Placeholder Image

Subtitles section Play video

  • Have you heard the phrase, the rich keep getting

  • richer, and the poor are getting poorer?

  • Well, it's not just a phrase.

  • Unfortunately, it's the truth.

  • Despite the fact that millions of people are leaving poverty behind and are even becoming

  • millionaires.

  • Most people will never make it.

  • In 2020, America's 614 billionaires net worth exceeded 3 trillion dollars.

  • The stimulus bill that supposes to help your average folk ended up helping the billionaires

  • the most.

  • At the end of the day, most people spent that money either on their basic needs or purchased

  • some gadgets on amazon.

  • I guess Bezos was the ultimate beneficiary of the stimulus bill.

  • Even though he has stepped down as the CEO of Amazon, he is still the biggest individual

  • shareholder.

  • But the question that I want to focus on in this video is - how do you get out of poverty?

  • What if you are born into a poor family, it's not your fault, what do you do?

  • How exactly do you build wealth and become financially free?

  • We will answer all of these questions and many more, only if you give this vide a thumbs

  • and just comment, it doesn't matter what you write down there.

  • I just wanna see how good this video is going to perform, if everyone comments.

  • Just comment whatever you want, I promise that I will reply to every single comment

  • under this video!

  • 
 


  • Understand that no one is going to help you except yourself.

  • it's great when there is someone who can help you.

  • Either it's the government or your parents, but the reality is no one really cares about

  • you except yourself.

  • Of course, your parents want you to have a better life.

  • However, they don't always have the ability to provide you with that opportunity, and

  • if they have grown up in a poor family, it's very unlikely that they can give you good

  • financial advice.

  • Otherwise they would have gotten out of that position long ago.

  • If you talk to people who are struggling financially, they will always blame someone, especially

  • the government who suppose to take care of them.

  • I am not saying that the government shouldn't take care of you, but if you rely on outside

  • factors, you will have to wait for a long time.

  • You have to make it crystally clear to your self that no one can help you as much as you

  • can help yourself.

  • That's the first step to make any meaningful change.

  • 
 2.

  • Don't settle for a low paying job I am not against getting a job.

  • In fact getting a low paying job when you are a teenager is a perfect opportunity to

  • teach yourself the basics of business and money and learn how to be responsible with

  • money.

  • However, a low paying job is a trap that most people get into and never leave.

  • When you grow up poor, every penny matters, every dollar makes a difference, you grow

  • up with very little needs and wants.

  • Everything you want can be fulfilled with a few thousand dollars.

  • All you want is a proper roof over your head, some good food, and gadgets that everyone

  • else around has.

  • So when you get that first job as a teenager, it provides you with enough income to fulfill

  • those needs, but in return, you have to give up most of your time.

  • So you get to a position where you just work the entire day on a job that doesn't provide

  • you with skills to increase your income year after year but at the same time fills your

  • basic needs at least, so you get trapped in that job.


  • A low paying job gives you instant gratification but a very little reward in the long run.

  • You can quickly earn enough to be able to take a car on credit, get the latest iPhone

  • and start going out with friends.

  • But, at the same time, it won't give you the luxury of free time to work on yourself and

  • make your time worth far more valuable in the long run.

  • Hence, you have to teach yourself how to delay gratification.

  • The best way to do that is to start going to the gym.

  • No matter who you are, no one is going to see any progress after hitting the gym once,

  • or twice or an entire month.

  • Real progress comes after many months of hitting the gym at least 3-4 times a week, and if

  • you want to see a substantial difference, then you might need to go to the gym for a

  • few years, maybe.

  • That experience will teach you how to work hard for something you will get years later.


  • 3. have a clear planif you don't have a plan of how you are going

  • to become financially independent, you will forever be trapped in poverty.

  • It doesn't matter how long that goal is going to take.

  • If you don't have the plan, you won't have the discipline to save and invest.

  • Let me just give you a hypothetical example.

  • Let's say you spend 50K a year.

  • If you don't know how you are going to create a passive income of 50K, then you are wasting

  • your time.

  • But how do you create such a plan?

  • We have discussed that in previous videos, but here is the point in short.

  • You have to buy assets that generate income over time, it could be anything from real

  • estate to stocks to bonds or a business that can function with minimal management.

  • A 200K dollar house can be rented for 2K dollars a month, for example, or 24K a year.

