Bad Habits That Keep You Broke And In Debt

Hey guys, welcome to the channel. Welcome back to another video. On this video, I'm going to talk about the top 10 habits that keep poor people poor. How do I know? I was poor until I was 30 years old. I was grown man poor. So I got a little insight on this. Let's jump right into the video. So I'm going to count this down to number one, because number one is the absolute most important thing that keeps most poor people poor in a society where there's opportunities everywhere. Number 10, disbelief. If you don't believe that you can have money, you won't have money. Your negativity, negative thinking, negative attitude, I can't do it. No belief. That will keep you poor. That is a habit of poor people that keeps poor people poor. Not believing that they can actually do better, that they can actually make more, that they can actually become more valuable. If you don't believe it, it won't happen. Disbelief will keep you poor. Number nine, the ninth thing that keeps poor people poor is refusing to go above and beyond, refusing to do more, refusing to do the types of things that are going to get you out of poverty, whether you like them or you don't like them. Refusing, being stubborn, saying, I'm not going to do more. I'm not going to stay late. I'm not going to come early. Having that type of bad attitude is going to keep you at a level of poverty. Number eight, playing it safe. Poor people have a tendency to play it safe, to let fear take over and not conquer the fear, not being willing to punch fear right in the face and say, you know what, I'm going to do it and I'm going to achieve it and I'm going to keep trying regardless. I'm not going to fail. I'm just going to go for it. Letting fear control you. Hey, listen, you have to take chances. You have to go for it. You have to try. You have to step out on a limb. You've got to punch fear in the face and go for it. If you let fear control you, you will remain in poverty. You will remain poor because you won't try new things. You won't give it a shot. You won't give that speech or speak in front of those people or say something or speak up. You're going to remain in poverty if you don't punch fear in the face and sometimes go for it. Now, number seven, the seventh thing that keeps poor people poor is you have no investments. You have nothing to look forward to in the future in terms of money, in terms of growth, in terms of investments. Either poor people don't invest or they invest way too little. And this kind of goes back to the previous one, right? Fear, having fear of the stock market, right? But you have to invest in order to get something down the road. You have to actually plant the seed. You have to water the seed and you have to water that seed in advance. You can't expect to have something in 10 years if you're not planting something today. You have to invest your money in appreciating assets that are going up in value. And some of those investments are things like the stock market, mutual funds, ETFs, index funds, real estate. You have to invest in the future and you have to invest enough. If you have a 401k at your job and your job offers you a 3% match, go ahead and do the 3%, but go ahead and invest up to 10% and do that for about 10 or 15 or 20 or 25 years. And guess what? When that's all said and done, I don't care if you work at a minimum wage job. I don't care if you only make $10,000 a year or if you make $20,000, $30,000 a year. If you do that over a long sustained period of time, you can pull yourself out of poverty, but you have to be willing to take the stand to go ahead and start investing now. And don't just invest a little bit. Invest as much as you possibly can. Now the sixth thing that keeps poor people poor is this, no ambition to get more, to become more, to have more out of life. Two things can be true at the same time. You can be grateful and you can grow at the same exact time. Just because you want more out of life or you want to become more, it doesn't mean that you're not grateful and happy about what you currently have. You can be thankful and appreciative and still want to become more. And what happens with poor people oftentimes is they lose ambition. They've lost their desire for more. But here's the deal. If you want to get out of poverty, you have to say, I want more. You have to say where you're currently at is not good enough for you. You want more. You want to become more. You want to become better. You want to evolve and get to another point. All the while you can be grateful. Number five, the fifth thing that keeps poor people poor is a constant focus on other people. Constantly worried about what other people have. Constant focus on everything around you except you, except what you're doing, except your growth, except your moves, except your own household finances, your personal finances. What I'm saying is if you want to get out of poverty, put blinders on. Don't focus on the Joneses down the street or the next person over here or that person or watching people have fun on social media. You get out there and you get what you need to get for you. You'll be surprised at what you can do when you focus on you in terms of yourself and stop worrying about what everybody else has around you. Now remember guys, number one is the absolute most important thing. Stick around for it because I want you to hear number one because it makes the biggest difference for people that are in poverty. Hey, if you're getting anything at all out of this video, do me a favor, smash the like button and also subscribe if you're not a subscriber and also drop a comment. Leave your thoughts and let me know what you think about the video content. Now number four is the inability to tell yourself no. The inability to delay gratification and say, you know what, I don't need that right now. I don't want that right now. Let me stay focused. That's not in the budget. That's not in the budget. The inability to tell yourself no will have you traveling on trips you can't afford. The inability to tell yourself no will have you purchasing things that