“Most People Are Broke!” #1 Wealth Killer NO ONE Talks About!

Most people who want to be rich are broke, and it's not because they're lazy and it's not because they're bad with money. It's because of the western world's number one wealth killer. And almost nobody talks about it. By the way, I'm Richmond Dinn, and I've made over $20 million online. I've spoken at Funnel Hacking Live, been interviewed by some industry legends such as Russell Brunson, Myron golden, and Ryan Pineda. And you can fact check all of this, including my actual stripe account here on my channel. So in this video here, I want to show you the killer to your financial freedom, why it's destroying most people's chances of ever becoming free and how to flip it into your biggest advantage, especially if you're a coach or entrepreneur and nobody knows who you are. So the first thing that nobody talks about when it comes to wealth killer is this Keeping up with the Joneses. Now, what does that term mean? Well, most people think it means, okay, so if my friend buys a brand new car, I'm going to want to buy a brand new car. If my neighbor buys a bigger house, I want to buy a bigger house. If my person across the road upgrades their patio, gets a bigger barbecue, I want to keep up with the Joneses to buy a better barbecue. And that's the one thing that's causing most people to not be able to spend less than they earn. Now, we all know that the step number one to wealth creation is spend less than you earn. And everybody knows that. But not many people know why they struggle. Because of this plague here in the Western world where they've sold you a lie that if you don't keep up with the Joneses, if you don't have the nicest house on the street, if you don't have the most up to date phone or the best technology or the best car or whatever that thing may be, then it means you're not good enough. It means you're falling behind. It means you're not a person of status. It means no one's going to listen to you. And we get caught up in this vicious cycle and this trap that society has sold you on. And that is the lie that's keeping you stuck because the government wants to keep you working for as long as possible so they can get more taxes and keep the flywheel going. Now, when I was an optometrist, I used to be an optometrist for 10 years. I remember this was over 20 years ago. I'm 42 now. And, and I started my optometry career 20 years ago. Then I retired from optometry, or not retired. I left optometry because it wasn't fulfilling and became a full time entrepreneur and coach online. But when I was an optometrist, I remember my very first paycheck 20 years ago when I was a 22 year old was $56,000 a year. I signed a contract my first year as a new graduate. $56,000 a year. Now that was okay money back then. I mean, it wasn't great, but it wasn't terrible, but it was okay and I had enough to live. And I remember six months into my career, I became extremely competent, really good at what I did. And I got a pay rise. And the pay rise went to $68,000 a year. And you know what I did with that pay rise? I didn't save it. Back then we were living in a tiny home, renting for $140 a week. I was driving a $300 car. And as soon as I got that pay rise, I upgraded my car and so I was no better off. Then I worked for another six months and my 60, like my 60 odd thousand dollar salary or $65,000 went up to about 78,000. And now I'm like, wow, I'm making money fast. I'm making more money. And so the place we're living in wasn't that great, but it was okay. And so we decided to move into a higher rental apartment or little, little unit. And that was around about $220 a week. And now we're living a little bit better life, a better car and better circumstances because I was trying to keep up with the Joneses. And guess what happened when my pay went up to over $80,000 a year again, we moved into a better home. I started buying a better car and started eating out, fine dining and everyone. I'm acting like as if I was so rich and wealthy, but I wasn't. And then when my income exceeded 100 grand a year, which happened within a two year period because in optometry your income actually accelerates quite fast because your experience accelerates fast, but then you kind of plateau. So I hit six figures.

