8 Middle Class Habits That Keep You Poor
Summary
TLDRThis video script explores eight common middle-class habits that hinder wealth accumulation. It emphasizes the importance of curating one's inner circle, avoiding excessive debt, leveraging investments, valuing personal worth, and diversifying income streams. The speaker shares personal experiences and insights, advocating for smart financial behaviors over hard work alone, and stresses the significance of paying oneself first to build wealth and break free from the paycheck-to-paycheck cycle.
Takeaways
- 😀 The speaker initially found themselves in debt despite following conventional success paths, indicating that traditional measures of success don't always equate to financial stability.
- 🏛 Recognizing and replacing middle-class habits with wealth-building habits is crucial for financial growth, as these habits often hinder wealth accumulation.
- 🔄 The importance of curating one's inner circle cannot be overstated; surrounding oneself with wealth-minded individuals can foster similar habits and financial literacy.
- 🏠 Overspending on large assets like houses and cars can trap individuals in debt, limiting their financial flexibility and ability to invest in wealth-building opportunities.
- 💼 Leveraging, or working smarter rather than harder, is a key distinction between middle-class and wealthy individuals, with the latter using systems and investments to generate passive income.
- 📈 Understanding and utilizing financial leverage, such as real estate investments, can significantly accelerate wealth accumulation through the power of compounding returns.
- 💰 Owning and communicating one's value is essential for earning what one is worth, which is a habit often overlooked by those focused solely on hard work.
- 📊 The tax system favors different types of income, with investment income often taxed at lower rates, highlighting the benefits of diversifying income sources beyond traditional employment.
- 🤑 Creating multiple income streams reduces financial vulnerability and is a habit of the wealthy, who often have various passive and active income sources.
- 💳 Focusing on credit scores as a measure of financial success is misleading; net worth, which accounts for assets and liabilities, is a more accurate reflection of financial health.
- 💹 The habit of paying oneself first, by automatically directing a portion of income to savings, is a foundational practice for building wealth and financial independence.
Q & A
What was the speaker's financial situation at age 22 despite having a high-paying job?
-The speaker found themselves $100,000 in debt, living paycheck to paycheck, and feeling broke all the time, even though they were earning an above-average salary.
What is the Global Wealth Pyramid mentioned in the script, and what percentage of people reach $1 million according to it?
-The Global Wealth Pyramid is a concept mentioned in the script that illustrates the financial status of people globally. Only 7% of people ever reach $1 million, which is attributed to their operation from a set of poor and middle-class habits.
What is the first middle-class habit discussed in the script, and why is it considered a habit that keeps one from wealth accumulation?
-The first middle-class habit is not curating your inner circle. It is considered a habit that keeps one from wealth accumulation because the mindset and financial literacy of those around you greatly influence your own financial behaviors and opportunities.
Why is talking about money considered taboo in some cultures, and how can it impact financial literacy?
-In some cultures, such as the speaker's Korean background, talking about money is considered taboo, which can limit financial literacy and the sharing of wealth-building tips and advice among individuals.
What is the 50/30/20 budget rule mentioned in the script, and how does it relate to middle-class habits?
-The 50/30/20 budget rule suggests allocating 50% of your budget to needs (including housing and car-related expenses), 30% to wants, and 20% to savings for the future. Middle-class habits often involve spending more than the recommended 50% on housing and car expenses, which can hinder wealth accumulation.
What is the significance of having a low debt-to-income ratio, and what is the recommended maximum percentage according to the script?
-A low debt-to-income ratio indicates a healthier financial position with less burden from debt payments. The script recommends not exceeding a 50% debt-to-income ratio, with an ideal closer to 35%.
Why is the habit of working hard but not working smart considered a middle-class habit, and what is the alternative suggested in the script?
-Working hard but not working smart is considered a middle-class habit because it often leads to linear progress with limited wealth accumulation. The alternative suggested is the use of leverage, which allows for smarter work through investments, business ownership, and passive income generation.
What is the concept of leverage in finance, and how do rich people use it to their advantage?
-Leverage in finance is the use of borrowed money to increase the potential return of an investment. Rich people use leverage to multiply their wealth by investing in assets like real estate or businesses that generate passive income or appreciate in value.
Why is it important to own and communicate your value, especially when negotiating a salary?
-Owning and communicating your value is important because it ensures you are compensated fairly for your work. It helps avoid underpayment and acknowledges your contributions, leading to higher earnings and better financial stability.
