When you have more money, you won't fall into poverty traps, even if you spend less.
For example, suppose you were a middle-to-high earner and you lived well below your means. If you face financial burdens like health issues, accidents or layoffs, you'll have a liquid cushion to fall back upon.
Those without liquidity will need to find the funds elsewhere. Elsewhere is an entire debt and rent-seeking industry that tends to prey upon people that do not have the means to defend themselves legally, nor do they have the means to escape that market into one with terms that are a bit more fair.
For example, suppose you were a middle-to-high earner and you lived well below your means. If you face financial burdens like health issues, accidents or layoffs, you'll have a liquid cushion to fall back upon.
Those without liquidity will need to find the funds elsewhere. Elsewhere is an entire debt and rent-seeking industry that tends to prey upon people that do not have the means to defend themselves legally, nor do they have the means to escape that market into one with terms that are a bit more fair.