Poor money habits to avoid: You know, every day you choose if you’ll be rich or poor in the future. Sometimes knowingly and other times totally unintentionally. This is the only video on this topic you’ll ever need to watch, and 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’ll solve this for you. Let’s get to it! Welcome to ALUX, the place where future billionaires come to get inspired! 1. Taking bad 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 the key to wealth is to get a well-paying job that pays you a good salary, right? Society has normalized going into hundreds of thousands of dollars worth of debt to kids finishing university by perpetuating this old lie.
But the brutal truth is, you will not get rich working for someone else. Also, 2. Stop taking advice from people who are not successful. Talk to people who are where you want to go. By not making this choice, you end up surrounded by people, and they become your friends. You are the average of the 5 people you spend most of your time with. Hang out with broke people? Guess who’s gonna be the 6th? You need to be able to take responsibility for your situation, even if the game is rigged against you. 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’re not gonna get very far. There are 2 ways to improve your value, and they work hand in hand.
First, what skills you have and second, how much people are willing to pay for putting those skills to work. In the age of information, being ignorant is a choice. Sort through the bullshit, find quality teachers and start learning. 2. Gambling and the lottery. Luck is not a strategy. Nobody’s gonna save you, okay? Jesus ain’t coming down to pay your rent, and no lamp has ever produced an actual 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 their efforts on improving the probability of them making more money. Poor people leave this probability up to the universe and their future. The moment you’re not writing the future for yourself, that’s when you get into trouble.
Still on Poor money habits to avoid
That’s when you get into trouble. Whatever is left over, whatever 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’ve got control, you don’t need luck. 3. Spending money on things that you want but don’t need. Every time you buy something you don’t need, realize that 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, and that’s why you see all those broke people trying to flex on the gram. Poor people think that rich people wear Gucci because Gucci is paying celebrities to wear the brand so they can sell more to poor people.
Still on Poor money habits to avoid
You’re being marketed to all the time because poor people are bad with money. That’s the paradox of growing up broke. 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 the 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 expensive and you shouldn’t buy it. 4. Not knowing how much money you spent last week, last month, or last year. Y’all spend money the second it hits your account, don’t ya? Every poor person out there complains they don’t have enough money, yet none of them know where their money goes. 4. Not knowing how much money you spent last week, last month, or last year.
Still on Poor money habits to avoid
Every poor person out there complains they don’t have enough money, yet none of them know where their money goes. 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 do get paid, they’re quick to spend it and return to their default out of fear that somehow it’ll be taken away from them by life. Every resource out there will talk about budgeting and planning, and yes, that’s the way to do it. But as long as money coming in, subtracted by money going out, equals zero.
Measure how much money you’ve got going in, and track how much you’re spending. It’s the first step to realizing just how fragile a position you find yourself in. 5. Spending money you don’t have on things you can’t afford anyway. The next example is one of the ThinkMarkets. I’ll explain why later. This is the deadliest combination that I’ve often seen. Combination out there. Why are you spending money you don’t have? Debt is modern-day slavery, okay? The moment you borrow money to buy anything, the corporation owns your time until that 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. And you know, a good rule of thumb is if you have to ask if you can afford it, you can’t afford it.
Still on Poor money habits to avoid
Nobody needs to have an internal debate when you’re picking up chewing gum at the cash register. You buy it because you can afford it. You know damn well you can afford 10 to 20 of those Orbit’s. If you can’t buy it twice, you can’t afford it. Borrowing money is a horrible habit that’s systematically keeping the general population poor. Be wary of lending other people money, too, for while it’s with them, it ain’t earning anything for you. Banks and loan sharks are the only ones who profit from lending money; everybody else is just being a fool. 6. 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 100k on a wedding when you could invest in a business or travel the world with your loved one? Why do you need to have a kid just because your friend had theirs? We’re proud people and we don’t want to be perceived as inferior, and that’s exactly how you end up poor. Because the things that get you out of poverty are in the exact opposite direction, stop playing status games. There’s a hidden rule that poor people don’t know. The appearance game cannot be won. The second you get up-to-date, that is when the goalpost 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 to stay in the same place.