What is the loyalty tax mentioned in the script, and how does it impact employees financially?
-The loyalty tax refers to the phenomenon where employees who stay with the same company for a long time often earn less than those who switch jobs frequently. It represents the lost income potential due to not updating one's salary in line with the market value of their role.
Why do rich people focus on net worth rather than credit score, and what does it indicate about their financial health?
-Rich people focus on net worth because it is a comprehensive measure of all assets minus liabilities, reflecting true financial stability and wealth. A high net worth indicates a strong financial position and the ability to generate more wealth.
What is the habit of 'paying yourself first' and why is it a key practice for building wealth?
-Paying yourself first is the practice of automatically setting aside a portion of your income for savings before spending on anything else. It is a key practice for building wealth because it ensures that you are consistently saving and investing, leading to long-term financial growth.
How does the script suggest overcoming the pressure to keep up with societal expectations and maintain a certain lifestyle?
-The script suggests overcoming societal pressure by prioritizing financial goals, which may involve turning down invitations and resisting the fear of missing out (FOMO). This involves making conscious choices to save and invest first, then living within the means of what's left.
Outlines
🚀 Escaping the Middle-Class Trap
The speaker reflects on their journey from being in debt to achieving a net worth of over a million dollars. They attribute this transformation to recognizing and replacing middle-class habits with those of the wealthy. The video promises to reveal eight such habits that might be hindering viewers' financial growth, starting with the importance of curating one's inner circle to foster a wealth-building mindset.
🏠 The Burden of Overspending on Housing and Cars
This paragraph delves into the financial strain caused by excessive spending on housing and vehicles, which often leads to a high debt-to-income ratio. The speaker suggests that the middle class often falls into the trap of buying more than they can afford, just because they can manage the monthly payments. They propose the 50/30/20 budget rule as a guideline for managing expenses and emphasize the importance of not letting housing and car payments consume more than half of one's income.
🔨 The Power of Leverage in Wealth Building
The speaker contrasts the middle-class habit of hard work without smart strategies with the wealthy's use of leverage to amplify their efforts. They explain leverage as a means to achieve more with less, using examples such as rental properties and businesses to illustrate how the wealthy create passive income streams and systems that work for them even when they are not actively working.
💼 Owning Your Value and Earning Potential
Here, the speaker discusses the importance of recognizing and communicating one's value in the workplace, whether as an employee or a business owner. They emphasize that being modest and quiet about one's contributions can lead to underearning, and instead advocate for self-promotion and negotiation to ensure fair compensation that reflects one's worth and market value.
💼 The Loyalty Tax and the Importance of Income Diversification
The speaker introduces the concept of the 'loyalty tax,' highlighting how staying with one company can result in lower earnings compared to those who switch jobs frequently. They stress the importance of not being overly dependent on a single income stream and encourage viewers to develop multiple income streams to enhance financial stability and growth.
💼 The Tax Advantages of Different Income Types
This paragraph explores the tax benefits that the wealthy enjoy due to the types of income they earn, such as business and investment income, which are taxed at lower rates than earned income. The speaker suggests that understanding and leveraging these tax advantages is a key strategy for wealth accumulation.
💳 The Misplaced Focus on Credit Scores
The speaker criticizes the common focus on credit scores as a measure of financial success, arguing that net worth is a more accurate indicator. They encourage regular financial check-ins to track assets, liabilities, and net worth, advocating for the habit of paying oneself first as a means to build wealth.
🛍️ The Pressure to Keep Up Appearances and the Importance of Saving
In the final paragraph, the speaker addresses the societal pressure to maintain a certain lifestyle and the impact this can have on one's ability to save. They emphasize the importance of paying oneself first and setting up automatic savings to ensure that financial goals are met before discretionary spending occurs.
Mindmap
Keywords
💡Debt
💡Middle Class Habits
💡Wealth Pyramid
💡Inner Circle
💡Debt to Income Ratio
💡Leverage
💡Compounding Returns
💡Loyalty Tax
💡Net Worth
💡Paying Yourself First
💡Multiple Income Streams
💡Credit Score
Highlights
The speaker found themselves in debt despite having a high-paying job and good education, attributing it to poor and middle-class habits.
Only 7% of people reach $1 million due to operating from poor and middle-class habits, according to the Global Wealth Pyramid.
Recognizing and replacing middle-class habits with wealthy habits enabled the speaker to achieve a net worth of a million dollars.
