Name: These 5 Money Habits Will Keep You Poor Forever
Uploaded: 2021-10-10T19:35:04.000Z
Duration: 9 min 26 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...

wow what would you do if you accidentally $11.5 billion.

The superlative

It actually happened in january 2016 when the biggest powerball price in U.

Since the price was divided between three different people from three different states.

Even if we did that taxes and other expenses that come alongside winning the lottery, each one of them still end up with a few $100 million.

No matter where you are in the world, that kind of money is enough to keep you wealthy for the rest of your life.

Only the interest on it can provide you with a more luxurious life than even with the top U.

Even if you manage to get a 5% rate of return of, let's say $200 million that's $10 million of interest or $800,000.

You can spend every single month without your money ever decreasing.

However, when you look at the data things are absolutely opposite over 90% of lottery winners and in some cases even higher go back to where they have been before winning the lottery.

Most of them end up spending all that money in a single year or less.

If the price is smaller, the only question is why how do you go back to being homeless after winning millions of dollars?

It might sound strange but if we take a look at the reality then it's clear humans are creatures of habit While lottery can turn you into an overnight millionaire.

Your bad habits, I am going to disappear in a single day.

That's why it's usually not about how much money you make, but how you manage the money you are earning.

The first step to financial freedom is to get rid of the bad habits that are keeping you poor here.

The five habits that I believe are stopping you from reaching your financial goals.

If you're ready, give this video a thumbs up and let's start with the first one not valuing time.

This might not sound like a direct money habits, but if you think deeply about it, you will find out that it's the number one reason why most people are struggling financially.

Every hour that you waste on unnecessary things is an hour that could be spent on building a business or improving your skills that eventually pay out financially.

People treat time as if they have an infinite amount of it.

Let me tell you a little secret you sean is limited and the ironic part about it is that you don't even know how much time is left.

You might be in your twenties and you have plenty of free time.

That doesn't mean you're going to have that much free trembling child life.

So start looking at every hour you spend like an hour that you will never have a game or either going to take the best advantage out of it or stay mediocre.

Number two, don't let your life be all about money.

It sounds a bit controversial, especially after the first point, but here's what some people do that keeps them poor.

They live their lives as if money is the only thing that matters.

These types of people often try to get friends by showing off how much money they have.

So they spend money on cars they cannot afford and not only live paycheck to paycheck, but rather get into debt just to let everyone know how cool, strong and successful they are.

But deep down there in the financial mess when you do something for the sole purpose of making money, you will start missing valuable opportunities because you will stop seeing the big picture.

What might not be profitable in the short run could be greatly rewarding in the long run, remember that money is never the final goal.

The goal isn't to make as much money as possible because what's the point of all of that money if you're no longer going to be around, so treat money as a resource that can make your life better and not the destination itself.

Number three, jumping from one get rich quick scheme to another.

People who fall into getting rich schemes do not fault once they do it all the charm, they're always in search of that shortcuts that will pave the path to the richest without really understanding that there isn't such path.

Yes, sometimes it happens, but that's like one in a million or one in 100 million if you get lucky, good for you.

Stop wasting your time looking for that shortcut.

You're not going to get rich by reading a book or taking a course.

Some of these courses can teach you valuable skills that can help you.

But no matter what you do, it's a long path.

That requires a lot of sacrifices instead of the three months to imagine it can take you three years or maybe five years, depends on what you do and how hard you work.

When we see a successful person, we tend to think that they might be smart, talented or just pure genius.

Of course, that's true to a certain extent.

However, multiple studies have shown that the number one reason that sets successful people apart from the rest is the ability to delay gratification.

It's when you resist the temptation of an immediate smaller reward in order to receive a more substantial rewards later.

It's when you stop scrolling through instagram feed and get back to work or stop watching Youtube and start getting ready for tomorrow's test or hit the gym at night instead of going to a party.

The research shows that being able to delay gratification is a great habit.

It leads to academic success, physical health, psychological health and social competence that doesn't mean you should completely ignore the present and just focus on the future, Being able to live in the present.

All the charm is another great habit that you should be building.

If you want to be successful in the traditional meaning, take successful athletes, for example, on the pitch, they play around with the Bolas if they have been born to become athletes.

However, behind the scenes, they probably have been training for the last 10 or 15 years just to perform that trick better than everyone else on the pitch.

So to become a successful athletes, you can't be expected to be rewarded right after each training session.

You have to understand that you might need to work super hard for years to achieve any meaningful results, especially when it comes to money, most people fail financial because they're trying to get rich quickly instead of focusing on the long term on how they can build sustainable wealth.

Number five, comparing yourself to others, there is sometimes feel like you're falling behind as if everyone is doing something important and achieve great stuff while you're not, I mean, some people are already planning to visit mars while you can't even find a job, People out there, changing the world making billions of dollars.

While you can't even figure out what you want out of life, even if you put aside those who are much older than you and argue that you still got time to achieve what they have might achieved.

You still can find a lot of people at your age, you have achieved the level of success that you can only dream about.

It completely destroys your self esteem and that's the problem.

You do not understand that your life is used and it's different from any other life that has ever existed.

You can't compare your life to anyone else, even to the people who are around you, who are doing the exact same thing that you are doing, who are influenced by the same factors that you are influenced at the end of the day, you are a completely different identity with a different mindset strength and weaknesses than anyone else.

That moment, you compare yourself to others, You start taking decisions that are not in your best interest in the long run, which will end up hurting you.

Our school system has made this thing that we all should move in the same direction at the same speed.

We all started school at almost the same age, We move from one grade to another at the same time and then get into college.

This process has shaped our idea of life that we're all identical with similar passion skulls and opportunities and so on.

When in reality, we are not, life doesn't provide you with a fixed timeline, but rather it's very unpredictable and spontaneous.

If someone has achieved something at a certain age, that doesn't makes it necessary for others to achieve the same thing, some people achieve financial success at an early age, while others create a loving family at that time.

And this is something you have to accept.

Your life is your journey that you are going to create and it's going to be different from everyone else.

If you have enjoyed this video, you'll most definitely enjoy this custom playlist that I have created specifically for you that has our most popular videos on business investing in the stock market.

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