Wednesday, September 16, 2015

Is Poverty A State Of Mind?: Creating A Learning Society

It's controversial when I say that "Poverty is a state of mind" because people don't think deeply through what I mean. Obviously being poor is real, not 100% mental. I have been broke, sleeping on a couch in a mobile home, with only $47 in my bank account.

But what got me off that couch was a change in mindset. A shift.

Without that mental shift, no amount of handouts or well-meaning people's help would have done me any good in the long run.

For today’s Book-of-the-Day, I was reading "Creating a Learning Society” by Joseph Stiglitz.

He says, 
“The transformation to ‘learning societies’ which occurred around 1800 for Western economies, and more recently for those in Asia, appears to have had a greater impact on human well-being than improvements in allocative efficiency or resource accumulation."

Joseph Stiglitz won a Nobel Prize as an economist and his scientific research confirmed that what actually keeps nations, communities, and individuals poor is not primarily a lack of capital or opportunities (what most people think). 

Instead, Stiglitz found the root is a lack of knowledge, and more specifically a lack of knowledge on how to gain more knowledge.
The inability to learn quickly and efficiently...

What his research found was, 
“What separates developed from less-developed countries is not just a gap in resources but a gap in knowledge."

Like the Chinese saying goes, "Give a man a fish, feed him for a day. Teach a man to fish, feed him for a lifetime."

You must learn how to learn.

It's an art and a skill.

Most people are too slow of learners due to their fixed mindset that won't adapt to feedback analysis because of their simple stubbornness and delusion (wishing the world was like their fantasies instead of having the courage to seek truth). 

Learn how to learn more quickly and you will live a very rich life (not just financially).

Team Thayer

Justin Lee Thayer is Lane counties expert in market analysis for real estate investors. Call Justin @ 541-543-7287