Middle-class habit number one is not curating your inner circle, which can hinder financial literacy and growth.
The importance of surrounding oneself with people who have similar financial goals and share knowledge to get richer.
Middle-class habit number two is buying more than one can afford, leading to a high debt-to-income ratio.
A good rule of thumb is to keep the debt-to-income ratio below 50%, ideally closer to 35%.
The 50/30/20 budget rule suggests allocating 50% of the budget to needs, 30% to wants, and 20% to savings.
Middle-class habit number three is working hard but not working smart, missing the concept of leverage.
Leverage allows for less effort but a huge output, exemplified by the use of rental properties and businesses.
Investing is a form of leverage, where small investments can grow exponentially over time due to compounding.
Middle-class habit number four is being modest and not owning or communicating one's value effectively.
The importance of negotiating salary and owning one's value to avoid the 'loyalty tax' and earn what one is worth.
Middle-class habit number five is not understanding the different types of income and their tax implications.
Earned income, business income, and investment income have different tax rates, with investment income often taxed the least.
Middle-class habit number six is being overly dependent on a single job as the only income stream.
The necessity of having multiple income streams for financial stability and growth.
Middle-class habit number seven is an overemphasis on credit score as a measure of financial success.
Net worth is a more accurate indicator of financial stability and success than credit score.
Middle-class habit number eight is spending before saving, which hinders wealth accumulation.
The practice of paying oneself first by automatically transferring a percentage of income to savings.
Developing the habit of paying oneself first leads to wealth accumulation and financial independence.
Transcripts
I did everything right I went to a good
school I studied hard worked hard got a
high paying job so if I did everything
right tell me why at age 22 I found
myself $100,000 in debt living paycheck
to paycheck and just felt so broke all
the time despite earning in above
average salary what did I do wrong turns
out a lot according to this Global
wealth pyramid only 7% of people ever
reach $1 million and that's because
they're operating from a set of poor and
middle- class habits and that's why they
are here instead of here and it wasn't
until I recognized these middle class
habits that I was operating from and
replac them with wealthy habits that I
was finally able to break through to a
million doll net worth and over $6,000 a
month in investment income and
essentially free myself from the rat
race and so in this video I'm going to
be sharing with you from personal
experience the eight middle class habits
that you might not even realize are
keeping you poor but if you break free
of them we'll get you from here to there
middle class habit number one back when
I was in college I was lucky enough to
end up interning for one of my
professors and although he was a college
professor he was actually super wealthy
because he also owned a bunch of
Manhattan real estate and so I ended up
working for him at his real estate
office and every Thursday he would have
friends over after hours to play high
stakes poker and just cuz I was curious
I would hang around after hours just to
see what the poker game was like so in
between dealing hands and moving chips
around the table they would just chat
about where they were investing their
money these days how their businesses
were doing and just throwing out all
this financial jargon and I feel like I
was in another world because where I
come from talking about money is so so
taboo Koreans are extremely Hush Hush
about everything I don't know if it's
the same in your culture but that's when
I started to realized middle class habit
number one which is not curating Your
Inner Circle so if you are currently
poor or middle class chances are you
also grew up around people who are poor
or middle class and yes certainly
connections play a role but bu and large
I think the most important thing about
growing in that environment is the
mindset they talk about money as easily
as they talk about the weather they they
have the financial literacy and the
jargon to talk about it and it's normal
to share tips and advice that will help
each other get richer and in fact doing
things that will make you wealthy such
as going out and starting a business
making Investments those are actually
normal things to do and so the key is to
understand the power of environment if
you put yourself in an environment where
doing things that will make you rich is
the normal thing to do then you're
automatically just going to do them you
don't have to rely on motivation or be
ultra talented it's just what everyone
around you does so thanks to my
professor and this peak into this inside
world that I had around his poker table
games I understood the importance of
seeking out people who have the same
goals as you who are already at the
place where you want to get to or are
heading there so now I have a question
for you in your circle is it normal to
depend on a job go out and buy things on
credit and talk all the time about all
the things that you're buying and
spending money on or in your circle is
it normal to talk about the businesses
that you're starting all the money that
you're investing and what's making a
return these days what is normal for you
in your circle now this Segways
perfectly into middle class habit number
two these days in America we are very
lucky to be able to buy a lot of things
on credit and be able to afford things
just because we could break it out into
monthly payments so two of the biggest
