What Keeps Poor People Poor and Middle Class Poor
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- เผยแพร่เมื่อ 11 ก.ย. 2024
- I remember living with my mom, and I knew we were poor, I basically slept on a sofa for the first 10 years of my life, but I had this friend who became my best friend at the time, and he lived on this house on the hills and his family had great careers ( I always assume they were rich )
But the more I got to know them, I realize they struggled just like everyone else I knew. Because it's not about how much money you make, it's about how much you keep.
Then I mean an old lady, two rental properties, no expenses and literally did whatever she wanted, that was my grandma. I finally understand that wealthy is not having to work, because the income that comes in covers all the expenses. And the number one tool for you to build wealth is your income.
So in this video let's talk about what we call 4 for 4, its 4 things that keep poor people poor and the middle class poor also ( they are both different )
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1. Poor People List of 4
-When I say poor I don’t mean just living below the poverty line but I mean those people that live in very poor zip Codes
-I learned not trust statistics and poverty lines
-Because sometimes just by making a few dollars they don’t think you are poor nut you really are ( its like we could never qualify for food stamps even though we needed it )
These are the thing you usually only see in poor people neighborhoods
First: Lottery tickets
-They spend an average of nearly $600 per year on tickets
-These are people that make less 10k per year, that’s litearlly 6% of their income on tickets
Second: Pay Day Loans
-Imagine taking a loan against money you havent even gotten paid yet and then paying 15-20% maybe more
Third: Rent to own
-You could end up paying more than the home is worth, lose money if you don’t want to buy and they usually deals that favor the seller not you
Forth: Life Style Fat
-You know all the people that buy things they can't afford just to look the part
-I know those people because I was one of those
2. Middle Class Poor
-These are people with more than enough income to build wealth
-But they end up tying it all up in liabilities and trash
-So they never have the chance to build any wealth
First: Credit Card Debt
-Average debt is about $6000 per person, how do you get rich paying 18-24%
Second: Student Loans
-Average student loans is about $37,000 and this avearge but I never meant a person aside from myself that didn’t have a higher balance
Third: Big Mortgage ( big hat no cattle )
-I need a house that has a good school, and x amount of rooms
-Paying more than 33% of your income is stupid
Forth: Whole Life Insurnace
-Its 10x more expenses than term life
Firth: Car payments
-New $700 and used is 525
They might seem like they are doing different things,
-But at the end of the day
-They are both giving up their income that could use for future wealth productions
-And the good news is that 90% of millionaire are first generation, so you can also do it
So what's the solution
-I recommend two books, stop acting rich and the millionaire next door
-Because like Dave says, if you eat what fat people eat you will be fat
-So if you want to be rich do what rich people did
Rich People:
-They tend to avoid debt
-They live below their means
-They buy assets not liabilities
-They focus on freedom
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I'm so happy i made productive decisions about my finances. Bought my second house in September last year and hoping to retire next year if things keep going smoothly for me.
I think 2023 is going to be a better year if people know how and where to channel their energy for financial benefits. I don't know who agrees with me but crypto or real estate is a good way to make things happen.
WOW, pls share some tips on how you achieved this beautiful feat, I would appreciate
@@TinaRanieriA I think I was just lucky, I don't know how I manage to come across this broker and professional cryptotrader by the name Brianna Megan
You did great, crypto is no longer what it used to be, if you're going to achieve something in it you need the experts to make it happen.
I invest with mrs Brianna Megan too, she charge a 15%commission on profit made after every trading session which is fair compare to the effort she put in to make huge profit...
To obtain financial freedom, one must either be a business owner, an investor or both, generating passive income, particularly on a weekly and monthly basis .that's the key to living a financially stable life. This trick has never failed.I pray that anyone who reads this will be successful in life and put this basis to work and practice
you've remind me of what someone once said "The mind is the man, the poor is in it and the rich is it too".
This sentence is the secret of most successful investors.
and i most tell you the truth.investment is the key that can secure your family future.
You are right and it's the truth 👍
But I don't know why people remain poor due to ignorance
These tips are so solid!!! I especially like the tip you made about middle class ppl spending all their money every single month on paying off their super high credit card bills. This is horrible and it’s definitely a cycle that can catch up to you really quick. Great video by the way!!! It’s so good!!🔥🔥🔥
Made it to the end of the video. Some great knowledge you have and I 100% agree . We are working very hard at living financially free. And no it’s not easy at all. But definitely doable if you’re determined enough to make it happen . We have big dreams and I’m excited for what is to come 😊. Good luck to everyone aiming to live freely ❤️
NO! I agree and trying not to fall into the trap!! Paying down my debts.
No. I am a unicorn. No credit card debt. No car loans. No mortgage. It’s paid off. No designer purses or shoes or clothes I did get at the goodwill store.
Love your videos. I’ve tried to get younger people to listen to you. I wish I knew most of the stuff you talk about when I was younger.
I got anything designer at the Goodwill store.
No- omg paydays loans are the worst very hard to get out of that cycle.
