What Keeps Poor People Poor and Middle Class Poor

I remember living with my mom, and I knew we were poor, I basically slept on a sofa for the first 10 years of my life, but I had this friend who became my best friend at the time, and he lived on this house on the hills and his family had great careers ( I always assume they were rich )

But the more I got to know them, I realize they struggled just like everyone else I knew. Because it’s not about how much money you make, it’s about how much you keep.

Then I mean an old lady, two rental properties, no expenses and literally did whatever she wanted, that was my grandma. I finally understand that wealthy is not having to work, because the income that comes in covers all the expenses. And the number one tool for you to build wealth is your income.

So in this video let’s talk about what we call 4 for 4, its 4 things that keep poor people poor and the middle class poor also ( they are both different )

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1. Poor People List of 4

-When I say poor I don’t mean just living below the poverty line but I mean those people that live in very poor zip Codes

-I learned not trust statistics and poverty lines

-Because sometimes just by making a few dollars they don’t think you are poor nut you really are ( its like we could never qualify for food stamps even though we needed it )

These are the thing you usually only see in poor people neighborhoods

First: Lottery tickets

-They spend an average of nearly $600 per year on tickets

-These are people that make less 10k per year, that’s litearlly 6% of their income on tickets

Second: Pay Day Loans

-Imagine taking a loan against money you havent even gotten paid yet and then paying 15-20% maybe more

Third: Rent to own

-You could end up paying more than the home is worth, lose money if you don’t want to buy and they usually deals that favor the seller not you

Forth: Life Style Fat

-You know all the people that buy things they can’t afford just to look the part

-I know those people because I was one of those

2. Middle Class Poor

-These are people with more than enough income to build wealth

-But they end up tying it all up in liabilities and trash

-So they never have the chance to build any wealth

First: Credit Card Debt

-Average debt is about $6000 per person, how do you get rich paying 18-24%

Second: Student Loans

-Average student loans is about $37,000 and this avearge but I never meant a person aside from myself that didn’t have a higher balance

Third: Big Mortgage ( big hat no cattle )

-I need a house that has a good school, and x amount of rooms

-Paying more than 33% of your income is stupid

Forth: Whole Life Insurnace

-Its 10x more expenses than term life

Firth: Car payments

-New $700 and used is 525

They might seem like they are doing different things,

-But at the end of the day

-They are both giving up their income that could use for future wealth productions

-And the good news is that 90% of millionaire are first generation, so you can also do it

So what’s the solution

-I recommend two books, stop acting rich and the millionaire next door

-Because like Dave says, if you eat what fat people eat you will be fat

-So if you want to be rich do what rich people did

Rich People:

-They tend to avoid debt

-They live below their means

-They buy assets not liabilities

-They focus on freedom

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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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