ACCOUNTANT EXPLAINS: Money Habits Keeping You Poor

Most of what we do with our money everyday is unconscious. In this video I share the most common bad money habits and how you can break out of them.


⌚️Timestamps:
00:00 - Intro
00:28 - Paying Yourself Last
01:53 - Bad Debt
02:31 - Buffer
03:17 - Income & Expenses
03:57 - Spending
04:48 - Saving
05:37 - Taxes
06:56 - Waiting too long to invest
07:59 - Not caring

MY FILMING EQUIPMENT:

KEEP IN TOUCH:

DISCLAIMERS & DISCLOSURES

This content is for education and entertainment purposes only. Nischa does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

[Jannemann]

Those tips are helpful, but the most helpful tip is to being born in a wealthy family. Many many people are not poor because of their own bad behaviour but because it is difficult to escape the system. Having financial problems atm myself, I don't see how to safe 3-6 months of expenses if my income barely covers my costs

[amysofia]

I grew up always being warned by my parents "live below your means". In other words, rather than buying whatever you CAN afford, instead buy items at price points a little bit lower than that. So if you can afford a $500, 000 house, aim for one at $400, 000 or $300, 000. If you can afford a brand new $30, 000 car, buy something cheaper like a $20, 000 or a used vehicle. It means they you can still live a great life but you will never be stretching yourself thin and can actually build savings and invest in your future.

[beardswashingtonmen]

just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

[toriambrr]

i just made the “pay yourself first” switch a couple weeks ago after being desperate to save up enough to move. i realized i wasn’t gonna save anything major by just saving what’s left over. now i SPEND what’s left over. it’s harder but it’s so worth it and i’m so proud of myself

[Hellanissan]

I’m a corporate finance professional. Over the years I’ve seen many accountants remain poor as well. Aside from better financial upstanding and literacy. The biggest factor I believe is discipline. People really struggle with it.

[MaxWell-ppzs]

Breaking bad money habits and investing wisely reminds me of the time I made a conscious effort to save $200 a week for 14 years. It wasn’t easy, but staying persistent paid off, and I eventually watched my savings grow to $3M through investing. Seeing those small steps turn into something significant has been incredibly fulfilling.

[williamhenry]

It makes good sense to automate savings. I would not automate spending, because it is a good way to lose track of what is going out

[RonakKhatak]

Good video, but there's nothing specific here. I recommend everyone to find the forbidden book Whispers of Manifestation you'll be shocked by the secret money attraction techniques it contains

[abhiu]

Three things i will add on.
1. Never get a credit card if you're clumpsy in financial management.
Credit card comes with financial decipline. If you are ready to decipline yourself then go head or else don't get it.
2 Avoid food which says ' Content added sugar' in super market. This single decision will keep you healthy and wealthy
3 Save for passion. Have passion for which would like to spend. This will motivate you to save. Plan your spendings.

[JackWalsh-dh]

Without a doubt, this year will be worse than the last. I lost a lot of money last year as a result of bad investment choices that I would not have made if I hadn't been so worried about my portfolio. I kept investing, but I couldn't determine whether to start paying for a house. In the end, I sold my positions, and the house needed more work than I had planned. I'm not sure how long I can keep going like this

[bwcnvrh]

I can't believe why nobody is talking about this book called Secret Pathway To Triumph. Millionaires book, Trust me.

[andrij.demianczuk]

Finances are like nutrition. If you don’t care about it, it runs away with you and you can never get ahead and focus on the OTHER things that matter. When you care about your finances you are in essence making yourself healthier as you would by eating better, exercising or learning.

[susannatuttapanna]

can I also add: don't pay full price unless there's no alternative. Most stores have year round sales these days, and there are cyclical discounts such as Christmas sales, Black Friday, Summer sales etc where you can get deep discounts. It takes a bit of patience but if you wait for one of these opportunities to buy the thing you want, you can save so much (and never buy anything in a sale you wouldn't pay full price for!). There are also lots of places to buy second hand or refurbished goods that are as good as new, and many places where you can get things totally free, such as freecycle.

[ProsperityGrowthPower]

What valuable advice! Growing up with the mantra 'live below your means' is a wisdom-packed approach to financial well-being. The idea of intentionally choosing items slightly below what you can afford is a smart way to ensure financial stability and build a solid foundation for the future. It's a practical strategy that not only prevents stretching oneself thin but also opens up opportunities for savings and investments. This mindset is a timeless principle for achieving financial success and security. Thanks for sharing this insightful perspective that resonates with many seeking a balanced and sustainable financial life!

[greatsidders]

Hi Nischa I am a financial advisor and have recently started following you and got to say I love the content. The biggest plus was the strength you showed when you weren’t getting enough views but you kept going. Hats off

[daviddubois]

I’m so thankful my parents thought me about budgeting and putting money aside for Emergencies. Those lessons have given me the opportunity to live comfortably and not worry about money problems.

[noemimedina]

I’m so happy I found your channel. From a complicated career transition to becoming a full time student- I’ve lost my way with finances. Your videos have given me confidence and a drive to change. YES ON TAX VIDEOS!

[theshadesofambience]

I love You Nischa 💖💖 Your the best financial teacher! your direct, clear, to the point, and have smart counsel for others to follow. Love your channel and this video was excellent to help me improve my finances. Thank You so much! :)

[KiyosakiSays]

“The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.” - Robert Kiyosaki

[upscaleadsagency]

Nischa, thank you. I've heard a lot of these principles before, but the way you explained them (especially the real meaning of 'pay yourself first') has meant that I've really understood it. I felt it click in my brain. Thank you. You have a new subscriber. 👏🏼