Why Do Poor People 'Waste' Money On Luxury Goods?

Tressie Mcmillan Cottom – November 1, 2013, 6:00 AM EDT

We hates us some poor people. First, they insist on being poor when it is so easy to not be poor. They do things like buy expensive designer belts and $2500 luxury handbags.

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To be fair, this isn't about Errol Louis. His is a belief held by many people, including lots of black people, poor people, formerly poor people, etc. It is, I suspect, an honest expression of incredulity. If you are poor, why do you spend money on useless status symbols like handbags and belts and clothes and shoes and televisions and cars?

One thing I've learned is that one person's illogical belief is another person's survival skill. And nothing is more logical than trying to survive.