8 MONEY MISTAKES YOU NEED TO AVOID (summary): #1.) Relying on the Hope Strategy: believing you’ll make lots of money and all your financial problems will go away (ie. starter entrepreneurs spending more money than they make). #2.) Having a spending problem = spending more than you can afford. (ie. Buying all the stuff you don’t need: cars, shoes, clothes, etc). Solution: spend less than you make. Save and invest the rest. #3.) Holding cash. Mistake: keeping your money in your account (cash). Inflation exists. Therefore the value of your money will decrease every year. Solution: invest your money and take advantage of the long term power of compound interest. #4.) Investing before paying debts. If you have debts with high interest rates pay them first before even thinking of investing. Otherwise your debts will compound at a higher rate than your investments. #5.) Not planning for medium term expenses. Thinking of your expense 2-4 months ahead will help you to avoid any unpleasant financial surprises in the long run. #6.) Not saving your money to help you think longterm. Living paycheck to paycheck keeps you in a short term mentality. Solution: put a little bit of many away every paycheck will help you shift into a longterm mentality when it comes to your financial goals. #7.) Not starting a side hustle if you don’t like your current job. 85% of people in the US don’t like their jobs. Yet more people choose to complain than do anything about it. Solution: in the age of technology, do something about it and start a side hustle. #8.) Not learning about investing. Fear of losing money keeps people away from the knowledge of investing. Solution: investing is like learning how to ski. You see people do it and it looks easy. Yet you try it and fall over and over again. But the more you practice the better you get. Learn how to invest.
@MrG__2
5 жыл бұрын
I s thank you
@iiwokeup
5 жыл бұрын
Zazen Stoic no problem!
@TheBetterMenProject
5 жыл бұрын
Love it! ☝🏻
@stuarthudson3885
5 жыл бұрын
Great advice 1s im 45 and have 2k credit card debt i dont earn much money but im going to clear this debt and start investing never too late to start!!!! Cheers regards stewy Dalby Queensland Australia 4405😀
@justmeonthebeach
5 жыл бұрын
Thanks
@ruslanfedoran5826
5 жыл бұрын
Avoid credit cards and stop borrowing. And you don’t need to look rich people should like you and not how you look. Learn to live with in your means. And don’t go out every weekend. Relax read book clean your place have friends over
@showt9me771
4 жыл бұрын
Credit cards should be utilized properly not avoided.
@tamiranirwan9966
5 жыл бұрын
Watching your videos saves my time from reading financial books that I would never have finished in an eternity. Thank you
@TheBetterMenProject
5 жыл бұрын
Happy to help Tamiran
@ArturoCabello
5 жыл бұрын
*A disciplined mind leads to happiness, and an undisciplined mind leads to suffering! :)*
@TheBetterMenProject
5 жыл бұрын
Agreed with that statement ☝🏻
@L33x2
5 жыл бұрын
Happiness is a perspective term. Train your mind as one would forge a weapon. Out of immense heat and pressure.
@L33x2
5 жыл бұрын
Happiness is a perspective term. Train your mind as one would forge a weapon. From immense heat and pressure.
@NetSkillNavigator
4 жыл бұрын
So true
@rainm.557
4 жыл бұрын
anger leads to hate. hate leads to suffering.
@animalathletics6744
5 жыл бұрын
My goal is to pay off debt and save some money to invest by the end of this year (2019)
@TheBetterMenProject
5 жыл бұрын
That’s a great goal !
@thedominicanway9682
5 жыл бұрын
💯💯💯💯💯💯💯 facts
@InvestingBookSummaries
5 жыл бұрын
Great goal!
@whenyoudonteditdatout6589
5 жыл бұрын
nice
@philbemji3337
5 жыл бұрын
No-one cares. By the way... buying Air Jordan's is not investing.
@primordial_psyche9527
5 жыл бұрын
Focus; Discipline & Consistency... Get those down & you are set.
