Why are so many people going through hardship financially these days?
I’m talking about living paycheck to paycheck. I’m talking about why 77% of America doesn’t even have $200 in savings! These five things are gonna help you understand why and understand the things that you can avoid so you can make better financial decisions.
#1. Don’t gamble your money away
Stop going to the casinos, stop playing the lottery and buying scratch-offs. In some states, it’s only a 1/1,000,000 chance to actually win. I’m always talking MINDSET. Think about your mindset when you go and play the lottery “If I only win” or “if I finally can win once, I’ll be set free”. Blah blah blah… you’re burning your money.
#2. Late night infomercials
A lot of people buy from Home Shopping Networks, these are the type of things that you don’t even need. These are things you don’t even need. You buy them because you think they’re gonna work, and you’re up at 3:00 a.m. in the morning spending your money on them. But, let me share something with you, and this was a quote from a good friend of mine. He said it like this, “If you can’t buy two of something that you’re looking to buy then don’t buy it”. You have to look at spending habits and stop spending your cash on dumb s#*t, okay.
#3. Drugs, Alcohol, and Cigarettes
Let me classify: Cocaine, Crack, Meth, Weed, Pills, etc…I’m talking about things that are going to inhibit your state of mind. It’s costing you some money. Don’t be a weekend warrior. Let’s break that habit. Let’s get into investing in things that are awesome, that is gonna make you money.
#4. Dumb investments
How many times have you heard “Hey, listen? I want you to invest in this cryptocurrency, “I want you to invest in penny stocks”, “Hey man, I got a good deal”. What do you do?…stay away from Get Rich Schemes! Anything that sounds too good to be true 99% of the time it is. Do not invest in anything that you don’t fully understand, okay.
Tim Ferris says, “There is a four hour work week.”
I disagree a 1000%. Nobody in the world is gonna make a lot of money working four hours. If you want that laptop lifestyle sitting on the beach in Tahiti and you think that you can work “four hours a week” and get super successful, good luck. Anybody who is wealthy knows that you cannot put in four hours of work a week and be successful. It’s garbage.
#5. Do Not Loan Money To Friends and Family
When you loan money to a family member and friend and guess what happens when they don’t pay you back? You not only lose the money, but you lose the friend and family member because they can’t save face from not paying you back. Try to stay away from loaning money to friends and family. Do this instead, help your friend or family member solve their problem.
* BONUS TIP: Invest In Yourself
The best investment that you will ever make, hands down is gonna be in you. Material things can be taken away from you. What you can’t take away is what you’ve invested in yourself personally. Educate yourself. Put value and knowledge in you. The only person that’s gonna take that away is the man upstairs when it’s your day.
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