"You Just Get So Tired": 30 People Share What Being Poor Is Like

As disadvantaged as some of us might start, there are things we can do to help our financial situation. Michelle Schroeder-Gardner, the founder of Making Sense of Cents, where she helps readers make smart decisions about how to earn, save, spend, and invest, told Bored Panda, "No matter a person's background, learning how to budget and understand the difference between needs and wants is very important."

"It’s also important to understand the concept of saving early on, even if it's just small amounts, and to recognize the value of delayed gratification—waiting for what you truly want instead of making impulsive purchases," Schroeder-Gardner added. "It's also important to learn the value of working for something yourself. When you earn your own money, you understand better how much things really cost, and you are more likely to spend it wisely. This responsibility helps you make better choices about spending and saving your money."

But the road might be long. Almost 6 in 10 Americans say they'd need to earn at least $100,000 a year to stop feeling anxious about their bills, according to a new report from Edelman Financial Engines.

About half of that group set the amount even higher at $200,000 per year or more, the financial services firms found.

Only 12% of the 3,000 respondents said they consider themselves wealthy and only 4 in 10 people who are objectively wealthy, with assets of more than $2 million, said they considered themselves rich.

At the same time, anxiety about personal finances has increased from last year, Edelman found, with roughly a third saying they're worried in 2024, versus 29% a year ago. That's despite a soaring stock market and wages that have been edging ahead of inflation since May 2023.

Ultimately, Michelle Schroeder-Gardner of Making Sense of Cents believes that people who grew up poor and those who grew up wealthy can understand each other, "but it takes work/effort and good communication."

"They have different experiences, so how they think about money and life can be very different," she explained. "Someone who grew up poor might focus more on saving and basic needs, while someone who grew up wealthy may not have faced those struggles. But if they listen to each other and try to learn, they can understand each other better. It’s all about being open and caring/empathetic about the other person’s experience."