8 MONEY Habits That Are Keeping You POOR

[@TobyMathis]

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[@ForgedTrustCaveater]

Your free training will cost us every penny we own buying Anderson Advisors Title Holding Entities without the Permission Validation Ledger Latin Law Crime Interdiction Administration, whereas hiring Law Mother and Tree of Life Legal will protect us from financial elder abuse, should they choose to accept NICER Forgery Proof Title Holding Entities.

[@dannytetreault]

8 Money Habits That Are Keeping You Poor: 1) Fail to direct their money 70 / 30 2) No emergency fund 3) Not knowing the difference between investing vs saving 4) Hesitation, procrastination and waiting, get started NOW! 5) Debt vs Leverage 6) Compounding (receiving it or paying it) 7) Overspending, see #1 8) Do not understand taxes I’m really starting to love your channel. I wish there was a Canadian equivalent.

[@annbow4064]

No way I can put 30% of £840 a month I'm really poor.

[@robertweekley5926]

​@@annbow4064- That "30%" is 10% for Charity, 10% for your Debt Pay Down, above general Payments, & 10% for Investment! Maybe Break it in half to start: 5% for each category! Compare this: $1,1000 in a US$ Savings Account, at a Bank: $0.01 (1¢) per month paid in "Interest", versus $1,1000 invested in MSTY, a extremely high yield ETF, that Paid me $132+ change, last Month!

[@elicohen5073]

Great content

[@5150SATX]

As a once poor person, I didn't believe this would work for me. All you said I told myself it just won't work for me. Then I had no choice but to do what you said because no one was coming to help me.

[@michaelepp6212]

It feels hopeless at first, but after about five years, if you can stay the course, you'll start to see results

[@raulthepig5821]

I think your last sentence said it all. "Then I had no choice but to do what you said because no one was coming to help me." Instead of helping yourself you were always expecting someone else to do the heavy lifting for you, until you realized no one was coming to your aid. Congrats on your decision.

[@Jeffrey-t8g]

The Wealthy raise the Poor's property taxes, then use that public money to finance private enterprises.

[@garrettpatten6312]

As a currently poor person I'm finally getting it haha

[@weekendmagus9994]

We have no choice I guess.

[@michelleweaver3279]

I have paid my 10% tithes to my church for the last 35 years and God always blesses me. There were times when we lived paycheck to paycheck and could’ve used the tithes to pay towards something else, but living on 90% is better than not having anything at all.

[@Laoriginal718]

You pay tithes when you can. If you can’t that’s ok.

[@Laoriginal718]

You can give 10% to the church and 10% into a savings/investment account.

[@emeetch253]

God loves a cheerful giver: if you’re happy giving $1 it’s fine. But if you then blow $100 on nonsense…you will reap what you sow.

[@jjreyes4420]

Tithing always increases your income, even when it never makes mathematical sense. I call it GodMath.

[@TheBalrogwillpass]

meanwhile the vatican, (one of the richest landowners in the world) are fretting how they pay pensions to their staff. Guess the tithes aren't enough..

[@EDavis-bu7cx]

Awesome! I sent this to my kids to watch. They're very young adults, and I've tried to teach them these sorts of things, but it's wonderful to have this resource available for them.

[@jameslee899]

Excellent Video. And spot on. The vital characteristic blueprint to investing into long term wealth glory: 1. Patience 2. Consistency 3. Sacrifice 4. Forbearance

[@nancyblessing8411]

Budget; know how much you bring home and where your money goes then everything else can become real. Great video.

[@58breezing]

Convenience stores are the death of me.... The small mundane things in life leave me empty at the end of the week. Death by a 1000 cuts. Overcoming this issue will have my Emergency Fund complete by the end of the year. TY! Good stuff...

[@meritholdingllc123]

Excellent advice. Compound interest and leverage are the biggest difference makers to growing wealth.

[@5150SATX]

Dividends and reinvesting those dividends

[@jackpruet554]

As a retired cpa, the most beneficial class i took in college was "mathmatics of finance", basically time value of money class that was very intense. If you apply rule of 72 to 1T in cc debt at 20% will double in 3.6 yrs. Frightening.