areas where people do this is with
houses and cars However the fact of the
matter is if most of your take-home pay
every month is already spoken for just
by your housing and your car then how
are you going to have any money to get
ahead and put towards your financial
goals A good rule of thumb is if you
were to add up all of your debt payments
that's car payment mortgage payments
student loan payments credit card
minimum payments any loans and monthly
payments you have to make on debt if you
were to take that total divided by your
monthly gross income that would give you
your debt to income ratio which is the
proportion of your income that's already
spoken for by monthly payments on debt
and A good rule of thumb is you don't
want your debt to income ratio to be
more than 50% and honestly 50% is on the
high side I like to see it closer to 35%
another metric to help you decide how
much house and car you can afford given
your income is following the 5030 20
budget rule which is a rule that says
50% of your budget should go towards
needs that includes housing and all car
related expenses 30% on once 20% towards
saving for your future so if your
housing and car payment are already be
Beyond 50% of your income then you
likely bought too big of a house or
bought too nice of a car given your
income and so quintessential middle
class behavior is having a huge house
and being basically a prisoner to your
monthly mortgage payments and having no
freedom to travel and having a really
nice car but having this huge car
payment that's essentially up to even a
third of your salary which is sad so
look at Warren Buffett he's driving the
same old beat up Honda that he's been
driving for decades and a lot of
millionaires I know either don't even
have cars or they just drive the same
one they've been driving for many years
and they will rarely buy a new car on
credit so here's the math on a new car
versus an old car let's say you bought a
brand new $50,000 car you put $10,000
down a 60-month auto loan at 5% interest
your monthly car payment is
$755 compare that to if you bought a
used car on credit that's $110,000 with
$3,000 down on a 60-month loan at 5%
your monthly payment would be
$132 so $750 $5 monthly payment to buy a
depreciating asset versus $132 for a car
that gets you from point A to point B
that's all you need right spending too
much on a car having way too big of a
mortgage is one of the number one wealth
Killers so that sums up very nicely
middle class habit number two which is
buying more than you can actually afford
just because you can make the monthly
payments and now on to middle class
habit number three now I don't know
about you but I'm korean-american and I
grew up learning how to work hard like
that is what Koreans do it's in our
blood now working hard is important
don't get me wrong but working hard is
only going to get you to a certain level
after that if you really want to reach
that top tier of millionaires you need
something different I'm talking about
something called Leverage Leverage is a
concept that mankind discovered way back
when in 5000 BC they discovered that by
using a lever a person could lift a huge
amount of weight exerting only a tiny
bit of effort less effort huge amount of
output that is the definition of working
smarter not harder and so growing up
middle class I was not taught anything
about leverage specifically in the area
of finances now rich people use leverage
everywhere in their lives that is why
they are rich because we all only have
24 hours in a day and if all of your
output is just one unit of input for one
unit of output your progress is going to
be very slow and linear and you're not
going to get very far so examples of how
rich people use leverage to get rich one
perfect example of this is rental
property you make one big purchase and
the Bank even loans you money to make
that purchase and for many many years to
come you have a tenant in there paying
you rent and paying your mortgage for
you so you get money in your pocket and
you have someone paying down your debt
for you that's the definition of
Leverage so putting in a lot of money
and work upfront and reaping passive
income and benefits forever and ever
into the future while doing less and
less work real estate investing also
comes with a lot of tax benefits which
we will also talk about a little bit
later in this video another example of
how rich people think about leverage
they don't want to have a job they want
to build businesses because if you show
up at a job you got to put in the time
to get the money but when you build a
company if you build a team that will do
the work for you and you put systems in
place that will make money for you in
your sleep then you don't have to put in
the hours in order to make the money
however building a company building
teams and building businesses is
actually a completely different skill
set from working hard at a job they do
both involve hard work but it's a
different skill set you need to learn
sales Market marketing team building
entrepreneurship skills and honestly
having done both when I was an employee
and building a business both of them are
equally hard they're just different
another example of how rich people use
leverage to get richer is with investing
let's say you invested $500 a month into
the stock market over the course of 30
years you would have put in $180,000 of
your own money over the course of those
30 years but because you invested in the
stock market based on the S&P 500
returns you would have ended up with
over a million dollars at the end of
those 30 years now that's leverage and
the reason your money can grow so much
even though you only put in this much is
because of the power of compounding
returns so rich people know this they
would rather invest $100 than save $100
under their mattress any other day
because they know that if they just
