15 Money Habits That Keep You Poor

33.53k views3771 WordsGrade 17 ReadabilityDownload TxT File
Alux.com

15 Money Habits That Keep You Poor ( Stop doing these immediately!) SUBSCRIBE to ALUX: https://www.youtube.com/channel/UCNjPtOCvMrKY5eLwr_-7eUg?sub_confirmation=1 Steps to Force Yourself Out of Poverty: https://youtu.be/C46bWKuqbVU Video Notes: https://www.alux.com/money-habits-poor/ Have a look at our premium courses: https://courses.alux.com GOAL Mastery: https://www.goalsbyalux.com Get a free audiobook thanks to Audible: https://www.aluxfreebook.com/ Disclaimer: signing up for Audible will result in financial compensation towards Alux Inc at no additional cost to you, the consumer. In this Alux.com video we will be answering the following questions: What habits keep you poor? What are some bad money habits that keep you poor and in debt? What are the things people do that keep them poor? What money habits will only make you poor? What are some habits that separate the rich from the poor? What are some bad habits that have made people poor? What are some bad money habits that you need to fix if you want to be rich? What are some money habits you need to break? What are the money habits that keep you poor and how to stop self-sabotage? Simple money habits to fix if you want to stop being poor? What are the most important money habits that will change your life? What are the worst financial habits? 00:00 - Intro 00:37 - Taking bad money advice from poor people 02:10 - Gambling & Lottery: Luck isn’t a strategy 03:08 - Spending money on things that you WANT but don’t NEED 04:01 - Not knowing how much money you spent last week, month and year 05:10 - Spending money you don’t have on things you can’t afford anyway 06:19 - Trying to keep up appearances 07:32 - Having only 1 source of income 09:00 - Wasting money and time (usually on entertainment) 10:01 - Going YOLO: Thinking short term vs Long term 11:15 - Not learning how to invest & Being afraid to change 13:01 - Spending first and then hoping there’s something left to save or invest when you’re done 14:26 - Paying too much in taxes 15:07 - Unhealthy lifestyle 15:58 - Wanting money to be easy and fast 17:28 - Staying poor is a choice 18:36 - Question - Get Rich Playlist: https://www.youtube.com/playlist?list=PLP35LyTOQVIsxb5Mf-Pr1xHJMZPtdIX8q Take Action Playlist: https://www.youtube.com/playlist?list=PLP35LyTOQVIuhLj_V6ThqHhVN52kozybm All Sunday Motivational Videos: https://www.youtube.com/playlist?list=PLP35LyTOQVItYEFKYW1WdjcHFuXt0s5h- Book Club: https://www.youtube.com/playlist?list=PLP35LyTOQVIvGYVKBE8qEwmP-S_Z7i0lL - Social Media: https://www.instagram.com/alux/ https://www.facebook.com/alux https://www.twitter.com/aluxcom --- Alux.com is the largest community of luxury & fine living enthusiasts in the world. We are the #1 online resource for ranking the most expensive things in the world and frequently referenced in publications such as Forbes, USAToday, Wikipedia and many more, as the GO-TO destination for luxury content! Our website: https://www.alux.com is the largest social network for people who are passionate about LUXURY! Join today! SUBSCRIBE so you never miss another video: https://goo.gl/KPRQT8 -- To see how rich is your favorite celebrity go to: https://www.alux.com/networth/ -- For businesses inquiries we're available at: https://www.alux.com/contact/

... Show More

Video Transcript:

Every day you choose if you'll be rich or poor in the future sometimes knowingly and other times unintentionally this is the only video on this topic you'll ever need to watch by the end of this piece you'll have a clear idea of what's actually happening and you'll have a game plan that will solve this for you welcome to alux.com the place where Future billionaires come to get inspired if you're not subscribed yet you're missing out here are 15 money habits that keep you poor let's do this number one taking poor money advice from poor people you've been lied to by many generations who have no idea what they're talking about growing up you've been told that the key To wealth is to get a well-paying job that gives you a good salary society has normalized putting hundreds of dollars worth of debt into kids finishing university by perpetuating this old lie the brutal truth you won't get rich by working for someone else also stop taking advice from people who are not successful talk to people who are where you want to go without your choice you end up Surrounded by people and some become your friends you are the average of the five people you spend most of your time with hang out with broke people guess who's gonna be the sixth you need to be able to take responsibility of your situation even if the game is rigged against you poor people love to blame others for their failures so figure out a way to escape the system Through skills that have economic value if all you know how to do is flip burgers you won't get very far there are two ways to improve your value and they work hand in hand one what skills you have and two how much people are willing to pay for putting those skills to work lucky for you you can learn valuable skills online for free and you can learn real skills which you can monetize in the age of information being ignorant Is a choice so sort through the find quality teachers and start learning number two gambling and lottery luck isn't a strategy nobody is going to save you jesus ain't coming to town to pay your rent and no lamp has ever produced a genie life is a probability game the more you understand this the quicker You'll stop being poor all rich people do every single day is focus on their efforts on improving the probability of them making more money poor people leave this probability up to the universe and with it their future the moment you stop writing the future for yourself that's when you get whatever leftover crumbs others are willing to throw your way life is about control get as much of it as possible Control yourself and your environment until the future becomes predictable once you have control you don't need luck rich people don't believe in luck they don't need luck luck is for poor people if you work hard you don't need luck number three spending money on things that you want but don't need every time you buy something you don't need realize you've been marketed to someone Convinced you to trade your hard-earned money for a feeling poor people are quite profitable companies and marketing people understand this very clearly that's why you see all these broke people trying to flex on the gram poor people think rich people wear gucci because gucci is paying celebrities to wear the brand so they can sell to more poor people you're being marketed to All the time because poor people are bad with money that's the paradox of growing up broke you stay broke by trying to fill that hole that growing up broke left inside of you please remember that if it's on sale but you don't need it it's still an expense and you shouldn't buy it number four not knowing how much money you spent last week month or year Y'all just spend money the second it hits your account every poor person out there complains they don't have enough money yet none of them know where their money goes you think tracking your expenses is hard you know what's even harder staying poor and not being able to afford anything wake yourself up and realize just how much money you're unnecessarily spending on Subscriptions and stuff you don't need that money could go toward paying off your debt or plugging your other money holes poor people are good at surviving with little to no money so when they get paid they're quick to spend it to return to their default out of fear that somehow it'll be taken away from them in life every resource out there will talk about budgeting and planning and yes that is the way to do it but as long As money coming in minus money going out equals zero how else can you expect your life to improve measure how much money you're making and track how much you're spending it's the first step to realize just how fragile a position you find yourself in number five spending money you don't have on things you can't afford anyway this is the deadliest combination out There why are you spending money you don't have debt is the modern day form of slavery the moment you borrow money to buy anything the corporation owns your time until the money is repaid with interest the first thing you need to do is to stop wanting things now instead only buy it when you can actually afford it a good rule of thumb is if you have to Ask yourself if you can afford it you can't nobody needs to have an internal debate when they're picking up chewing gum at the cash register you just buy it because you can afford it you know damn well you can afford 10 to 20 of those orbits if you can't buy it twice you can't afford it borrowing money is a horrible habit that is systematically keeping the general Population poor be wary of lending other people your money for a while it's with them it ain't earning any money for you banks and loan sharks are the only ones who profit from lending money everybody else is being bled dry number six trying to keep up appearances people will sacrifice their own future just to impress people they don't like the more you think about it the more you realize just how foolish that sounds Why do you feel the need to spend one hundred thousand dollars on a wedding when you could invest in a business or travel the world with your loved one why do you feel the need to upgrade your iphone every year when the old one works just as well why do you need to have a kid just because your friend had hers we're proud people and we don't want to be perceived as inferior and that's exactly how you end up poor long term Because the things that get you out of poverty are in the exact opposite direction stop playing status games there is a hidden rule that poor people don't know the appearance game cannot be won the second you get up to date that's when the goal post moves what you end up with is called the red queen's race a concept from alice in wonderland