[@donhays582]

What is the rule of 72 to 1T mean?

[@jackpruet554]

@@donhays582 rule of 72, basically money doubles every 7.2 yrs at 10%. At 20%, roughly every 3.6 yrs.

[@blaise6744]

@@donhays582 I believe he is saying or trying to say if you apply the rule of 72 to 1 trillion dollars of credit card debt that Americans have (as said in the video), that debt will double in 3.6 years.

[@IIIBETEPIII]

On 15:15 you said about auto investing. How it works? Are there risks? I’m new to investing area, please someone explain?!

[@estebanmartinez7713]

This video explains why we are poor. Follow his channel! He has tons of videos that explain what you’re asking and more. Just keep learning and learning and investing

[@RealELconomics]

Coach!! You're the man

[@TobyMathis]

Appreciate the support =)

[@rodramos642]

Great show lots of good info. The one piece of advice I would give someone is to learn about taxes. Once I learned a bit about taxes and got the right help it literally changed my life.

[@sglacf]

Where can I learn about taxes, I feel like that's the area I need to learn the most

[@davidallanrose3624]

You are changing my life, thinking. I wish I had learned these principles in my youth... but it's ok. I know now. Thank you so much.

[@gracewalsh4908]

👍 I love this video! Great info 😊

[@StevenSmith-7t391]

Start by listening to your videos. It’s free, takes less than 14 minutes, and puts your thinking cap into motion. Young people can certainly benefit from this video. What can the retired person do with their excess money that is safe from loss but yet keeps ahead of inflation. T bills?

[@petecardona8203]

Thank you for your valuable information. Appreciate it ❤

[@weekendmagus9994]

Thank you very much for all these amazing life lessons. 🙏🏼🙏🏼🙏🏼

[@jayklarquist7912]

Thank you. Your videos always seem so well thought out.

[@TobyMathis]

Glad you like them!

[@jermainegant2913]

This is a great video! My question is about the taxes. What is the title of the person who can help navigate the tax situation?

[@EmpoweringCoach]

what do you suggest for older folks who didn't put into retirement and do not have time for investments to grow. Have emergency fund and mortgage almost paid off.

[@michaelepp6212]

Save and invest your mortgage payment once the mortgage is paid off. You'll probably have to keep working, though.

[@TobyMathis]

I would recommend setting up a free consultation to talk about some strategies and how they apply to your unique situation. Sign up here: aba.link/tby

[@averagedudeusa9722]

People who wait to save are just delaying their success. Great video

[@netsanetwtensae2761]

Just loved the way you delivered your message. Direct and simple. Thanks.

[@TobyMathis]

My pleasure!

[@russellsigler1985]

I would figure out your budget. And never use a debit card again. I quit using a debit card years ago. And now only use a credit card that builds points. And put that towards my payment. But you must have discipline to not just go crazy

[@weekendmagus9994]

It’s crazy how many people get too confident with a credit card in hand. I have a friend who presses that Minimum Debt Payment almost every month. Money spent on crap like shoes, parties, and stuff. So sad

[@TheCoppergoat]

Thank you Toby !

[@GeoffsCornerOffice]

Great stuff, Toby - love a good chalkboard teaching session

[@TobyMathis]

More to come!

[@carrie4558]

Good guy, so enthusiastic 👏🏻

[@jackxkodiak2024]

A great vid. Very well done and presented.

[@TobyMathis]

Thanks for watching =)

[@racquelcummings8428]

I love this Guy he is a genius 🎉

[@Build2RentTexas]

Great Video. Have you considered, you quote average return, not an accurate number for investors. Looking at Average return vs Actual Return of investments are two different numbers. Actual return is the accurate number for investors. Law of Compounding losses has an effect on investments over the years. Plus that does not factor in management fees each year.

[@ReAl-uu8ku]

A great video! Thank you from Canada!

[@RaulZamora-dm1es]

AQUÍ TERMINA SIMPLE CON VALOR 🎰 BENDICIONES VIEJO 🙏

[@cindyray3379]

Thank you!!

