ACCOUNTANT EXPLAINS: 7 Ways You're PROGRAMMED to be Poor

👉🏽 My Intentional Spending Tracker (free) - nischa.me/intentionalspending...
In this video, I talk about how you are programmed to be poor, how we are playing against a system and how we can break out of it.
⌚️Timestamps:
00:00 - Intro
00:40 - The Money Equation
02:03 - Investing at the right time
03:35- Leverage
04:58 - Avoid social proof
06:02 - Understanding tax
06:44 - Focus on production
MY FILMING EQUIPMENT:
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KEEP IN TOUCH:
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DISCLAIMERS & DISCLOSURES
This content is for educational and entertainment purposes only. Nischa does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. Thank you for your support!

[@nischa]

👉🏽 My Intentional Spending Tracker (free) - nischa.me/intentionalspendingtracker

[@NikCS2investor]

I will give you what I consider a very useful tip to compliment your video. It is very important at least for me invest in something you LIKE something you do a hobby a brand you like things you use. Not in random stuff but in things u know and like and understand. It becomes much easier and you more likely to make the nicer investments

[@rosaliadasilva2124]

Hy Nischa, when your 5-day money bootcamp start?

[@nischa]

@@rosaliadasilva2124 in June (this month) - the exact date will be announced over email soon!

[@rosaliadasilva2124]

@@nischa can't wait 😍

[@adameckard4591]

Thank you, my parent's were good teachers. I could've been a better learner though. I got better though.

[@travispipkin2434]

Something else schools don't often teach are the wealth-robbing perils of taking on student loan debt that, for millions of people, is with them for decades. Maybe that's because this particular type of debt feeds the education industry itself. Great video as always. Thank you.

[@nikkijohnson5147]

In America this is a huge problem. My son’s high-school stated that applying for financial aid (FAFSA) was a requirement to graduate but did not educate their students about loan debt and I was livid, we delayed filling out the form, Covid happened his senior year, so his school graduated all the students early. I have student loan debt and my husband did too, so I taught my son to make wise decisions when considering debt and college. So he took a full scholarship to our local state university and lives at home. This allows him to finish undergrad school with zero debt and move on to grad school. He graduates next year. I’ve wondered what upper education is like in England and if student debt is an issue as it is here in America.

[@Andrew-lo6jk]

A fine example of debt being used against us not for us

[@ramalingamsadasivan2835]

The whole school thing is becoming pe funded mafia. Education has become outside schools

[@therichmindset11]

True

[@bigdarshan]

My friend joined the military in the US and avoided all the student debt. The military pays you while you learn and not the other way around

[@LB__1]

My father programmed me at a young age to be poor. He was always too cautious. He came across many investment opportunities and would not take any calculated risks. It wasn't until my 20s when I broke frre from that destructive thought pattern and chose my own path. Sometimes parents don't always know what's best.

[@IUsedToBeANiceGuy]

just found your channel. I am 57 years old and never learned any of this till I was 50. In that time I took a small investment account and doubled it 5 times 7 years. My biggest gain was when the semiconductor market crashed in 2022. I invested when it was down 30%, is then dropped 15% more, and thank to NVIDIA I have doubled my initial investment. Your are so right about the failures or our education system. Wish I knew this when i was 20. Well done.

[@mikejaydavies]

I’m 32 and with the help of this personal finance space I seem to have uncovered on KZbin (special mention to the quality of these videos and being UK-based) I’m hoping that I’m near the very top of the personal finance ladder when I hit my 40th birthday. I only wish I’d acted this way 10 years earlier!

[@serendipityblooming1244]

Same! We are so blessed to have access to all this information. I am so grateful but just wish I'd known sooner!

[@CorporalChianelli]

Haha same 32 and I am rebounding from a net negative due to financial losses during the past 3 years.

[@Matt-bg5wg]

its never too late!

[@EFFbriskethead]

KILL IT MIKE WE ARE WITH YOU!

[@ianh.6825]

I remember learning how to calculate compound interest at school, but from a financial perspective, that's about it.