where you have to run as hard as you can Just to stay in the same place that's why you can never win this game you need to keep spending your money just to stay in the same place number seven having only one source of income this is where we feel some butts clenching up because who can afford to work yet another job you see for poor people working a job is the only way they know how to earn money and as we established early on working a Job will never make you rich on top of that there will always be a ceiling to the number of jobs one can work and respectively the amount of money one can earn plus if a car runs over you and you can't go to work for the next four months none of that income is coming in is it the math is simple the more streams of income you Have the less likely you are to go broke research into the distributed wealth of the rich shows that 65 of self-made millionaires had three streams of income 45 of self-made millionaires had four streams of income and 29 of self-made millionaires had five or more streams of income poor people earn money only while they're working it doesn't matter how much money the Side hustle brings in as long as it keeps dripping while you're away if you're unable to earn money while you sleep you'll never be rich the moment you taste the freedom of working for yourself and having multiple income streams you become unemployable we have a dedicated video about 15 assets that are making people rich which you can check out by clicking in The top right corner watch it after this one and pick up any of them as your side hustle number eight wasting money and time usually on entertainment when everybody has the same number of hours in a day the difference in long-term results comes from how many of those hours we use to better ourselves if you're in your 30s and broke it's because you procrastinated in your 20s Want to be rich every day spend more time on creation than you spend on consumption this creates a value-added surplus in your life pay attention to what you're creating understand the fundamentals mentioned earlier about earning while you sleep and it's just a matter of time until the residual income becomes decent if you want to start your wealth Building process replace the dead times in your day with a productive activity follow up by cutting the entertainment it'll be a pain in the butt for a while but you'll see things get better fairly quickly if you're broke you can't afford entertainment you can't afford to waste time because wasting time is the most expensive thing around number nine going yolo thinking short term versus long term anyone Remember when yolo was a thing stop sacrificing the future for the present when the present isn't even that good screw living rich and dying broke the entire flex culture and this attitude of living in the moment does nothing but harm the poor parts of society it keeps them poor by selling them the dream fundamentally poor people buy things That don't hold value and it gets worse poor people pay interest when they borrow money to buy those things that depreciate in value over time the average car will depreciate 63 in the first five years not only are you losing money every year but you're also paying interest in the money you borrowed to get it You're getting screwed from both ends yet you flex that new whip on the gram right well who's actually laughing when the lights don't turn on every self-help book product video and so on boils down to a single piece of advice choose the long term over the short term get it backwards and you will be generationally poor number 10 not learning how to invest and being afraid to change If what you're lacking is money why don't you spend time to learn how money works it's usually because of arrogance people falsely assume they understand money because they've seen it work for other people everything you need to know about money is available for free there's more value offered for free on our channel alone than in the mba or elite coaching programs that we've Attended that's why over 3 million people subscribe to us and so should you if you haven't yet something keeps people from taking action okay moment of truth this is just between you the viewers and us how many of you actually own at least one stock in any company how few of you know what the process of buying one stock is like There are hundreds of platforms that allow you to invest money yet you keep postponing it last year we let everyone know the exact stocks that we were buying right here on this channel and everyone made money because of it but you need to be able to take action we told you to buy bitcoin when it was under 10 000 and a small portion of you did as seen at courses.lux.com You need to not be afraid to change there's this abundance of technology all around us opportunities have been democratized to the masses anyone can hop onto this new technology and use it to better themselves yet they use it to stock fitness models on instagram instead the more you learn the more you earn the more you're able to use modern technology the higher your Leverage is don't be scared of the new embrace it and you'll be rewarded for it number 11 spending first and then hoping there's something left to save or invest when you're done poor people do another thing backwards than the rich do they get money spend it save or invest whatever is left at the end as you probably know from experience there's never anything left right That's why two in three americans live paycheck to paycheck when the rich get paid a portion of the money goes directly to investments or savings accounts and then proceed to go through your month with what's left this works because the focus is always on increasing income through those investments instead the average person goes on a spending spree which is also fueled by the rise of Social networks 57 percent of millennials say they overspend because of something they saw on social media when you see all these celebs going to the maldives you start craving that as you associate it with happiness and success this develops what is known as fomo or fear of missing out so you end up spending more what people don't realize is Just how fake social media is we're a sad generation posting happy pictures for internet points every experience posted takes away from the actual experience everything posted has become an advertisement if not for other brands then it's for your own brand number 12 paying too much in taxes it always blows our mind how poor people are happy to get a tax refund That's money you lent the government with no interest they used your money for free but that's not all of it poor people get taxed very differently than rich people