10 Middle Class Beliefs Keeping You Poor #Finance

hi if you’re new to the channel my name is T from Financial tortoise where we learn to grow our wellth slow and steady the number one middle class belief holding you back to believe that if you just work hard everything will be fine essentially if you just study hard find a good job

and please your boss by working hard every day then everything will work out including your Finances this literally was what my parents told me when I went off to college

study hard get good grades find a good job and work hard and good luck after that because we don’t know what else to tell you nothing about what to do after I enter the workforce should I contribute to my 401k how much should I save what should I invest in how should I think about money and

my career pathway I had absolutely no idea how to approach any of these questions and I don’t blame my parents for not telling me because as first generation immigrants who came to United States from Korea with nothing they didn’t know either they were only going off what they saw and

Hur they saw people with fancy college degrees and job titles living in nice homes with expensive cars so they recommend that I get a fancy college degree and a fancy job title and you should be good after that and naively I thought that as well but if harsh experience has taught me anything I

realize that if you want to build wealth there’s so much more to just studying hard getting good grades and working hard now I’m not saying that 9 to5 is not great because they are a good job provide stability solid Income and professional growth but you cannot stop

there you need more but what more crazy risk that I see on TV and online these fancy sounding tactics and strategies borrow tons of money for a Real Estate deal deal start a Drop Shipping business or start an LLC in Delaware which leads to the next point the number two middle-

class belief holding you back belief that Building Wealth requires fancy tactics and strategies we hear about and see this everywhere Crypt billionaires Tech Geniuses who built a billion dollar business a YouTuber with 300 million subscribers and Real Estate MOS who own 10,000

units around the world thus we come to believe that if we want to build wealth we can’t just rely on our boring 9 to5 it requires implementing over-the-top fancy Strat iies however the danger with this belief is that it ex skewes our perspective on what is realistically possible and where we

decide to channel our energy it’s not to say that we shouldn’t strive for the stars but we also have to incorporate a level of pragmatism into our beliefs starting and building a billion dooll Tech business is not normal it is extremely hard to do and requires not only a combination of

extreme hard work and financial Capital but luck the timing of the product the market and the economy as a whole but when you believe that this is the only way to build wealth then you can easily neglect all other more practical components of Building Wealth

Building your career Capital living below your means saving and investing for a long period of time they’re not sexy they’re not fast and they’ll not make you a billionaire but they will help you build enough wealth for you to live a comfortable life but

why do people swing so far to the right what do they only focus in the Grand Slam home runs and neglect the simple and boring singles and doubles the number three middle class belief holding you back the belief that you cannot build wealth with a 9 to5 job this is one of the primary reasons why

people gravitate towards fancy tactics and strategies why people believe they have to take outsid risks in order to build wealth our society has a tendency to look down at boring 401ks and Roth IRAs they’re so Elementary they’re so boring they believe people do not become rich with

their 41 Cas no they do fancy things that’s how they became Rich well yes if you’re Elon Musk or Jensen Hong that might be true but we are not Elon Musk or Jensen Hong many of us are not looking to get on the for’s richest people on Earth list no most of us just want to be

financially secure financially comfortable well we’re not stress about money but where money allows us to live the lifestyle that we want in that case you can totally build wealth with a 9 to5 if you can save and invest consistently into your 41k your Roth IRA and your HSA for 10 20 or 30

years there’s a good chance you amass a Portfolio of 1 million $2 million or even $5 million and in my book that is wealthy according to survey of consumer none;">Finances the median retirement Savings for All Families is $887,000 if you have to save a million in your for1 account you’re 10 times better than the median family that is wild if you to pause and think about it the number four middle class belief holding

you back the belief that wealthy people show their money the belief that someone with nice fancy toys has them because they’re wealthy the truth is it’s really hard to see someone’s true wealth apart from billionaires we see listed on Forest Magazine with their estimated

Net Worth we don’t actually know most people’s financial situation we don’t go around with our netw word tattooed on our forehead for everyone to see and most people they don’t talk talk about money because it’s a very sensitive topic so it’s

easy to confuse someone’s true wealth we look at an individual who has a fancy title of a dermatologist who owns a mansion in Beverly Hills and owns four different luxury cars a Ferrari a Lamborghini a Porsche and a Range Rover and automatically think wow that guy is wealthy I mean just look

at everything he owns how can he not be rich and we see someone who doesn’t have a fanasy job title lives in a modest home in a middle- class neighborhood and drives a 5-year-old Toyota Camry and think yeah he probably doesn’t have that much money why in the world would he drive a

5-year-old Camry if he had money he needs to watch his spending because he doesn’t have much money to go around but what if I was to tell you the individual driving the 5-year-old Camry was actually wealthier than the Porsche driving dermatologist would you be surprised of course because many

of us are conditioned to believe that wealthy people look rich they spend and spend because they have so much money however the truth is that the individual who is modest with their spending actually has a greater chance of Building Wealth than individual who spends lavishly regardless of how much

that individual makes because the math is straightforward even if you make a million dollar a year if you spend a million dollar you’re left with zero the number five middle class belief holding you back belief that wealthy people don’t watch their spending I mean they’re wealthy

they have so much money they don’t need to keep track of their spending how much they spend on groceries eating out on their car payment and Home Mortgage that is penny pinching that is what poor people do because they don’t have enough money to go around but again what if I was to tell

you that most people who became wealthy got to where they’re at because they watched their spending they have a good grasp of where their money is going what it is being spent on and how much and with this data they continuously make adjustments so they could save more and invest more the

real lever to Building Wealth again when I initially entered the workforce I navely believed in this middle-class belief as well I genuinely thought that really rich people never looked at their bank account Credit card statements and analyze their spending that for some reason