@stevelopez372
4 жыл бұрын
Hope as a strategy, no good! Hope coupled with an action plan and acted upon, much better!
@alexkarasz6186
5 жыл бұрын
I like how he says "only 70K a year" as if that was a low-ball number. Meanwhile, 80% of the country barely makes 50K
@InvestingBookSummaries
5 жыл бұрын
Sometimes it's easy to get disconnected.
@surplusdivision2461
5 жыл бұрын
If you work for yourself and only make $70,000 a year, you suck! If you work for someone else and only make 70k a year, you should probably get a new job.
@user-pc7ef5sb6x
5 жыл бұрын
Would you rather make 70k a year working 70 hours a week? Or 50k a year working 20 hours a week?
@highandmightyqueen79
5 жыл бұрын
@@user-pc7ef5sb6x I also limit the hours i work when i'm being treated like trash by my employer.
@leedaniels7196
4 жыл бұрын
zusiphe sikayi Same here!.Too many employers don’t value their employees.
@marshahanson5870
5 жыл бұрын
So nice to see money and common sense in the same discussion.
@1TalldrinkH2O
5 жыл бұрын
This is a great video! It reminds me of Proverbs 13:7 "One person pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth."
@purchasedbyblood
5 жыл бұрын
People who are wealthy without God are the ones pretending to be rich but in reality they are the most poor People who have barely anything who put God at the center point of their life are the most richest The riches of this world are nothing compared to the infinite presence of God
@1TalldrinkH2O
5 жыл бұрын
@@purchasedbyblood Well said!
@InvestingBookSummaries
5 жыл бұрын
Excellent Proverb!
@1TalldrinkH2O
5 жыл бұрын
@@InvestingBookSummaries Yes! The Bible has a lot of them; and they are so relevant.
@danielporter7773
4 жыл бұрын
WELL DONE, tell crazy rich people that, wolves of Wall st, they forget about God
@lfelipej142
5 жыл бұрын
No Income Problem But Spending problem That is brilliant!!
@JamesHollowayYT
4 жыл бұрын
1 year ago, I was in debt up to my neck (consumer debt, credit cards). Proudly can say today, consumer debt free, and have two rental properties that cash flow me $1100/mo! It's 100% a spending problem!
@johnpirie2583
5 жыл бұрын
I find if you put 100% into something your chances of getting a good return are higher no matter what it is be the best you can be Don’t listen to unsuccessful people or family don’t even tell them just do it with out negative feedback they are scared of you being successful ! Just Do It ! Thank me later 👍
@untouchable360x
5 жыл бұрын
9. Getting married
@samfissher7127
5 жыл бұрын
Hahaha
@InvestingBookSummaries
5 жыл бұрын
Gottem!
@tty1975ful
5 жыл бұрын
Avoid them like the plague
@butwiseryougetit2967
5 жыл бұрын
Getting a divorce
@SuperSaiyan32
4 жыл бұрын
Butwiser Yougetit touché
@unleashingpotential-psycho9433
5 жыл бұрын
One big money mistake people must’ve avoid is buying things using credit on their credit card and going into dept 🔥🔥🔥
@TheBetterMenProject
5 жыл бұрын
That is a very common mistake ☝🏻
@InvestingBookSummaries
5 жыл бұрын
Easy mistake to fall into :(
@gracieallen8285
5 жыл бұрын
UNLEASHING POTENTIAL - PSYCHOLOGY VIDEOS, the problem is charging more on your credit card than you can pay off when the statement arrives, it’s not the card or charging on it they are very convenient when used properly. Once you’ve paid off your credit card don’t charge more than you can afford to pay off, keep a running tally of your charges if necessary.
@johnpirie2583
5 жыл бұрын
UNLEASHING POTENTIAL - PSYCHOLOGY VIDEOS I did this to help a family member didn’t work got stuck paying it my self bad investment and now I’m the bad guy never help family no matter who or what it’s hard but lesson learned
@mercedeswilkins9085
4 жыл бұрын
If they can pay off the balance every month, then they are ok.
