largess. They most definitely don’t want you to save and they most definitely don’t want you to live below your means.

What they do want is for you to embrace the consumerist agenda and to live beyond your means. They want you to spend all of your money, to use credit cards and to go into debt.

Over the years, I have been using my bully pulpit, my Rich Habits Poor Habits research, blog and my many books to try to wake poor people up.

My message is simple – you have the power to lift yourself out of poverty by making certain changes to your life.

But before you make any changes, you must first abandon the indoctrinated limiting belief that government and its politicians are there to help. They aren’t. It’s not in their best interest to reduce or eliminate poverty.

Government and politicians need poverty like a fish needs water. Government and politicians depend on poverty. And so do the interests they serve, in exchange for campaign contributions, of course.

Only you can lift yourself up. You must become the architect of your life. You just need to know what to do and what not to do, which I’m doing my best to share with the masses.

TV, video streaming, social media, video games and most entertainment mediums were created to intentionally distract you and keep you docile.

Stop watching TikTok and Netflix.

Start reading.

Knowledge is power and knowledge will set you free.

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  1. […] post Poverty is a Very Profitable Business appeared first on Rich […]

    • GASTON NUÑEZ on October 6, 2021 at 1:50 PM

      Great Article!!!! THANKS . Love just HOW YOU CALL THINGS BY THEIR NAMES!!!

  2. Wesley on October 5, 2021 at 7:37 AM

    Our church worked to eliminate the payday loan companies in our city. However that doesn’t solve the problems that people have that lead them to those awful businesses. Financial training, micro loans, simple car maintenance so people can get to work, that help solves the problems.

    It’s worth noting that the US economy seems to “need” a large class of people to do jobs that do not pay a living wage. Most of the red states(like mine) cut extra pandemic related financial assistance because they need, as I like to say, underpaid people at Applebee’s serving cheese sticks. Happily people are finding other work to avoid making $2.13/hr + tips serving cheese sticks.

  3. Paul Curley on October 5, 2021 at 8:32 AM

    Important message. Thank you.

  4. Kenneth Roy Duetsch II on October 5, 2021 at 9:38 AM

    Great (but sad) article Tom! Sharing…

  5. Randall Todhunter on October 5, 2021 at 9:55 AM

    Wow! Well said! Thank you, Tom, for those insightful comments. I am writing a book on personal finance right now, and part of it touches on these institutions and the harm that they do to many. I appreciate you shedding light on this also.

  6. Rainy on October 5, 2021 at 11:03 AM

    Awesome! Well said! 👏🏾💯

  7. Rodney D. Swope on October 6, 2021 at 10:32 AM

    Good word! The truth sets us free!

  8. Malaga Smith on October 6, 2021 at 12:53 PM

    Tell it like it is. Thanks for the reminder about TV/Social Media.

  9. Ken Winterholt on October 9, 2021 at 1:54 PM

    Thomas Sowell and Walter Williams have great books and You tube videos on this very subject,