[@captainpoppleton]

Teachers in Australia er very left wing, nobody is going to learn about business and profits if they have any say in it.

[@artsmart]

Great advice Nischa! It amazes me how many people are clueless about day to day financial matters. Even figuring basic simple math such as addition and percentages requires a calculator. I was never burdened with much schooling and learned through reading and watching successful people do their thing.

[@reemshainayet7773]

I forgot to sign up last week, thanks for the reminder in today’s video! And thank you for all the work that you do. You’re helping me loads I can’t express. More power to you.

[@nischa]

Thank you Reemsha!

[@B0BHW]

72 years of age and I'm finally learning something useful! Super KZbin episode Nischa.

[@user-sg2jo8hz8d]

Yeah. As long as you remember to say "Jones'" not Jonas's...

[@MrDCMo]

Sorry, too late.

[@smartmoney906]

Wow, this video really opened my eyes to the ways we're subconsciously influenced towards financial struggle. It's mind-boggling to think about how societal conditioning and ingrained beliefs can unknowingly hold us back from financial success. Understanding these 'programming' factors is the first step towards breaking free from the cycle of poverty and taking control of our financial destiny. This video has motivated me to challenge my own limiting beliefs and make positive changes to build wealth. Thank you for shedding light on this important topic!

[@Elainevlog]

I really your ideas. At the very beginning of my career, I spent all my salaries on buying the luxury items catching the trends. After a few years, I realized how asinine I am about my personal finance. Being educated is a good thing to make a decent living, but that is not the only way.

[@superman6338]

I laughed about the "keeping up with the Jonas's" part :D (but in a good way)... I really enjoyed the information, and it's so true that school doesn't prepare you for finances, investing or building wealth... you just have to figure this out on your own.

[@2_birds_on_a_wire]

Bravo Nischa! Another great video. I love the mindset and money videos.❤ Agreed that Schools should really talk more about this! The best money lessons I learnt from school were from a math teacher that would always take 10 minutes at the beginning of class to explain to us how a mortgages worked or stuff like compounded interest worked then he'd teach the other stuff that was required and that I never used again! I'm 41 now and still am greatful that man was kind enough to share his own knowledge with us. Keep up the great work Nischa! Much love

[@christinezafiris4777]

Excellent post. I had the epiphany some years ago where I was saving but getting nowhere. I started reading books and got into the sharemarket. I did lose some money but overall have done very well. I wish I was taught the financial fundamentals at school.

[@jodekelly7861]

You videos are so fab - there’s always something I learn when I watch. It’s so crazy that we’re taught nothing about something so vital to the quality of life. I also love that you called it “keeping up with the Jonas’s” instead of the Jones’s - tickled me 😂

[@mattbrown8582]

I'm not entirely sure that was intentional?!

[@civiltheoryCEO]

That made me laugh too!

[@Mrbfgray]

@@mattbrown8582 Unintentional I assumed but it's cute either way.

[@nischa]

that joke went down like a lead balloon 😭 😂

[@Mrbfgray]

@@nischa Naaahh... it was entertaining.

[@clausb5826]

Great video and subject. If I can just add my own two cents to it, I would say, remember that self-employed is the same as being a worker. Only when you structure a business to work when you are not there, will you be an entrepreneur, and only then will you start to see wealth.

[@Shikuesi]

So what determines who deserves unearned income and who doesn't?

[@albertgaspar627]

and i'll take this moment to shatter the myth that becoming an entrepreneur means you "fire your boss". instead you take on mulitple bosses...the government will decide to tax and regulate you, your local government will decide how to license you, and if for example you run an internet business you, every website will decide the rules in how you will do it--and raise fees when they want since they may not have any competition (say, FB ads).

[@albertgaspar627]

@@Shikuesi individuals annoyed they aren't cut in on the revenue source.

[@CrniWuk]

You can reach a certain amount of decent wealth from your own work. But if you really want to become extremely rich the only way to do that, is by letting others work for you where you reap the profits. Like trough shares from a growing company.