[@danada45]

Question. When you say invest 10%, this is to a retirement account tor brokerage account? Or should the emergency fund should be in the brokerage account and the 10% in a retirement IRA account t? Thank you

[@arbellaarsenous6193]

Item#8, was confusing when takling about MacDonald.

[@gilbertovasquez7885]

Excellent advice. Thanks a ton

[@TobyMathis]

Glad it was helpful!

[@wasanthaabeysiri]

Tobby can you teach how to invest in US real estate as a Canadian. I know you are in to real estate - Thanks

[@MrPeterschmit]

Do you recommend that people who are attacking their cc debt suspend all investments? Or should we squeak a percentage into it?

[@MindAuditor]

If you have CC debt with a crippling rate of 29.99% or close to it, I personally would tackle that first. You can’t realistically consistently beat that in the market. Same goes for a high interest auto loan.

[@allenmorgan4309]

I have never had debt and I have a two bedroom townhouse that is paid for and I have 120k in an investment account with 70% in stocks and 30% in cash. I was in stocks 100% and Im planning on reinvesting the cash Im holding. Im 57 years old and I have always worked in residential construction and remodeling but I was squeezed out by illegal immigrants and now I am drawing disability. I feel like Im at a dead end. Would I be better off to sell my townhouse and put that money to work in the stock market and rent an apartment? As it is my income is limited. Ive been making a little extra from trading stocks with some of the extea money but it isn't enough to depend on. I make what would he the equivalent of a part time job at trading. I don't take unnecessary risks and I make about 5k/year in dividends that I use to pay my oroperty taxes and homeowners insurance.

[@enjpfluke]

excellent. gonna show this video to my high schoolers.

[@TobyMathis]

Thank you for sharing the video with your high schoolers. It's great they're learning about this at a young age.

[@max55well]

Thanks sir! Nobody explained debt and leverage like you did.

[@koketsommusi8374]

Thank you Sir

[@ghanna7787]

How much do fees impact the 10% earnings?

[@MarkfromTexas73]

excellent material as always, Toby

[@doreenblea207]

You are very good at explaining that the poor don't understand this and that. The poor does understand how taxes work. Please explain how not to be poor anymore.

[@robertweekley5926]

20% of "Set aside money" in a Savings Account, 80% into my Dividend Investment Plan! Makes some "Ready Cash", and a bunch more for Growth & Reinvestable Income!!

[@life-is-good-416]

I love the truth you speak 👍

[@Hustlémon]

What % would people consdier a 'High Interest Savings Account'? Would it be above 3% or greater?

[@MrNanah38]

It first starts with the mind. You must, and i mean must, change the mindset before any lasting change to take effect.

[@worldwideachievers1234]

Great info! Basic knowledge but so many people don’t understand it.

[@TobyMathis]

Glad it was helpful!

[@dannyv.]

Is a ira savings the same as a traditional Ira.

[@lexxieb787]

The first three and a half minutes were confusing to me lol For those who may not get it til a few minutes after... 30% breaks down into 10% give it away (charity) + 10% investment account + 10% pay down debt

[@ruthirwin8222]

I dont know where to give, my church has gone liberal and its breaking my heart

[@milagrafilo6333]

Saint Jude (kids) organization

[@jodybuchanan9373]

An animal shelter, food pantry, women's shelter. I'm sure there are plenty of places in your area. I give $70 a month to a local cat shelter. Yes, I'm a crazy cat lady.

[@dcc2351]

Go to the first Church the Orthodox one. Truth doesn't change. Follow Jesus and Church He founded and no other.

[@ruthirwin8222]

​@@dcc2351im moving house to a village and im think8ng of going to one of the churches there

[@jjreyes4420]

Liberal churches are often contributing to better ministries than conservative ones. My lib church supports 3 foster group homes, the battered women’s shelter, feeds the homeless, gives generously to local charities, and more. If the liberal church is aligning with Matthew 25 and Luke 4 & Luke 10, and all the things Jesus cared about most, your tithe there is a good investment.

[@weekendmagus9994]

16:45 such a nice man.

[@YM-wj2dr]

18:35 - Rental income is not taxable? I have a married couple renting my home in North Carolina for $1500 a month. I rent an apartment in San Diego. Do I not have to report that as income on my income tax return? Thanks

[@cpnurseries]

Rental income is offset against depreciation, property taxes and mortgage interest. If you are cashflow positive you may pay a small amount of tax... and if so, buy another property to leverage and reduce your tax liability.

