Everyday you choose if you will
be rich or poor in the future; sometimes knowingly and
other times unintentionally. This is the only video on this
topic you will ever need to watch! By the end of this piece you
will have a clear idea of what’s actually happening and you will have a
game-plan that will solve this for you! Here are 15 Money Habits that
Keep you poor! Let’s do this! Number 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 that the key to wealth is to get a well paying job that pays you a good
salary. Society has normalized putting hundreds of dollars worth of debt onto kids finishing
university by perpetuating this old lie. Brutal truth: you won’t get
rich working for someone else! Also, stop taking advice from
people who are not successful! Talk to people who are where
you want to go. Without your choice you end up surrounded by some
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.
Poor people love to blame others for their failures!
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 won’t get very far. There are 2 ways to improve your
value and they work hand in hand: What skills you have How much people are willing to pay
for putting those skills to work. Lucky for you, you can learn valuable
skills online for free and you can learn real skills which you can monetize.
In the age of information, being ignorant is a choice! Sort through the bullshit,
find quality teachers and start learning. Number 2: Gambling & Lottery:
Luck isn’t a strategy Nobody will save you. Jesus ain’t coming down to pay your rent
and no lamp has ever produced a 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 to focus their efforts on improving
the probability of them making more money. Poor people leave this probability up to
the universe and with it their future. The moment you’re not writing the
future for yourself that’s when you get whatever is left or 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 have control, you don’t need
luck. Rich people don’t believe in luck, they don’t need luck. Luck is for poor
people. If you work hard you don’t need luck. Number 3: Spending money on things
that you WANT but don’t NEED Everytime you buy something you don’t need, realise 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! That’s why you see all those broke
people trying to flex on the gram. Poor people think rich people wear Gucci,
because Gucci is paying celebrities to wear the brand so they can sell more to
poor people. You are 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
whole 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. Number 4: Not knowing how much money
you spent last week, month and year Y’all just spend money the second it hits
your account. Every poor person out there complains that they don’t have enough money,
yet none of them know where their money goes. You think tracking your expenses is hard?! …
you know what's even harder? Staying poor and not being able to afford anything! Wake
yourself up and realise just how much money you’re unnecessarily spending on
subscriptions and stuff you don’t need. That money could go towards 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 to return to their default, out of a fear that somehow it will
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 - MONEY GOING OUT = 0 How can you expect your life to improve. Measure
how much money you’re making and track how much you’re spending. It’s the first step to realise
just how fragile a position you find yourself in. Number 5: Spending money you don’t
have on things you can’t afford anyway This is the deadliest combination out there. Why are you spending money you don’t have?
Debt is modern day slavery. The moment you borrow money to buy anything, the corporation owns
your time until the 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. A good rule of thumb is: If you have to ask if you
can afford it, you don’t! Nobody needs to have an internal debate
when you’re picking up chewing gum at the cash register, you just buy it because you can afford it. You know damn well you
can afford 10-20 of those Orbits. If you can’t buy it twice, you can’t afford it! Borrowing money is a horrible habit that is systematically keeping the
general population poor. Be wary of lending other people your money;
for while it’s with them, it ain’t earning money with you! Banks and loan sharks are
the only ones who profit from lending money, everyone else is being bled dry. Number 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 realise 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 feel the need to upgrade your iphone
every year when the old one works just as well? Why do you need to have a kid
just because your friend had hers? We are proud people and don’t want to
be perceived as inferior; and that’s exactly how you end up poor long term,
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 can not be won! The second you get up to date,
that’s when the goal post moves. What you end up with is
called the RED QUEEN’s RACE. Concept from Alice in Wonderland where you have
to run as hard as you can just to stay in place. That’s why you can never win this game. You need to keep spending your money
just to stay in the same place. Number 7: Having only 1 source of income This is where we feel some butts clenching up
because who can afford to work yet another job?! 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 number of jobs one can work and respectively, the
amount of money 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, is it?! The math is simple, 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 three streams
of income, 45% of self-made millionaires had four streams of income, and 29% of self-made
millionaires had five 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. If you’re unable to earn money while
you sleep, you will never be rich! The moment you taste the freedom
of working for yourself and having multiple income streams you become unemployable! We have a dedicated video about 15 Assets that
are making people rich which you can check 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 broke, it’s
because you procrastinated in your 20s. 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 the 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 entertainment. It will be a pain in the butt for a while, but you’ll
see things get better fairly quickly. If you’re broke, you can’t afford
entertainment. 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
a thing?! Stop sacrificing the future for the present when
the present isn’t that good. Screw living rich and dying broke! The entire flex
culture and this attitude of living in the moment does nothing but harm on the poor part of society.