[@VinzentZeppelin]

@@Shikuesi The social phenomenon of ownership

[@jstratfan]

Right off the bat, Musk and Bezos are not "self-made", they had major financial backing from well-off families and friends and it is much easier to make money when you already have money. Gates would be the closest to "self-made" but even he didn't do it himself. Otherwise this was good information that touches on how a system supposedly designed to help is actually, intentionally hurting.

[@lisachase1080]

Thank you for taking the time to discuss the shortfalls in our education system. You have inspired me to start to do KZbin channel also. Wish me luck!

[@nischa]

You will be amazing - smash it up!

[@mustafamar1437]

Thank you for the education and being aware of the error of crowds. Your production is worth money and gratitude.

[@nischa]

Thank you

[@jasonk446]

I feel that taking on debt to get a head, although possible, does more harm than good for most people. It's too risky, and I would avoid it. You never know what life will throw at you while you're sitting on all that debt.

[@1981lashlarue]

Good advice. Using debt to get ahead has its own unique risks. You may be able to accrue wealth faster, but it's more risky. For most people, especially millionaires, slow and steady wins the race.

[@annemackenzie7295]

I was badly stung by leverage in 2008 when the markets crashed it took me years to recover.

[@VinayakPadarha281224]

I really enjoyed your video, I found it to be very informative and insightful. I especially liked the part where you talked about how our subconscious mind plays a role in our financial decisions. I think this is a very important point that often gets overlooked. I'm currently working on changing my own financial habits, and I found your video to be very helpful. I'm going to start by creating a budget and tracking my spending. I'm also going to start saving more money and investing. Thanks for making such a great video! I'm sure it will help a lot of people.💯

[@feliciaflinders]

❤❤❤ love this video content and production. Spelling out the difference between consumption and production really resonated with me. Containing expenses is good but adding extra income adds fuel to the fire 🔥 quest. Recognition of leverage as an asset when used correctly is another great ppint. Thanks for sharing your knowledge and experience 🙏

[@ejf1928]

Exactly! My schools dont teach me this, the reason why people stay broke is that they programme you, saying debt is bad, pay your taxes. I wanted different opinions so i started watching your channel and Robert Kiyosaki. Thanks, Nisha

[@jacksmith3128]

Girl you nailed it down solid . We leave high school or university as consumers . Get a job and get spending !

[@user-qj1so4nm3l]

Great content and education, you articulate wisdom in personal finance well. Thank you.

[@djshell865]

Out of all the financial videos ive seen this one is the most easiest for me to understand she broke it down in such a understandable way this video may change my life

[@icygrunt]

This is literally the most helpful video on personal finances that I’ve ever watched on KZbin. Ever single word is the truth and no bs like the other much more popular KZbinrs.

[@soundmindtv2911]

I just found your channel, and I love your content. Keep it up! Hope more people start listening and understanding what you are trying to give them here.

[@karthikvijay5678]

This is pretty helpful, super glad I subscribed to you and I’m looking forward to creating value

[@egopak]

Nischa, you're the most charismatic accountant I've ever seen :) Thanks for the video! Although these ideas aren't new to me, I love how clear and articulate you are at conveying them 👍 Your production side of things is clearly shining, and you've got another subscriber 👋

[@RobertPlishka]

Just discovered your channel, which is of top quality content, and registered for your course right away knowing that you offer a really valuable information for a 21 years old here. Thank you!

[@cajuncrackerranch7990]

Thank you 🙏. If no one has told you today…you are awesome.

[@jeffobunga]

Thank you for your continued insights into personal finance Nischa :)

[@KiyosakiSays]

“There is a difference between being poor and being broke. Broke is temporary. Poor is eternal.” - Robert Kiyosaki

[@weltvonalex]

Write a made up book, combine some random stories, sprinke some "can you see the issue" over it and sell it to your victims. - Robert Kiyosaki

[@SeeNITb4u]

Great video. I always say school never taught us about credit scores. Feels like the system would rather you damage your credit score than prevent you from damaging it.

[@enelrahcreivaj]

This!