@bonkahermitakaintjudge9228
5 жыл бұрын
Contains almost everything you need to know to get rich. Thanks for your presentation
@TheBetterMenProject
5 жыл бұрын
Thank you, hope it helps
@bonkahermitakaintjudge9228
5 жыл бұрын
It does. Thanks for your response
@fleridalopez4384
5 жыл бұрын
The BEST video-info EVERRRRRR!!!! Simply explained..but meaty!!!!
@jahmanguilmore8837
5 жыл бұрын
I'm in Jamaica and now I'm addicted to this channel , this information is well said thanks a lot
@jeffreyelya9996
4 жыл бұрын
You mentioned holiday expenses. I'm in a similar situation. The company I work for, for about the last three years finally gives it's employees a Christmas vacation. We still have to use PTO for our time off, but at least we get it. At minimum, during those days off, we're all getting our eight hour minimal paid rate that each person has, on an individual salary based on seniority. This has happened twice already. I come back from a great vacation, knowing that I had used my PTO, but my check came up short of what I needed money for. This is as of today, I had to dip into my savings, just so I could go grocery shopping. Ended up paying in cash, however thankfully, I only needed roughly half of what I pulled out, then I got another 20 % off because of the things that were on sale and the Fred Meyer rewards account that I share with everyone else in my family, and now I'm debating on whether or not to put the money back into my savings. Thankfully, I was able to pay rent and get a couple other things taken care of. Thanks for the tip! My father was an accountant at Boeing for 39 years. Yes, we do my finances and taxes together, but for whatever reason, he never helped me gain a new mind-set on the power of money. My mother got me the Rich Dad Poor Dad book from the library, and I barely made it past chapter one until I had to give the book back. Thankfully, not only has my perspective changed, but I'm finding that I'm almost being forced to move forward in faith on financially as well as with my spirituality. Very clearly, it says in the Bible that those who learned from their mistakes were redeemed, just look at the ending of David's story with Bathsheba, they lost the first baby, but the second baby became known as Solomon,.....
@jahmanguilmore8837
5 жыл бұрын
u have some of the most important videos on KZitem , thanks a lot
@malagitech6262
5 жыл бұрын
Good video but I have a question!! Very informative Which software are you using to make a good and beauty animation
@haryomukarnadi3282
5 жыл бұрын
Spend money to only what you need👍.the rest diversification investment,to create more money.
@TheBetterMenProject
5 жыл бұрын
👌🏻👌🏻
@JamesHollowayYT
4 жыл бұрын
Absolutely!
@divasohri
5 жыл бұрын
You should tell in every video that from where you have got this information. Like book name if any so that we can buy the book if we like the teachings
@divasohri
5 жыл бұрын
Great video otherwise
@Jackgritty28
5 жыл бұрын
Praying to God for finances is wrong, because God never made money, blame yourself or society ✔️💶💥
@financiallyinvested679
5 жыл бұрын
I see these mistakes all too often. In fact, I’ve made a few of them myself in the past. Thanks for the video!
@TheBetterMenProject
5 жыл бұрын
Yes they are quite common
@muzimathunjwa9940
5 жыл бұрын
I'm really becoming a better man with better man project.thanks a lot god bless you bro
@nonhlanhla.jiyane3779
5 жыл бұрын
This is so true, it actually hurts. Thank you, I definitely needed this wake up call.🙏
@nerdbrokeproductions1769
5 жыл бұрын
Oh man, that hope strategy hit home
@TheBetterMenProject
5 жыл бұрын
Very common with entrepreneurs, I’ve definitely been there myself
@lemgunz8829
5 жыл бұрын
9./marriage 10.divorce
@jonathanmcgovern2464
5 жыл бұрын
I smile when colleagues complain don't have enough money yet keep buying stuff. Or keep complaining not earning enough but do nothing about it.