and we've covered this before if you're working a job the state takes your taxes straight out of your paycheck and then you're left with the money to spend if you're a business you first get to spend how much money You want to spend and then the state taxes what's left we have a phenomenal video on how the rich avoid paying taxes which you can check out by clicking in the top right corner number 13 unhealthy lifestyles almost every unhealthy habit you have in life is making you poor cigarettes yup making you poor alcohol the same eating fast food on the couch binge watching anime poor not only do these create financial Addiction taking money directly out of your pocket they also serve as a domino effect connected to everything else in your life if you're overweight you're less likely to get a job promotion and more likely to have complicated heart problems which result in an enormous health care bill since you live in america and health is for profit it's the old Idea that if you don't fix a cavity you'll soon have to pay for an implant take a moment to look around you right now and see all the junk that surrounds you you paid for most of it and it's affecting your life number 14 wanting money to be easy and fast for some reason the idea of a progressive growth in income and wealth does not resonate with poor people Every single one you ask will tell you about how they want to hit it big have a big score and then retire they grow up looking to the likes of pablo escobar tony montana and don corleone they all think of themselves as mobsters of people of the underground who have something big cooking you know the type they're usually flimsy not creative and not that smart instead put the same time and interest Into learning how people build companies and do what everyone else did in your area it's not rocket science it's actually a lot easier to make a ton of money legally than it is trying to run a cartel in the age where a 16 year old with an instagram account can become a multi-millionaire why risk getting shot money-making is actually a boring process once you figure out what you have to do it takes less than 10 years for anyone Who's committed to go from poverty to wealth yet for some reason it's still too long for some of them that's when they fall into the trap of get rich quick schemes or multi-level marketing ploys as long as you live remember this there are no get-rich-quick schemes there's only someone else getting rich off of you number 15 staying poor is a choice the habit of thinking of yourself as Poor as someone who will never be wealthy as someone who's not smart enough not good enough educated enough is exactly what's keeping you poor people with less than you have have managed to escape poverty yet here you are complaining that things don't come easier for you yes life is hard maybe it was a lot harder for you than everyone else But what are you going to do about it drown yourself in the misery of it all or pick yourself up and start walking as long as you keep going keep learning and improvise along the way you'll end up to where you want to be at the end of the day you can't choose where you're born who your parents are and the environment you grow up in but at some point it all switches over to you You can choose what your life will be like how much you're willing to work and what the future holds for you bill put it well when he said if you are born poor it isn't your fault but if you die poor that's on you we take pride in the quality of our audience and the desire to actively improve your life so we want you to join the conversation what behaviors have you experienced or Witnessed that are keeping people poor share with us in the comments now for those of you still watching our true aluxers of course there's a bonus waiting limited versus unlimited output for the bonus part of our episode we want to share with you this idea of limited versus unlimited output or in other words linear versus exponential returns on Your work even today most people think of money in linear terms because that's how they were brainwashed to think that's what the world was like when they grew up for them if you put in 8 hours of work you get 8 hours of output this was true when you were hand making bricks or chopping wood but it doesn't apply to the world we live in right now Only poor people do linear work everyone rich has figured out how to do the exponential work exponential work uses leverage or multipliers to achieve greater results this piece of content is exponential work it took a while to create but it can be consumed by millions of people throughout time it's unlimited in terms of the return it can generate Unlike a bakery where if i make a pie and i sell it then i have to make another pie but here's where the golden nugget is depending on your ability to perform in the market you fall into one of three categories of non-linear work okay work gets you a multiple of one good work gets you a multiple of ten amazing work Gets you a multiple of over one hundred please pay close attention to this because it can dramatically alter the course of your future in order to be able to use some multiples you'll need to work with your brain not with your back let's say you design a logo or write a book if it's just okay you'll get paid for the time you put into it and that's about it If you do good work maybe you'll get some referrals and the business will slowly improve if you do incredible work you'll become a brand the logo makes you famous the book becomes a bestseller the song becomes a hit and everything else around you blows up that's why you should always strive to do amazing work the returns are just mind-blowingly good What's even crazier is you only need to get it right once and all of these doors that were previously inaccessible to you are now open the modern day is meritocratic intellectual work knows no borders we don't care if you're in nairobi or sao paulo or cupertino good ideas have a platform on the internet and are widely available to the masses Code is non-linear content is non-linear authenticity is non-linear good writing good branding everything where creativity is involved is non-linear it's just a matter of figuring out how to use your brain instead of your back and delivering amazing work instead of just okay work that's when those x's start piling up we hope this bonus is actionable enough for you the true aluxers to put in the Work rid yourselves of the habits mentioned in this video and write the word money in the comments as well as liking this video as you've noticed youtube won't show this video to the community unless we do all the dancing it requires we really appreciate those who help us out here you