[@albertgaspar627]

the system really does-if you pay your bills on time, the credit card company only prospers by the fee they charge whoever you purchased from. but if you have a lousy credit score...up goes your interest rate. forget to pay on time? late fee! it's how they make their profits--some 'cards would even drop the customer who always paid in full on time.

[@arianmoore4474]

I was so scared of credit from not really understanding it past a surface level, watching creditcard debt destroy family members and friends, exiting highschool in 09' and witnessing the market crash, and generally being afraid of the debt management that comes along with building credit, that I didn't even have a credit score till my mid 20's. I didn't have enough credit history to get loans for a house or car without a cosigner until I was almost 30.

[@albertgaspar627]

@@arianmoore4474 Credit is something that should be better explained. I've met people who saved too much for a rainy day when they could have just relied on insurance or a loan for tragedies that never came to happen. then again, if more people learned that investing is "playing with other peoples' money", we'd have more macro scale financial collapses as everyone joined in .

[@ameliajones3636]

@@arianmoore4474the system makes you have a history of getting out of debt and if you just choose to pay in cash or receive a car or a house as an inheritance, but you want to get a mortgage on a different property or car, you’re screwed. The system is meant to screw us.

[@GilouTube]

Hello Nischa, Thank you so much for all the oh so precious and valuable information you're graciously providing on your channel. Cheers, Gil ✌️

[@lekan4word]

Point 6 is awesome. This lesson is so overlooked. The get out of debt and save model is really focussing on fear. Production mindset focuses on belief and faith. Love your content. Keep winning

[@BjorckBengt]

You come across as honest, transparent and competent. Nice to listen to too. Congratulations!

[@vaderladyl]

I like the way you explain things, much easier to grasp the nuances of all the points that involve finances and its specifics. Thanks, I learned a lot today.

[@christopherkwameprempeh7073]

Thank you Nischa for educating us.

[@mehaulMC]

Well said nischa. Looking forward to your bootcamp

[@GeorgesChannel]

Great video, Nischa!

[@patriceesela5000]

Great points, thanks for sharing

[@ShouvikLahiriCoachSVK]

Very nice video Nischa. Its really very helpful. I liked the example of Dave Ramsey on the consumption and production section. Great video. Thanks 🙏

[@lancebernal9982]

Another great video Nicha! Glad to support your side hustle

[@nischa]

thank you Lance!

[@wildtruffle418]

Would love to have advice applying to Europe when it comes to investing in index funds. Most applies to the US I feel..

[@alexandrabrookhouse9654]

Really love your message! Definitely resonates and is so easy to grasp! Thank you thank you!

[@RucciReviews]

Another brilliant one, Nischa!

[@paulna85]

You are highly appreciated ❤️

[@ElieBeth___]

I remember the moment I realised that knowing how to make more money was directly proportional to my ability to save and how much I could save. You can only save so much based on how much is coming in. That’s when I learned I had to learn how to earn more. It’s shocking how this isn’t obvious to many, myself included. But if you weren’t raised in an environment that taught financial literacy, or had a school that exposed to you it, following what others around you are doing is simply the most obvious thing instead (often consuming and only saving).

[@timturko]

Hi Nischa. I really enjoy your videos. They've helped me both financially and personally.

[@MalluStyleMultiMedia]

Another excellent Sunday morning video.. you really know when we’re waking up over here 😂😂👍👍

[@49ersalltheway]

Amazing video, thank you.

[@nwabuezeozuzu6370]

Thanks for making this video Nishca. A lot of things you shared are easier said than done, however, they are worth the effort.

[@sirblackshield8000]

Incredible information thanks for sharing this is so important

[@happycutebox]

Really great info Nischa❤

[@ketugrahagraha3673]

Thank you! KZbin algorithm finally offered something of value!

[@zyshmakhan4960]

This lady needs to be protected at all costs! I watched two of her videos and subscribed. I comment less on videos but I just had to for this one. She is 100% about what she does and is not afraid to give out her advice for free. I am starting to think of all the different ways that I can look at my current financial situation. I have done every common mistake about finances that she has mentioned. I have credit card debt, student loans, car payments, and rent. Every week, I think of cutting down my expenses instead of working on increasing my production. You're truly an inspiration and I hope you read this message. You've helped me understand my situation even more. Great work! I cannot thank you enough!

