5 Normal Habits That Keep You Poor

if you do what everybody else is doing you're gonna get what everybody else gets there are habits that a lot of us do every single day that cost us a lot of money without us even realizing it they hold us back from reaching our financial goals and having the lifestyle that we want and keep us stressed and struggling financially so in this video i'm going over the top five habits that either i have struggled with or have seen a lot of other people struggle with not having specific measurable goals a wise man once said that i'm not lost i'm just a little north of over there which is not lost and that man was tigger so yes we're starting to take advice from stuffed animals now but it's actually strangely true like a lot of us kind of go through life and we're like well we're not going that way so we're obviously going one of the other three directions but we don't really have specific goals of where we're trying to go so we can't put all of our energy and focus into going in one direction we're just kind of wandering knowing that we're not going that way until about three months ago i had never really set specific goals and i definitely never written them down but then i took some time and i wrote down some goals and strangely enough well i didn't achieve all of them i wrote down three goals two of them i achieved almost exactly what i wrote down and then the other one i didn't even really try never anyways but the other two were like almost perfect and i think it was because i wrote them down and i looked at them every day when i was writing in my day planner and it just kind of lets your mind know what your bigger overall focus is and there's definitely like a lot of stats that back that up like goals that are written down are like 42 percent more likely to actually be achieved and a bunch of other ones like that and while i don't like studying five-year and 10-year goals because things change so much in my life from year to year i like to have like three-month 90-day goals that i can break down into each month what am i trying to do each week in that month what am i doing and then each day what am i doing so it's specific it's something that i can actually measure if i actually get there instead of like a generally i want to be successful it's like no i want to reach you know this thing right here which buy another house whatever it is setting very specific things to shoot towards helps you be able to break them down and speaking of goals it is time for the sponsor of this video wealthfront i am super excited to share wealthfront with you guys i think it'll be really useful and a great tool so saving money is a great first step towards reaching financial independence but after you get to a certain point you can only go so far with saving you can only cut so much and that's where investing comes in especially investing in the stock market and it's even more critical right now to start looking at other opportunities for long-term savings because interest rates are so low right now if you just have your money sitting in a normal checking or even a normal savings account you're actually losing money and future purchasing power due to inflation so one of my favorite parts about wealthfront is it just really lets you passively invest into the market you don't have to stress about trying to beat the market and looking at everything every day and putting a lot of time and energy into it they offer just a simple way to diversify and it only takes a few minutes to set up an account you just need to answer a few questions to determine your risk tolerance and they'll put together the perfect portfolio for you then you can just kind of like set it and forget it you know not worry about it anymore not stress and know that it's being taken care of so if you guys want to check that out i will put a link down in the description and thank you again to wealthfront for sponsoring this portion of this video eating your money so over the past year i've been fasting four days a week and this has saved me so much time and money and stress so this is just a really simple one stop eating that was a joke well i do do intermittent fasting i do eat every day so most people spend about 36 of their budget on their housing and then 17 on transportation and then 14 on food so it's one of the bigger things in most people's budget and if we can control this it can save us a ton of money and we'll still going to be you know getting by it won't really affect us all that much but most people get into habits of doing things a certain way like the average american eats out about 18 times per month which is absolutely crazy and wicked expensive i actually don't think that going out to dinner is all that much more efficient than just cooking at home first of all you have to drive there you got to wait in line or wait to be seated and then you wait for them to cook your food and then you eat it there and you've got to drive back and like takes actually a decent amount of time when you can have some meals that you can just throw together whip in a crock pot things like that where it's going to be a lot cheaper and usually a lot healthier so i don't go out to eat all that often because for me well i know it's normal for a lot of people i don't really see that value instead of spending 25 or 30 bucks on a steak going out to eat somewhere i would rather get like the best steak i can get at their grocery store cook it at home and have like you know five times more of it and have it for the next few days you know something like that that's kind of how i see it as i would rather spend that money and get much better quality food and have it all the time and i think one of the things that has helped me the most is just always being prepared and having a plan so that i don't get stuck of like oh i have nothing to eat i have nothing with me i just need to run out and grab something or we don't have any plans for dinner tonight let's just order out and you know have it delivered or go out and get it or whatever it's been much more efficient and saves me a ton of money just to take a little bit of time and always have something that i can just grab if i need it or cook in five minutes i have a couple of different five-minute meals that i can make so that's been really helpful for me and it saved me a ton of money by the way if you guys are enjoying this don't forget to like and subscribe for more content not paying yourself first most people don't focus on paying themselves and investing in their future you spend money on rent on your subscriptions on netflix on food on your car and then whatever's left over you either go blow at the end of the month or maybe you'll put it in a savings account because i have those very specific goals that i talked about before i try to make sure that i always invest my money first and then if i end up needing more money to cover my bills or whatever then i know that i have to earn more as opposed to taking it for my future because i know that i need to save up you know whatever it is 25 000 in the next year and to do that i need to save up this much each week and to do that i need to earn this much and just really focusing on those goals of saving so that you can start investing because that is what will truly make the biggest impact in your financial life a lot of people rob themselves by not being frugal and just spending money as they have it and not focusing in prioritizing investing and saving up for their future hanging out with the wrong people if you hang out with unmotivated people who sit around eating pizza and watching netflix every single day most likely you will do the same thing i forget who said this but you're the average of the five people that you spend the most time with and i've seen that definitely true for me when i hang out with the right type of people they definitely help me and support me and encourage me and when i hang out with the other people i realize that in my life i'm not really going the direction that i want to go i'm just kind of treading water so it's very important to look at who you are surrounded by and be conscious of that and not saying that everybody needs to be you know this great wealthy you know supportive crazy person but if there are people who are really disrupting your life and holding you back you need to ask yourself the question you know like what is right for you what should you be doing how should you be spending your time and are you gonna you know regret this in the next couple years so who you hang out with will absolutely impact how much you earn how much you save the lifestyle that you live so i think it just being very conscious of that is super important not valuing your time so like when i was a teen and i was an office cleaner making 10 bucks an hour my time was worth 10 per hour so if i bought something that was 20 bucks i looked at it as this is gonna cost me two hours worth of working and then as you progress and you make 20 or 50 or 100 or whatever you make per hour now you have to look at your time throughout the day that way so just for the sake of round numbers because i'm not good at math uh let's say my time is worth 60 dollars an hour now i only get paid if i'm actually working making a video building something whatever it is so if i'm not doing that then i'm actually paying money to do a certain thing so if i spend half an hour in the middle of the day maybe just looking through instagram and scrolling through facebook then i spent thirty dollars to do that and you got to ask yourself that question do i want to spend 30 dollars to scroll through my phone right now would that be worth it would i actually pay 30 bucks for that or if somebody comes up to you and they're just talking about the weather and you're just burning time would you spend 10 dollars to have that 10 minute conversation or if you look at watching a movie that's maybe two hours long would you spend 120 dollars to watch that movie like sometimes the answer is yes to all this stuff you have to chill out you have to you know enjoy your life but just realizing the value of what you could be earning or how many hours you had to work in order to spend that money it's really just eye-opening and can change your whole mindset and just how you look at the world thank you guys for watching if you enjoyed it don't forget to subscribe some really cool videos coming up and yeah guess that's it

Channel: Gabe Bult

Views: 135,920

Keywords: money habits that keep you poor, bad money habits, money habits, habits that keep you poor, personal finance, frugal living tips, money tips, saving monney, minimalism, things that make you poor, poor habits, gabe bult, habits of rich vs poor, habits of the rich, frugal

Id: oKxL-Yacn24

Length: 9min 12sec (552 seconds)

Published: Mon Apr 19 2021