Traps that keep you poor

For some time I thought the rich and popular had something I didn’t, and they were special but in reality, the only they had that I didn’t was information. So once you read over 200 plus books everything made sense.

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1. I’m trying trap: trying to build credit, trying to look cool, trying to win the lottery, trying and trying
– Trying when used this way, is usually to justify bad things

For example, I was very ignorant
– I was trying to build credit so I bought a $3000 laptop and put it on my credit card
– I was trying to fit: so I spend a lot of money trying to look cool
– And thank god I never got into to lottery but my boss did ( and every day she tried)

The truth is:
– Before building credit you have understand it (it’s like playing monopoly without know the rules, it’s a stupid idea )
– If your friend is your friends because of the way you look, you don’t want those friends
– Overall ( I would stop trying and start to understand before I do ) – this way I know the odds ( and google is a great teacher and so is youtube)

2. I don’t gamble but I’m gambling: also includes investing, lotta and also lost vegas
– This is a great quote ( risk only exist when you don’t know what you are doing )
– And when you’re doing something without know what you are doing, then you are gambling in some way

So for example:
– If you invest in a stock without know what’s going to happen ( you are gambling )
– If you go lottery tickets or go to a casino you’re gambling

Now it’s important to understand why don’t want this:
– The odds are never in your favor
– You’re are more likely to commit crimes
– And it can destroy families

3. Impulsive buying ( I watch this show where a couple impulse bought a car, and people are impatient and buy a house when they can’t afford it ) – if the numbers don’t make sense they won’t make any more sense when you buy the item

Solutions:
– Impulse buying things is when you buy things just because
– To control this you have a plan of action ( usually a budget )
– Because impulse buying comes from, not knowing what you’re going to with the money anyway.

I did this:
– With laptops, phones, cloths
– And it was because I had money but didn’t know what to do
– But budget gave everything a job which didn’t give me room to impulse buy

4. Surprises are the reasons I don’t have money( birthdays, Christmas, parties, emergencies, car broke down )
– But none of the things are real surprises
– The best way to deal with this is to save up for them in preparation

For example:
– Emergencies – everyone should have a 3-6 month emergency fund
– Parties, birthdays, and vacation: you should have a separate account where you send $30 bucks to week and at the end of the year that’s $1560)
– Car break down: save 1-2k always in case your cars needs to works

5. I’m too good for that ( jobs, side hustles, and opportunity) – picking up pennies
– I never wanted to work at fast food
– But whatever you do today, doesn’t define what you do tomorrow
– Sometimes you have to work a job that sucks to get money to then do what you want to do

For example:
– Every job I ever had I hated, but I worked It with a good attitude
– And always pursued youtube on the side fulltime ( until it worked out )
– If I just sat in my mom’s house all day waiting for something to happen that would have been the wrong attitude.

6. I’ll figure out as I do it ( the cool thing about living in a modern world is that nothing is original and that whatever road you are going to walk someone already it ) – so you have to become a learning machine if you want to grow. The best way to learn a mistake is from someone else

Give solutions also and personal example

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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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