Why Everyone Is BROKE
It is more common to be broke than it is to be doing well financially. Let's talk about why.
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Chapters
00:00 Start Here
00:53 It’s How Everyone’s Living
01:55 We Think We’re Powerless Over Money
02:56 We View Money As Complex
03:48 Saving Is Viewed As Deprivation
04:52 Our Culture Is Obsessed With Individuality
06:09 We’re Stressed Out
07:26 We Want A Life We Cant Afford
08:13 Borrowing Is Normal
09:18 Borrowing Is So Easy
10:18 Waste Is Normal
It is more common to be living paycheck to paycheck barely making ends meet than it is to be doing well financially. In this video, I talk about 10 reasons why it is so normal to be broke.
1. It’s How Everyone’s Living
If you asked someone how they are doing financially more than likely they would say they are just making it. It is very normal to not be doing well financially and when something is normal, we don't question it as much because everyone around us is in the same situation. Being broke is normal because it's normal and we don't question our actions.
2. We Think We’re Powerless Over Money
When it comes to personal finance, we often focus on the things that are out of our control like who's in office, the economy, and wall street, which prevents us from taking action to get in a better financial situation. If instead, we focused on the things we can control like budgeting, managing money, and being responsible, then we would get in a better situation. But being broke is normal because we focus on the things we can't control.
3. We View Money As Complex
Many people don't take any action in their personal finances because they view money as a complex thing that is difficult to understand; however, money is very simple. To get ahead financially simply spend less than you earn, save, and invest. Being broke is normal because most people view money as complex.
4. Saving Is Viewed As Deprivation
One belief that holds people back financially is that we often view spending as empowerment and saving as deprivation. And with this belief, we are never prepared for life's emergencies. Saving is a very empowering thing because it allows you to deal with life's uncertainty. Being broke is normal because we don't save, thinking that it will deprive us.
5. Our Culture Is Obsessed With Individuality
In the United States, we are a highly individualistic culture where the rules and values revolve around the individual. This creates a highly consumer culture where we need to express our individuality though our possessions. Being broke is normal because we spend our money and go in debt to be an individual.
6. We’re Stressed Out
In the US, it is more common to live a very stressful life and have very little time. When people stress out they spend more money to cope with the stress. Being broke is normal because being stressed out is normal.
7. We Want A Life We Cant Afford
There is nothing wrong with wanting a high quality of life and having nicer things; however, there is something wrong when you can't afford that lifestyle because it drives you into debt. Being broke is normal because we go in debt trying to live a lifestyle we can't afford.
8. Borrowing Is Normal
Most people buy all their stuff on borrowed money or debt. It is very normal to use debt to fund your lifestyle, which normalizes being behind in life. Being broke is normal because we don't see anything wrong with taking on a bunch of debt.
9. Borrowing Is So Easy
Not only is borrowing normal, but it is also extremely easy. Companies know that consumers don't have the money to afford things, so they make it easy to get a loan so they can sell their products. Being broke is normal because it is so easy to find someone who will give you a loan.
10. Waste Is Normal
We live extremely wasteful lives wasting a huge amount of our money and resources, but we can't see our waste. We can't see how wasteful our spending habits are, which make us forever spend. Being broke is normal because living a wasteful life is very normal.
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