8 Money Habits That Are Keeping You Poor: 1) Fail to direct their money 70 / 30 2) No emergency fund 3) Not knowing the difference between investing vs saving 4) Hesitation, procrastination and waiting, get started NOW! 5) Debt vs Leverage 6) Compounding (receiving it or paying it) 7) Overspending, see #1 8) Do not understand taxes I’m really starting to love your channel. I wish there was a Canadian equivalent.
I have paid my 10% tithes to my church for the last 35 years and God always blesses me. There were times when we lived paycheck to paycheck and could’ve used the tithes to pay towards something else, but living on 90% is better than not having anything at all.
As a retired cpa, the most beneficial class i took in college was "mathmatics of finance", basically time value of money class that was very intense. If you apply rule of 72 to 1T in cc debt at 20% will double in 3.6 yrs. Frightening.
As a once poor person, I didn't believe this would work for me. All you said I told myself it just won't work for me. Then I had no choice but to do what you said because no one was coming to help me.
I think your last sentence said it all. "Then I had no choice but to do what you said because no one was coming to help me." Instead of helping yourself you were always expecting someone else to do the heavy lifting for you, until you realized no one was coming to your aid. Congrats on your decision.
Awesome! I sent this to my kids to watch. They're very young adults, and I've tried to teach them these sorts of things, but it's wonderful to have this resource available for them.
Excellent Video. And spot on. The vital characteristic blueprint to investing into long term wealth glory: 1. Patience 2. Consistency 3. Sacrifice 4. Forbearance
Convenience stores are the death of me.... The small mundane things in life leave me empty at the end of the week. Death by a 1000 cuts. Overcoming this issue will have my Emergency Fund complete by the end of the year. TY! Good stuff...
An animal shelter, food pantry, women's shelter. I'm sure there are plenty of places in your area. I give $70 a month to a local cat shelter. Yes, I'm a crazy cat lady.
Liberal churches are often contributing to better ministries than conservative ones. My lib church supports 3 foster group homes, the battered women’s shelter, feeds the homeless, gives generously to local charities, and more. If the liberal church is aligning with Matthew 25 and Luke 4 & Luke 10, and all the things Jesus cared about most, your tithe there is a good investment.
Great show lots of good info. The one piece of advice I would give someone is to learn about taxes. Once I learned a bit about taxes and got the right help it literally changed my life.
These advices are good till the next big crisis. I went through a total collapse of my country, and this type of event would make you strategy leading to a total loss of all funds. The world is changing fast.
I am in the same situation . My home is paid off & we do save as much as we can . We made our basement in a full apartment . May one day rent it , for extra income or have some one living there to help with our care .
I would figure out your budget. And never use a debit card again. I quit using a debit card years ago. And now only use a credit card that builds points. And put that towards my payment. But you must have discipline to not just go crazy
what do you suggest for older folks who didn't put into retirement and do not have time for investments to grow. Have emergency fund and mortgage almost paid off.
With the current economy I don't think that your advice applies to most of us. Maybe the part about having an emergency fund but holy Moly people are losing their jobs. Left and right. 330 people just lost their job In our town at a call center in Minnesota.!. Talk about the impact on the local store is in the day care centers and the landlords.
It applies. Think about it. What if all 330 people that lost their jobs had been saving their 30% in savings and investments while they were working. They had 3 to 6 months of salary saved up so when they lose their job they can still pay their rent and car payment out of that savings instead of going into debt or getting evicted. Maybe some of them take their savings and start a business and as their business grows they take on employees adding to the job market in your town. Because they have savings they don’t go into debt during the job search so when they get a new job they can save even more. Even the poorest people make poor financial decisions that can make a difference in what they can save. For example, most poor people buy processed foods, meat and dairy, which are the most expensive foods, or they eat at fast food restaurants wasting even more money. Switch to the natural human diet of fruits and salads and the grocery bill drops by 75%. That is hundreds of dollars a month saved by most people right there. Always shop at the grocery store, never buy from a convenience store or dollar general, that is a huge savings again. Quick alcohol and cigarettes if they use them and that is another $1000 to $10000 in the savings at the end of the year.
You are very good at explaining that the poor don't understand this and that. The poor does understand how taxes work. Please explain how not to be poor anymore.
I love when people talk about “poor” people, then talk about people making 5-10k per month. There are some people who make 2k or less per month…there’s a poor mindset then there’s “the system is broken and some people are meant to be poor”
The first three and a half minutes were confusing to me lol For those who may not get it til a few minutes after... 30% breaks down into 10% give it away (charity) + 10% investment account + 10% pay down debt
I have never had debt and I have a two bedroom townhouse that is paid for and I have 120k in an investment account with 70% in stocks and 30% in cash. I was in stocks 100% and Im planning on reinvesting the cash Im holding. Im 57 years old and I have always worked in residential construction and remodeling but I was squeezed out by illegal immigrants and now I am drawing disability. I feel like Im at a dead end. Would I be better off to sell my townhouse and put that money to work in the stock market and rent an apartment? As it is my income is limited. Ive been making a little extra from trading stocks with some of the extea money but it isn't enough to depend on. I make what would he the equivalent of a part time job at trading. I don't take unnecessary risks and I make about 5k/year in dividends that I use to pay my oroperty taxes and homeowners insurance.
Question. When you say invest 10%, this is to a retirement account tor brokerage account? Or should the emergency fund should be in the brokerage account and the 10% in a retirement IRA account t? Thank you
Really well explained. Loved your passive income empire video as well. Its saved as a favorite for me. I use it everyone once in a while as motivation to not buy stupid things 😂
You need to spend more time making money! One strategy is work more hours. I meet so many people that think 40 hours is the max they will work a week. Buy a house and rent a room out to help pay the mortgage! These strategies he is talking about are for people who have money.
18:35 - Rental income is not taxable? I have a married couple renting my home in North Carolina for $1500 a month. I rent an apartment in San Diego. Do I not have to report that as income on my income tax return? Thanks
Rental income is offset against depreciation, property taxes and mortgage interest. If you are cashflow positive you may pay a small amount of tax... and if so, buy another property to leverage and reduce your tax liability.
Yes, sure but you need to have a decent paid job or have a job at all !!! Many people just barely survive today and everything is so expensive just to get by....
The First of Charities is?...to not be a burden on others. Put your fires out first, before trying to put out other's fires. There will always be others. Jim Rohn put it like this: I will take of me for you. And you take care of you for me.
The biggest advice is to invest in yourself. If you don't understand anything, learn more about. The more you learn the more you will know how to diversify your investment.
Have to be smart with money like stocks and bonds investment with banks in exchange trade funds me my sister very wealthy people in Canada could make you multibillionaire
It's funny. Obviously if he grossed roughly about 160 on a weekly paycheck as a teen, he meant to say 115 for the net after Sam proved what a great uncle he is. Out of habit likely said thousand because these days he's used to bigger dollar amounts