Reasons Why Most People Are Broke (Must Watch)

Reasons Why Most People Are Broke (Must Watch)

If you have at least $400 saved to cover an unexpected emergency, you’re already financially better off than one third of Americans, according to the Federal Reserve. It’s well known that most people do a poor job of managing their finances and there are seemingly few people that are responsible with their money. Having a good relationship with money doesn’t necessarily mean being ultra-wealthy or earning a high income, either. This just means that you make responsible choices, aren’t making careless decisions on a regular basis and are comfortable with your income and expenses. What are some of the most common reasons that people are broke and how can you avoid them? Take a look so you can be sure you’re not making these mistakes that could keep you broke forever.

[ClementRusso]

My honest advise to new investors, buy and hold quality stocks. Ignore market forecasts and opinions, they're mostly entertaining but not very helpful.

[slump]

Currently recovering from PS5 purchase

[chriswalter]

I've come to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87, 000 and sold it for $197, 000. My second home, acquired for $170, 000, was later sold for $320, 000, and my third property, purchased at $300, 000, fetched $589, 000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal..

[sloebone]

$400 will barely get you a dental checkup or a brake job. Better plan on $4000 or $40, 000. Otherwise you’re one mistake from being homeless.

[c.t.u.o]

Currently I'm just being smart and frugal with my money, I'm in the green 47% over the last 15 months and l've accumulated over $700K in pure profits from DCA’ing into stocks, ETFs, dividends and futures. However I’ve been in the red for a month 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.

[tonysilke]

I love how you take your time to educate your viewers we all strive towards financial stability and a better Life. It is easy to achieve this through the right investment, by living frugally and budgeting. I'm glad I learnt early in life to work hard for financial freedom

[Ben-bjoz]

I work so hard for every dollar, to see it wasted burns my soul lol

[dabaydestrian]

I used to buy watches, Jordans, name brand shirts all the time. But this year, I’m buying nothing but food and gas. And I’ll see how much I have by the summer.

[shaloon]

1. Vehicles (interest, high insurance, brand new car) 2. Food 3. Useless crap.

Drive an older vehicle, don't eat out alot, don't spend on household items that you don't need.

[arigutman]

Being broke ultimately means a poor relationship with money. So, what is a healthy one? Knowing there isn’t anything you can buy that can truly make you happy and that time is the only true wealth factor. Opportunity costs come with every purchase. Example? Do I need a Starbucks every day or can I make coffee at home and invest what I otherwise would have spent… unhealthy relationships with money result is purchases that are not necessary… just instantaneously desired…

[donnabrannan]

When they get promoted, or when their business becomes more successful, most people buy nicer homes, clothes, cars, gadgets and trips. They never put hundreds of thousands of dollars away into retirement savings at a fairly young age, and never start seriously compounding their wealth by investing .The stock market investment still remain the best way to create wealth.

[alecapaula]

The need for creating multiple sources of income cannot be overstated, the outcome trading the financial market has been overwhelming.

[percivalgooglyeyes]

I'm so broke I couldn't even pay attention to this video.

[mgaming]

unfortunately most broke people were never taught how to invest or even basic budgeting. I have a paid off house and car, but still have $3000 in credit card debt. I was never shown how to budget or invest. I just started watching videos like this because it was paycheck to paycheck until I finally got my house paid off. I make enough to be upper poor class. I don't make a tremendous amount but i also don't have a lot of bills /expenses. I was a smoker. My smoking was just shy of $6000/yr I quit smoking 5.5 years ago after smoking for 30 years

[rubytuesday]

I grew up in a household where money was extremely tight. 8 children can do that. I got it deeply engrained in my mind that I wouldn't live like this. I learned early how to manage money and it's tremendously reduced my stress.

[carrolkeller]

My dad taught me, live within your means. I may not have anything but I don't owe anything

[RockOnDoooooooooood]

I never considered being financially savvy until I compared myself with others. I never realized just how much people go out and spend and I guess they don’t realize it too. I know many people are just waiting on their next paycheck so they can go buy or go out. This corona thing really opened my eyes, just save your money for a couple of months and you’ll see how much your bank increases over time and now my obsession is to keep saving and I’ve never felt better. Even bought a house with less than two years of work and now renting rooms

[hunchojack]

I have 2k in my saving and I’m here because I used $4 from my saving and it’s bugging me 😂

[tomyunker]

Had a bunch of money saved, then the wife lost her job and decided not to work for a while...drained our savings...then she was going to go back but had a stroke...now we are screwed! How quickly things can change!

[trazzpalmer]

As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?