10 Signs you are ‘Fake Rich’

I guess I should start this video by saying, if you had a list of things people did to be considered fake rich, I would have checked off a lot of those boxes back in college.

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1. Pays for Goods in Instalments Or Lease everything
– This is an instant gratification problem
– It’s when you can’t afford something so you finance it or you lease it
– And you always scared because you know you don’t own anything, and that if you lose your job you’ll be in trouble

Quick things:
– House: never buy a house that cost more than 33% of your monthly income on a monthly mortgage
– Car: buy use and save up and pay in cash
– Consumer stuff: save up for it

2. BRAND instead of Quality
– You ever had a friend that you explain to them why PC might or android might actually be better than Apple and they say Nah it’s all about the brand
– Brand Doesn’t always equal quality but it will equal status to people that really don’t matter
– One thing I always hated growing up, was my Mom telling me you gotta dress this way so people don’t think this about ( and I told her I don’t care ) – later in life she stop caring too

3. No Savings
– It’s interesting how someone can have a house, luxury car, great job and still can have $0 money in saving or investments
– On my second channel Tommy Bryson Show, I saw this lady in Manhattan making 180k per year and literally spending every dollar and having a savings
– Its stupid don’t do it

4. Zero Assets
– Rich dad poor dad, liabilities take money out your pocket and assets put money in your pocket
– If you own a bunch of fancy stuff, watches, clothes, cars, and fancy phone
– Those are not assets, start collecting things that put money in your pocket
Quick things:
– Index funds
– Rental properties
– Businesses

5. Attention Lover
– This is more of mental things but it’s true
– I loved getting attention for the clothes I wear
– But if your happiness relies on someone else, then you will never be happy

6. Constant need for Validation
– I had this problem too, it comes from the way you see your self and your past experience
– When you always seek people validation when you do something ( look what I did, what you think about this, did I do good )
– You have internally validated yourself and building up self-confidence

7. They buy the FAD/Material ( trends )
– If you play the game of buying material things ( the minute you buy something by next year, whatever you bought is not old )
– Buying an iPhone every year, or a new car every year, or whatever trendy clothes are coming out
– Stop collecting these liabilities

8. Don’t have real freedom
– have you ever seen somebody on Instagram on vacation for 1 week or 2 weeks
– And then they are right next to you in the same office
– When your poor you can only taste freedom, but If your plan is to be wealthy you work towards it

9. caught in a cycle of status games
– this is dangerous and embarrassing
– I made 3 friends that were crazy spenders
– Whenever we went out we needed to spend a ton of money, whatever I bought had to be the best to show them

Quick:
– This might mean you sell your car
– Stop going out with these people
– Find other friends that share your goals

10. Not Knowing enough about wealth building
– You have to truly understand how you’ll do it
– And don’t just say what you heard a video
– Take an hour or 4 to fully comprehend it

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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