How To STOP BEING BROKE + LIVING PAYCHECK TO PAYCHECK!

hey guys I recently went on a podcast in London and I was invited to talk about a really important topic of generational wealth so well on this podcast with a bunch of other guys the vibes in the room was just amazing and to be talking about generational wealth with people who in my mind I had assumed to be quite advanced in terms of their financial journey and this podcast had two people who were presenting it at two guys one of them in particular was not saying very much for about 10 minutes into the podcast we were just having laughs having jokes and talking about so many things at bay - I put a link to the podcast pillow if he's - check it out and about 15 minutes into the podcast he just said to everybody everybody just stop for a minute just stop for a minute everything you're saying is just going over my head I've got something to mention to you guys I am completely broke you can imagine at this stage of the podcast everybody's completely thrown because the last person you expect to be saying they're broke is the presenter of a podcast but this individual this guy who I now have eternal respect for by the way for admitting that he's actually broke basically dropped his bombshell that he's completely break and so this really then drove dint I conversation on this podcast and a really interesting conversation came out of it we just led me to create in this very episode here on youtube today I'm gonna speak to you about what I think you should do if you are somebody who is broke today okay I'll speech you about what I would do in your shoes as someone who's actually being broke myself okay if you don't know my background I emigrated to UK with nothing at all okay I'll explain to you in a few minutes how I will go about breaking away from being break as someone who has been on the journey myself I'll give it a practical hacks that I think you should be doing today the exact things I would be doing if I was somebody who was broke my name's can offer humble penny on financial economy what we do on this channel security tips the insights the practical hacks to help you work towards a dream life of financial independence and money joint so I've made myself a cup of tea because like I just want to have a chat let's feel at home talking about this topic because the vast majority of people out there soon as I walk out this hotel and get onto the streets a break but they will not admit it okay say what do I even mean when I talk about being broke I see two types of brokenness as it were the first one is that you've got absolutely nothing so you're either a student who has never worked and therefore doesn't have anything but potentially student loan debt or you as somebody who had some things in the past who had some wealth but you've now lost everything completely or you as someone who is like me who had immigrated to a new country but emigrated fairly poorly and when we emigrated to the UK we just had absolutely no rights to anything okay so no rights to go and get a job no rights to the health service no rights to claim benefits no rights to things that the average person on the street who is broke already has to their advantage okay so for us break was real and I'm gonna make a video - in an interview just quite emotional topic for me to talk about that I will make that video in the near future to shed some light the second type of brokenness which is the modern brokenness is living paycheck to paycheck so this is where the vast majority of people are today okay so people work that make some money they pay expenses that pay down debt their work makes sous expenses they make some income they pay down expenses that pay down down it's a revolving cycle of living in exactly the same place they never see their money each month to never have any savings didn't have a buffer in the offender stuff happens and they feel frustrated every single month okay so the ideas i'm going to share today can be beneficial if you are type 1 brightness or type 2 brightness such that you can start to apply these idea is soda they can help you break away from what I refer to as very clammed okay to people who will break live in break land and broke land can be very depressing can be very frustrating but it's a place you can get out of okay so let's dive in now and start to look at these practical ideas or what I think you should do to stop being broke so the first idea is that I would start doing freelancing okay freelancing now freelancing essentially means that you are using some existing skill sets to try to make some extra money somehow the way I would do this and this applies specifically to somebody who is living paycheck to paycheck is that I would do a skills audit okay so I review my life I'd sit down just like I'm sitting now make yourself a cup of tea you know Cheers and I'd sit down and literally ask myself what are the technical skills I possess and what are the soft skills I possess okay so technical skills my these skills that are in demand that people are looking for that you can potentially apply to a new environment your such skills are skills such as communication skills ability to negotiate ability to manage time so time management ability to solve problems and what you're really aiming for that is to create a possible roster of skills that you possess and then try to match those skills to a different marketplace the beat you're freelancing is that you can use the extra time you have on the side perhaps to make some extra money today's technology a lot of platforms mean that we can start to use our skills in this way and seek out opportunities to apply those skillsets to put a link below for you to check out to various resources companies such as upwork where you can actually start to apply your skills and get work from companies in various parts of the world in order for you to generate some extra income yet so feel free to check out a link