[@Joce123]

With the current economy I don't think that your advice applies to most of us. Maybe the part about having an emergency fund but holy Moly people are losing their jobs. Left and right. 330 people just lost their job In our town at a call center in Minnesota.!. Talk about the impact on the local store is in the day care centers and the landlords.

[@TheRawKeyPets]

It applies. Think about it. What if all 330 people that lost their jobs had been saving their 30% in savings and investments while they were working. They had 3 to 6 months of salary saved up so when they lose their job they can still pay their rent and car payment out of that savings instead of going into debt or getting evicted. Maybe some of them take their savings and start a business and as their business grows they take on employees adding to the job market in your town. Because they have savings they don’t go into debt during the job search so when they get a new job they can save even more. Even the poorest people make poor financial decisions that can make a difference in what they can save. For example, most poor people buy processed foods, meat and dairy, which are the most expensive foods, or they eat at fast food restaurants wasting even more money. Switch to the natural human diet of fruits and salads and the grocery bill drops by 75%. That is hundreds of dollars a month saved by most people right there. Always shop at the grocery store, never buy from a convenience store or dollar general, that is a huge savings again. Quick alcohol and cigarettes if they use them and that is another $1000 to $10000 in the savings at the end of the year.

[@rebeccaburgess5333]

Fixed incomes, and the cost of living is way too much!

[@SomeofThisSomeofThat]

I love when people talk about “poor” people, then talk about people making 5-10k per month. There are some people who make 2k or less per month…there’s a poor mindset then there’s “the system is broken and some people are meant to be poor”

[@steveparker2932]

Great Video. What about diversifying into Life Insurance also.

[@multibucker]

Brilliant, thank you Toby.

[@sepulkariy]

These advices are good till the next big crisis. I went through a total collapse of my country, and this type of event would make you strategy leading to a total loss of all funds. The world is changing fast.

[@EllyL-sr7uv]

I assume these advices work the best in the US or other western countries. Not in unstable unpredictable, authoritative societies.

[@sepulkariy]

@@EllyL-sr7uv Soviet Union looked absolutely stable in 1984, collapsed in 7 years.

[@weekendmagus9994]

What would you recommend instead of the advice in the video? :)

[@sepulkariy]

@@weekendmagus9994 Only foreign currency worked in short term (this approach may not work is US dollar collapses). Real estate worked well in long term, became very cheap initially then got very expensive after economy recovered. Gold did not work -- was not allowed to buy and trade initially. Local currency devalued 10000 times. Securities collapsed.

[@sepulkariy]

@@EllyL-sr7uv USA ih going this way fast.

[@jarrettosburn8879]

What tax book do you recommend for a high paying W2 earner? I want to learn about loopholes and create an LLC to do so.

[@TobyMathis]

I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/tby

[@supercruchynoodle]

I’m not being sarcastic: I love blackboards… takes me back to my college days

[@Madchris8828]

Really well explained. Loved your passive income empire video as well. Its saved as a favorite for me. I use it everyone once in a while as motivation to not buy stupid things 😂

[@TobyMathis]

I'm glad you found the video helpful

[@AnaS-bw4ti]

Amazing

[@nickt1072]

I practice the 30/70 rule

[@JamesErickson-pf4re]

Wow!

[@willmallory9085]

Excellent video Brother

[@cookinthekitchen]

It is good to know some wealthy people give to charities cause I don't have that much to give

[@ruthirwin8222]

Im scared to tie up money in an investment, any advice im on a pension with not a big income

[@maryisabell8760]

I am in the same situation . My home is paid off & we do save as much as we can . We made our basement in a full apartment . May one day rent it , for extra income or have some one living there to help with our care .

[@jjreyes4420]

I say invest it so it’ll grow. You can always take it out if you need it. We use Robinhood app and bank brokerage firm.

[@maribelmejia2693]

I live off of social security& I need 80% to n cover my house& bills. For me it would have to be 80/20

[@derekcasanares4785]

Great share!!!