It keeps them poor by selling them the dream. Fundamentally,
Poor people buy things that don’t hold value! It gets worse… Poor people pay interest when they borrow money to buy things that
depreciate in value over time. The average car will depreciate -63% in the
first 5 years. Not only you’re losing money every year but you’re also paying interest
in the money you borrowed 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?! Every self-help book, product, video and so
on boils 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 & Being afraid to change If what you are lacking is money… why don’t
you spend some time to learn how money works?! It’s usually because of arrogance. People
falsely assume that they understand money, because they’ve seen it at 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 the
MBA or elite coaching programs we’ve attended. That’s why over 3 million people subscribe
to us - and so should you if you haven’t! 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 1 stock in any company? How few of you know
what the process of buying 1 stock is like? There are hundreds of platforms that allow you
to invest money, yet you keep postponing it. Last year we let everyone know the exact stocks
we’re bought right here on this channel and everyone made money because of it. But you need
to be able to take action. We told you to buy bitcoin when it was under $10,000 and a small
portion of you did as seen at courses.alux.com You need to not be afraid to change. There’s
this abundance of technology all around us. Opportunities have been democratized to the
masses. Anyone can hop on any new technology and use it to better themselves, yet they
use it to stalk fitness models on instagram. The more you learn the more you earn! The more
you’re able to use modern technology the higher your leverage is. Don’t be scared of the new,
embrace it and you will be rewarded for it. Number 11: Spending first and then hoping there’s
something left to save or invest when you’re done Poor people do another thing
backwards than everyone rich. They get money, spend it and
save/invest whatever is left at the end. As you probably know from experience,
there’s never anything left. That’s why 2 in 3 Americans
live paycheck to paycheck. When the rich get paid, a portion of the money
goes directly to investments or savings accounts and then proceeds to go through
your month with what’s left. This works because the focus is always on
increasing income through those investments. Instead the average person goes on a spending spree. This is also fueled by
the rise of social networks. 57% of millennials say they overspend because
of something they saw on social media! When you see all these celebs
going to the Maldives you start craving that as you associate
it with happiness and success. This develops what is known as FOMO,
fear of missing out, so you spend more. What most people don’t realise
is just how fake social media is. We are a sad generation posting happy pictures
for internet points! Every experience posted takes away from the actual experience.
Everything posted has become an advertisement, if not for other brands,
then it’s for your own 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’s money you lended to the government with
no interest to it. They used your money for free. But that’s not all of it.
Poor people get taxes very differently than rich people
and we’ve covered this before. If you’re working a job, the state takes
out your taxes straight out of your paycheck and then you’re left with the money to spend. If you’re a business, you first get to
spend how much money you want to spend and then the state taxes what’s left. We
have a phenomenal video on how the rich avoid paying taxes which you can check
out by clicking in the top right corner. Number 13: Unhealthy lifestyle Almost every unhealthy habit you
have in your life is making you poor. Cigarettes? Yep, making you poor.
Alcohol. Same. Eating fast food on the couch
binge watching anime! POOR!!! Not only do these create financial addiction
taking money directly out of your pocket, they also serve as a domino effect connected
to everything else in your life. If you’re fat, you’re less likely to get a job promotion and more
likely to have complicated heart problems which result in an enormous health-care bill since
you live in America and health is for profit. It’s the old idea that if you don’t fix a
cavity you will 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’s affecting your life. Number 14: Wanting money to be easy and fast
For some reason the idea of a progresive growth in income and wealth does
not resonate with poor people. 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 looking up to the likes of
Pablo Escobar, Tony Montana, Don Corleone. They all think of themselves as mobsters, of
people on the underground who have something big cooking. You know the type. They’re usually
flimsy, not creative and not that smart. Put the 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. In the age where a 16 year old with an instagram account can become a
multi-millionaire, why risk getting shot?! 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 when they fall in the trap of get rich
quick schemes or Multi-level-marketing ploys. As long as you live remember this:
There are no get rich quick schemes, there’s only someone getting rich off of you! Number 15: Staying poor is a choice 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’s actually keeping you poor. People will less than you have
managed to escape poverty, yet there you are complaining that
things don’t come easier for you. Yes, life is hard. Maybe it was a lot harder for
you than for everyone else. But what are you going to do. 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. At the end of the day, you can’t choose
where you’re born, who your parents are and the environment you grow up in, but at some
point it all switches 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 the conversion:
What behaviors did you experience or witness that are keeping people poor?
Let us know in the comments! As for those of you still watching…
of course there’s a bonus waiting! Bonus: Limited vs Unlimited Output For the bonus part of this episode we
want to share with you this idea of Limited vs Unlimited output, or in other words
Linear vs Exponential returns on your work. Even today, most people think of money
in linear terms, because that’s how they 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. This 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, but it can be consumed by millions of people throughout time. It’s unlimited
in terms of the return it can generate, unlike a bakery, where if I make a pie and
sell it, then I have to make another pie. Here’s where the golden nugget is: depending
on your ability to perform in the market you fall into one of 3
categories on Non-Linear work. Ok work -> gets 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 corse of the future. In order to be able to use multiples you will
need to work with your brain, not with your back. Let’s say you design a logo or
write a book. If it’s just ok, you will get paid for the time
you put into it and that’s it. If you do good work, maybe you will get some
referrals and the business will slowly improve. If you do incredible work you will 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 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 these doors that were previously inaccessible
to you are now open. Modern day is meritocratic. Intellectual work knows no borders. We don’t care
if you're in Nairobi or Sao Paulo or Cupertino. Good ideas have a platform on the internet
and are widely available to the masses. 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 ok-work. That’s when those X’s start pilling up. Hope
this bonus is actionable enough for you, the true ALUXERS to put it to work. Rid yourselves of the
habits mentioned in this video, and write the word MONEY in the comments as well as liking this
video. As you’ve noticed, YouTube won’t show this video to the community unless to do all the dance
it requires. We really appreciate those who do!
