The BIGGEST LIES About Money That Keep You BROKE! | Tom Bilyeu
Tom Bilyeu's Impact Theory
Impact Theory
4.7 • 5.2K Ratings
🗓️ 15 October 2022
⏱️ 167 minutes
🧾️ Download transcript
Summary
On Today's Episode:
Money allows you to cover your basic needs and it also gives you the ability to have new experiences and do really cool sh*t. No it doesn’t buy happiness, but not having the money you need to cover basics in life can make you feel really miserable.
In this money talk with Tom, we’re going to look at habits you have around money, both good and bad, and we’re going to help you find the path forward to what your version of financial success looks like. Your money habits, what you focus on, the story you have around money and your financial literacy are all important factors.
Let’s get you in the right mindset to:
Break away from the Time for Money tradeoff we’ve adopted
Start seeing money as potential to solve problems that allow you to earn more
Build habits that allow you to grow wealth
SHOW NOTES:
0:00 | Introduction to Money Talk
0:21 | Money The Great Facilitator
9:13 | Master the Game of Money
17:19 | Break Habits That Keep You Broke
35:17 | Adopt These Habits of the Wealthy
49:32 | Chasing Money for Happiness
QUOTES:
“Money is the great facilitator. Money doesn’t say anything about who you are as a person. It doesn’t mean that you’re good, it doesn’t mean that you are bad.” [0:32]
“Learn about money, master the game, so that you can play it very well.” [12:40]
“Money is not going to solve anything but money problems.” [16:58]
“Most people live paycheck to paycheck, even people that are making six-figures live paycheck to paycheck.” [17:56]
“If you’re not investing you’re going to be getting eaten alive by inflation.” [20:04]
“People are spending all of their money. Debt habit number one, you’re spending all of your money on liabilities and not assets.” [29:55]
“Be very thoughtful as you’re exchanging time for money. Don’t forget that you also want to be in a position where you can exchange skill set for money…” [34:37]
“People that get wealthy, [...] all they think about are solutions.” [36:33]
“If you turn to people for a handout all you’ll ever get is what they’re willing to put in your hand.” [38:37]
“Wealthy people that know how to use debt effectively, [...] they don’t sell the asset, they borrow against the asset.” [43:44]
Follow Tom Bilyeu:
Website: https://impacttheory.com/
Twitter: https://twitter.com/TomBilyeu
Facebook: https://www.facebook.com/tombilyeu
Instagram: https://www.instagram.com/tombilyeu/
Transcript
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| 0:33.8 | Go to bit.ly slash IONHACK apply. Much like you, I've got a lot to complain about, |
| 0:40.8 | like open toe sandals. Who thought that was a good idea? Who wants to look at toes? |
| 0:45.1 | Adults who drink squash. Listen, you're a fully grown person. But I just got my Sky TV and |
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| 1:01.3 | We're happy because you're happy. Oh, Angon though. No, he's eaters. They're annoying. |
| 1:06.2 | Sky, believe in better. When it comes to making decisions about your money, |
| 1:11.2 | do not let yourself get sidetracked from your goals. Today, I'm going to be breaking down how to |
| 1:16.7 | form habits, maintain focus and how to build the expertise that will allow you to trust your own |
| 1:23.1 | decision making and how all of that relates to finding success in the financial world. Let's get into it. |
| 1:32.5 | Growing up, most of us are told some very detrimental lies about money and I get it. It's what people |
| 1:39.2 | have been taught before them. So of course, it's what they're going to pass down. But what people |
| 1:42.1 | don't understand is money is a great facilitator. Money doesn't say anything about who you are as a |
| 1:47.1 | person. It doesn't mean that you're good. It doesn't mean that you're bad. And that's one of the |
| 1:50.4 | biggest lies that people are told. People are told that money is the root of all evil. That definitely |
| 1:56.5 | is not true. Money is the great facilitator. This is why the greatest charities in the world, |
... |
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