I'll find some resources that you can use to begin to make this real in your life the second thing I would do personally is that I would learn digital skills okay I look at digital skills as the skills you need for freedom what I think about my journey personally I think about when I struggled and I couldn't go to a job centre to get a job because I just didn't have the rights to do that and back then there was no internet I couldn't like learn any additional skills online or anything like that and I felt really restricted by so many things the fact that I didn't have the rights to do things the fact that I was black the fact I was an immigrant there's so many things the fact that I couldn't even communicate like I am now in speaking and communicating in English properly so many things really I just felt really held back but today you know when I reflect on that does get really emotional but the beam tenets really provides us with an abundance of opportunities if you can start to see as a reality in your life right I'm making this video it's kind of prove to you that's possible to tell you that this is something I believe is the number one skill set I'd recommend to anybody towards building by digital skills I mean the ability to use the internet as a producer as a next producer of stuff or value okay just like I'm doing now as a youtuber for example or as a blogger has so many different skill sets that you can learn online the mean that you create a level of Independence from your current employer or you give yourself unbelievable options that many people out there in the world do not have okay it's the kind of skill set that really gives you that freedom not to worry about your gender your skin color your you know whatever it is you feel is holding you back you can actually use this skill these digital skills anywhere in the world so for example I'm filming this in a hotel in Cambridge because I'm here for some more personal developments and some learning and I'm applying my digital skills right here and right now okay and using it to generate in via internet so I'd highly recommend various things but one thing I'd start off with is recommending that you check out our free blogging course okay put a link below and above to our 7-day blogging course I've created this and it's been an absolute hit anyone I know who's been through that free courses come back to me and saying Ken I cannot believe you've created this as a free course okay feel free to check it out it's my gift to people out there who are looking to free themselves and learner's skill set that they can use to create some level of Independence feel free to check that out and begin learning those skills because those skills I would recommend blogging particularly because that skill can be applied to so many different things rather than go too much into detail here about it check out the course and it's an email course over seven days it will get delivered to you every day at the same time via email with lots of extra points and step-by-step instructions for what you need to do to start to make this reel in your life okay number three is that you need to figure out your broke free number okay what do I mean here exactly so remember I mentioned the guy earlier who revealed to us that he was broke the biggest challenge would break him free from being break or becoming break free is that people do not admit that they're actually broke and what that then creates is this almost life where you are living in a circular fashion okay you remain ever break okay that's not what we want okay so to break free to become broke free I highly recommend working out what your break free number is like that I mean figuring out what's nothing that moves me on along a little bit on the money journey because being broke is a part of the money journey okay check out some of our videos on the eight stages of financial independence and freedom upper links below and above feeds kind of understand what I mean by the money journey and to break free from being broke what you really need to do is create a buffer such that you have savings of about three to six months of your expenses that their moves you from the stage of financial solvency on the money journey to a stage of some financial stability that's what you want to create it again so you need to work out for yourself sit down make yourself a cup of tea or whatever and ask yourself what is my break free number what's three to six months of my expenses that I need to save up what's that number because what that does is it then gives you a goal an aim having an aim gives you optimism because you have something you're aiming for and you see as you're almost plotting your escape from break land that's something I highly recommend it can take you five minutes to do sit down figure out that broke free number and begin to apply some of the next few things I will mention in this video and you will may certainly break free on that situation the next tip I'd offer is to study others and copy what they're doing okay I don't mean it copy them exactly I will explain what I mean here okay so look at look at me for example yeah I'm telling you you there I've been broke once in my life or twice actually so when I immigrated complete briefness four years then when I thought I was now starting to catch up with the average person yeah I then started to live like everybody else take on debt and then I fell in brightness number two and start a living paycheck to paycheck okay so I seen both angles of being break okay but today I can tell a different story so if I was in your shoes what I'd be doing is trying to copy me basically so look at this guy and say well actually what is he doing this helping him not be broke and to be more specific about this I would ask two questions okay which are question number one is what are the ingredients in what this person is doing so you study them and figure out what the ingredients