Almost 20 years ago. And then I bought my first home, got a mortgage, try to keep up with the Joneses, bigger house, bigger everything. And I did that for a couple of years only to realize this, what am I doing? Why, why am I actually trying to compete? When my friend got a better car, I wanted a better car. When My friend got a better house. I want a better house. And I realized that I was caught up in this trap that really wasn't serving me and the trap was keeping me stuck. And that's when I made a decision that I am no longer going to try to keep up with the Joneses. I didn't want to do that anymore because I wasn't saving and I wasn't getting ahead. And I knew that if I kept on doing this, it wasn't going to be the smart thing. And so it was hard for me. But for the next five to six years, I became ultra disciplined and started really spending less than I earned. But more importantly, I started investing the difference into property. And in a very short amount of time, I amassed a portfolio of over 10 properties. I became a self made millionaire. But during that time, there was a huge period where I was driving the crappiest car out of all my friends. I wasn't living in the best home, I wasn't wearing the best clothes, we weren't going to the most fanciest dinners, and I was quite unquote. I don't know, I wouldn't call myself a tight ass, but I was smart with my money because I no longer wanted to keep up with the Joneses. And that's when I first got a taste of what it takes to become wealthy. Because I stopped playing the popularity game. And when you stop playing the popular game, you become wealthy. Now in life you can become rich or you can become right, but you can't be both. And I was so inclined to want to become right instead of becoming rich and becoming right was playing the popularity game. And I found myself moving towards freedom, or thinking I was moving towards freedom, when in fact I was just upgrading my cage. So the question I have for you is, are you trying to keep with the Joneses? Are you playing the popularity game?

Are you thinking that's going to get you freedom? When in fact, when you're just upgrading your house and upgrading your car, what you're really upgrading is you're just upgrading your cage. That was a big light bulb moment for me. I didn't want to upgrade my cage anymore. I wanted more freedom. And that's the paradox of spending. And so step number one to getting wealthier is to spend less you earn. Don't worry about what everybody else thinks. Chase freedom. Don't chase upgrading your cage. Now the second, second thing that's keeping everyone stuck when it comes to financial freedom is this. It's this word here called focus. Now what do I Mean by focus, I mean this cash allocation. So let's just say, okay, great, I'm smart now. I'm not going to care if I drive the crappiest car out of all my friends. I mean, if they're my true friends, they're going to be with me anyway. I don't care if I live in the crappiest house, I don't care if I don't get to go to fancy dinners yet. I didn't care about all these things. And now I've got surplus money. I'm saving $1,000 a week or I'm saving $1,000AMONTH or I'm saving $1, Thousand EVERY QUARTER. Whatever is you're saving now because you're spending less than you earn, what do you do with those savings? Where do you focus those savings? Where do you allocate that resource? This is important because where focus goes, energy flows. And so wherever you spend your savings into something that's going to help you make more money is going to dictate you on how far and how fast you go. Because if you spend it on the right thing, you can go faster. Now, not saying all investments are great investments, but let's just say you got one investment that yielded you 20% returns and another one that could have yielded you 30 or 40%. Now both are great, but one, you just lost out on opportunity. So there's opportunity cost when it comes to investing. And so focus is ultra important. The problem is most people don't know what to do with their spare cash. Now, if you've got a pen and paper ready, this is a big sentence that I believe is going to change your life. It's this. If you don't have a purpose for money, then money has no purpose. I'll say that again. If you do not have a purpose for money, then money has no purpose. And so you need to find a purpose for money. You need to have some intentionality behind it. What I mean by this. So this is a vision board, okay? This is the vision board, okay. And this is my most recent vision board actually. But I did my very first vision board about eight years ago when I started this whole entrepreneurial journey. And back then I, even though I had self made through property, I had actually lost it all a couple of years later through investing poorly in the mining towns. And I was $1.2 million down the hole and I was recovering from my financial collapse and I had left optometry, starting a brand new career as an entrepreneur. And I was starting out from Scratch again. And I had this vision board. And on the vision board was my dream car, my dream house, my dream family, my values, holidays. I wanted to go on with Penny, our dream lifestyle, how many kids we wanted, how much I wanted to make in my coaching business, all the mentors that I wanted to meet. And that vision board I spent a lot of time on. I got all the pictures there and I put it on my wall and. And it was on my wall every day. And every day I walk in my office and I'll stare at it and I'll watch it and it'll be like. And I could feel it. But you know, when something's on your wall, after about three months, you stop noticing it. You stop really staring at it, and it becomes kind of like background noise, kind of like. Like the plant behind me. I forget that there's a plant there. You know what I mean? So you probably have things on your wall that. Pictures in your house that you walk past every day, and you. And you just haven't really looked at it for a while. Like, it's there, you know it's there, but you haven't looked at it. It was like that with my vision board. I stopped looking at it, and it was really funny. A couple of years later, we had moved into our dream home on the water. Our business had far exceeded my initial goal of making 100 grand a year as an online coach, and I was making over a million dollars a year. And it was crazy. And. And at the time, we had the financial resources to get people to pack our old home and unpack into our new home. And it was awesome. We didn't have to pack. And I remember as they unpacked everything for me, and I was trying to place the things in the right place where I wanted. I found my vision board. It was packed in a box. I took it out and I saw it and I sat there and I thought, wow. On that exact vision board.