[@majidbarznji568]

I never invested.I opened my Roth but how to invest from there?do the government automatically invest it for me?

[@ckennedy1973]

Make it automatic as much as possible so you don’t miss the money

[@heart_and_sole]

The First of Charities is?...to not be a burden on others. Put your fires out first, before trying to put out other's fires. There will always be others. Jim Rohn put it like this: I will take of me for you. And you take care of you for me.

[@STEVE-lk2ft]

You need to spend more time making money! One strategy is work more hours. I meet so many people that think 40 hours is the max they will work a week. Buy a house and rent a room out to help pay the mortgage! These strategies he is talking about are for people who have money.

[@gavnonadoroge3092]

thank you

[@danlamidatti2045]

Great

[@raymartin47]

I'm so broke and I'm not young (63) how can I do 70/30 when my bills are more than I make?

[@NewEnglandInSeattle]

This should be taught in school.

[@jimmygarcia5962]

Free book

[@arbellaarsenous6193]

How can you make $159k on Mac Donald payment?

[@Myscentsei]

Do wealthy "give" to write off and get it back?

[@cogentdesign]

I put 10% a month into investments. Can't afford it. But it always works out somehow.

[@wendyshoowaiching4161]

Giving is a must to perserve wealth. Karma

[@thenosepicker]

Somebody get this man a milkshake from In And Out

[@GlobalTreasureCollector]

It’s funny as I watch this I just got a notification that FICO hit a 52 week high ! INVEST YOUR MONEY PEOPLE

[@michaelepp6212]

It's time to sell some and buy a different beaten-down value stock

[@RichardWalter-oo6pw]

Most families don’t have 10 percent to invest

[@jimbobjim2310]

Sure, but those same people have $$ for cigarettes, convenience store purchases, and Netflix subscriptions

[@ZuluTango-y6w]

@@jimbobjim2310spot on, exactly right

[@MB031]

Yes, sure but you need to have a decent paid job or have a job at all !!! Many people just barely survive today and everything is so expensive just to get by....

[@rebeccaburgess5333]

Many people are way too poor to do this!

[@blackgrandpa7652]

I have been doing my employer match for over 30 years in a taget date fund that matures in 2035 thats on pace to make me a millionaire

[@Mark-bh8mb]

Target date fund lol

[@samuk9]

I don't understand the concept of " Giving it away" - money, or time. Is it a moral thing, or is there something else that I don't understand?

[@Hi-jx5oe]

Is private school considered an investment?

[@meritholdingllc123]

It depends. Does it lead to more income?

[@tonychau5786]

Depends on the major and the programs that the private school had to offer

[@jcmontecarlo6123]

Ha Ha !

[@petecardona8203]

What would happen if a crash happens?

[@robertwalker5521]

Call the police, make sure there are no injuries, ask favorable witnesses to give a statement

[@NewEnglandInSeattle]

I used to date a girl who was a trust fund kid. She could never understand why I drove around in a 15 year old used Totoya. When it died, I bought a 7 year old Nissan. She didn't get it.

[@norman5340]

Your children are going become her. They gonna take your money and buy a Porsche.

[@DAMON409]

Most working class people don't know anything about investing because it isn't something they were exposed to growing up. Stocks were something rich people did.

[@mazcontrol3589]

Start a budget Now, if you not doing so already. See where your your money is going.

[@brucey5585]

The biggest advice is to invest in yourself. If you don't understand anything, learn more about. The more you learn the more you will know how to diversify your investment.

[@jasonbaxter5502]

For one having a good tax guy.

[@BoomlandJenkins]

Take a shot every time he says "the poor" ...

[@Youbeyou45]

I noticed you did not include liquor in your waste. That too wastes an awful lot of money.

[@nataliepapolis]

Give it away😅😅😅😅😅😅😅😅give it non profit so the ceo gets ticher😅😅😅😅😅😅red cross ceo makes 300,000$ a year😅😅😅😅😅

[@jackiemansfield8325]

What keeps you poor is keep going to the casinos.

[@TheRawKeyPets]

Or lottery tickets, energy drinks, cigarettes, alcohol, coffee, soda, shopping at convenience stores…