A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from October 19, 2011
“Broke is temporary, but poor is a state of mind”

Mike Todd (1909-1958). who produced the film Around the World in Eighty Days and who was married to the actress Elizabeth Taylor, made and lost several fortunes. “I’ve never been poor, only broke. Being poor is a frame of mind. Being broke is a temporary situation,” Todd said in 1953.

“Broke is temporary, but poor is a state of mind” has become a general adage. The saying is usually given by those who are no longer “poor” or “broke.” Robert T. Kiyosaki’s Rich Dad, Poor Dad book series explains, “There is a difference between being poor and being broke. Broke is temporary, and poor is eternal.”


Wikipedia: Mike Todd
Michael Todd (June 22, 1909 – March 22, 1958) was an American theatre and film producer, best known for his 1956 production of Around the World in Eighty Days, which won an Academy Award for Best Picture. He is also well-known as the third of Elizabeth Taylor’s seven husbands and the third of her eight marriages.

Google News Archive
23 April 1953, Milwaukee (WI) Journal, “It’s Either Million Dollars or Nothing for Mike Todd, Spectacular Showman: Rich at 30, Broke at 40, Fights Back” by Saul Pett, GreenSheet, pg. 1, col. 4:
“I’ve never been poor, only broke. Being poor is a frame of mind. Being broke is a temporary situation.”
(This Associated Press story appeared in many newspapers on April 5, 1953 --ed.)

7 October 1953, Cleveland (OH) Plain Dealer, “Mary Margaret McBride Says—Being Broke Is Fine --Later,” pg. 26, col. 6:
IF I HAD MY WAY, every human being would go through a period of being poor. Also a period of being broke. The important diference between these two conditions is that being poor goes drearily on and on, while being broke is temporary and usually rather dramatic.

Google News Archive
8 October 1956, Reading (PA) Eagle, “The Lyons Den” by Leonard Lyons, pg. 8, col. 1:
Todd has all his money invested in this film. He has made and lost several fortunes. “I’ve been broke, but I never have been poor,” he said. “Being poor is a state of mind; being broke is a temporary situation.”

23 March 1958, Baltimore (MD) Sun, “‘Never Poor, Only Broke’ Todd’s Credo: Dynamic Producer’s Life A Series Of Ups and Downs,” pg. 3:
“I’ve never been poor, broke,” he said. “Being poor is a frame of mind. Being broke is a temporary situation.”

Google Books
Dynamic Professional Selling
By Arnold L. Schwartz
New York, NY: Penguin
1989
Pg. 3:
To quote Mike Todd, the great promoter, “Being broke is temporary, being poor is a state of mind.”

Google Books
Rich Dad, Poor Dad:
What the rich teach their kids about money that the poor and middle class do not!

By Robert T. Kiyosaki with Sharon L. Lechter
New York, NY: Warner Books
2000, ©1998.
Pg. ?:
He would cover himself by saying, “There is a difference between being poor and being broke. Broke is temporary, and poor is eternal.”

Google Books
How to Stop Your Kids from Going Broke!
By Sylvia Bowden
Tauranga, New Zealand: Safehaven Limited
2008
Pg. 33:
Being broke is temporary, being poor is a state of mind.

Google Books
Making Millions from Your Home:
The basics, building blocks and breakthroughs of running a successful home-based business

By Jim Bellacera
Bloomington, IN: AuthorHouse
2008
Pg. 195:
Broke is temporary; poor is permanent. It’s a mental attitude. I’m going to tell you something: as long as someone has a poor attitude, that they don’t have any money, they’ll always be out of money.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • (0) Comments • Wednesday, October 19, 2011 • Permalink