Codie Sanchez ranks five habits that keep people poor, from flashy cars on credit cards to moving too slowly. She highlights that in 2022, savings accounts earned 0.2% interest while inflation hit 9%, and warns that busy work isn't the same as high-leverage work that builds wealth.
Chapters
Maybe some tough love you didn't know you needed to hear today. I want to talk about the 5 habits of broke people that could defend it like a virus and keep you poor. Let's go ranked. Number 5: Bought a fancy car on a maxed-out card. That doesn't make you look rich, it just rents the look. Instead, the flex is the bank account nobody ever sees. Then we've got 4: You saving every dollar. I know people think that sounds good, but inflation hit 9% in 2022. If your savings paid 0.2%, you're losing a a lot of money, so you're playing too safe. Next, you won't open your bank account, but the number doesn't shrink because you look at it. It actually grows because you pay attention to it. Keep watching your money like a mistress. Next, calling the grind discipline. Busy isn't actually productive. You've got to do high leverage work to make a lot of cash. And the last and the hardest, you're probably moving too slow. If you're going to fail, fail in a week, not a year. Speed is cheaper than perfection, and nobody does this well except really rich people. I know this is hard for you to hear, but I remember when I was broke and I wish somebody would have told me the things that weren't that popular but actually made all the difference in your life. Send this to your friend who needs to hear it too. Keep each other accountable and talk a little shit because sometimes competition helps.
