The Quickest Way to Go Broke (& How to Avoid it)

The quickest way to go broke— everyone's doing this. The government have made it much harder, the banks have made it harder still, but you can change your financial life around doing the opposite of this. So the quickest way to go broke is to pay everyone else before you. Now you think that you need to pay your mortgage first, your car loan, your direct debits, your bills, your expenses. You think that you have to pay them first, but in reality you should be paying yourself first. So the— a classic book nearly 100 years old, The Richest Man in Babylon, talks about paying yourself first fundamental rule of building wealth. There's two, really. You know, if you ask rich people how they got rich, they'll tell you maybe some of the more fancy stuff, but they'll forget the basics because they either just naturally do them or they did them 30 years ago. But if you want to know the two fundamentals of stopping the debt, getting out of the debt, and Building wealth, making, managing, multiplying, and then maintaining millions. Here are the two fundamentals, and anyone can do them. Number one, never spend more than you earn. So doesn't matter, um, how much the debt is in, how much the bills are building up, never spend more than you earn. Even if you save $5 a month The second rule is to pay yourself first and then pay everyone else later. Now, most people who are employed, they pay themselves last. They pay tax first. So, you know, when you get your wage slip, this is what you earned, this is what you could have won, and then you've got the tax, the National Insurance, the student loan. And you've got less than half of it. So you paid the government first, second, third, and then you got paid last. But that's not the end of the story, because then what happens is the money goes into your bank, and then you're paying the mortgage, which is the banks again. And the banks and the governments are basically one corporation. So you paid the governments once, two times, three times before you've got your net, net, net. And then it goes into your bank and your mortgage and your car loans and your direct debits and your overheads and your expenses all come out and you're left with nothing. In fact, you're probably spending more than you're earning. So you're getting more and more into debt. And of course, that debt generates 20%, 30% interest, which goes back to the banks again. So the banks are double and triple dipping on your ass and you're left just racking up with the debts. Now, people say to me, oh, but I can't turn that around. How can I? This is what you do. There's two things. One, if you start a company, what that means is you pay yourself first and you pay tax last or later. Side hustle company, you can start it for probably $50, pounds, or less so that you're paying yourself, and then the VAT is paid 3 months later, and then your tax is paid a year in arrears, sometimes a year and some in arrears. So at least then you've got that year to work out what's a legitimate business expense How can I get the tax bill down before I submit the accounts? That's going to save you tens of thousands a year. And then when you do pay yourself much less tax, then direct debit immediately or standing order out £100, £200, or £500 a month. And even then, if you're like, oh well, that's going to leave me £300 short, well, you've now got 29 days to go and earn an extra £300, do a bit of overtime. Get a bit of commission on sales, or just hustle to make that extra to pay them at the end of the month because you got paid at the beginning. Then you've got a few hundred that you can save, save. And by the way, don't save the money in the banks. Savings are degradings. Savings accounts are ways for the banks to earn money on your money. If inflation is— if they say it's 3, it's probably 6. Right, interest rates are 5, but they give you 1.5, so you're 4.5% down a year. Uh, if you racked up over a few years, that's eating your money away. So what you do is you save the extra that you've paid yourself first as a storage to then invest. So once you've got enough to buy some silver coins, buy gold coins, invest in property, invest into the S&P 500 or the FTSE 100, or or start a business immediately once you've got enough, then you go and invest that money. So saving is storage, and savings accounts are degrading accounts. The rule number one of investing and getting wealthy is you must beat inflation. It's rule number one. And savings lose to inflation. Therefore, people think they're saving money, and they're actually degrading money. I'll give you an example. I keep all my coins, and I just spent a couple of hours with my kids. Counting up all the coins, and there's a load of old pound coins that have gone out of circulation. I can't do anything with that. That's gone down to zero. Okay, so the, the worst thing you can do in wealth building is to pay yourself last, which is the trap you need to avoid. And the best thing you can do is pay yourself first. The worst thing you can do is spend more than you earn. The best thing you can do is never spend more than you earn. The worst thing you can do is pay tax first and you get what's left. The best thing you can do is pay yourself first and you pay tax later once you've been able to work it down. Just those three fundamental rules and basics will turn you round from tens of thousands in debt or losing to tens of thousands making money compounded over a decade or two. You'll become a millionaire just following those 3 rules. Fact. End of story. No bells and whistles. So give me a yes if you'd like to learn this kind of content every single day. Give me a yes if you'd like hundreds of hours of content on making, managing, or multiplying money, on investing, on building multiple streams of income, on getting your tax bill down and your income streams up. Just give me a yes in the comments if you'd like to keep learning this