8 Reasons Why Most People Will Always Be Poor (It’s Surprisingly Avoidable)

Are you one of those people who is constantly asking themselves, "Why am I always broke?"
Or, do you have a good job with a nice paycheck, but your bank account is always overdrawn? Well, in this video, I will share with you eight reasons why most people will always be poor regardless of how much they make. So, make sure you watch this video to the end to find out what you can do to change the situation.

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⏱ Time Stamp:

00:00 Introduction
01:50 You Do Not Save
03:05 You do not set financial goals
04:37 You always spend more than you earn
05:54 You spend too much on housing
07:19 You do not budget
08:53 You are waiting for someone to save you
10:00 You don’t have an emergency fund
11:00 You rely on one stream of income

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[clarkdunshee]

Currently I'm just being smart and frugal with my money, I'm in the green 47% over the last 13 months and l've accumulated over $700K in pure profits from DCA’ing into dividends paying blue chip stocks, ETFs, index and mutual funds. However I’ve been in the red for a while now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait.

[neworleansjoe]

We experienced the pinnacle of our era, but it is now gone. Like what happened to Rome, the corrupt administration will bring this nation to an end. My condolences go out to anyone who is close to retiring and may be worried about whether their pension will be enough to pay the rising cost of living. Insane fiscal policy, poor regulatory policy, poor energy policy, and poor foreign policy

[slapdat.byteme]

I left home with an engineering degree and $600. 19 years later, my wife and I were millionaires. 13 years after that, we retired as multi-multi millionaires. Didn’t start a business. Didn’t inherit any wealth. Didn’t poop out solid gold nuggets. I avoided these 8 pitfalls. I’ll add a couple “do’s” too: Avoid debt. When you do borrow $ for a house or car, pay it down aggressively. Live below your means. Pay yourself first, then pay your needs, then consider spending on wants. Invest early & often. And lastly, make sure your investments are providing you passive income.

[Songe]

I spent years trying to distract myself from my crappy situation, which resulted in continuously spending money on new projects that never got finished, new books, new clothes, new art supplies, new craft projects, new plants, always looking for something new to distract myself from my own loneliness and misery.

I think the one thing a lot of people forget though is that been constantly poor means that we are constantly buying cheap stuff. The cheap toaster that doesn't last a month, the cheap kettle that might last two. The cheap tv, the cheap fridge, washing machine, Etc. We can never buy extended warranty and never buy goods that last.

This includes shoes, clothes, cars, etc. Even simple things like pens. Quality goods cost money. Then add in the fact we can't afford health insurance, home and contents insurance, car insurance, funeral insurance, life insurance and all the other things wealthy people probably don't even think about it. So if anything is lost, stolen, damaged, etc. We have to fork out money to replace it and not expect any help or compensation for it.

Then there is education where even if you get a loan to study something, you do still need to pay that off. On top of rent, clothes, food, power, travel costs, study supplies... do I really need to go on?

It does become something of a perpetuating problem. It is one I am finally starting to solve by making myself wait until I have the money to start buying quality stuff that lasts longer and reducing the constant need to replace stuff but it's something of a long, slow slog.

[nathanmoak]

many years ago people would say: don't bite off more than you can chew. i nibbled my way through life and i own everything i have. save money and pay cash.

[perfectionbox]

the thing that mattered the most for me was to make investments instead of purchases.

[dasvinimistry]

Definitely have financial goals, I'm working on mine now and working backwards. Learnt early on to not spend more than I earn, my dad drilled that into me when I was younger!

[UnpredictableMeme]

To be rich you will just need 3 things: discipline, planning and action. If have you these three, you can achieve whatever you want.

[dion]

It can get a bit annoying when your colleague complains about how high his rent is, when he shares the cost with his girlfriend while you pay the same amount on your own.

[jeremyhicks]

Life ain't fair, win anyways.
-retired U.S.A.F. Chief Master Sergeant Terry Savoie

[One-Crazy-Cat]

My housing mortgage is 10% my income and the only payment I got. I pay off all the cards monthly and keep minimum of 10k in my checking. My retirement is set. In the later 80’s I was impressed by a man in the most base model 1979 ford f150 with a 4 on the floor, coveralls and couple dogs in the back. This old truck had some dents and was showing rust in places. He had a rifle rack in the back and spoke like the rest of us. That man was the richest man in the world and would still be well over 250 billion today His name Sam Walton ww2 vet and founder of Walmart. I live in the low end of town and drive 10 year old paid for cars never mind the fact I could write a 50k check for a new one or finance a Lamborghini. Want guess what I drive in 2023? 2011 F150 base model and I loved every mile. Thank you Sam!

[brightwriter]

Do not let advertisers, social media, or peer groups decide for you that you need to buy things or have experiences. Enter the marketplace as a consumer only when you can identify exactly what you seek. If you have a vague sense of discontent, then you are easily sold goods and experiences by skilled and highly paid advertisers whereas you yourself have no formal history of studying advertising techniques and how to resist them. If an advertiser seems to discover what you need before you do, then DON'T BUY!!!

[ktvx.]

I disagree with the last one partially. Sure it's good to have more than one stream of income in case you lose your job, and investing is a good option, but spread yourself too thin with a million side hustles and you're not gonna be good enough at any to make any meaningful progress. I don't think you should have as many income streams as possible, just more than one and try to maximize the potential of each.

The other points are great imo.

[williamhanlon]

Never carry debt and spend less than you make. That's it!

[edgarLV]

You didn't mention car. Especially new car. It is just huge drop of money in "garbage". It looses it's value and have quite high service expenses.

[lorettaknoelk]

I mentioned to one guy how my favorite Starbucks drink has more than doubled since 2010.
I told him how much the drink was.
Instead of being impresses I keep track of money, he asked me if that was the most expensive drink I ever bought.

[aliganyiraherbert]

I believe it's the financial mind an individual needs and not chasing after money.

[quadaar]

Why am I Always Healthy 🙃 Strong 💪 Wealthy 💰 Prosperous 🤑 Gratefull 🙏 Blessed 🙌 Thankful and Happy!?!?!?

[conanclarke]

Some people are more luckier than others. But one has to make the best the hand theyre dealth with.

[mzamosithole]

This is one of the educational content I have ever come across.