Was the house I was living in. In fact, the house I was living was better because I didn't ask for a waterfront house.

I was asking for 100k a year business, and we're doing a million dollars a year. My mentors I had physically met, like Tony Robbins and Russell Brunson and many other world leaders. And my relation with Penny was amazing. We had three beautiful daughters, and it was just. I couldn't believe it. I could not believe the life we had created for ourselves. And I thought, wow. I sat there just feeling so grateful.

Thinking to myself.

The power of intention.

Because I set the intention years ago, and not to sound woo wooing, I do believe there's things in this world where you can't see, hear, feel a touch. But my gosh, that happened because I set the intention or I set the focus. I set the focus. So if you don't have a purpose for money, then money has no purpose. And so you must find a purpose for money, otherwise it's going to be harder for you to save. But more importantly, when you do save, you don't know what to do with it and you may do reckless things with it. And the worst thing you can do with your money, and this is going to be controversial, is try to hoard it, because deflation will kill your savings. And so, for example, if you got $10,000 saved today, and we know that inflation is underreported, let's just say inflation is 5 or 6%, that 10,000 is now worth 9,500 by the end of the year. And so it's going down and down. Not only that, the cost of everything else is going up. And so disparity is less. So cash is becoming less of a commodity, it's less valuable now more than ever. And so that is a problem. And so, okay, you now have a purposeful money. You either want to invest it, you want to have an estate, you want to put it into your business, you want to put it into shares, you want to put in profit, whatever you need to find a purpose and an avenue. And once you've done that, then what are you going to do with all the profits? Is it going to build a school, you're going to donate to charity, you're going to help your kids, save up your kids school fees? Like what is the purpose for money? Have a purpose, have an intention, have a focus for money. When you do that, you'll get out of that broke cycle. I want to talk about the third thing that keeps people broke. And it's this hoarding. So if you don't have a purpose for money, or if you think your purpose is to save, save, save, save, save, or hoard, hoard, hoard or hoard, you will get into trouble. Why? Because money devalues with time. If you try to keep cash, you will lose it. And in fact, some countries like Japan, if you put money in the bank in Japan, guess what happens? They charge you for it because they don't want you to put money in there. And so you're losing even more. And so if you hoard, you'll be left behind. You must invest and invest wisely. And I want to give you, in my opinion, what the best investment that you can make your lifetime if you are under 50 years old, is it shares? Is it bitcoin? Is it crypto? Is it property? Is it something else? What's the best investment you can make when you are under 50 years old? It's this. It's your skills that are able to take you to earning $120,000 a year to $150,000 a year, or 150 to 200 or 200 to 300. So your biggest income producing asset that you will ever have from a cash flow perspective in your life is going to be you. Let me give you an example. Let's just say I wanted to, let's just say, like.

I'm relatively young, I'm 42, but I have found my purpose in online coaching and I'm not going to retire. I want to do this for the rest of my life. And that's why I left optometry to do this. And so I know that in order for me to make, let's just say my goal was to make a million dollars a year for the rest of my life. Now I am confident to be able to do that because we've been doing it for a while now. But in order for me to make passive a million dollars, passive a million dollars without me having to work for money, that would require an asset base of at least $10 million. That's returning 10% net to help me make a million dollars a year. Now if I want to be able to spend a million dollars a year, then I have to make a million and a half because I have to pay tax on it. That means I need a portfolio of a 15 million dollar portfolio that's netting me 10, 10%, which is 1.5 mil to make me 10, which make me 1 mil a year. I hope that kind of makes sense. So I have to build a net worth of $10 million a year that's netting me a million dollars a year. Now in order to do that I would need to invest. And so let's just say I wanted to make $10 million in net worth and I wanted to buy 10 houses, $1 million each, just to make the math easy. In order to buy 10 houses at million dollars each, I need to put down on average $250,000 deposit on every single house because you've got to put down a 20% deposit and then you're going to pay some taxes and all that kind of stuff. So that's $250,000 I need to put down for every single house I want to buy times 10. So that's two and a half million dollars cash I need to put down to buy 10 houses. And 10 houses may double in, in 10 years. So it'll probably take me 10 years to buy 10 houses and it'll take 10 years for it to double again. So that's 20 years that I have to put money in to get an asset base of $10 million net worth. I hope that kind of makes sense. Long story short, I'm out of the game for 20 years and I have to put down two and a half million dollars cash to make that work. Now what if, what if I put that two and a half million dollars cash in myself?

