The hallmark of poverty is the high marginal utility of money.

If you have no savings, that’s being poor. If you live paycheck to paycheck, that’s being poor. If you’re spending money you don’t have yet, that’s being poor.

Why are poor people so afraid of illness? Because their finances are already stretched thin. Even when they’re healthy, they’re scraping by—and if they get sick, their health may hold, but their financial situation collapses first.

It’s hard to count on the poor to spend, or to make money off them.