Comment by smithkl42

The post does a good job of describing a phenomenological difference between being broke and being poor, and its account seems plausible to me. But what I'm curious about is the causal difference between the two. I've known working class folks who seem like they're getting by fine, even if they're occasionally "broke", and I've known working class folks who are constantly in financial crisis, and definitely fit in the category of "poor". I wonder why folks who start with roughly the same skills, intelligence and opportunities (and bank account balance!) can nevertheless end up in very different places?