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MONEY HABITS THAT KEEP YOU POOR:
Number 1: Lifestyle Inflation.
This is what happens when spending increases right alongside your income – so, as soon as you start making more – you begin spending more. So, instead of spending more money, do your very best to keep your expenses at the exact same level and save the difference. The longer you can delay making those ‘nicer’ lifestyle purchases, the more you’ll be able to invest for the future so that you won’t need to continue running on the workaholic treadmill.
Number 2: Not Tracking Your Expenses.
The people who don’t properly manage their money NEVER track their finances, and If you’re struggling with money right now, and NOT doing this step – YOU NEED TO. Consider this almost like your financial check engine light – tracking your spending will tell you what’s wrong so you can look deeper and fix it.
Number 3: Borrowing The Maximum That You Can Afford.
The truth is, what you qualify for – and, what you can actually afford – are two ENTIRELY separate equations, and when it comes to your lifestyle, you should NEVER spend the maximum just because you can.
Number 4: Not Understanding Taxes
It’s more important than ever to make sure that you have, at least, a basic understanding of how the tax system works so that you can fully utilize every single resource that’s designed to help you keep more money.
Number 5: Ignoring Retirement Accounts
Just like the law allows you to legally reduce your tax bill, it also entitles you to some financial incentives if you invest. For example, a Roth IRA, Traditional 401K, and HSA could be three accounts to look into further.
Number 6: Not Having More Than One Source Of Income
It was found that 65% of millionaires have 3 or more sources of income, so, with this in mind, you’re doing yourself a disservice if you aren’t actively working on diversifying your work. This is also going to dramatically help you build more wealth – since all of this should be “extra” money that you could further save and invest.
Number 7: Being “Too Cheap” In The Wrong Areas.
Don’t let cost define your purchases when quality matters. There’s something called “The Boots Theory,” which suggests that a rich person can buy one expensive pair of boots that lasts a lifetime, while a poor person is forced to choose the cheaper pair that have to be replaced every few years, which – eventually adds up to way more money. So spend more money – upfront – if you’ll get a long term savings.
Number 8: Not Planning For The Worst.
In this case, save enough money on the side so that – if you lose your job, you’ll be financially okay for the next 3-6 months. Make sure you have the proper home insurance so that you’re covered in the event of a disaster. Go get regular checkups so that, if you do get sick – you’ll catch it early. Spend the money to maintain your car so that it runs for another 100,000 miles.
Number 9: Not Having A Plan.
This means figuring out what you want to be doing, how much money you realistically need to live, and where your priorities are. I think most people would be shocked to learn that they don’t need tens of millions of dollars to live the life they think they want, or – they haven’t come to terms that running a global empire just isn’t for them.
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That’s a very different title for you
love the new set!
he is not wrong, I made this mistake, I went over my budget by 6k I caught it and had to make adjustments on my next home flip. great video
Gv. V v
Well that’s a title I never expected to see from graham LOL
gv
waddup nerds, would you all consider a 401k/roth IRA a “source of income”
What is the deal with all of the spam for this video?
A lot of folks follow you, and some may definitely be taken in by this BS.
Great video by the way.
I delete spam comments and they come back :/
“No more luxurious than an 800 square foot apartment”
Dude that’s sheer heaven for us Brits. Over here a 350 square foot cupboard in someone’s basement will easily run you a cool 40 year mortgage. Not even kidding 😂
Ha! My four bedroom 1800 sq ft house but pales in size compared to most attached homes being built … it’s about 2.5 the value and it’s paid for!
6k a year in Ferrari maintenance 😂. Gotta double that Graham.
I’m digging the new set up! Thank you for your videos, Graham.
holy bots
The Carol Baskin, nothing can prepare you for this 🤣
❤
Love the new setup. Finally.
andrew tate vibes
Unfortunately during the 2008 home crash, instead of buying up low-cost real estate, I was too busy with being in third grade.
title savage
Humble yourself man these titles people weren’t as lucky to invest when times were easier
Being cheap vs. being frugal is always a very important distinction and I’m happy you mentioned that here.
And then there’s being homeless and penniless bc you have cancer.
I wish you great health!
this video was great. reinforces (or teaches) a few good habits.
What the hell? The amount of bots and likes they have is insane. Does anyone actually fall for it?
At least I’m not 5ft
The bots are insane
Yassss 👏 I love the cinematic change! 🎉and is the sound better?
Brought it back to the basics. Sometimes we need videos like these!
The title broke my emotions
did you have a rough night?
4:00 The humble flex….
This comment section is entirely overtaken by spam bots
stephan tate
Great video!
This title is the reason the internet sucks.
Dog said, “$600,000 house in a not so good part of town.”
Welcome to Los Angeles pricing
you should make a spanish channel Graham, i think it can be huge just like this channel, maybe even better. I’m hispanic and I know that it would be helpful. Thank me later 😎
IRS is a criminal syndicate
I liked the first title..
Great video!!
Chapters mofo… use them!
in 30 yrs that life style will cost more.
I don’t know anyone who tracks “expeses”. Hell, I don’t even know what they are.
Love this new video setup! Reminds me of old Graham!! 🙌🏻🔥
First thumbnail title was “why you’re a broke loser”. Why did you change it Graham? 😀
Old Conor McGregor at 0.58 👀
I love you bro.