[@Princess_Dahia]

she’s not saying anything unknown….

[@SStylish21]

Thank, helpful videos!

[@poeticnation6251]

This is an amazing financial video - Thank you for sharing (I just joined your channel fam).

[@ArifGhostwriter]

[UK, May 2023] What a fantastic set of advice! 👍🏽👍🏽 We do indeed need to open people's eyes to the fact of the wage-slave economic model - & how to escape it.

[@premlatha4662]

Very Nice Important Video. Thanq ma Nischa

[@celtpro]

So glad in my school, finance and investing where covered. I took valuable lessons from my mother and not my father. Wonderful insight @Nischa.

[@HariPrasad-jw5jv]

Very good points...thanks for sharing

[@TheDogbert123]

Awesome video. I definitely agree about focussing on production which is what I’m doing at the moment. Side note - I think it’s the Joneses rather than the Jonases. Also I think dave Ramsey is worth more like £500m-£700m now as he said the office buildings alone are worth around £200m.

[@LostSinceSundayBand]

Very well put I’m saving this video I’m going to have to watch it a few times over to absorb all the important information

[@jssytvrs]

Hey nischa very happy algo sent you my way. First video and I am extremely pleased with the info I received and the mindset you are putting out. This is something I need to focus on more, just left a job and also graduated school for audio engineering and music production. This could go both ways where I have wage work or passive income and this was a helpful reminder to be expansive and increase my value.

[@ClassicalContrarian]

Great video Nischa! Enlightening. 🥰🤑

[@petr7856]

So clear and dependable! Thanking you!

[@Adam-de8yi]

I can comfortably say that if I didn’t do my extra-curricular research with regards to finance, and how I should build my wealth from a young age (I’m 19), then I would be in the mud. There are so many important things a young person must learn before stepping into the real world. Taxes, credit cards, inflation… whatever it is; only a little percentage of the young population even know how taxes work in this country. 3% of them have started to build their credit scores. And they don’t even understand that their money is being devalued by inflation, so they spend it on depreciating assets like cars, or are all in with their bank accounts (just where the gov-t want your money to be).

[@nikkijohnson5147]

My son is 21 and I’ve had to teach him these things. Finally, last year, as a senior he took a college finance course and now fully understands the math equations behind the finance industry. But how many people make it to a senior year of college and happen to have math as a second major? Not many. He had a financial literacy class in high-school but it didn’t teach anything of any real use. It’s exactly what Nischa is suggesting happens. It was more pick a job and salary and budget with that. Nothing about creating any real wealth through investing or solid financial well being. We pulled his credit rating recently and it is very good bc we started him early learning financial literacy, building a credit history, and have helped him along the way. Good-luck to you in your financial future!

[@toddspangler6669]

KZbin University! I tell people that I teach myself for free from KZbin and they laugh, yet I learned about Real Estate this way and I'm now setup to quit the rat race this year at 47. KZbin and Google are some of our most valuable educational resources.

[@bobr9731]

Thank you for this very informative video. Your a beacon of light into this "Black Art"

[@blertaer4692]

Great vid thank You. Also love Your voice and accent 💜

[@asafsmirnov]

Thank you for keeping it clean and clear. and mostly THANK YOU for not adding a terrible background music. It's much more pleasant to just hear your voice.

[@clintalexander8]

Great show as always

[@Faith_Chi]

Thank you Nischa, I've subscribed and liked :) I've been hearing that a lot lately... making your money WORK for you. I always thought that when I have to move I'll have to buy an affordable house outright - because I fear becoming homeless. Instead, I'm considering perhaps paying a percentage instead and getting a mortgage - since the majority of my money will be gone in the house.

[@Ddcash300]

Very good info nischa

[@michaelprice3040]

The other thing in common between most billionaires today is they had parents funding to fall back on with little fear of losing everything once getting started.

[@fiyahriddims]

I enjoyed every word she spoke, today I needed to hear them.

