CPA Explains: Money Habits That Keep You Poor

This video discusses 10 bad money habits that are simple to correct, yet keep people poor if they go unnoticed.

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[kevincooper]

Food for thought: Place a sizable portion of your capital/savings in fixed-income securities like treasury bills, corporate bonds, government securities, debentures and let it grow. It will take you far I promise.

[AntonioBianh]

INSIPIRING!! Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

[Larimarc]

Maybe slightly outside the topic of money, but definitely bad habits that will keep you poor: smoking, drugs, gambling and heavy drinking.

[lillithyusef]

With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly—which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stock portfolio

[lovemyfamily]

1-The “spendies”: overspending as soon as you get paid
2-Credit card debt
3-No emergency fund
4-Not knowing where you spent your $
5-Not advancing in your career
6-Not knowing how to minimize your taxes legally
7-Being afraid to take calculated risks with $/investing
8-Waiting too long to invest
9-Belief that $ is bad
10-“Lifestyle creep”: spending more because you make more

[edmanley]

Love this, as a fellow CPA. I so wish we’d focus more on personal financial education with children and young adults.

[danarzechula]

1) payday spending 2)credit card debt
3)no emergency fund
4)no expense tracking
5) lack of career growth
6)not minimizing taxes
7)Fearing normal money risks
8) waiting too long to invest
9) belief that money is bad
10)not regularly paying into your own investment accounts

[Sheil-hard]

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market

[luis-gabriel]

To achieve greatness, you need to start working towards it. Investing remains the smartest way to prepare for the future. Been into this for 8years and I'm extremely pleased with the good returns.The good news is, it's never too late to start investing.

[ohiopat]

My friends dad told me to always pay yourself on payday before you pay anyone else, even if it's only $5. After about 10 years I finally listened to him and now I'm comfortably retired.

[maiadazz]

First SVB, then signature bank and now first republic bank, these are all the signs of yet another 2008 market crash 2.0, so my question is do I still save in the United States dollar or is this a good time to buy gold?

[majtom]

I use my CC as as a tool. Any of my monthly bills that accept CC I use them. I pay the full balance every month out of my checking account and never carry CC debt. CC are not a problem its the people and how they use them that is.

[tobystevens]

Among my friends / coworkers - Cars are the big money pit. I'm 57 and have owned two cars, bought both new and took care of them - an 87 Pontiac and a 02Ford, both ran over 250k miles getting me back and forth to work. All my friends buy a new car every few years just because they are bored of the old car and they always have a big car payment. What a waste of money.

[Announcement]

Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.

[Julies-in-a-mood]

Request: can you create content on how to talk to young-adult children about the many benefits of benevolent giving? From the soft, warm & fuzzy feeling to the financial advantages of sharing one’s wealth with others? Love your channel! ❤

[michigan]

I have been retired for a long time, but I share with my kids and grandkids. We should be talking about this in schools so that it is ingrained into our brains.

[stephendibari]

Thanks Geoff for another great video. CC debt builds up fast and before you know it’s like quick sand. In February 2021 I cut up all of my credit cards except one. by January 2023 paid off all my CC debt. Never again carrying a CC balance. Too many years of that and lost a lot of potential savings. SPENDEES is a behavioral problem and I had it for many years. Thank god my TSP (401k) is north of 400k and climbing. About 5 1/2 years away from retirement ; along with my pension and SS I should have about 85-90% of my pre-retirement income. Plan is to be debt free except for my mortgage when I retire.

[RichardBrett]

I am also a CPA as well as a Certified Financial Planner. My honest advice to all my clients is to listen to your own basic instinct, but only spend accordingly. People who become rich are usually by chances and not by planning. Stock markets are being manipulated all the time by those who already are rich.

[foodmonsterweightloss]

This video is top of my list to show & discuss with every child, youth, and young adult in my extended family.

[tampabayrodeo]

Inflation and Recession are dilapidating. Quite sad what's happening in the market. Although, even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. The market circumstances are driving me insane, my portfolio has lost almost $13K this month alone, my earnings are tanking. I'd appreciate some financial advice from anyone who knows more going forward.