ACCOUNTANT EXPLAINS: Money Habits Keeping You Poor

These 10 money habits might be keeping you poor. It's probably unintentional - you don't even realize that you're doing them. If you fix these bad financial habits, you can avoid being poor, and start yourself on the path to becoming rich!

Financial independence is within reach. Do you just want to save and invest for retirement? Or do you want to retire early? Master these habits, and you might be able to achieve the level of wealth that you want and deserve.

Timestamps
00:00 - Intro
00:20 - Not caring about money
01:28 - Not having financial goals
02:34 - Paying yourself last
03:38 - Spending, spending, spending
04:23 - Keeping bad debt
06:00 - Not thinking about increasing your income
07:06 - Waiting too long to invest
09:41 - Not getting the maximum employer contribution
10:13 - Being afraid to invest
11:26 - Not reducing your taxes

Your host in this video has an undergraduate degree in Economics, an MBA in finance from Cornell University, earned the CFA charter (Chartered Financial Analyst), worked as an equity research analyst at top Wall Street firms, and has been the CFO of several software companies.

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#getrich #buildwealth #financialfreedom #thewilliamleeshow #williamlee

[TeresaLiam-zo]

So much knowledge! Absolutely free! I was never taught anything about money, I am praying and working to change that. I am in my 50s no retirement no savings because I made a lot of mistakes when I started investing, trying to correct that now. Already have a few thousand$ saved up to invest for long term. I would like to know what advice you could give to start my investing journey. Listening to you gives me inspiration and wisdom. Thank you so much!

[Riggsnic_co]

This is quite educational. It's crucial for newcomers to keep in mind that the financial markets are highly irrational in the short run. You should constantly be ready for the unexpected. That is how chance operates. Because of the inherent risks in the market, I always favor long-term investments.

[jeremymontanez]

I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.

[RaymondKeen.]

So much knowledge! Absolutely free! I was never taught anything about money, I am praying and working to change that. I am 46 no retirement no savings because I made a lot of mistakes when I started investing, trying to correct that now. Already have a few thousand$ saved up to invest for long term. I would like to know what advice you could give to start my investing journey. Listening to you gives me inspiration and wisdom. Thank you so much!

[bhillster]

Habits keeping me poor.
1. No pay rises with increased inflation.
2. Insurances increasing year on year.
3.Home loan rates increasing due to inflation.
4.Periodic tax increases.
5. Companies increasing prices to boost profits.
6. Countries being idiots and declaring war.
7. Cost of fuel/gas increasing year on year.
8. Cost of groceries increasing year on year.
9. Internet scammers selling products and not delivering.
10. Useless, over charging accountants who are unable to give you information on how to minimise tax burden.

[mitchakako]

I've listened too many youtube videos like this but all i can say, this is the BEST❤ of all videos I've watched so legit and relatetable.

[TheSilvercue]

I started a very detailed spreadsheet 4 years ago to track many aspects of my finances, savings, investments etc, including targets (goals) and I can honestly say it has been life changing. I am not exaggerating. The only thing is I was late 40s when I started that spreadsheet. If you are younger and watching this, take note, you are lucky!

[kuhataparunks]

I appreciate how these were unique and not the typical ones. Good lsit

[cooleyguy]

Hi William. Great content, thank you! Do you practice any consultancy work?

[sattler]

The 1% of rich people think of how to invest their money to increase their wealth during the recession. While 99% of struggling hard-luck people think of how to survive without food and daily necessities in the recession and the coming hyperinflation

[twoine]

Great video. Love the set-up. Glad i'm here early. Best of luck of your youtube journey brother

[travelinghuntress]

Not all of these will work for me now but if I work on the few, the others may fall into place later. Thanks for caring and for sharing.

[kutatm]

I had a friend who I tried to help by pointing out she had terrible spending habits. She didn’t want to hear this and ghosted me. She’d shop for groceries at Whole Foods, paid interest every month on her credit card bills, and had nothing saved for retirement. She is 62 and only makes $40k a year as a dental assistant. Your video is filled with good advice!

[stancastan]

Cool man, tell us more about your youtube journey, these are my favourite videos. Good luck my friend💪🏻🙏🏻

[Hippy]

Money is not only for essentials in life, but also for pleasures spending, like traveling, treating ourselves once in awhile a Michelin meal, buy a nice car, luxury accessories and feel great, or simply helping someone in need. It's about balance between essential needs, savings and enjoying.

[tigadirt]

I like how to tried to make all those points sound like things we would be opposed to when most of those points are things we're painfully aware we should be doing but just don't cause we're not overly disciplined or responsible.

[mikegingles]

Great video, thank you so much for the information!

[Final_Turn]

I planned to save 50% and within 15 years, I am financially free. Never had a debt !!

👉 Old age is relaxed, doing what makes me happy.

Glory be to GOD 🙏

Regards,

[ispty]

I think this will be a big and succesful channel. Thanks for sharing your knowledge

[robertcampbell]

As i use to say to the boys at work ' Keep more of what you make and make more of what you keep ' stop buy lunches stop eating out stop buying your wants and only buy your needs .