Gloria Steinem: Rich & Poor Financial Planning
on Tuesday, August 21, 2012Funny Money Quotes: getting rich and keeping money in the family involves planning that can’t be done by those without the resources to preserve. Gloria Steinem said:
“Rich people plan for three generations. Poor people plan for Saturday night” — Gloria Steinem
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Gloria Steinem is highlighting the different time horizons and priorities that often distinguish the rich from the poor. The best interpretation is that wealthy people typically take a long-term, multi-generational approach to financial planning to preserve and grow their assets over decades, while those living in poverty tend to focus more on short-term survival and immediate gratification due to greater economic insecurity and uncertainty.
Steinem’s quote suggests the rich can envision long-term legacy and security for their descendants, whereas the poor usually think and plan only a few days ahead due to more pressing daily needs and lack of a financial cushion.
Overall, she is drawing attention to how poverty constrains people’s ability to envision and prepare for their future beyond mere short-term necessities.