Chartered Accountant Explains: 8 Middle Class Habits keeping you Poor and trapped in a Rat Race

Middle Class Habits Keeping You in the Rat Race

Certain middle-class habits can contribute to staying stuck in rat-race and prevent one from achieving financial freedom and personal success.

Taking pleasure and feeling envy in petty comparisons
- peer pressure
- show off

Not knowing one’s worth
- exploitation by employers
- not charging enough

Not thinking big
- importance of cultivating a growth mindset and embracing a positive attitude towards money and success.
- how staying in one's comfort zone can prevent personal and professional growth.
- how taking calculated risks can lead to better opportunities and financial success.

Habit of living paycheck to paycheck
- always hand to mouth
- how a lack of financial planning can lead to a cycle of financial dependency

No emergency fund
- the relief that backbone fund provides
- how living without one can contribute to financial stress.

Severe asymmetry (one vs plenty) between production (income sources) and consumption (expenses)
- need to diversify
- eggs in basket

Buying more than you can afford
- lure of emis, loans, debt and credit cards
- unnecessary consumerism driven by instant gratification and never ending attention grabbing advertisements

Financial literacy
- lack of financial education: how the lack of it can lead to poor money management
- be aware of Finfluencers, cryptos, pump and dump and bad investments

Ignoring Passive Income Opportunities
- benefits of creating multiple streams of income and investing in assets that generate passive income.
- book: Parable of pipeline

Neglecting personal development
- value of investing in oneself through education, skill development, and networking to improve career prospects.
- earn with mind, not time

Time management and prioritisation
- how effective time management can help balance work, personal life, and financial goals.

Not networking and building connections
- importance of networking and building meaningful relationships for professional growth and opportunities.

Not investing
- power of compound interest and how not investing can lead to missed opportunities for financial growth

[SUPERVERSEgaurav]

Your imperfections make you perfect Aleena . Speaking or learning english is good but there is a thin line between improving yourself and changing yourself altogether . Be yourself always and keep improving guys . Big fan from Assam .

[tusharsharma]

Last minutes of the video is what really needed in the society to understand the importance of the topic.
Great video mam 💐💐

[shahzadsalmani]

I love tha way speak english.. I m watching your regular videos and i m very obsessed with that. This is amazing video.. And thanks for suggest that books 📚 ... Big fan from up meerut.. I m learning speaking English by your videos.. I watch your videos daily..
I remember when uh teach us in a videos.. That tips
1.speaking
2 practice
3 reading
4 writing
5 vocabulary
Thank uh so much mam 🌹🤍💗😊

[e-genieclimatique]

in brief:
In this video, CA Alina Rice, a chartered accountant, discusses eight middle-class habits that keep people in the rat race.
She emphasizes the importance of understanding one's worth, diversifying income, avoiding envy and comparisons, starting a side hustle, cultivating a growth mindset, and being aware of investments.

1. Not assessing your true worth: Employers often underpay employees, so it's crucial to negotiate for a higher salary and continuously upskill yourself.

2. Asymmetry between consumption and production: Diversify your income by investing in income-generating assets, learning new skills, or providing consultancy services.

3. Feeling envy and making comparisons: Avoid comparing yourself to others and focus on starting a side hustle or small business to achieve financial independence.

4. Little to no awareness of investments: Invest in various types of assets, like real estate, mutual funds, stocks, gold, and insurances. Research and learn from reputable resources to make informed decisions.

5. Find a mentor who can guide you on your journey to success.

6. Invest in your education and develop both hard and soft skills.

7. Take calculated risks to advance your career and financial situation.

8. Be disciplined in your approach to work, time management, and goal setting.

9. Learn to network effectively to build meaningful relationships and open up career opportunities.

6. Improve your financial literacy and manage your finances wisely, avoiding scams and impulsive spending.

7. Avoid overspending and accumulating debt through loans and credit cards.


8. Create an emergency fund to be prepared for unexpected expenses.

In addition to these points, the speaker suggests building a personal brand and taking care of your mental and physical health through meditation and exercise.
They also recommend the book "Deep Work" by Cal Newport, which emphasizes the importance of focused work in achieving success.

The video emphasizes the importance of being proactive in your career and personal life, making informed decisions, and seeking guidance from mentors and reliable resources.
By following these tips and maintaining a positive mindset, you can work towards breaking free from the rat race and achieving a more fulfilling life.

Some recommended books include "Negotiating Your Salary" by Jack Chapman, "Rich Dad Poor Dad" by Robert Kiyosaki, "Parable of the Pipeline" by Burke Hedges, "The Lean Startup" by Eric Ries, and "The Intelligent Investor" by Benjamin Graham.

[harrypepes]

I am currently pursuing mechanical engineering
I am very influence from your video
I will start gathering knowledge about finance and personal growth

Thanks for making this amazing video ❤

[SamtheStorySeller]

This was such a comprehensive and complete video covering the entire topic perfectly

[AjayThegreat-hvbs]

One thing I don't understand, the influencers who are just spitting out anything without giving it a thought gets so many likes and views, but here she has took really meaningful points, explained incredibly, followed by book recommendations, oh!! Man I just can't believe it, this is what today's generation needs the most, I mean what you need else. 3-4 years back I learnt English from her, now seeing her putting efforts in such commendable work just fills me with lots of inspiration.

I'm really grateful to you, for sharing these valuable tips, looking forward to learn from you more.. Thank you ma'am.

[khushikashyap]

1. Negotiate with salary
2. Generating assests
3. New skill to learn
4. Don't show off
5. Think big
6. Start side hustle
7. Dont compare yourself
8. Investments
9. Networking is important
10. Built contact
11. Lack of financial literacy
12. Make emergency funds

[Learningenvironment]

Thanku mam
I am watching your since 2 years and I imroved a lot through your videos I don't think so I have left any videos of your to watch
I always watch u and I love your all videos as always this video is also Helpful
Thanku for this content❤

[anjanamoral]

very informative video and most needed for person like. Who is searching this thing for so many day..and was little shy to share this...Thanks Aleena..love you...❤

[seemasenlife]

You are my best best teacher ever . I m not boring while watching your informatics videos . One day I also talking very fluently like you . Hope that days not gonna long . I really really want to speak fluently without emptiness, without blank .

[alicheema]

i'm also managing my finances since childhood.
Fun fact is i'm not even a charted accountant😂😂

[EktaButtani]

You are best teacher ever ❤😍
Edit: thankuu mam for your like❤🥰

[rishabhchatterjee]

The perfection with which you explain monetory terms gives me a feeling that I am listening to my Economics teacher. Had that been my reality, I would have studied the subject so hard 🎈

[MnMsTech]

Please make these kind of videos more along with English improvement. Eager to see your CA side and learn about finance. ❤

[Rahmans_Music]

And i thought you were into English subject after seeing your reels on English language.. surprised and happy to know that you are a Chartered Accountant..

[Ankush-xylz]

Great speech mam.i will learn spoken English even you among 6 monts duration ❤❤❤❤you explained about our finicial management..😮😮

[TRAVEL_DIARIES]

Wow..First use of CA aleena rais
Great!!!

[divyeshparmar]

There are many key takeaways from your videos and it somehow affects our life in a positive way. Thank you for sharing it. God Bless.😊

[ankitapraveenchourasiya]

Nicely explained 😊you studied thoroughly than explained with fact and figures perfectly with the symbols .nice one 🥰 thnk you for recommending these books also .