11 Money Habits Keeping YOU Poor

FREE STOCKS:
💸 SoFi Checking & Savings: Get up to 4.20% APY, pay no account fees and earn $250

RESOURCES:

FREE GUIDES/TEMPLATES:

PERSONAL LINKS:

Timestamps:
0:00 - Start Here
0:20 - Paying for Status
1:44 - Friends
3:28 - BNPL
4:33 - Not Saving for Future
5:47 - Impulse Purchases
7:06 - Minimum Payments
8:26 - Cheapness
10:09 - Forgotten Subscriptions
10:59 - Not Tracking
12:34 - Not Investing Sooner
13:53 - Tax Strategies

PS: I am not a Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel

[humphrey]

Make sure to Subscribe! Thanks for watching again <3

[acastr]

"People going broke trying to look rich"

[sheilamartinez]

“We buy things we don’t need, with money we don’t have, to impress people we don’t like”

[Vitone]

Never forget— it’s not how much money you make, it’s how much money you keep!

[georginarios]

“Being cheap” isn’t always a bad thing. Knowing where/when to be cheap is a better tip. Like your t-shirt example, you can find great quality items second hand at thrift shops or from friends looking to get rid of them. On the other hand, buying a cheap lawn mower will most certainly not benefit you. Know where to shop to get the quality things that will last. 👍🏻

[ryanbon]

I think “poverty culture” is a thing. Not only people struggling financially wanting to look rich, but how they handle money when it comes there way. For example, my best friend grew up with a single mother who had drug issues. He probably spent a combined 5 years of his childhood homeless. Fast forward to present times (we are 25) he’s making an above average income. But this guy HAS to spend money when it comes in. Got a 20k bonus from his job, bought a BMW, fridge breaks so he buys a $3000 smart fridge, etc. I think all the years he spent poor has resulted in him feeling the need to enjoy nice things.

[dorenestewart]

I just sold a property in Portland and I'm thinking of putting the cash in stocks, I know everyone is saying it's 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.

[beanberg]

I am starting my first job in about a month, and I happened to find your channel about a week ago. It has got me to think about how I will save my money properly especially after hearing the stats about the average American's savings and emergency reserves. Explaining things in the context of the current 2023 market also helps a lot. I am on my way to financial literacy thanks to you!

[Sam_]

High school student here trying to save money having a part time job. Watched this video and learned a good amount.

[Duke_of_Prunes]

The part about being TOO cheap often applies to me. It's almost the same as spending money for status. Except I avoid spending money and enjoy negative attention. 😅

[moisesarellano]

From experience, learning to cook is one of the greatest investments you can make. Saves a ton of money.

Growing up in a Mexican household, I have no problem eating beans and rice several says in a row.

[lanceareadbhar]

The Buy Now Pay Later is definitely a much bigger risk than is implied. The other big issue for me is not realizing how quickly $15-$20 purchases adds up when making online purchases especially when charging it to a 0% APR credit card. You need to have a budget for everything and if you spend too much, lower spending instead of sometimes increasing spending due to guilt or dopamine hits.

[CarlosKTCosta]

My wife has a mobility problem and thus destroys shoes. She used to get cheap footwear because she was not gonna spend money on items that would get trashed. I finally convinced her that that was wrong way of thinking and "made her" get 30 EUR pair of Reeboks instead of the cheap 10 EUR offbrand sneakers. She usually has to buy new sneakers every year, the Reeboks already have 4years and are still usable.

[ptford]

I hate subscriptions but when you said the thing about loved ones I immediately knew that was my problem.

[kevinwang]

this is gold! you might not become wealthy, but these suggestions could keep you from being poor even if you are not making that much money.

[colinmacdonald]

Hey Humphrey, I found your channel this week and I love learning from your perspective. I created my own Excel Spreadsheet in college that tracks every penny I earn and spend, and I believe it’s made a major difference in my financial well being. It’s even allowed me to know the exact amount of what my normal paycheck, monthly water bill, or even my usual McDonald’s order will be even before I log the transaction because of this habit.

[nathonkim]

I've been tracking every penny of my expenses since 1996 and went from taking out cash advances on my credit cards to pay the minimum on other credit cards to now having my savings and investments earning me more annually than my actual salary. It was the single most important thing because it helps with the other 10 things on your list too.

[Dud-iniu]

The advice in this video is marvelous. It is simple enough that anyone could follow it and directly actionable; well done.

[RabidSnarf]

Thank you for explaining the buy now/pay later options. I've never used that type of service, but I often see it as an option when I checkout. I wondered why they would offer it, interest-free. I assumed the funds were automatically deducted from your banking account, so no late fees would not be a problem. I see now they are taking the chance you just won't have the funds to pay it off at all and they charge exorbitant fees.

[DarkPhysicx]

I follow the buy more expensive pieces of clothing advice. I used to buy many shirts/pants/etc every month from cheap fast fashion spots like H&M. This is because the quality is so low they shrink, fade, or rip easily. Also mentally I think “these are cheap so I can buy them frequently”. Now that I buy expensive quality pieces not only are they better quality therefore lasting longer…but I also take care of them more and every time I want another piece I say “hmm it’s expensive, I don’t need it at this moment”. Over the few years I’ve been doing this I have saved a lot of time and money on clothing. I do the same my electronics, example skipping on $20 headphones that’ll wear down quick (internals, ear padding, wires, etc), and opt for the $120 headphones that’ll last longer and provide better performance.