Poverty is a Very Profitable Business


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Many financial institutions, ones with strong ties to the media, politicians, businesses and influencers, depend on the existence of poverty. In fact, poverty income is one of their most profitable income streams.

Think I’m crazy?

Let me explain. There is Dark Money out there funding a two-tiered banking system. The first tier you’re very familiar with – they are the well-heeled banks that blanket metropolitan areas and their outlying suburbs. JP Morgan, Citibank, Bank of America and so on. You won’t, however, find many of their branches doing business in the inner cities of America.

The second tier “banks” would likely be unfamiliar to you. That is, unless you happen to live one of America’s inner cities. Major, blue chip financial institutions fund and partner with these second tier financial institutions in an effort to fleece the poor of what little money they have.

ACE Cash Express’s is one of the largest check-cashing companies in America. It was established in 1968. Check Cashing Outlets pepper the inner cities, where the poor live. Their primary service is cashing checks, at a fee that ranges from 1- 3% of the amount of the check. They also offer “Payday Loans” – typically, a customer writes a check for say $240 and receives $200 in cash. That’s an annual interest rate of approximately 520%.

Guess who helped propel ACE’s impressive expansion? American Express.

Cash America is a publicly traded pawnshop company. You won’t find any of their outlets on Main Street, USA. But you will find them in the inner cities, where the poor live. The primary service pawnshops offer is a loan collateralized by property given to the pawnshop in exchange for the loan. The pawnshop will lend about 25-30% of the value of the property and hold on to the property until the loan is paid back. About 30% of customers default on their Pawn Loans. The pawnshop then sells the property for full value.

Guess who helped fund Cash America’s expansion back in 1984? Bank of America.

Guess who Cash America purchased in 1999? ACE Cash Express.

Most poor people are not ignorant fools being used by the second-tier financial institutions. Most are well aware they are being fleeced. They are just desperate and desperate people do what they have to do to survive.

These second-tier financial institutions exist in order to profit from that desperation.

Many of these blue chip financial institutions who fund these second-tier financial institutions are in bed with politicians and the media. Their political and media lackeys are only too happy to do what they can to keep the poor, poor.

The politicians pass legislation that only serves to promote poverty by keeping the poor dependent on government assistance, imperpetuity.

The major media plays the flute, writing articles that supports these politicians and their policies and they write articles lambasting anyone critical of these same politicians and their pro-poverty policies.

These are the same dark forces driving the very loud, big government, quasi-socialist agenda in America today. They want vassals, hopelessly dependent on their largess. They most definitely don’t want you to save. They don’t want you to live below your means.

What they do want is for you to embrace the consumerist agenda – to live beyond your means. They want you to spend all of your money, to use credit cards and to go into debt.

Over the years, I have been using my bully pulpit, my Rich Habits Poor Habits research, blog and my many books to try to wake poor people up. My message is simple – you can escape poverty if you change what you are doing.

You must abandon the belief that government is going to help. They won’t. It’s not in their best interest to reduce or eliminate poverty. Government needs poverty like fish need water. And so do the interests they serve.

Only you can lift yourself up. You must become the architect of your life. You just need to know what to do and what not to do. Knowledge will set you free.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

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Thomas C. Corley About Thomas C. Corley

Tom Corley is a bestselling author, speaker, and media contributor for Business Insider, CNBC and a few other national media outlets.

His Rich Habits research has been read, viewed or heard by over 50 million people in 25 countries around the world.

Besides being an author, Tom is also a CPA, CFP, holds a master’s degree in taxation and is President of Cerefice and Company, a CPA firm in New Jersey.
Phone Number: 732-382-3800 Ext. 103.
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  1. janie braxton says:

    Yes Tom!! You are so telling the truth!!

  2. This is absolutely true, not just in America but in many countries around the world, where a very small group of people is sitting on the wealth, often hidden from the eyes of the rest of the population. Very bold and true statement Tom, keep it up.

  3. Payday lenders are also located near liquor stores, and pawn shops. Hows that for strategic marketing ?

  4. What a timely ( and sad fact) article after last nights debate!

  5. Cher Lindberg says:

    I had NO idea both American Express and Bank of America were behind the companies charging exorbitant rates for loans to poor people. What an eye opener!

  6. Jayne Huddleston says:

    Where is your “Unsubscribe” link. I thought anti-spam legislation required you to make unsubscribing easy.

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