stuff. Because this is what Rob.team is for. Rob.team is my digital financial freedom platform. It's my now new global money school. I mean, it's been going for— I've been doing this for 18 years, but I'm evolving it into a global money school to help you start and scale a business, make, manage, and multiply money, and build multiple streams of recurring income, getting your tax bill down and your income streams up. So to join, it's, um, completely— there's no risk at all. The only risk is not to join. Because, um, when you factorize it by a day, it's less than 20 pence a day. It's less in a month than what I spent on coffee today, and I'm going to get another one. So if you want to join this right now and gain access to hundreds of hours of courses, resources, and masterclasses to make, manage, and multiply money, to get your tax bill down and your income streams up, just go to rob.team right now. The link is rob.team. T-E-A-M. Go type that into a web page now. I've put the link in the comments if you want to click it. Go join, then come back, because if you don't do it now, you'll forget. And, um, it's never too late to start, but it's always too late to wait. Um, so your money is probably the most important tool that you'll ever use in your life. And yet you've not learned properly how to use this tool. This tool isn't— you're not taught how to use this tool in school, because if you use this tool well, you'll get rich. And you getting rich isn't good for the central banks and governments. A few people getting rich is good for them. A few people owning companies and employing people is good for them. But too many people getting rich means that you're going to be taking money away from the central banks and governments. Because instead of leaving all your savings with them, you're going to invest it in your own assets. Um, instead of them taking all your money and lending it out and earning on it and you taking all the risk, it's going to reverse. So if you'd like to learn how to play the banks at their own game and win, go and join rob.team right now. In fact, I did a 12-hour— 15— no, 12-module, 15-hour Money Mastermind University. And my tech guys are just editing that and they're going to put it up on my website, robmoore.com. It'll be £700 plus VAT, which is a bargain for 15 hours of content on how to beat the system at its own game and really build generational wealth. But it's actually in Rob.team right now, just while it's getting finished. So if you go and join Rob.team right now, then you can gain that as a special bonus and you won't ever have to pay the £700. By the way, once it's all done, I'm taking it out of Rob.team. So get— go and join right now and gain instant access to that. The link to join Rob.team and to get that special bonus is Rob.team. Rob.team. Also, I'll be launching soon a homeschooling financial series for kids. And so if you have kids, that's going to be great for your kids. Also, kids always go free in Rob.team. So if you've got kids under the age of 18, share your login with them. They'll never have to pay. So if you're paying less than 20p a day, which is less than £8 a month, it's actually less than £7 a month excluding the VAT. If you've got a kid, that's half again. And then if you claim your tax back, it's about a third off again. So net-net, it's probably costing you 8 to 10p a day. Um, but remember, you are your best asset. Invest in yourself wisely. You pay yourself the best return. Um, when opportunities come to you, take them. So you have to be careful because the central banks and governments have good control over you. You know that if you're employed, they take your money and they give you what's left, and it's less than half usually. That's how we treat children. Yeah, we take their sweets, we take their pocket money, and we give them what's left, and we, and we hand it out and ration them. That's what we do to children. Unfortunately, that's how the government and central banks treat adults. Doris said she joined Rob.team 2 months ago and it's full of, um, quality content. Thank you very much. And my goal is to make it accessible to anyone in the world because I believe anyone can find 20 pence a day. It's virtually free. It's basically an admin fee. And, you know, the way I'll make money on this is by having tens of thousands of members. So, um, high volume strategy, just so you know, because I do have a charity and I think I've given away now more than a million pounds through my Rob Moore Foundation and other charity work. But I'm not a charity, even though I do have one. Um, so yeah, thanks for tuning in. Go to rob.team, claim the special bonuses, the hundreds of hours of courses, resources, and masterclasses. Actually, coming really soon, we've got a 4-hour tax saving masterclass, 4 hours on the strategies and tactics for any beginner and new business owner to save. I mean, it could be tens of thousands in tax, it could be hundreds of thousands depending on your revenue. And that's going to be within Rob.team, the beginner level. And then there's going to be an advanced level in Rob.team Gold. So you're going to get all of this. Just for joining right now at rob.team. So pay yourself first, pay the government last. Never spend more than you earn. Pay yourself what you earn. Invest what you save over what you earn and what you spend. As you invest more, you get more income. As you earn more but don't spend it, the amount that you can save and invest grows. And then as you add compounding in and leveraging, that's how even if you're only earning a small salary, you can actually become a millionaire in 10 or 20 years managing money well. Because if you can't manage what you've already got, you're not going to be able to manage more. So the trick is to manage what you've got well, even if it's not much, and then you'll get more. Thanks for tuning in. I'll see you in Rob.team. And remember, if you don't risk anything, you risk everything.