The BIG Money Fails of the Broke 😳

The big money fails of the broke. Being broke is a habit. Being rich is a habit. And there are 6 main money fails of the broke, not the poor. If you're born poor, it's not your fault. If you die poor, it is your fault. So the main money fails of the broke. There are 6, and number 1 is they get poor trying to look rich. They buy things they can't afford, they buy things that go down in value, they put things on credit that they can't afford to pay, and they spend money trying to look good, trying to feel good, and trying to keep up with other people. So they go broke trying to look rich. Now, if you want to observe the masses and do the opposite because that's what successful people do, then what about acting broke for a short while in order to get rich? So acting broke means saving, then investing, not spending, um, you know, managing your money well, not showing off. And if you do that long enough, you'll get rich. But if you act rich enough for long enough when you're not rich, you'll go broke buying stuff you can't afford to impress people you don't even like. The second big money fail of the broke is that they spend more than they earn. So there's some fundamental laws of money. Number one is never spend more than you earn. It's basic, it's simple, but actually it's not easy. Why? Because We don't budget properly, or we get emotions around money and we buy stuff we don't need, or we just don't track it, or we're struggling, or we're paying ourselves last and everyone else is getting paid first. So never spend more than you earn. Let me say that again: never spend more than you earn. The third of 6 big money fails of the broke is that the broke don't track what they spend. Now, by the way, this is one of the reasons why money being digital and no cash is quite bad, because people are not great with money. They're like, well, they put some cash in their pocket, and when they spend it, it's gone. Because when you pay digitally, electronically— get my teeth, put them back in— or by debit card, you can't track. You cannot master What you do not measure. So do you track what you spend? Do you have a proper budget? Do you have a limit? So, um, I just want to say hi, thanks for tuning in and following my content. What I'm covering here is the 6 money fails of the broke. Number 1 is they get poor trying to look rich, buying things they can't afford to impress people they don't even like and know. Number 2 is they spend more than they earn. Never spend more than you earn. And number 3 is they don't have a budget. They don't track what they spend. You cannot master what you do not measure. Now look, um, the masses are not rich, and the opposite of the masses, the few, are rich. Observe the masses, do the opposite. So instead of getting poor trying to look rich, act poor for a while to get rich. Instead of spending more than you earn, never ever spend more than you earn. Always spend much less than you earn. Instead of never tracking what you spend and having a budget, have a clear budget before the month even starts, before the money's coming in, and never go above it. The fourth thing that the broke do is they buy depreciating liabilities, whereas the rich buy appreciating assets. So look, most people think that liabilities are clothes, material items. Assets are real estate and other things that are known assets. This isn't true. A real estate can be a liability. A Hermès handbag could be an asset. So actually, an asset is something that goes up in value, and it could be virtually anything. I had at one stage about a quarter of a million pound hi-fi system, and I didn't buy it new. I bought it secondhand, and I paid 90 grand for it. And I made 10 grand on it. So you could say that the people who bought it knew it was a liability. For me, it was an asset because I bought it and made money on it. So the broke buy depreciating liabilities— they buy things new and they go down in value, or they don't know what goes down and what goes up. And the rich, they, um, you know, buy appreciating assets. Now Tina said here, sorry, you are rather condescending. Uh, I don't think I am, Tina. I just think it's how you perceive it. I also think it's understanding the difference between poor and broke. So how I would define poor is you're born into poverty, it's not your fault, you can't help it, there's no education, you know, that you might be in, in Africa or a poor country or in poor parts of the UK. That's not your fault. Broke is where you've spent too much money, there's internet, there's education, there's libraries, there's mentors, and you just haven't taken responsibility. And I didn't say the word fools, Tina. I would not say that of people generally speaking. So broke is you've got access to knowledge and resources and training and education and money, but you've just got bad habits. And poor is, you know, proper poverty. That's why Bill Gates said, and I quoted, if you're born poor, it's not your fault. And I totally agree with that. That's one of the reasons why I do all this content, by the way, because I want to help as many people on this planet get better financial education and knowledge. And with the internet and with social media and with mentors and with lives like this and with books and audiobooks and podcasts, even with not a lot of money, there should be no excuse not to get a good financial