i blew all my money!
Hey friends!
In this video, I'm going to talk about the 7 Money habits that keep you poor and how you can avoid them to become financially free.
We've all seen or heard about the money habits of the rich but, do they really work? And are they as easy as they sound? Well, definitely they do work and are pretty easy to follow.
If you're young, building money habits in 20s is probably the best thing you could do for yourself as it'd not only teach you patience & strategic planning but, also make you wealthy in the long run. So, stop searching for how to become wealthy on YouTube.
Well, I guess this video should be called Money Habits 2022 as I'd probably make a video on this topic every year because humans tend to forget simple things and so do I.
Good Money Habits sounds good and easy but, do you have what it takes to become wealthy? I guess you'd have to try it on your own.
In the long run, these money habits will help you in escaping the rat race and setting you up for life & giving you probably wealth for generations to come.
I've talked about the following money habits which are keeping you poor:
1. Not paying yourself first
If you pay taxes (obviously you should!), you work for the government for a few months and then, for yourself, according to the book: The Richest Man in Babylon, there are 5 laws of gold and according to one, you should save 10% of your income to build wealth in the long run.
2. Not having an emergency fund
Emergency fund planning and saving are really important & in cases like recession or losing a job, an emergency fund can give you that extra buffer for 3-6 months.
3. Not clearing your debt and credit card loans, emis
Home Loans, emis, credit card bills, and everything will drown you. It's better to use credit cards for credit card points, building your credit score and that's it. How to get out of debt? Well, that deserves a video of its own.
4. Not Tracking your income & expenses
Make an excel sheet or look at your monthly statements to see net cash coming in and leaving your accounts.
5. Fear of missing out or FOMO
These days, we spend money on expensive stuff like Starbucks Coffee (did you know that Starbucks is actually a bank) and posting pictures on apps like Instagram to satisfy endorphins and enjoy the dopamine release.
6. Not investing early
Warren Buffet has been saying for years that investing early is the only option (especially if you're not Elon Musk or Steve Jobs or, you're just like me ( a lazy panda interested in Index Funds like Nifty 50, etc), lol.
7. Allergy
Allergy to financial education or financial literacy might be becoming a burden on you and you need to consume financial education daily. There are great channels for it like Graham Stephan, Andrei Jikh, Financial Education, Ankur Warikoo, and Dhruv Budhiraja (lol, that's me).
BOOK RECOMMENDATION: The Richest Man in Babylon
Link: https://amzn.to/38jRclZ
If you want me to make a video on The Richest Man in Babylon summary or, The Richest Man in Babylon's summary, do let me know!
If you liked this video, do consider subscribing here: / @dhruvbudhiraja
⏳Timestamps:
00:00 Introduction
00:52 1. I don't think you pay yourself first
02:00 2. Emergency Fund
03:33 3. Debt vs Common Sense
03:43 4. Not Tracking your Income & Expenses
04:38 The Good Stuff :)
05:05 5. Fear of missing out (FOMO)
05:55 6. Not Investing Early
06:44 7. Allergy
07:24 Ending Note
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Video Language: Hindi
Subtitles in: English
🎶 Music: Epidemic Sound
📺Title:
Avoid these 7 Money Habits that keep you Poor: Escaping the Rat Race
Thank You
Dhruv Budhiraja