Name: Broke at 25? - 5 Steps To Force Your Way Out of Poverty
Uploaded: 2021-05-04T18:20:22.000Z
Duration: 10 min 3 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

To-infinitive

63 percent of Americans have been living paycheck to paycheck since the Covid pandemic started.

The ratio wasn't that different before the pandemic, where over 60 percent of Americans

Past simple

did not have an extra thousand dollars in case of an emergency.

And that's not because people don't want to save but rather because they are in that desperate

financial situation where they have no other option, especially the young people.

You get out of college, and you already have a huge burden on your shoulders (student debt)

that will most likely keep you in that poor financial position, no matter how hard you

A student debt, some credit card debts, maybe a car loan if you purchased a car while you

The question is, how are you suppose to build wealth when every passing day that you are

not paying your debts, your debts are growing.

And if 2020 taught us something, nothing is guaranteed.

You can graduate with a 200K dollar degree and yet you won't find a job because the world

Even if you work hard enough to pay all of your debts, you are probably going to have

a family and kids and a mortgage by then, which means more financial responsibilities

It seems like the system is designed in such a way to lock you in that position where you

have no other choice but to keep working your entire life.

You are not much worried about that because you have to go to school, then to college,

and you imagine that once you graduate, everything will be sorted out. 

You will find a good job, and that will be the end of your financial miseries; however,

once you graduate and find yourself in that workplace, you understand that was just wishful

That's why here in this video, we will find out how to break that system?

So give this video a thumbs up and lets' get right into it.

  don't let the snowball effect destroy you

This is literally the main reason why a lot of people are struggling financially.

And people who understand this concept usually do pretty well financially.

When a snowball starts falling from the hillside.

As it rolls, the ball will pick up more snow, gaining more mass and surface area, and picking

up even more snow and momentum as it rolls down.

When you are a kid, you don't have many expenses, but once you graduate and find a job, your

You want to move into a slightly better house, get a slightly better car, you start eating

As long as you can afford that, that's not a big deal!

However, what happens usually is that your income doesn't always rise as much as your

expenses, so you are forced to get a credit card debt, which is not a big deal, but then

you get into a second debt, then a third and at some point you find yourself in a station

where no matter how hard you work, you just can't pay your debts. 

While you are paying one of your debts, the second and the third is rising day by day

since it accumulates interest like a snowball effect.

Your debt is simply getting bigger and bigger day by day.

So if you are in your 20s, don't get into unnecessary debt, and if you are already in

one, getting rid of your debts should be your first priority.

This exercise is simple but very effective.

It is practiced by the legendary warren buffet who built a net worth of around 100 billion

dollars without inventing anything says a lot about the effectiveness of this rule.

Over his career, he has made consistently great decisions that brought him to where

Take a piece of paper and write down the 25 most important things you would want to accomplish

It doesn't matter, whether it's career goals, traveling around the world, or learning a

List all the 25 things in order of importance.

If it's something super important, let be number 1.

If it's the least important, let be somewhere down the list.

And then circle the top five most important things. 

Now the question is, what are you going to do with the remaining 20 things that you did

Most people try to balance between all these things, which is one of the main reasons why

they can't get out of that desperate financial position.

Everything you didn't circle just became your Avoid-At-All-Cost list.

No matter what, these things get no attention from you until you've succeeded with your

We live in such an age where we have to make a million decisions a day, our attention has

become the most precious resource, so corporations spend fortunes just to find out how to grab

our attention as much as they can and your job is to stay focused on what's important.

I get it, you want to do all these cool things, such as learning how to play the guitar or

travel around the world, but if you want to do better financially, you have to focus on

either mastering one craft or starting your own business.

But you might say, I don't have the time, I have to work to pay all my bills.

If you take a look at your expenses, I am pretty confident that half of your expenses

are wants and not needs which means you can survive if you get rid of them.

That Netflix subscription, your car loan, unnecessary expensive hang out with friends,

a coffee that you could be making at home but instead, you chose to pay 3 bucks for.

Find out how much you need to survive and only work enough hours just to pay your basic

bills so you will have enough free time that you can spend mastering your craft or building

Especially with the rise of the internet, you can start a million other businesses just

by having an internet connection and a computer.

The point isn't to live super frugally your entire life.

But if you want to get out of that rat race, you have to sacrifice a few years of your

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Broke at 25? - 5 Steps To Force Your Way Out of Poverty

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