Co-Pilot Money should sponsor you Graham
personal capital is terrible. its basically data manipulation to get your liquidity while they fee you. their customer service is also terrible
had to switch the title cause it was getting him hate and no good attention lolll
New studio whuttttt !!!
Omg I can’t believe I would hear this one day. Yes you were cheap 😅
“$600k in a not so good part of town” 😂
Great video brother
that thumb nail got my ass fs, Nice job
Way better title now LOL
Listening from anything this channel promotes should be one. FTXXXXXXXXXXXXXXXX!!!!!!
I dont watch Graham much anymore but this was a great vid!
This man really backed down and changed his title
If I stop eating outside I can save 1500
Like this no bs approach. People need to be more blunt
Nice watch !
Looking like a boss with that shirt Graham 🤙
New Set???
I know what i should do but i dont have the strength 😭
I love the video but this part at 1:00 onwards is just not right. The advice itself is solid for the average person but does not apply to you specifically. You’re financially secure for life and can afford things most people can only dream of because you made millions first with your real-estate investments and then Youtube. Your penny-pinching wasn’t the deciding factor, you could’ve bought a sports car, a big house and eaten out every day and still be a millionaire today
10 – Watch this video
Youre poor
I LOVE this new background! Thank God Graham!
You’re right, Graham. I’m a broke loser with a PhD degree (with honors) and no debt.
But it’s fun to buy stuff
emeğine sağlık başarılı video devamını bekliyorum GT
Road trips without a final destination are the best ones
Can you make a video on how to be a cheapskate? Like save as much as you can on $1,000 paycheck
okay daddy
thankyou the memes help my short memory process information so well
It’s always useful to be reminded by what u should not do
Only 30 % 😱 in Danmark its 40% if you make more then 200.000 dollars then it go to 60% taks
What do you do for self employed health insurance?
Did you have your cup of coffee today? You seam exhausted, hope you get some rest and get back to your cheery self again!
Solid video man! Great points and simple methods to self check oneself
The new set needs the dinosaur skull!
Maybe I haven’t been here in a while…but what is this BACKGROUND!? There is so much change in my life…I need the consistency that is the Graham backgrounds.
Something I will say in regards to attempting to repair your financial situation:
While I was working in my previous job, I had attempted to do this several times. However, unless you have an extreme level of discipline it is unlikely that you will continue this habit if you are as unhappy with a certain aspect of your life as I was with my job at the time. Even though I consider myself very financially educated, and was making more money then than I am now, I used my money as a coping mechanism to balance my unhappiness.
Now that I have switched jobs, I have taken a 10% pay cut to be where I am now, yet I have began tracking my expenses for two months now consistently. My spending has dramatically decreased, and my savings have skyrocketed. The $3,000 in credit card debt I had accrued is now completely eliminated. Essentially, every good habit I had attempted to begin before is now realistic for me to stick to and achieve.
In conclusion, if you are unhappy with where you currently are in life (not counting your financial situation), it may be within your best interest to go fix whatever that may be before trying to improve your financial situation. Even if it means taking a few steps back at first, you can always climb your way back up to where you were. Such as with me switching jobs and taking a pay cut, I am now in a work environment that I thoroughly enjoy, and will have the opportunity to achieve a salary many times what I was making before given enough time.
TLDR; Fix your life problems before you fix your money problems, otherwise you may find yourself right back at square one before you know it.
This thinking is true in so many areas of life!
Everything getting more expensive is why I’m broke
OMG you and the lambo are the same height😅
I don’t track my expense. I have no “SPENDING GENE.”
Every time I watch one of your videos I realize how bad with money I am lol
Hellcat: you make 18k a year and live with your parents 😂
Goood video sir
Considering the economic downfall and the rise in poverty across the globe. I ask; What is the best way to achieve financial freedom?
If I could ask; who’s your financial Adviser and how do I gain more info?
I get help from *DONALD NATHAN SCOTT.* A well known Investment Adviser who operates privately . You can research *his names* to get more information.
I found the *professional’s page,* and wrote him an email and hope he replies. I plan to start investing right away and come back with good testimonials in the future.
When you’re good at what you do, there will always be positive feedback. I strongly believe that Donald Nathan Scott is a good person and I would recommend his service to anyone ready to embark on any investment.
“I sacrificed by living in a mid city duplex in Los Angeles”
Petal just started charging most members an $8 a month fee and plans to roll this out to all accounts by the end of summer. Just a heads up!
Lmao 0:43
I keep spending all my money😢 on investments 😅
Goodness! Graham been really helpful to me on understanding my finances and financial goals as a first generation immigrant & first-born daughter! Thank you Graham!
Nah, what’s keeping me poor is a broken back forcing me to work a $400p/w salary without the possibility of surgery to help. Living off of $20 savings per week is what’s keeping me poor.
The hardest thing for me is not putting money into my Honda lol
Bro just described literally my ideal life and the numbers to achieve it essentially telling me I can live like I’m rich if I just max out my 401k for 30 years… Just made my day
Hope you stay healthy and can keep working! I was doing great. Then I got cancer. Now Im facing homelessness.
I wish you good health. None of it matters if you get cancer and cant work anymore.
BUT GRAHAM! “CUE BLACK AND WHITE TRANSITION”
I love you.
Graham is extremely smart and knows what he is talking about