What if I did that? So each property I buy, I need to put down $250,000, right? Instead of putting down $250,000 into a property, a million dollar property, hoping that it will double in 10 years time, what if I put it in myself? And that's a lot of money to put in myself. But what if I did to upskill myself? So I become a better marketer, so I become better at sales, so I can build systems and software and AI around my whole sales process. So I can hire three team members to work for me full time, to help me with lead gen and close and triple the volume of my business. So I can invest in skill sets such as speaking, or maybe use that for personal branding. And you know, to get on a world famous podcast, some of them you have to know the right people, some of them you can pay. So to get on a big podcast, you can pay them $20,000 and they'll have you on. And that means you could get on 10 really big podcasts and build your personal brand. And guess what happens when you build your personal brand from investing a quarter of a million dollars in yourself. Where you go from earning 1 million a year to maybe 3 or 5 million dollars a year and so your earning power goes up. And so if I'm earning normally 1 million a year, I'm trying to invest the difference and try to invest in property. But if I invested that in myself now, I can go from 1 million a year to 3 million a year. Now 3 million is 2 million extra. That means over 20 years I would have made an extra $40 million. 40 million from the same amount of investment that I would have had to make if I wanted to buy one house, not 10.

See the difference there? That's just so Instead of buying one house for a million dollars and putting down 250k, what if I put it in myself so I can go from earning a mil to 3 mil, and that over 20 years, I'm going to make way more, way more. So that means that hoarding will keep you broke.

And the one thing that will keep you wealthy more than anything else is investing yourself. No one tells you this, no one tells you this. And I get that for many of you, like, oh my gosh, I'm not even 100k, I'm not even on 200k yet. But when you do get there, when you do get there, you're going to be asking yourself, okay, should I take money off the table and start hoarding, or should I reinvest it in myself? I would reinvest in myself always. I've taken minimal profit from our business over the last couple of years because I want to reinvest in myself again and again and again and again. I literally just signed up to a $350,000 mastermind. This is $350,000 USD that I paid in full to be a part of. And I could have bought a brand new home for that as an investment. But I knew if I bought a house for $350,000 and I was returning me, say 20 grand a year in rental, and then the house may go up with time, like it's only making me an extra $20,000 a year. And it may, in 30 years time, that 350k house may go up to $2 million. And I've only made an extra 1.7 million equity plus the 20 grand a year. Like investing 350k in myself, I can make way more. And I did. After that 350k investment, I sold my very first $1 million offer and all I need to do is just sell one $1,000,000 every year, and that would 100x what I would ever get from property.

You tracking, you following this. This is crazy. And so I want to recap everything for you. The three things that kind of keep you broke, that nobody else talks about is, number one, keeping up with the Joneses, number two, incorrect focus, and number three, hoarding. Now, the anticipation or antidote of doing that is that you'll become wealthy beyond your wildest dreams and then you won't have to worry about money again. I trust this was useful for you. If you did find it very useful, and you're looking to learn how to make your very first 100k online so you can have these quality problems. Watch my Tiny Challenge Training. That's going to show you on how to get to 100k in the fastest, shortest, easiest way without any skill, without any prior knowledge, without experience, without learning tech, without a following, and without having to speak in front of a camera or a big audience. That's an awesome training. We've helped hundreds of students make their first dollar online through my Tiny Challenge Framework. Just catch the video on my channel for now, guys. Keep believing and never settle.