What I Learned From 3 Generations Of Poverty

So here is my definition of being poor, living poverty aka being broke. Its barely making enough to cover the absolute necessities. Now when I say 3 generations of poverty I say it because of my Mom, Grandma and my Great Grandma.

Now thanks to God I never starved, I never went to sleep hungry but I do know what it’s like to be poor. Having to use a Bathroom outside your house, having to have a conversation everyday about the prices of food and lastly wearing one pair of socks for an entire school year.

Now I’ve learned a lot of lessons from these 3 generations, but I’m just going to give you 3 that I really think are going to help you, because they helped me.

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1. It’s expensive keeping up appearances

-the faster you learned this, the sooner you can start building wealth

Study was done in 2009; In the slums of shanghai China (imagine 3 generations living in one bedroom )

-It showed how women would be wearing brand name clothing that cost a lot of money

-And they all went to the same slums

The reason is simple:

-People are bias and people judge people based on appearances

Personally

-I remember buying a lot of things they couldn’t afford just to not look broke

I made that same mistake:

-When I got my first paychecks, I invested it into my appearance

-Turns out that’s stupid

-Because all the things I bought went down in value

The best investment you can make is in assets

-Forget about your neighbors and focus on building wealth

-It’s better to be rich than to look rich

Action Step: if your lifestyle is beyond your means, then lower it and start saving money, paying off debt and doing the things we all know we should do

2. It’s not how much you Make its How much you Keep

-I always thought that making more money was going to fix my problems

-And then I realized that more money I made the more money I spent

-Then I read this book “ the Richest man in Babylon “

Book Experience :

-And in the book there was this very rich man, and the king ask him to teach his methods to 100 men in the kingdom ( because the king didn’t understand why the rich got richer and the poor stayed poor )

-Now out of this group of 100 men, all made different income, some made a lot and some made little, but they were all broke

-That’s when it clicked for me, its not the amount you make ( it’s the amount you keep )

I saw that in my own life ( it wasn’t much but it was a difference )

-I was making 8 an hour ( and I spent the entire check )

-Then I made $10 an hour and I spent the entire check )

-Then I lost everything and only had $60 a week, and I saved $6 every week ( 6 years later I’ve got a little over $500k and live on less 1k a month )

Action Step: Cut out the wants, and when you get paid keep atleast 10% for yourself ( its not financial advice, its just for you to build the habit )

3. You must be weird

-3% of people achieve financial freedom

-That means the other 97% don’t

-The means the popular things to do, are the things that poor people do, because they are the majority

So here are 4 lessons that I learned:

-Debt Chains you ( pay it off )

-Emergencies Fund give you peace

-Invest for the future ( because we are all headed their if God allows it, 10-20% is enough)

-Pay off your Mortgage Fast ( buy something you can payoff not something you can buy )

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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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