  • So, for you to become financially free, you need at least to purchase two properties that

  • will provide you with a rental income of 48K dollars.

  • That's just one way to do it.

  • There are a million other ways.

  • You can take a mortgage, for example, and let your tenants pay the mortgage and have

  • a small cash flow with every property.

  • Or you can consider the stock market, where you can expect a 10 percent rate of return

  • in the long run.

  • It doesn't matter what the plan is as long as it's there, and it seems like it has a

  • good chance to work.

  • Whether you are going to save 10% of your income to get there or 90 percent, it depends

  • on you.

  • But here is what most people are going to say, my income barely covers the bills.

  • How am I possibly going to save that much and invest?

  • that's why you need step number 4! 


  • 4.

  • focus on educating yourself

  • if you are making 50K a year, it's impossible to imagine yourself making 200K, for example

  • or half a million dollars or a million dollars.

  • Because you are comparing that million dollars to your current job.

  • If you are making 20 dollars an hour, then you have to make at least 250 dollars an hour

  • assuming you will work for 12 hours every single day to be able to make seven figures,

  • and as far as it seems, no one is going to pay you that much for a such a job.

  • However, that doesn't mean, there aren't ways to earn that much.

  • There are people who make far more than that, the only problem is, you have to find out

  • - how! that's why you have to educate yourself.

  • But if you spend all your time on a low-paying job, you won't be able to do that.

  • So what should you do, either find extra time after you are done with your job or what I

  • did back then is just minimize my expenses, deny my self some of the things so that I

  • could work less to pay the bills and suddenly I had some extra time to work on myself.

  • If you are just starting out, pick up some books, take a look at my book recommendation

  • video, find out what your strengths are, learn how the latest technologies work, and start

  • something in that field.

  • It's not going to happen overnight, but remember that you are in it for the long run.

  • 
5.

  • Set up a boring but effective routine

  • Once you come up with a reasonable plan, it's time to set up a routine.

  • Forget about having adventures every single day.

  • You cant be productive if you don't have a routine.

  • That life you see on Instagram is nonsense.

  • Trust me, everyone who makes real money almost never lives like that.

  • The life of a person who makes a lot of money is super boring!

  • Yes, it's boring but yet effective.

  • You wake up every day at the same time, do the same thing, over and over and over a long

  • period of time, which could be years, you achieve meaningful progress.

  • Remember the example of the gym.

  • Building a great body is a result of going to the gym every day and repeating the same

  • exercises.

  • Yeah, sometimes you try new equipment, but overall you do pretty much the same thing.

  • You train your chest, back, biceps, shoulders at least once a week.

  • After 2 or 3 years of hitting the gym 3-4 times at least a week, you start to see the

  • fruits of your hard work.

  • That's how everything works in life, including wealth.

  • So don't feel miserable when you scroll through your Instagram feed.

  • Just focus on what you are good.

  • 
 


  • We don't choose how are we born.

  • Some of us are lucky to be born rich, while others aren't fortunate.

  • But As a wise man once said: "It's not how you start that's important, but how you finish!"

  • If you are born poor, it's not your fault, but if you stay poor for the rest of your

  • life, then it's your choice.

  • Of course, circumstances change from country to country.

  • Being born poor in a first-world country like the united states is different than being

  • born in the middle of Sahara, where you do not have the infrastructure to start building

  • wealth.

  • However, with the rise of the internet, that has changed, you could be anywhere and yet

  • still educate yourself and even build an entire business online.

  • 
 I hope you guys have enjoyed this video.

  • If you did, give it thumbs up.

  • And if you are new around here, then subscribe and turn on your notifications.

  • We are trying our best to make great videos for you and hopefully help you achieve your

  • financial goals.

  • Thanks for watching and until next time.