Still on Poor money habits to avoid
That is why you can never win this game. You need to keep spending your money to stay in the same place. Number 7. Having only one source of income. Now this is where we see some butts clenching up because who can afford to work yet another job? Well, 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 ceiling. There will always be a ceiling to the number of jobs that one can work and, respectively, the amount of money that one can earn. Plus, if a car runs you over and you can’t go to work for the next 4 months, none of that income is coming in.
Still on Poor money habits to avoid
The math is simple here. 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 3 streams of income. 45% of self-made millionaires had 4 streams of income, and 29% of self-made millionaires had 5 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 from your desk. 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. Revenue here, And you know, we’ve got a dedicated video about 15 assets that we don’t want to talk about.
Still on Poor money habits to avoid
Are you making people rich? You can check it out by clicking in the top right corner. Watch it after this one, and pick any of them as your side hustle! Number 8. 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 you’re broke, it’s because you procrastinated in your 20s. You wanna 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 that residual income becomes decent.
If you want to start your wealth-building process, replace the dead times in your day with productive activities. Follow up by cutting back on entertainment. It’ll be a pain in the ass if you don’t do that. It’ll be a pain in the butt for a while, sure, but you’ll see things get better fairly quickly. If you’re broke, you can’t afford entertainment anyway. You can’t afford to waste time because wasting time is the most expensive thing around. Number 9. Going YOLO, thinking short-term vs long-term Anyone remember when YOLO was an actual thing? Stop sacrificing the future for the present when the present isn’t that good. Screw living rich and dying broke, okay? 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 a dream.
Still on Poor money habits to avoid
Fundamentally, poor people buy things that don’t hold value. And it gets worse. Poor people pay interest when they borrow money to buy things that depreciate over time. The average car will depreciate 63% in the first 5 years. Not only are you losing money every year, but you’re also paying interest on the money you’re borrowing 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 at home? Every self-help book, product, video and so on boils this down to a single piece of advice. Choose long-term over short-term. Get it backwards and you will be generationally poor. Number 10. Not learning how to invest and being afraid of change.
If what you’re lacking is money, why don’t you spend some time learning how money works? It’s usually because of arrogance. People falsely assume that they understand money because they’ve seen it in 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 an MBA or elite coaching program that we’ve attended. Yet, something keeps people from taking action. 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 many invest a minimum amount of their daily time in their education? Not very many. And you know what? We’re changing that narrative.
We created the only tool out there specifically designed to help you level up and reach your personal and financial goals in a fraction of the time it would take you all on your own. With the ALUX app, you get daily coaching sessions and collections of lessons written and delivered by industry experts. Essentially, the app is a high-performance coach but infinitely more accessible. It’s not cheap, as we’ve poured millions of dollars of value into it, but if you scan the QR code on the screen, you’ll get 25% off of your yearly membership. It’ll cost you about the same as 1 nice meal for a year’s worth of valuable coaching. Start your journey today. ALUX. Com App 11. Spending first and then hoping there’s something left to save or invest when you’re doing the rest.
Still on Poor money habits to avoid
Now, poor people tend to do another thing the rich consider to be backwards. They get money, they spend it and save or invest whatever’s left at the end. But as you probably know from your own experience, there’s never anything left, is there? That’s why 2 out of 3 Americans live paycheck to paycheck. When the rich get paid, a portion of that money goes directly into investments or savings accounts, and then they proceed to go through that month with whatever’s left. This works because the focus is always on increasing income through those investments, but instead, the average person goes on a spending spree. The rise of social networks also fuels this. 57% of millennials say they overspend because of something they saw on social media.