are in what they're doing okay question number two is how can I create a different recipe okay how can I bring my own flavor into what this person's doing such that I'm using the all materials the ingredients on I'm creating a different recipe that is the keyword step ingredients create recipe three words three operative words that say what you doing then is you are taking an idea that has been tried and tested and you are using it to free yourself and create a buffer you need we made a video recently called our twelve income streams which I'll put a link to below and above for you to check out the reason we made that video and bear in mind we don't really need to make that video but we made it because in this country people don't typically talk about how they make money and a problem with that is I found personally is that when somebody shares with me how they do something I learned from it a lot quicker and I believe that it can be done so I'm sharing so that you can believe that it can be done and doing it so you can hear my voice see my face and believe that it can be done because I know it can be done because I've done it check out that video and try and ask yourself what can i model from this because success always leaves clues okay what can I model here what are the ingredients and how can I create my own recipe for success the next tip I offer here is to take radical action so radical action is what separates the people who are just you know all words and just talk to the people who are doers to people who actually get things done and what I really mean here my taking radical action is to use one of our key principles to look at what do I have in my hands by that I mean what do I have around me what networks do I have what relationships what can I use to help me to solve my problem of being broke a very simple example of this is do you have parents if you're currently broke and struggling could you swallow your pride and move back to your parents house for six months whilst you manage to divert those expenses that you're making into building up a buffer of about three to six months could you do that because that is an option that's available to you but because it's something that you might have in your hands could you potentially use a car that you have to become an uber driver could you swallow your pride and get out there and change your own destiny Kuji for example become the person who goes and works at this supermarket at the checkout could you swallow your pride and look beyond what other people might think about you and work on the checkout and make that extra income to create your own freedom away from break land so you can see these are ideas that a radical simplistic or radical but there are things that if you actually did them if you stopped worrying about other people and you activate that level of action in your life you will no doubt find yourself breaking away from that cycle of living paycheck to paycheck the next idea is to embrace budgeting I made a video recently called how to budget consistently because consistencies in number one problem that most people have with budgeting I'll put a link to it below and above check out that video because I share a lot of nuggets around the mindset around budgeting and why it's absolutely critical that you allow it to become the tool of choice in your toolbox to help you start to create that freedom from break land now the number one reason why most people are broke is the inability to manage cash flow now cash flow is a compound word two words that form one word cash flow and the reason it's a compound word is because cash flows in and out of your life and the inability to manage that cash flow is the number one reason why even very wealthy footballers on the surface they look wealthy actually technically broke because they are unable to manage cash flow it's the reason why people live paycheck to paycheck the inability to manage cash flow it is what pushes people into modern-day brokeness okay this inability to manage cash flow budgeting as a tool is what will help you manage the distribution of your income to managing your expenses servicing your debt and so on but for budgeting to work for you you've got to embrace it and let it become your tool of choice okay check out that video I mentioned earlier and make budgeting a key tool in helping you become broke free the next tip I'm gonna offer you is really really important which is to look after your well-being okay so being broke leads to a lot of people living very lonely lives and living a lonely life leads to a lot of people living in depression okay and depression is a so destroying thing to happen okay I'm proof that this can change for you like I you know I just hope over the course of many videos I can start to really unpack the journey I've been on so that you can not just look at me and say oh it's easy for you to say you're financially independent no no no no I've been on an incredible life journey and I hope as I share these various legate's with you as you see my face and look me in the eyes and look at my face you can start to believe that breaking free from being broke and working towards financial independence one day can become a reality because I've done it so I can you know this is something that I believe that you can do as well I'm now gonna offer you some practical tips for how I think you can start to look after your well-being as you work towards breaking free from being break now hey Leon the first one is to talk and have conversation this is so important so don't live a lonely life living in shame or in fear or in in a frustration speak to people about them find somebody who you trust and just have a conversation open up to them I find that a conversation is usually the beginnings of taking the next best step in our lives again have that conversation and what you actually do by having a conversation with somebody you trust is that you make them your