I got my ass chewed trying to tell people if you making $50k a year don’t buy a $300k house that’s why y’all poor I wouldn’t buy $300k home I’m making $300k the way taxes and interest rates are the actual price of that $300k home is like $630k!
I make under 30k a year and I dont feel poor at all , poverty is a mind state
Newsflash
Perhaps it's not about how much you make,it's about how much you save and invest. A majority of high income people in the US (who makes more than 500,000$ per year) lives paycheck to paycheck... Crazy.
i was at a wealth forum abd a guy answered, you can live well on very little? well i was shocked, because its true. and in reality we are all average Joes in life. only the addicted live on the street or homeless, Actually???...think about it?
@@mariec5716 I have a aunt who lives on welfare and basically spend almost all her money in Stupids things like shoes and clothes.... Here you can clearly see that no matter how much money you make, a poor mentality will always lead to poverty and so the only way to get rich is by changing both mentality and then habits.
@@frankhot1986 hi. true. most people on benefits live are poor, yes, because they choose to be? if they would live fugal they would not be poor. its true what you say, mind mentality set is everything. My sisters are the married poor because they are into entertaining people, who take it all and give them nothing back. after all these years, ill health has arrived into their lives. they realise, they have not one true Friend. life is strange???...
Great information, the borrower is slave to the lender is what I think about when people owe.
Currently working on getting out of Debt
Thanks bud for keepin us financially Educated! Regardless of how bad it gets on the economy, I still make over $22,000 every single week.
That's awesome!!! I know nothing about investment and I'm keen on getting started. What are your strategies?
As a beginner investor, it's essential for you to have a mentor to keep you accountable 🤷. Myself I'm guided by Mrs Kristin Smith, a widely known crypto consultant 💪
@@Maricel_oronan Wow!! Kind of in shock, you mentioned Mrs. Kristin. She has proved beyond all doubt that it's worth generating wealth from crypto investment. I've been earning greatly
Mrs Kristin Smith has aided so many newbies. I made over $74k with some amazing gains in the market, her pattern are very lucrative
@Susan Karen I'm sure her service is available outside the US, but you gotta ask her first. I'm positive because I have a friend who stays in Australia and using her services too. You should ask her though to know if she offers her service to your country. She's actually from Italy but she's Based in USA with her family.
No.Great information Tommy! Didn't realize I was doing how some of those things were keeping me living check to check. Definitely have to work.on changing my way of thinking about money and its purpose.
Thank you Tommy for the eye opening message
Looks like you’ve been hitting Ramseys more advanced stuff lol… always a good refresher though
Certification can help increasing your income as well
it was a dentist with the 1 million dollar student was and a dave ramsey documentry
No! To meaningless conversations that's not goin' make me reach my goals in life!!
There is a far less time-consuming answer: The poor guy has his name on his shirt. The middle class guy has his name on his desk. The wealthy guy has his last name on the warehouse-sized building he drives by in his limo. Women are not needed in this discussion because they inherit whatever these guys leave behind when they die of their respective premature heart attacks. Actually, this answer is also time-consuming, but more amusing than most...
I’m just learning this.
You look like the guy Project Veritas exposed 🤣🤣🤣
I do rent to own but it’s different than Rent to own I pay him for the next 15yrs or less
The advantage person making 100k a yr is under water with homes and cars and then say kids are expressive .
Tommy, of course we want to know the 4 things that keep the rich rich,
Really wish your content was a bit more valuable to me Tommy however I find it too redundant these days. You’ve probably gotten stale on your ideas as a result of posting daily which is totally understandable! I just need to be transparent and let you know before you start losing other subscribers. TH-camrs like Alex Hormozi & Vincent Chan truly provide the best content and value every time. Hopefully you can use this as constructive criticism to continue to improve Tommy as I really used to enjoy watching your videos every week!
his aunt watching this catching strays about her home😂
6000$$$$ on credit card!!!!! I am complaining about my 1400$ credit card that I am paying
Why does the rich avoid the poor? Specially, what is the reason behind that?
Insightful ✊🏾
Another good video👌🏾👍🏽👍🏽No, 👍🏽
Thanks
No!
🔥🔥🔥
😱😱crazy
I was wondering did you ever think about making a video about what poor people should do with their income taxes It will get an idea in the right people head
Pay down debt…keep an emergency fund at least 1500
yea I never bought a ticket in my life
No, matter what people try to keep up with the Joneses
Well, guess what, my student loan debt is $500 😂
no
4/4 Wendy's 😅
no......
Do rich people hate poor people?
NO
No , make other video u suggested
NO!!!😅🤣
No🎉😊
Nooooo
No no no!!
No.
No. Make the rich people video!
let me guess, it's all poor people fault huh? is this a "personal accountability" bs video? did he talk at all about suppressed wages since the 80s while productivity skyrocketed? i'm guessing not. lmaoo ppl like this have the MOST surface level understanding of this subject that it's laughable to ever listen to them in the first place.
No. Make rich people rich
NO NO NO NO NO NOONKO HUIKMN
No! 💪⚓️
What Keeps Poor People Poor and Middle Class Poor??? Liberal policies
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