Have you heard the phrase, the rich keep getting

Subtitles and vocabulary

Click the word to look it up Click the word to find further inforamtion about it

A2 gym job income poor financially born

5 Simple Steps To Get Out of Poverty

  • 1368 48
    Summer posted on 2021/02/23
Video vocabulary

Keywords

entire

US /ɛnˈtaɪr/

UK /ɪn'taɪə(r)/

  • adjective
  • Complete or full; with no part left out; whole
  • (Botany) Having a smooth edge, without teeth or divisions.
  • Undivided; not shared or distributed.
  • Whole; complete; with nothing left out.
phrase

US /frez/

UK /freɪz/

  • other
  • To express something in a particular way.
  • To express something in a particular way.
  • noun
  • A short expression that is commonly used.
  • A group of words that form a conceptual unit, though not a complete sentence.
  • A musical unit, often part of a larger melody.
  • Common expression or saying
  • A short expression that is commonly used.
  • A group of words that form a conceptual unit, though not necessarily a complete sentence.
  • Section of musical notes in a piece of music
  • A set of words used together
  • verb
  • To choose words to say what you mean clearly
opportunity

US /ˌɑpɚˈtunɪti, -ˈtju-/

UK /ˌɒpə'tju:nətɪ/

  • noun
  • Time, situation when a thing might be done; chance
  • A favorable or advantageous circumstance or combination of circumstances.
  • A chance to do or achieve something in business.
  • A set of circumstances that makes it possible to do something.
  • A favorable time or occasion for doing something.
  • A favorable juncture of circumstances.
  • A situation or condition that provides a job prospect.
  • A possibility of employment or promotion.
  • A situation or occasion affording some advantage.
  • Scope for exercising a talent or skill.
  • A time or situation in which something can be done.
routine

US /ruˈtin/

UK /ru:ˈti:n/

  • adjective
  • Happening or done regularly or habitually
  • Always the same; boring through lack of variety
  • Performed as part of a regular procedure rather than for a special reason.
  • Performed as part of a regular procedure rather than for a special reason.
  • Lacking excitement; ordinary or uninspired.
  • noun
  • Regular or habitual way of behaving or doing
  • A lack of excitement; a predictable and uninteresting course of events.
  • A sequence of instructions in a computer program that performs a specific task.
  • A sequence of actions regularly followed; a fixed program.
  • A sequence of actions regularly followed; a fixed program.
  • Series of actions that make up a performance
  • A set of established procedures, often in a specific context.
  • A set of actions, often traditional or regularly followed.
  • A sequence of actions regularly followed; a fixed program.
progress

US /ˈprɑɡˌrɛs, -rəs, ˈproˌɡrɛs/

UK /'prəʊɡres/

  • noun
  • Act of moving forward
  • verb
  • To move forward or toward a place or goal
  • other
  • To move forward or onward; advance.
  • To advance or develop towards a better state.
  • To make progress; develop or improve.
  • other
  • Advancement or development towards an improved or more advanced condition.
  • The process of improving or developing something over a period of time.
  • Advancement or improvement in development, skills, or knowledge.
  • Forward or onward movement towards a destination.
  • other
  • To cause to advance or develop.
matter

US /ˈmætɚ/

UK /'mætə(r)/

  • verb
  • To be of great importance; to count
  • noun
  • Material all things are made of that fills space
  • Problem or reason for concern
effective

US /ɪˈfɛktɪv/

UK /ɪˈfektɪv/

  • adjective
  • In operation; operative.
  • Successful in producing a desired or intended result.
  • Working efficiently to produce a desired result
  • In operation; in force.
  • Successful in producing a desired or intended result.
  • Producing a desired or intended result.
  • Actual rather than nominal; real.
  • Skillful and producing the intended result.
poverty

US /ˈpɑvəti/

UK /ˈpɔvəti/

  • other
  • The state of lacking something.
  • The state of being extremely poor.
  • noun
  • State of being poor
  • Lack of something necessary
achieve

US /əˈtʃiv/

UK /ə'tʃi:v/

  • verb
  • To succeed in doing good, usually by working hard
  • To successfully bring about or accomplish a desired result or aim.
  • other
  • To succeed in reaching a particular goal, status, or standard, often after effort or perseverance.
  • other
  • To successfully bring about or accomplish a desired result or aim.
position

US /pəˈzɪʃən/

UK /pəˈzɪʃn/

  • noun
  • A condition with regard to circumstances.
  • The way in which someone or something is placed or arranged.
  • Person's opinion or attitude about something
  • A job; a post.
  • Specific location where someone or something is
  • A particular stance or attitude towards something.
  • Where you play or your role on a sports team
  • Person's job or status level
  • Set of conditions affecting what you can (not) do
  • A player's place in a team.
  • other
  • To put or arrange (someone or something) in a particular place or way.
  • To put (someone or something) in a particular place or arrangement.
  • To put (someone or something) in a particular position in relation to other people or things.
  • verb
  • To put in a particular location or direction