invest that money correctly every dollar
is going to become an employee working
for them making them richer and richer
and so that sums up perfectly middle
class habit number three which is
working hard but not working smart and
now moving right along to the next
middle middle class habit again talking
about my background I grew up
Asian-American and honestly not to be
racist but in my culture we're taught to
be very modest to work hard to be behind
the scenes be quiet keep your head down
and just work hard however I realized
people who work hard and are really good
at what they do they don't necessarily
make it to the top the people who make
the most amount of money are the people
who are not afraid to own their value
and then communicate that value to
others whether you are an employee or a
business owner you need to learn how to
own your value and then sell that value
to others so when you're negotiating a
salary at your next job you need to sell
yourself you need to own your value be
confident in it and then charge top
dollar and make sure you're not getting
paid any less than your peers doing the
same work at other jobs I also heard
about something called a loyalty tax I
wasn't in corporate long enough to
really experience this but people who
hop around from one company to another
and promote themselves each time they
tend to actually make way more money
than their peers who just stayed at the
same company and maybe got promoted
within that company so employees
actually get penalized for being loyal
to their company because by not hopping
around they don't really get a good
sense of the going market value for
their job and this results in something
called a loyalty tax which is apparently
10 to 15% that's a lot of money if you
could make 10% more by not having to pay
the Loyalty tax because you were smart
enough to own your value go to another
company and demand a higher salary or
demand and your current company to match
that then that's 10% more you could be
putting towards your financial goals
towards getting richer being able to
invest and save a lot of money first
starts with earning a lot of money in
the first place and so this next middle
class habit is not earning what you are
worth I grew up thinking I would get
brownie points for just working hard
keeping my head down and not asking for
much but honestly if you want to get
ahead you have to charge what you're
worth speak up for yourself so every
year before your annual performance
review make sure you accumulate
throughout the year sort of a brag
folder of all of the accomplishments and
impact that you made on the company
where if you can quantify things like
you did X Project which saved the
division $500,000 or you initiated this
new thing and that brought in $2 million
of Revenue whatever you can quantify
gets added to your brag file and then
you present that at your performance
review that way you have actual proof of
what you bring to the table and that's
when you demand top dollar for what
you're worth asking for what you are
worth is not rude doesn't make you
greedy it just makes you someone who's
confident and knows what they're worth
so I really want you to get into the
habit of earning what you are worth and
now for the next middle class habit did
you know that Warren Buffett famously
said in an interview that he pays a
lower tax rate than his secretary and
honestly I can personally attest to that
as well ever since jumping from
corporate employee to now making most of
my money from business and Investments
the tax rate that I'm paying compared to
back in those days is about 10% less
which is insane and so it almost seems
unfair but the rich really do pay a lot
less in taxes at least on a percentage
basis and the reason why is because of
the different types of income and how
they are taxed so not all income is
created equal so earned income that's
like your W2 salary there's very few
ways to reduce the taxes that you pay on
earned income and so the effective tax
rate ends up being 35% or more for the
most highly paid employee and then for
business income there are all sorts of
loopholes and deductions that you can
take to draft Bally reduce the taxes
that you pay on the profits of your
business for example Section 179 which
allows you to deduct the purchase of a
vehicle or a large piece of equipment as
an expense in the year that you bought
it that's why I was able to purchase my
camper van which cost over $100,000 and
deduct that as a business expense try
doing that if you're just an employee
making earned income and then the third
type of investment income which
primarily comes from capital gains when
you sell Investments at a profit and
dividend and interest income these are
taxed even less than the first two types
of income so it almost seems unfair
because rich people who make most of
their income from Investments that's why
they're rich actually pay the lowest tax
rates yeah it's kind of insane but in
some tax brackets the capital gains and
dividend tax rate is as low as 0% and so
a lot of us middle class people we just
grow up working really hard at a job and
paying maximum taxes not knowing that
there are other types of income out
there that are not only a lot more
passive create a lot more financial
freedom but also get taxed a lot less
taxes are going to be the number one
biggest expense that you ever pay in
your lifetime so it makes sense to try
to go and earn the types of income where
you can get tax the least speaking of
income I remember in my early 20s I was
so dependent on my paycheck not only did
I have a bunch of student loans to pay
off but I could see that if I just got
laid off from my job everything in my
life everything good that I enjoyed
about it would completely disappear and
was a really vulnerable place to be I
also remember very vividly back from my
childhood when my father got laid off he