@TheBetterMenProject
5 жыл бұрын
It’s happens way to often
@Metz9031
5 жыл бұрын
when it comes to finances "hope is for the hopeless"
@ericmhenuter325
5 жыл бұрын
wow!! Am inspire, hope to start investing soon
@bigchef3547
5 жыл бұрын
All ,,thanks for the advice
@ememmasorong9657
5 жыл бұрын
I think I'll be working smartly with all.
@Manuel-gu9ls
5 жыл бұрын
I will work out everything mentioned in the video
@masculinity101
5 жыл бұрын
Loved this video from Tanzania🇹🇿
@TheBetterMenProject
5 жыл бұрын
Glad you found the video valuable 👍🏻
@chadrickautry9488
5 жыл бұрын
Great video lets get back to the background music. It was perfect with your videos
@TheBetterMenProject
5 жыл бұрын
We might try in the next video 👍🏻
@evelynferebee1750
5 жыл бұрын
The hope strategy is very real and many actually fall for this, ending in debt
@MindNow
5 жыл бұрын
*Always love your videos and your tips man! Let’s see if I will become rich applying these tips 😂😜* Where are we standing with the interview brother? Winny out... _for now_ 😉
@TheBetterMenProject
5 жыл бұрын
Hey man, sent you and email about that. I’ll make sure to resend it in case you didn’t get it.
@lawrencechukwuemeka93
5 жыл бұрын
Pls can u make a video on gambling 🎰 addiction
@pedrojuan1505
5 жыл бұрын
I’m interested In learning more about investing but I don’t know where to start, is there a book or a video on KZitem that could help he understand it better?
@georgem9522
5 жыл бұрын
Can you do a video about index funds?
@jahmanguilmore8837
5 жыл бұрын
this video keeps me focused ,I see where other channels copying the better men project .... keep your eyes open
@TheBetterMenProject
5 жыл бұрын
Happy to hear that brother, hope the video was useful 👍🏻
@Kitsune_Dev
5 жыл бұрын
Compound effect is insanely good!
@TheBetterMenProject
5 жыл бұрын
Agreed ☝🏻
@tazemyratgummanow4765
5 жыл бұрын
how you make your videos? i mean by which program or something
@zoefofo7769
5 жыл бұрын
I'm working on my KZitem channel to start making side money
@nonhlanhla.jiyane3779
5 жыл бұрын
I just subscribed😊
@okidijamesoyutu4610
2 жыл бұрын
Thanks for your advice we are I appreciate you
@tylerposch4396
5 жыл бұрын
Thanks got telling me about index funds! Excellent video! 👍👍
@itsallaboutnothing2672
4 жыл бұрын
Brilliant. Thank you very much❤
@JamesHollowayYT
4 жыл бұрын
RIGHT?!
@DK-ul3lo
5 жыл бұрын
Love from India 🇮🇳
@TheBetterMenProject
5 жыл бұрын
Much love brother !
@ShaheenMatthews
5 жыл бұрын
I will be working on saving money that i would spend on expenses incase the Job market is really bad.
@navzme
5 жыл бұрын
Very informative. Thank you
@ladyyas3669
5 жыл бұрын
Great video👍👍
@TheBetterMenProject
5 жыл бұрын
Thank you 🙏
@dannyxcon9999
5 жыл бұрын
Assets buy Luxury
@justmeonthebeach
5 жыл бұрын
Very good info.
@itsyah
5 жыл бұрын
I can tell you read the Compound Effect book 😏
@TheBetterMenProject
5 жыл бұрын
It is a Great concept
@kapisaenterpriseslimited2730
5 жыл бұрын
ETFs vs Stocks, whats your opinion?
@Monicaxoxo
5 жыл бұрын
ill be working in downgrading my car. and maintaining and active income.
@TheBetterMenProject
5 жыл бұрын
That’s a great idea. What will you do with the money you save ?
@Monicaxoxo
5 жыл бұрын
I’ll be saving for a purchase like a home instead of always renting. Also have long waiting debts to fulfill and will be able to get by with a gym membership finally!