Related Videos

Top 10 Most Expensive Pokemon Cards in the World

Alux.com

9.2k - 1 day ago - 12:12

15 Steps To Build Trust And Keep It

Alux.com

31.6k - 3 days ago - 11:58

15 Money Habits That Keep You Poor

Alux.com

191.5k - 1 week ago - 22:25

15 Jobs That Pay You To Do Nothing

Alux.com

77.8k - 1 week ago - 12:58

15 Secrets RICH People Use to Get Everything in Life

Alux.com

356.8k - 4 months ago - 24:2

15 Reasons Why People Are GIVING UP On Social Media

Alux.com

61.3k - 6 days ago - 13:9

15 Ridiculous Things Rich People Have To Explain To Poor People

Alux.com

75.7k - 4 days ago - 12:36

15 Steps to Force Your Way Out of Poverty

Alux.com

322k - 5 months ago - 21:41

15 Signs Of A High Value Woman

Alux.com

88.9k - 1 month ago - 10:25

TODAY!!! I AM SHAKING BECAUSE OF BITCOIN & ETHEREUM!!!!!!!!!!!!!!!!!!!

MMCrypto

73.3k - 16 hours ago - 10:14

15 Things To Give Up If You Want To Be Happy

Alux.com

70.6k - 1 week ago - 12:38

15 Steps To NEVER BE POOR Again

Alux.com

279.5k - 4 months ago - 24:7

15 TRAITS Of The SUPERIOR MAN

Alux.com

190.5k - 1 month ago - 17:55

15 Things Poor People Do That The Rich Don’t

Alux.com

7.9M - 4 years ago - 13:26

15 Steps to Reinvent Yourself and Start Over

Alux.com

237.6k - 5 months ago - 24:40

15 Habits To Avoid, To Become HIGHLY PRODUCTIVE

Alux.com

115k - 1 month ago - 12:41

15 Ways Poor People Try to Look Rich

Alux.com

316.8k - 2 months ago - 14:54

15 Things Women In Their 40s Really Want In A Man

Alux.com

36.7k - 5 days ago - 8:39

15 Toxic Behaviours That Have Been Normalized By Society

Alux.com

62.5k - 2 weeks ago - 13:32

15 Non-Obvious Signs Someone is Wealthy

Alux.com

1.4M - 1 year ago - 17:39

Like it? Make YTScribe even better by leaving a review