education. Oh, and by the way, it's never resources, it's always resourcefulness. It's never a lack of money, it's a lack of education. I really believe that. Um, so, you know, the educated person around money, um, they would learn what an asset is and what a liability is. They would learn what appreciates and what depreciates. Um, I've got a bit of an addiction of buying watches and cars, but my Ferrari Testarossa has gone up in value. I bought my Ariel Atom secondhand. That will hold its value. It might go up. I had a 750-horsepower Nissan GT-R. I made £12,000 on that. There was running costs, um, so you know, the watches, the property, all the stuff like that that I buy. You know, I do buy sometimes expensive clothes new, but I normally buy them secondhand. This is a £400 top. I bought this on eBay secondhand. Well, it's actually new, but I didn't pay full price. So you can always learn before you earn. Learn, earn, invest. Thanks for all the kind comments, and thanks for the criticisms and the questions, by the way. Criticism— criticisms are fine. Questions are fine, disagreeing with me is fine, as long as you're not abusing and defaming me or my people on my social media content, which, you know, mostly you don't because you're good people. Okay, the fifth thing that the broke do, the fails of the broke that the rich don't do, is they spend when emotional. When you're really high, don't spend, don't make a promise, don't make a big life decision. When you're really low, you might hoard, or you might— if you're depressed, you might spend all your money to alleviate that negative emotion or feeling. Someone said something really profound here, and forgive me if I can't find it, but about, you know, money addictions, um, and addiction. So addiction kills budgeting. That's absolutely right, Nick. If you have addictions, whether you're elated or you're depressed or you're addicted to, you know, really good exciting feelings or alcohol or gambling or whatever, but extreme emotions, volatile emotions erode wealth. Nick is spot on. So you got to try and, um, center yourself and balance your extreme emotional states. Because by the way, addiction isn't always cigarettes and alcohol and gambling and other things that cost huge amount of money. Addictions could be you're just addicted to the chase, to the thrill, to the adrenaline, to the high feeling, and that can also cost a lot of money. You know, I know I've made some really bad financial decisions when I've been on cloud nine. So, you know, people who are really good with money, they, they, they know that when they're really emotional, they don't make important money decisions, and they separate money from emotions. And that's really important. And then the sixth and final thing that the broke fail when it comes to money is they save thinking that that will make them rich. They were taught by their parents to save money— doesn't grow on trees. Save the pennies, the pounds will take care of themselves. And you know, they're being careful and cautious, and they think that they're doing well and they can save their way to wealth. No, you can't. You can't, 'cause you get less than a 1% interest, but it's more than a 10% inflation. So it's actually impossible to save your way to wealth, and many well-meaning people are giving really bad advice. You can't save your way to wealth, you can only invest your way to wealth. That's important. You can earn your way to wealth, you can invest your way to wealth, but you can't save your way to wealth. So a couple of quick things— is, well, 3 quick things. One, I'm going to do a summary in a moment. Thanks for tuning in. If you write toolkit in the comments, then I'm going to give you some financial resources, some education, some knowledge. I'm going to give you the up to 30 ways to budget and save up to half your salary a year in costs. I actually wrote a deep dive article for a mainstream media publication. So if you write toolkit in the comments, I'm going to give you that gift completely for free. Also, when you write toolkit in the comments, I'm going to give you access to two 90-minute keynote speeches I did on creating recurring income and multiple streams of income and digital assets. I'm also going to give you two or three immediately downloadable PDF documents on systemizing and scaling income, the different types of income, uh, and essentially not just surviving but thriving in this financial cost of living crisis that we're in. And all you have to do is write toolkit in the comments, and over the next hours and, and maybe even days, because these videos grow in reach, I will reply with a link. Just pop your details, or just your email actually, and it means we can stay in touch as well. And I'll give you a weekly Rob's Resources, financial resources every single week. No selling, no funnels, just, uh, value and content, because I want to help as many people get Get better financial knowledge in this cost of living crisis. Cheers. This is not alcohol, not that it matters if it was. So, um, let me do a quick summary. 