[@jarichards99utube]

Hey Nischa, as a Professional Money Manager for the last 40 + Years I must say - THIS is an EXCELLENT Informative Video...! 😊 👍

[@ManojAgadi]

Super Information Nischa

[@AA-wf2ck]

We’ll prepared material as usual. Every week waiting new videos ❤

[@william7699]

very illuminating, and motivating !! thank you

[@Kingkayaamedia]

Nischa great content informative and straight to the point

[@DeclanHiggins-YoutubeChannel]

The internet revolution is where we need to focus our attention where we can learn anything and network. The digital economy is where bright futures lie if we are willing to acknowledge this. Great video as always Nischa 😊

[@nischa]

Couldn't agree more, Declan!

[@EmilyGloeggler7984]

You both couldn’t be more wrong.

[@DeclanHiggins-YoutubeChannel]

@@EmilyGloeggler7984 Fair enough everyone has a different opinion. No worries

[@leveshankrishna1185]

Your explanation is just perfect👌

[@apolitis1]

the biggest challenge imo is finding the niche idea/product etc. to get you into the large scale aspect of earning. I think most ppl probably spend most of their lives trying to figure out what to do, instead of how to do it.

[@kenp6402]

I would avoid thinking that you have to find something new or unique to be successful in business. That’s one way of course but you can make a lot of money in business simply by providing good service and being nice to your customers.

[@staLkerhu]

@@kenp6402 "simply by providing good service and being nice to your customers" which is NOT for everyone! There are lots of possibilities around people, but not all of these are suitable for everyone. A solution is only good if it more or less fits your personality, if you know you can pull it off.

[@blackhole4813]

You can't be nice if you don't look nice

[@teamvigod]

Most people are incapable of investing when the markets turn down. The market turns down because at the moment things are scary in the economy or geopolitics. Most people sell at this time hence the reason markets go down (everyone is selling). You are correct buying during the downturns are the best way to increase leverage for future returns. As Mike Tyson says "Everyone has a plan until they get punched in the face". Everyone thinks yeah I'll buy when the market tanks because they imagine the conditions being good at that moment vs the turmoil that typically exists when markets tank. The amygdala (fight or flight) make it too difficult for 99% to do the right thing at the right time. Buying when markets have declined and selling when markets are exuberant. It feels best buying when everything seems great and worst to buy when things feel doomed. My trick is the worse it feels to buy the better it likely is. This has worked out for me over the last 3 decades. It isn't easy because yes the feeling of doom do exist but I realize at that moment lies the opportunity. I always remind myself you only bet on the end of the world one time.

[@tommanley612]

I quite enjoy the graft of working, the banter, the relationships, the great feeling on a Friday..

[@AnimatorGuy12]

Thankyou so much Nischa

[@migueldasilva4101]

Thanks I enjoyed this video! Regarding other things that is not teached in school is health!

[@nicolesenkatuka9016]

As I’m starting uni this year I’m just saving for now but will definitely keep this for the future

[@HairByJamesAnnabel]

Love this

[@ryancrocker8316]

I like how the three "self made" billionaires mentioned had HUGE investments in their businesses by parents. So, self made, with rich parents.

[@cat_city2009]

And had social capital in the form of networking.

[@vvalasek]

very helpful!! start large and dig into the details

[@iwantcheesypuffs]

#3 Could also be entitled Understanding Opportunity Cost (which is why they chose to leverage debt vs paying cash for those properties)

[@chrisg6091]

Georgeous makeup & sound advice 💐

[@joeljoseph2809]

Well said, thank you

[@MilesCobbett]

I taught 4th grade in South Central Los Angeles and my students favorite book we read was Rich Dad, Poor Dad.

[@RJ_Effect1078]

Awsome ! Absolutely Nailed it ! Your content is fantastic and really useful for the new generations , well done and keep up great work ! 👏🏼

[@Tyra.White55]

Thanks Nischa!!! 💎😃👌🏽

[@Mr.Tito.]

🤣 Hey Nischa, this is the very first watching your videos, Damm🙃 You explained them so clearly!!! Fiver Star, keep up the good work😁