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  • 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

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5 Simple Steps To Get Out of Poverty

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    Summer posted on 2021/02/23
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