How to Stop Being Poor

If you don’t want to read it, you can watch this video.

Today we are going to talk about how to stop being poor in America and other places. There are a few things you need to change before you can move forward. Mindset is huge. There are online businesses and physical businesses. There are service businesses and consulting businesses and there are professional services. All of these business models require different fuel to grow.

People are gassed up on making big money really quickly without working that hard. That’s just not reasonable or normal. It’s not going to happen for most people. There will be superstars and unicorns who will do it. If making big money fast was the norm, then why are 70% of people in the USA poor or just barely getting by. Think about that.

Let’s take some common facts. How many people do you know are broke in your personal space? How many people do you know are barely making it? Sometimes they tell you or you just know. Like, maybe their car was broken and they couldn’t drive for a week or two until they got the money together? How many people do you know that complain about a lot of monetary issues? Just consider folks you know and multiply that across the country.

It is easy to get an extra $500 a month with a side hustle. Making an extra $2000 is doable. If you do the work, you’ll get the results. There are people who will go from $0 to $10K a month. I am not going to urge you to quit your job before you are ready. The only time you should quit your job is when your job is costing you money from your business. That is when you should quit your job and not a moment before.

Making money is really simple. Find something that people will pay you for and do it over and over again. The concept is very simple. The execution is a bitch.

We’re going to talk a lot about expectations. If you feel you’re going to start a money-making program and make money real quick and it doesn’t happen in that timeframe, you’re out. What I want to encourage you to do is to extend your timeframes. Once you do that, you’re going to give yourself a better chance for success.

I mean, extend it times three. If you start something today and three years from now it is doing an extra $10K per month, how does that hurt you? The thing is, the time is going to pass. There is this lady I used to visit when I was a kid, her name was Sally Mae Jones. She would say, “If you live long enough, you’re going to get old.”

Whether you’re doing something in the next two years to improve your life, those years are going to come and pass. So, you could be sitting there waiting for the quick opportunity or you can get busy with reality.

Let’s talk about being poor. What is poor? I’m going to give you my definition of poor. It may be different than yours. Poor is when you have to wait to get paid to do something. That’s poor. Some people who earn six figures are poor because of bad money management. Poor doesn’t necessarily mean you have a low income. Poor means you have bad money management skills.

For example, if you make $5 an hour and realize you make $5 an hour and you live like you make $5 an hour, you would have savings and get another job. So that’s poor, if you have to wait to get paid to do something. Once you get past poor to financially solvent, if your car breaks down, you don’t have to wait to get paid to take care of life events that will happen.

I encourage everyone to set up a savings account. That is your attitude money. That is the money you need to prevent circumstances from interrupting your life path.

Another thing you need to escape being poor is to have goals. Goals work very well. The goals must be written down. If you write something down that you want and it scares you, a lot is happening. Number 1 – you don’t think you can get it. You are already scared of the disappointment that will occur if you work hard and don’t get it. So, in your mind, the safe play is not to do anything which is really, really wrong.

The savings account is critical. Once you get $2K to $10K, you don’t have to save anymore. Just think of your savings account as an expense account for your life. You set up your first savings account of $2K to $10K, then you have another account that is your monthly operating account that you use to pay your bills at the first of the month. This prevents stress. This is one of the reasons you have to learn how to manage money.

Another bad thing about being poor is you have consistent stress. You are constantly saying, “If I do this, I can’t do that.” So, you are always making these high-level decisions based on your lack of money management skills, lack of a savings account and lack of a monthly operating account. These things can be done at any income level. One of the first things you need to do is increase your income.

Resale is a fast way to increase your income. Craigsllist is a very fast way to increase your income. YouTube is not a fast way to increase your income. YouTube is a long-term play taking anywhere from six months to three years. Instagram being properly deployed could be fast money. It’s still in the six months to one-year range.

The fastest thing you can do is usually something local, providing a service or providing consulting services or something like that. I have a question for you to ask yourself. Think about it before you answer. Who here thinks they can generate enough good will in the world that they can make a million dollars in one year? Then answer why you feel that way.

Here’s the deal about escaping being poor. There are paths. You have to get yourself on a path that’s good for you. That’s one of the first steps. Once you have a path and some education, then this thing called hope goes out the window because you are more confident.

I can tell you something from experience. You can work real hard for a long time and it will still take a while for the money to come. No one wants to hear that, but it’s the truth.

Why are you poor? If you say it’s due to a lack of money, I am going to disagree with you. Once you begin to control money, then money does not control you anymore. It frees you up to do so many things.

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