accountability partner said highly recommend starting a conversation being open because it helps you face the reality of your current situation the next thing I'd recommend if your well-being is to journal now thankfully this is something that's becoming a lot more mainstream I do journaling all the time on my iPad okay so I've got an app called notability you can look this up on the Apple Store okay look for the app called native ability or any other one that you fancy for that matter you can even do journaling on paper on a notepad you know whatever you prefer I do mine on my iPad okay using the notability app okay now I do this for a very specific reason and one question I ask myself every single day is what are three things that I'm grateful for what this does is that gratitude is the antidote for optimism so if you want to have more of an optimistic life even in the darkness of being broke write down what you're grateful for because every day and I just builds you up internally and just gives you hope then you can one day live a different life to the one that you're currently living at the moment the third idea for your well-being is to walk and run all run whichever you prefer so every single day I go for a 30-minute or 45-minute walk I do it to clear my mind to generate some new ideas and to stay grateful okay all these things just helped me really look forward to the next day and look forward to successes and things I'm working towards and helps me really become more of a rounded individual in even in the face of many challenges or blessings that I enjoyed in my life so I highly recommend taking that walk every day or going for a run every other day or maybe once a week or whatever because it doesn't cost you any money to do it and it really helps you to change your environment whilst you're doing it as well I've got bonus fun to offer you for how to stop being broke this morning whilst having my breakfast downstairs I saw you somebody having their breakfast next to me and I've told him was gonna make a youtube video about how to stop him break and this suggested something which I thought was a really genius idea their idea was to go and volunteer okay some volunteer in a place that you think has a potential future generates a possible opportunity or to build a key relationship okay she for example this lady who'd given me an idea her main issue with being broke was being able to make sure she could find some food for herself and her family so she suggested that she what she did was that she went to volunteer at a farm and at garden centers by doing that she was able to plant various crops and things that were able to provide her ones with some food and also the places she volunteered allowed her to take some of the produce to help her provide food for herself and I thought that was really genuine and really interesting idea if you're somebody for example he's currently broke or maybe not earning enough your current job or looking for a new opportunity for example I'd highly recommend approaching you know employers that you might be interested in working for and maybe suggesting that you volunteer for them become the T person get the biscuits answer the phones whatever it is these ideas can be applied and can potentially lead you towards building the right relationships in an organization then why don't lead you to perhaps finding the right job that you're looking for from creating a new job opportunity if you're someone who's a student for example who's never worked but looking for your first kind of foot in the door but a key idea here about volunteering is being creative and looking around you for potential opportunities things that are slightly unusual but which you can apply your time and gradually out of that will come something that will help you work towards kind of escaping your current situation guys I really hope you've enjoyed this video today on key steps to take if you're somebody who is currently broke living paycheck to paycheck that sort of stuff okay I'd love to hear from you in the comments below if you as somebody who's currently living paycheck to paycheck okay admitting that you are currently living a check to pay check is the beginning of trying to break free from now I'd love to engage with you in the comments below to help you work towards other suggestions that might be more personalized towards your personal circumstances okay please make sure you comment below let me know are you currently living paycheck to paycheck and what is it that's stopping you from breaking away from that cycle let me know from your personal circumstances what exactly is stopping you breaking free from that I'd love to know what the practical realities are so that we can get started too as helping you get away from that I really hope you've enjoyed his video today if you did please hit that like button because it really helps to encourage lots and lots of other people to watch our channel and support what we're doing here if you're new to our channel make sure you hit that subscribe button and don't forget to hit a notifications button so that you can get notified when we publish content twice a day on a Tuesday as well as if Thursday thanks a lot for watching I look for to see you again on our next video take care and bye for now alright we're done bye bye from Cambridge

Channel: The Humble Penny

Views: 21,694

Keywords: how to stop living paycheck to paycheck, living paycheck to paycheck, stop living paycheck to paycheck, stop living paycheck to paycheck tips, I am broke, how to save money when you live paycheck to paycheck, paycheck to paycheck, lifestyle creep, how to stop being broke, how to stop living paycheck to paycheck UK, how to save money, budgeting, how to budget, how to invest money, lifestyle inflation, broke, help I need money today, i have no money, the humble penny, freelance, UK

Id: JbsFme3xJTU

Length: 25min 19sec (1519 seconds)

Published: Thu Feb 13 2020