was a very highly paid Tech employee but
during thec com bubble he got laid off
and our family really really struggled
because we had no other source of income
and so this next middle class habit is
being overly dependent on your job as
your one income stream you need to have
multiple income streams even if you have
a full-time job and that's your main
source of income and then you maybe do a
little bit of freelance Consulting on
the side or options trading or
deliveries or just something at least
you're not completely dependent on this
one source of income and so rich people
they've got income streams all over the
place in fact I have eight income
streams that are passive and that's not
even counting the ones that aren't
passive and yes you do need to be a
little more creative and resourceful
than just showing up at your 9 to-5 but
there's a lot of ways to make extra
income streams in fact I talk about
eight passive income streams right in
this video here so check that out for
some ideas the big idea is basic
basically to not rely too much on one
income Source especially if it's just
your paycheck all right one pet peeve I
have is how much people are overly
focused on their credit score yes it's
important to have a credit score just so
you can do some practical adulting
things like getting an apartment the
landlord is going to check your credit
score you need to have a good credit
score to get a mortgage and certain
types of loans however I just think it's
so sad that the common thing that we are
taught is your financial success is
measured by your credit score if you
have a really good credit score it must
mean you're good with money but you know
what wealthy people look at they look at
net worth net worth is all of your
assets minus all of your liabilities
meaning everything you own minus
everything you owe and the more positive
it is the more financial stability you
have and the more in assets you have
rich people have millions and billions
of dollars of net worth everything you
see on the Forbes you know richest
billionaires that's all measured by net
worth they're not ranked by credit score
I encourage you to set a weekly or a
monthly money date in your calendar sit
down check all your bills accounts
budget and take tally of all of your
debts and all of your assets and
Investments and see what your net worth
is and if over time you see that
trending upwards you're on the right
track you're making the right moves and
you're being good with money so I love
net worth as that one catchall indicator
of whether you're moving in the right
direction financially all right last but
not least middle class habit number
eight is spending before you save now
there is so much pressure to keep up
with the Joneses if you live in an
expensive city and you like to live in a
nice apartment and you have friends who
like to go to bougie dinners and they
pressure you to go to concerts and all
these trips you have to maintain a
certain lifestyle and after you do that
it might actually be hard to have
anything left to save over for your
future so this attitude of paying
yourself first it definitely involves
going against the grain but that's
really the trick maybe getting rich
isn't a matter of discover ing some
crazy fancy investment strategy and
being the smartest person in the room
maybe it's as simple as developing the
habit of paying yourself first rich
people get there by first making money
and then being able to keep that money
instead of spending it all so when I was
on my financial journey and trying to
get out of debt and start building a
little Nest Egg for myself I really had
to turn down a lot of invitations and
yes that did come with some feelings of
fomo and wondering if my friends would
stop calling me however I really had to
make that choice to put my financial
goals first so what that looks like in
real life is as soon as you get paid you
decide on a percentage it could be 1% to
start ideally it's up to 20% or as much
as you can but as soon as payday comes
and that money hits your account a
percentage of it is automatically being
directed to savings I like putting it
into your high old savings accounts you
could put it into a Roth IRA there's a
lot of different options I'll link to my
favorite high yield savings account
below but the idea is is you pay
yourself first that percentage that
you've decided and then whatever is left
in your account is what's left for you
to live on so unless you are really
living handt mouth I'm sure most of you
can handle even just a 5% automatic
savings transfer towards your future
goals and then live on the 95% that's
left honestly a lot of becoming wealthy
is just hacking your own behavior
understanding human psychology and doing
the simple things so setting up one
automatic transfer to create that habit
and telling your subconscious that you
are someone that pays yourself first is
going to make a huge difference and
months later you're going to look in
your savings account and be shocked at
how much you've accumulated and and
you'll be really proud of yourself rich
people they make money and before making
other people Rich they make themselves
Rich first and then they spend what's
left I certainly wish I had known all of
this sooner but hey it's never too late
right a lot of us weren't taught these
important Concepts about money while
growing up but the important thing is
from now on you can choose to think
about money differently and have habits
that will actually make you richer
instead of keeping you stuck in the rat
race the key is now that you know better
now you can do better that's it for this
video thank you so much for watching I
hope you got a lot out of it you might
want to check out this video next and
with that I'll see you guys next week
same time same place bye
[Music]
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