What if I told you that there was one habit you have that is keeping you poor
well in this video I'm going to share with you the one huh but that you must
avoid at all costs if you want to avoid being poor forever and if you're new to
the channel hit the subscribe button for more informative content many years ago
my financials were a mess I spent money on frivolous items got myself into debt
and failed to save any substantial amount of money despite earning a modest
salary fortunately I had the realization that these issues were only gonna get
worse unless I changed my ways and so soon after I developed a strange but
effective habit that has allowed me to amass a sizable amount of wealth in the
past two years the habit I formed was to write myself a check every single month
and now I know this sounds pretty strange but let me explain further many
of us on our pursuit to a life full of riches have read the book the richest
man in Babylon and while this book is packed with valuable money lessons the
majority of us have a hard time implementing them into our own lives if
you've read the book then you know that one of the key principles is to pay
yourself first it doesn't matter how much money you make your goal should be
to put away 10% of your income from each paycheck in order to start building your
personal wealth however for most people this is easier said than done you see
most people pay the big companies first succumbing to their expertly marketed
products and services which trains all their money leaving them with nothing to
save at month's end these marketing tactics we are constantly exposed to is
why more than 80% of Americans are in debt and why by not forming the habit of
paying yourself first you will almost certainly find yourself living a
financially mediocre lifestyle now maybe you want to turn around your situation
if so the first thing you need to do is start seeing your income as a tool you
can either use this tool to help yourself
by paying yourself first and building your savings or to help others by
spending and lining the pockets of companies well it seems obvious that we
should be helping ourselves as I shared earlier in this video it can be easy to
fall victim to our desire for material goods
luckily in my own case when I started writing checks to myself as a way of
paying myself first I began to find that I had much less money to devote to
unnecessary goods that I would have previously bought but it I'll be the
first to admit that it wasn't easy big companies are always trying to take your
money they do this by creating luxurious products and by creating the sense that
if we don't have the newest thing then we are social outcasts take the iPhone
as an example do we really need a new upgrade every year it seems like each
new model is almost identical to the last yet we are conditioned to feel
inferior if we don't have the latest phone the same idea goes for expensive
cars and watches a $300,000 Ferrari will get you from point A to point B the same
way that a $25,000 Honda will and a $50,000 Rolex will tell the same time as
a $50 Timex unfortunately humans feel an innate need to fit in and one of the
ways companies market to us is by equating having the newest gear to being
part of the in-crowd as you are probably gathering we don't buy these things
because we need them we buy them because we want to look rich and impress others
they're probably trying to look rich is that if you're not truly rich then
looking rich will make you poor than the truly poor people therefore one of the
key ingredients in the recipe for riches is to stop paying companies first Bill
Gates tells a great story of the early days of Microsoft when many customers
would take months to pay meaning that Gates would have to personally bankroll
his company which was only possible because he paid himself first another
example comes from the book Rich Dad Poor Dad where Roberts rich dad live
frugally and paid himself first four years before finally buying one of the
nicest properties in Hawaii even Jeff Bezos the world's richest man drove
around in an old Honda for years while hopping billions of dollars to his name
if you take time to study the lives of everyone who has ever made significant
money you'll notice the same thing again and again the rich become rich because
they pay themselves first for many years they don't make money to spend money
they make money keep money and reinvest money again and again for several years
and that's why they eventually become richer than
everyone else on the opposite end of the spectrum you have those who seemingly
live to spend their money I'm sure you have friends who are constantly broke
complaining that their financial position is because the government is
corrupt or because someone screwed them over in reality they are their own worst
enemy and the same is true for millions of Americans according to wallet hubs
2018 credit score and iPhone surveyed nearly twenty eight million Americans
believe that getting an iPhone is worth going into debt over the worst part is
that this propensity to take on debt isn't only being experienced by low
income earners I know people who are making hundreds of thousands of dollars
a year and they have little to nothing to show for it do their ex Orban
spending habits and this is why the revenue figures for large companies like
Apple Amazon rise each and every year so whether you're earning $50,000 a year or
500,000 my advice to you is to stop making the rich richer and if you think
that in order to save more money you just need to earn more let me tell you
that that won't be the case you see there's something called Parkinson's law
which states that work expands so as to fill the time available for its
completion meaning that if you take on a project and are given five hours to
complete it you will use the full five hours despite having the ability to get
it done quicker well the same concept applies to your money if you get paid
$1,000 then you'll be inclined to spend the whole amount which leaves nothing
left to be saved this is where paying yourself first
comes into play in short if you want to avoid being poor forever then you need
to give up the habit of paying the rich first you need to be paying the most
important person in your life first every single month and that person is
you whether that's five percent or twenty percent of your monthly income
make sure that the first person who gets paid each month is you by paying
yourself first you will naturally start to see your frivolous spending decrease
as you won't have that money lying around begging to be spent on another
material good you definitely don't need thanks for watching if you want to go
from the life you have to the life you deserve then hit the subscribe button
now you
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