When you see all those celebs going to the Maldives, you start to crave that as you associate that with happiness and success. This develops what we were talking about earlier, that FOMO, that fear of missing out, and this is how you spend even more. What most 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 that experience. Everything posted has become an advertisement, if not for other brands, then for your brand. Number 12: Paying too much in taxes. It always blows our mind how poor people are happy when they get a tax refund. That is money that you loaned to the government with no interest. They used your money for free.
Still on Poor money habits to avoid
But that’s not even 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 out your taxes straight from your paycheck, and then you’re left with the money you spend. If you’re a business, though, you first get to spend how much money you want to spend and then the state taxes what’s left. Number 13. An unhealthy lifestyle Almost every unhealthy habit that you have in your life is making you poor. Cigarettes? Yep, making you poor. Alcohol? Same deal. Eating fast food on the couch, binge-watching anime? Poor. Not only do these create financial addiction, taking money directly out of your pocket, but they also serve as a domino effect connected to everything else in your life.
Being unhealthy affects your performance; you’re less likely to get a job promotion and more likely to have a car accident. You’re more likely to have a heart attack, which will result in an enormous healthcare bill since you live in America and health is for profit here. 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 is affecting your health. Number 14. Wanting money to be easy and fast. For some reason, the idea of progressive growth in income and wealth doesn’t really work. It doesn’t resonate with poor people.
Still on Poor money habits to avoid
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 at the likes of Pablo Escobar, Tony Montana, and Don Corleone. They all think of themselves as mobsters or people on the underground who have something big cooking. You know, the type they’re usually flimsy, not creative, and not overly smart. It’s dumb, okay; put that 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, okay? In the age where a 16-year-old with an Instagram account can become a multi-millionaire, why risk getting shot at? Making money 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 why they fall into the trap of getting rich-quick schemes.
Still on Poor money habits to avoid
The habit of thinking of yourself as poor, as someone who will never be wealthy, as someone who’s not smart enough, good enough, educated enough, is what is actually keeping you poor. People with less than you have managed to escape poverty, yet there you are in the middle of complaining that things don’t come easy to you. Yes, life is hard; maybe it was harder for you than everyone else. But what are you gonna 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 where you want to be. You can’t choose where you’re born, who your parents are, and what the environment you grew up in is like, 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 were 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 your desire to actively improve your life, so we want you to join this conversation. What behaviours did you experience or witness that are keeping people poor? Let us know in the comments. And as for those of you still watching, of course, there’s more! There’s a bonus waiting. Today’s bonus is LIMITED vs. UNLIMITED OUTPUT. For the bonus part of this episode, we want to share with you the idea of limited vs.
Unlimited output, or in other words, linear vs. exponential returns on your work. So even today, most people think of money in linear terms because, well, that’s how we 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. That’s how they grew up. That 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 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 it, but millions of people will consume it throughout time.
It’s unlimited in terms of the return it can generate. Unlike a bakery, where if I make a pie and then I sell it, well, I have to make another pie to sell more. That’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 will get you a multiple of 1. Good work gets you a multiple of 10. Amazing work gets you a multiple of over 100. Please pay close attention to this because it can dramatically alter the course of the future. In order to be able to use 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 okay, you’ll get paid for the time you put into it, and that’s all. If you do good work, 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 work. Always strive to do amazing work. The returns are just mind-blowingly good. What’s even crazier is that 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, Sao Paulo or Cupertino.
Good ideas have a platform on the internet and are widely available to the masses. The 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 is where those Xs start piling up. This bonus is actionable enough for you, the true Aluxers, to put in the work. Rid yourselves of the habits mentioned in this video. Write the word ‘money’ in the comments after you like this video. We’ll see you back here next time, my friend. Until then, take care.
7 Shocking Reasons Why She’ll Have S3x With You…But Won’t Kiss You!
Would you like to Earn Money Online with just your mobile device?
If yes then click on the link below:
https://earnbean.ng/
