8 MONEY Habits That Are Keeping You POOR

Would you like to dive deeper into this topic and talk to someone? Schedule a free consultation here: aba.link/tby
In today's video, we'll tackle a crucial topic: the eight money habits that might keep you financially strained.
As a tax attorney, I constantly observe the differences between those who are financially successful and those who are not.
There are distinct patterns and behaviors that set these groups apart, and understanding these can help you improve your financial situation.
🔔 Don't forget to subscribe for more insights on real estate investing and business strategies!
Show Notes:
0:00 Fail to Direct Your Money
3:31 No Savings/Emergency
4:24 Saving vs Investing
7:37 Wait
8:47 Debt vs Leverage
11:07 Compounding
13:49 Overspending
16:25 Understanding Taxes
---------------------------------------------------------------------------------------------------------
SUBSCRIBE
aba.link/subscribe
~~~~
Join our Infinity Investing Basic Membership for FREE and start your financial education journey. 👉 inf.link/110
FREE TAX & ASSET PROTECTION WORKSHOP
Register for an upcoming workshop today if you want to protect your business and personal assets from snoopy lawyers and creditors. Save Your Seat: aba.link/jzf
TAX TUESDAY LIVE
Join us every other Tax Tuesday, where you can have your tax questions answered live by our experts entirely FREE. Register Now 👉 aba.link/b15
OTHER ANDERSON ADVISOR EVENTS
Learn a rich selection of subjects like tax and asset protection, business, investing, and more. Our attorneys and other skilled experts will help you learn what you need to know in order to better your chances of success in your professional life.
aba.link/tobyevents
~~~~
FINANCIAL PLANNING & TAX RESOURCES
📚 Order Your Copy of "Infinity Investing: How The Rich Get Richer And How You Can Do The Same" Here: 👉👉 👉 aba.link/IIWbook
Order Your Copy of ”Tax-Wise Business Ownership" and find greater success by taking advantage of tax laws for your business. Here 👉 aba.link/tobyshop
Visit Anderson Advisor's website for content, like articles, podcasts, and more that we publish alongside my channel. 👉 aba.link/tobyaba
~~~~
FOLLOW US:
Instagram: aba.link/instagram
Facebook: aba.link/facebook
Twitter: aba.link/twitter
LinkedIn: aba.link/linkedin
TikTok: / tobymathisesq
~~~~
CONTACT US
Phone: [phone]
Email: [e-mail]
Fax: [phone]
ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
---------------------------------------------------------------------------------------------------------
WARNING: I will NEVER ask you to contact me through KZbin comments, telegram, or WhatsApp. I have a checkmark next to my name, and my comment will be highlighted. Fake accounts do not have that. Please be aware of fake accounts trying to scam you using my name and picture.
The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#money #financialeducation #finance #wealthbuilding

[@TobyMathis]

Would you like to dive deeper into this topic and talk to someone? Schedule a free consultation here: aba.link/tby

[@Ramjit275]

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

[@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

[@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.

[@meritholdingllc123]

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

[@Ramjit275]

Dividends and reinvesting those dividends

[@max55well]

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

[@gracewalsh4908]

👍 I love this video! Great info 😊

[@petecardona8203]

Thank you for your valuable information. Appreciate it ❤

[@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.

[@ReAl-uu8ku]

A great video! Thank you from Canada!

[@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...

[@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.

[@laurenwhiteman8567]

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.

[@ELconomics101]

Coach!! You're the man

[@TobyMathis]

Appreciate the support =)

[@MarkfromTexas73]

excellent material as always, Toby

[@derekcasanares4785]

Great share!!!

[@jayklarquist7912]

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

[@TobyMathis]

Glad you like them!

[@steveparker2932]

Great Video. What about diversifying into Life Insurance also.

[@willmallory9085]

Excellent video Brother

[@GeoffsCornerOffice]

Great stuff, Toby - love a good chalkboard teaching session

[@TobyMathis]

More to come!

[@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

[@jackxkodiak2024]

A great vid. Very well done and presented.

[@TobyMathis]

Thanks for watching =)

[@multibucker]

Brilliant, thank you Toby.

[@gavnonadoroge3092]

thank you

[@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

[@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.

[@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

[@davidweeks1997]

Bonus: we don't have budget problems, we have income problems. (That's not mine, but I like it!)

[@TobyMathis]

I like that:-) Thank you.

[@donkemp8151]

I’d say we have a spending problem, not an income problem.

[@wendyshoowaiching4161]

Giving is a must to perserve wealth. Karma

[@jasonbaxter5502]

For one having a good tax guy.

[@Myscentsei]

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

[@thenosepicker]

Somebody get this man a milkshake from In And Out

[@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.

[@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

[@jackiemansfield8325]

What keeps you poor is keep going to the casinos.

[@laurenwhiteman8567]

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

[@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

[@belovedhabeeb549]

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

[@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....

[@BoomlandJenkins]

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

[@lizglavin67]

Way too many adds

[@robertwalker5521]

Get someone else to write on the chalk board.

[@seandvideo]

You lost me at give it away.

[@gmac5910]

He is just saying what he sees wealthy people doing.

[@jasonbaxter5502]

2 not having a KZbin channel 😅😅

[@Gears9]

Buy Bitcoin

[@robp9746]

Id rather go to Vegas and roll some dice.