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Investing in Real Estate with Clayton Morris | Investing for Beginners

1000: 5 Bad Money Habits That Are Keeping You Poor - Episode 1000

Investing in Real Estate with Clayton Morris | Investing for Beginners

Clayton Morris

Investing, How To, News, Education, Business, Business News

4.11.1K Ratings

🗓️ 16 November 2023

⏱️ 7 minutes

🧾️ Download transcript

Summary

We all know how much the economy has changed over the past few decades, particularly the past few years. Traditional investing advice and a straightforward retirement plan may have worked for baby boomers, but the game has changed. Yet financial advisors, big banks, and other entities keep spouting the same financial advice that no longer works in today’s landscape. Following outdated advice will never get you the results you want.

If you’ve struggled to build wealth, chances are you are being held back by limiting money beliefs. In today's show we're talking about those common money myths that are keeping you broke.

Transcript

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0:00.0

Do you ever wonder is the system rigged against you? Is the system designed to keep you poor?

0:11.0

Today we're going to talk about five specific examples that are designed

0:14.8

to actually keep you poor. If you've ever struggled to build wealth, chances are

0:18.6

you're being held back by limiting money beliefs. And today's show we're going to

0:22.2

talk about those common money myths that are actually

0:24.6

keeping you broke. Listen, we all know how much the economy has changed over the past few decades,

0:28.8

particularly the past few years. Traditional investing advice and a straightforward retirement plan may have worked for the baby boomers,

0:35.9

but the game has definitely changed. People can't afford to move into homes these days.

0:40.8

Baby boomers are able to, but millennials are not. Yet financial

0:44.4

advisors, big banks and other entities, keep spouting the same financial

0:48.6

advice that no longer works in today's landscape. Following their

0:52.3

outdated advice will never get you the

0:54.1

results you want. So let's get into these bad money habits right now that are

0:57.6

perpetuated by the system and ultimately are keeping you broke. Number one, the first bad habit that's keeping you broke.

1:02.6

Number one, the first bad habit that's keeping you poor

1:05.4

is an unrealistic approach to debt.

1:08.2

In the United States, we have a debt-based society

1:10.8

that's centered around liabilities, right?

1:13.0

Once we went off the gold standard in the 1970s,

1:16.0

we no longer have an American dollar backed by really anything.

1:20.0

It is now backed by debt.

1:22.0

The American dream tells you that you should go into debt by buying liabilities,

...

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