you cannot afford and you probably shouldn't be purchasing. The inability to tell yourself no and delay gratification will have you making emotional purchases, emotional decisions when it comes to money. But you need to be logical when it comes to money. You have to be able to discipline yourself and delay gratification. Very important part of pulling yourself out of poverty. So number three, the third thing that keeps poor people poor is just the fact that you have too many payments. You're paying on too many things. You have a payment for cars. You have payments for credit cards. You have payment for three or four different credit cards. You need to get rid of so many payments and even subscriptions on different things that you actually aren't using on a regular basis, but you're paying $8 here and $25 here and $30 here. Get rid of that stuff. When you have so many payments, you have debt. And when you have debt, you're unable to actually crawl your way out of poverty. And I know that people say, well, rich people are wealthy people. They use debt to leverage. Well, listen, yes, that's what wealthy people do, especially when they're wealthy. But if you're poor and you're in poverty and you're trying to get out of poverty, you can't take on a whole bunch of debt unless it's on things that are appreciating in value, things that are going up in value, good, solid investments, real estate. If you're flipping houses or you're wholesaling houses, or even if you're buying rental properties in a right way, those are okay to have because what they're doing is they're on things that are going up in value. You have some appreciation with those things, but if it's not that stuff, if it's credit cards and car payments, those things will weigh you down if you are in poverty and they will keep you poor. So you have to get out of the cycle, the hamster wheel of having all of these payments on all of these different things that are not giving you any value in return. Either they're staying flat or they're going down in value. Get rid of as much debt as you can. I have a video right here that I did that showed you exactly how to get out of $68,000 of debt in a little over four years using the debt snowball method. The point is you need a method. You need some type of plan to get out of the debt so you can stop paying on the things that are going down in value. Number two is simply no budget, no tracking, unorganized with your money. Your money goes here. Your money goes there. Every single month you pay all your bills. You have no money left. You have nothing on paper to track how you're organizing your bills, your income and expenses. You're just unorganized. When you're organized with a little bit, you're going to be organized with a lot, but you may not get to that level of abundance if you have not taken proper care of what you currently have, the money you currently bring in, your income and your outgo, your income and your expenses. What are they? How much do you spend on food a year? How much do you spend on electricity every year? How much do you spend on gas for your car every single year? How much do you spend basically on food every single month? How about every single year? What is your Christmas budget? These are things that you have to know. You should know what you spend monthly on every single item. A brand new unique budget every single month so you can track your expenses. You can track what you spend. You can get organized with your money. Just because you're in poverty or poor doesn't give you a reason not to make a budget. You should still be budgeting. You should still organize yourself. Now, you're probably saying, how do you organize yourself out of poverty? Well, first of all, guys, you can't do anything about your current situation unless you know your current situation. And if you're not tracking and budgeting, you have no idea what's there. You don't know what's left over at the end of the month. You don't know what you have to actually invest. You don't know how much extra money that you have to actually do other things with to possibly get yourself out of poverty. You have to know those things first if you don't know them and you have no clue. Now, number one, I told you to hang around for number one because number one is the absolute most important thing that keeps most people poor, especially in a society where there's opportunities everywhere. The number one habit that keeps poor people poor is they have low-paying skills. When you have low-paying skills, listen, you will never ever get out of poverty if you always have skills that don't pay very well. If you don't have the right higher-paying skills, it's going to be incredibly difficult for you to get out of poverty. You have to develop and get skills that are going to raise your value to the marketplace. You can Google high-paying skills right now and over the next 30 minutes to an hour, you'll come up with 200, 300 different skills. Choose one. Choose a higher-paying skill and go get it. I don't care if that skill is welding. I don't care if it's plumbing. I don't care if it's janitorial work. I don't care if it's technology, cyber security, doctor, lawyer, teacher, whatever the skill is, get it. When you get higher-paying skills, you get higher-paying jobs and you may be saying, I want a business. Well, owning and running and managing and marketing a business is a skill. That's a skill that you can get. Your skill doesn't have to go to a job. Your skill could go to having your own business. Higher-paying skills will get you out of poverty faster than anything on this list. When you find the right higher-paying skill, you will no longer be in poverty. Those are my top 10 things that keep poor people poor. I hope you guys got something of value out of the video. If you did, smash the like button, share the video, and subscribe if you're not a subscriber. Don't forget to drop me a comment also. Guys, the best person to take care of the old you is going to be that young you. Take care of yourself, but always, never forget to take care of other people. Until the next video, peace.