looked like what people would know money did well the irony was that I had no money so I probably should have done that if you want to build wealth don’t look down at watching your spending like I did if something seems overpriced don’t be afraid to walk away you’re not impressing

anyone by buying expensive things think hard about the value that you’re getting with every purchase it is okay to spend money but constantly ask yourself is this spending giving you genuine value that is worth it and review your spending on a regular basis get a good grasp of how much

you’re spending on eating out on Amazon and on shopping every month as Peter drer the famous Management Consultant once said what gets measured gets managed the number six middle class belief holding you back belief that investing has to be complicated this is one of the biggest false money

beliefs I had for the longest time because of the media many of us come to believe that investing is a complicated Endeavor when we hear the word investing we automatically see images of really smart looking individuals sitting behind the computer looking at these complex charart and tables and

after hours of studying and researching they’re able to come up with an intricate Investment Portfolio strategy that can make make us money however the truth is that these are just Hollywood images conjured up by some script writer yes there are actually jobs where

individuals are sitting beyond computer Terminals and making Financial Analysis and transactions as a former Finance director I too spent a good 10 years of my life building

complex Financial models that had 20 different tabs and run Financial scenarios that had 86 different levers however investing for retirement has nothing to do with these activities if we want to Simply invest for comfortable retirement we don’t need complex Financial tools and financial

products a simp simple compound Insurance calculator is enough to help you understand how your money will grow in the future in a simple product like a lowcost broad market index fund is enough to build wealth but why is it that so many of us keep getting pulled away from simple

tools and solutions which leads to the next belief but before we get there a quick reminder make sure to download your free onepage pdf companion guide that goes along with this CashNews.co everything I’m covering here in a simple to digest onepage format so go to the link I’ll have in

the description below to grab your free copy the number seven middle class belief holding you back belief that financial adviser has your best interest at heart when I was 23 years old I met with my first financial adviser a very nice gentleman who spent several hours with me asking me about my

financial goals my Risk Tolerance and my future aspirations for someone who knew nothing about money investing I was like this is great this guy will take care of my none;">Finances and make me Rich one day now before I go on I want to be clear that I’m not trying to villainize all financial advisers because like this gentleman most are very nice individuals who are just trying to do their best in their respective jobs the key is to

understand their job part the financial adviser that I met with that day had One Singular goal to get me to buy their financial product which at the time was an actively managed mutual fund thus the reason why he went through the whole Discovery process with me asking about my goals and my desires

was so that he could solidify his sales pitch well sir you’re in luck today because this new fund that we just opened up for select clients will help you reach your goals and desires how lucky was I right I was a lost puppy in a lion’s den now again I’m not against talking to

financial advisers because more information is always better just know that they’re not meeting with you for altruistic reasons they have to make a living as well and if getting you to buy their expensive Financial product will earn them a higher commission that is what most will do is it an

ideal product for your financial situation for them it doesn’t matter as much all right if we have to be cautious about listening to financial advisers then who do we listen to which leads to the next belief the number eight middle class belief holding you back believing everything you read

or here online there is no shortage of financial content online you have big news companies like Forbes CNN financial times Wall Street Journal mly fool you have Community forums like Reddit and Kora and you have private content creators like your truly take him Mr Financial tortoise like anything

in life there’s both good content and bad content so read digest and learn but validate everything understand the incentive Behind These content for example take this YouTube CashNews.co that you’re watching right now yes I I want to educate you as much as possible on Personal

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance investing but to be completely transparent my other incentive is try to keep you watching more because when you watch more of my content longer that allows me to better monetize the

channel and in turn higher quality and more CashNews.cos what do you think I spend so much time on my hair before filming these CashNews.cos just for fun no my friend it’s to extend my watch time but in all seriousness my genuine hope with these CashNews.cos is that the value that we’re

both receiving are mutually beneficial you get better with your money and I’m able to grow the Channel and thus be able to invest more in my hair products regardless of whether you want to support my Endeavor to have the best hairline on the internet always validate everything don’t

blindly believe everything you read and hear online the number nine middle class belief holding you back believe that if you want to build wealth you just need more financial discipline you just need to be more disciplined with your spending with your Savings with your life overall

in general however do you know what I say discipline and willpower is overrated we humans are biological and emotional beings we’re not robots despite how many of us push ourselves to become one when we’re tired we make mistakes when we had a good night’s sleep we’re more

focused when we had a tough day at work we become cranky that is just a natural part of being a living breathing human being so understand that reality if you want to get better with money don’t think that discipline is all that matters yes healthy discipline is important to provide some

structure around our day and how we go about our lives but when it comes to money work smarter not harder build systems and processes so you’re not relying upon your will power to save more money automate your Savings so a set amount is transferred from your checking to your

Savings account at a set day each month automate your 41k contribution investment contributions and forget about it once you automate a good chunk of your none;">Finances you’ll be surprised at how much more effective you at saving money motivation is overrated environment often matters more the number 10 middle class belief holding you back belief that Debt is a normal way of life this is one of my personal

favorite Debt is such an interesting topic because people have so many different opinions about it some Financial GRS talk about Debt as the greatest thing since slice bread OPM other people’s money borrow and leverage to multiply your returns that is what

rich people do with leverage you can supercharge your pth to wealth others talk about Debt as a devil do not touch it do not ever go near it I would say I’m somewhere in the middle of the spectrum leaning closer to staying away from Debt Debt

enables us to buy things that are out of our immediate reach one of the most common ones being a home with the med home price hovering around $400,000 it is extremely hard for common individuals like you and I to be able to afford a home in cash home mortgages allow families to buy a home sooner

but do not think Debt as your friend as a normal way of life if it’s possible most of us will be better off without Debt thank you guys for watching in the line of Debt if you want to learn more about my stance on Debt please

check out my CashNews.co here until next time all the best