6 big money fails of the broke are: number 1, people get poor trying to look rich. Flip it on its head, act poor to get rich. Number 2 is they spend more than they earn. Flip it around on its head, always save and invest more than you earn. Never spend more than you earn. The third thing is they don't, um, track or make a budget. So make sure you— you cannot master what you do not manage. Um, so you must manage well your emotions and your budgets and your spending. The fourth thing is broke people— remember, poor and broke are different. Broke people by depreciating liabilities, rich people by appreciating assets. The fifth thing is that the broke spend when emotional, or when elated, or when depressed. Never make a promise or never make a big financial decision when you're high or when you're low and when you're emotional. And then number 6 is they save. They're convinced by the banks and they're convinced by their parents and the system that you can save your way to wealth. You can't. You cannot save your way to wealth. You can only earn your way to wealth and invest your way to wealth. Now, if you would like to be able to invest your way to wealth, you'd like to learn how to invest, what asset classes to invest in, how to spread your risk, how to take calculated risks, the best asset classes, then I have a brand new— it's been live about a week— 9-module, 10-hour How to Invest series. Give me a yes in the comments if you'd like to access my 9-module, 10-hour How to Invest series. I interviewed one of the top entrepreneurs in the UK, investor entrepreneur worth tens of millions of pounds, and we covered crypto and property and gold and precious metals and watches and cars and art and stocks and ISAs. You name it, we covered it. So here's what you do if you want to get that at not the £1,000 fee that it would be. 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So if you open a new page and you'd like to learn how to save tax and make money and start a business, scale a business, get better financial education and knowledge, create multiple streams of recurring income— if you'd like to learn all this stuff, open a new page right now and type in R-O-B dot team. Do it now. Um, I used to do one masterclass a month. I'm doing like one masterclass every 10 days now. I've got my How to Hack Viral Growth, um, 3 or 4 hour course coming soon because I tend to go viral a lot. Not always, but a lot. Um, we've got negotiation courses coming up on rob.team. Money mindset course is coming up. On rob.team. There's a, um, 10-hour How to 10x Your Social Media Following, a 10-hour masterclass on 10xing your social media following. I've got over 1.2 million followers, and I, I went from 500,000 to 1.2 in just over a year. I can see people are saying that they've joined in the chat. So if you just open a new window right now, type in rob.team, you can join too, and you can get all this on an ongoing basis. You can also get all the courses going back 3 years. 3 years. So it's pretty powerful stuff. Don't go broke trying to look rich. Don't go broke spending more than you earn. Don't go broke by not tracking what you spend. Don't go broke buying depreciating liabilities. Don't go broke spending when emotional. And don't go broke saving without investing. They're the 6 money fails of the broke. And if you go and join rob.team right now, you will learn to be rich instead of the money fails of the broke. So open a new window, a new page right now, and type in rob.team. I'll see you there. The government aren't going to save you. Inflation is soaring, cost of living is soaring. Tax is soaring. You must learn, earn, and invest. And that is why Rob.team was set up. My personal vision and mission is to help as many people on this planet get better financial education and knowledge. And I'm told that what you learn in Rob.team is better than what you learn at college or university or on expensive courses. Steve, um, recently Steve Irwin told me that he made £65,000 in Rob.team. And many people are saying Rob.team is better than an MBA or a university degree, and it's a fiver a month. It's the cost of a large coffee. It's 3 of these, and it's a month, and you can get all the content going back 3 years. You can join the thousands of members. You can learn, earn, and invest. Um, and I'll see you there. And how you join is really easy. You just open a new page right now and you type in Rob.team. You can see people are joining in the comments. You can see them there, and go join them. Don't miss out. 'Cause I've got to get out of here. Thanks for tuning in. Observe the money fails of the broke so you can do the opposite, so you can get rich. And by the way, when I say get rich, I don't mean greedy, power-hungry bastard rich. I mean serve the community and serve the country rich. I mean give to charities and start your own foundation rich. I mean have a good free lifestyle and travel well and look after your kids rich. I mean be inspiring to others rich. I mean putting your kids through good school rich. I mean living long and healthy rich. This is the kind of rich, not the greedy, power-hungry bastard rich. And there's a big freaking difference between the two. And a lot of people think that being rich is being greedy, hungry, power-hungry bastard rich. No wonder they're poor, because no one would want to be that. But you can be giving and rich, kind and rich, philanthropic and rich. You can have time and be rich. You can do a lot for the community and the country and be rich. And that's what Rob.team teaches you. So open a new page right now, type in Rob.team. I'll see you there. I've got to get out of here. Thanks for tuning in, and remember, if you don't risk anything, you risk everything.