@SamphyChy
5 жыл бұрын
2:33 John Wick is a millionaire ? Holy Cow, must be from killing all those people... Hopefully he can adopt a new puppy now !
4 жыл бұрын
Having a child-or children , can devastate your budget and your future. Parenthood can be a terrible price to pay for sex. I know many couples who are childless by choice. Overpopulation can be very bad for the environment too. More people and limited resources mean that there is less and less to go around. Avoid debt. Spend less than your income and invest the difference in safe stocks (via mutual funds) with a solid yield. See some Dave Ramsey or Chris Hogan or even Suzi Orman videos on this. .
@deleteaccount5145
5 жыл бұрын
Working on all of them
@jahmanguilmore8837
4 жыл бұрын
Very good effort , excellent work
@princebanini
5 жыл бұрын
how did he do the math at 5:40 there about? the one about cents doubling everyday, any help?
@TheBetterMenProject
5 жыл бұрын
You should do this in your calculator: type 0.01 and then multiply it by 2. Then multiply the result by 2. If you do that 30 times you will get a the compounded result of one cent that doubles every day.
@princebanini
5 жыл бұрын
@@TheBetterMenProject awesome. Did the math and was amazed how much the figure got big after 15th an very last days to the 30th. Thanks for this gift of understanding compounding interests... at least a bit
@purchasedbyblood
5 жыл бұрын
Don’t live life longing for wealth be content with what you have and remember you are going to die and leave it all behind
@TheBetterMenProject
5 жыл бұрын
Agreed, but wouldn’t you want more options while you still alive?
@topshiba293
5 жыл бұрын
The Better Men Project The way I look at it is... I was born with nothing and I’ll die with nothing
@stevesteve9202
5 жыл бұрын
Hey Brett, let's hope that you don't run out of money before the day you die because that is a cold and hungry day. Nature teaches us this every winter. It is much more pleasant to be the squirrel that put a few acorns aside when abundant than the squirrel that played all day in the fall and saved nothing. Don't count on the gobberment to bail you out because they are broke!
@topshiba293
5 жыл бұрын
Steve Steve There is a lot in reserve. More than enough for one anyway.Ive only got 12 years until I’m 60 I want to enjoy my money while I can
@prakhar3266
5 жыл бұрын
Point 7 and 8. If you don't like doing job do something about it. Learn about investing.
@TheBetterMenProject
5 жыл бұрын
Powerful stuff
@gopalrajbanshi6831
5 жыл бұрын
Thank you
@maximuscomfort
4 жыл бұрын
I think taking a chance and invest in the stock market. You get quicker results. Watch those old duffers buy low sell high.
@JohnSmith-td7hd
5 жыл бұрын
I'm great at saving money, but I don't invest in anything in the typical sense. I'll invest in some device that'll save me money, or in tools for projects so I can do things myself, but not in financial markets.
@vinodkumars8475
5 жыл бұрын
so nice..
@hack3r2khackersmr46
4 жыл бұрын
All of them
@edwincesario9069
4 жыл бұрын
Where and how can I invest my money?? From Philippines, 19 years old
@mikeclarkthefinanceguy9680
5 жыл бұрын
Read wait till I get my money right on Amazon for financial enlightenment
@youngsoonkim3371
5 жыл бұрын
lala land theory. I am worried abour bail in. which bank is safe and offer you compounded interest?
@jahmanguilmore8837
5 жыл бұрын
this video is very good
@19thunderball57
5 жыл бұрын
I turned 62 last month. Own my home free and clear and deposit $1,500 to $2K into my savings every month. I woke up fairly late in life and am wondering what investments would be best for me to make, or if it's too late at my age to do anything other than to keep socking away money?
@kevis5372
5 жыл бұрын
Thunderball1957 real estate
@dreamingofskyrim
5 жыл бұрын
Diversify. Little real estate, index funds, or ETFs. Even maxing a Roth IRA with index funds or bonds will give you a nice nest egg in 10 years
@kurt2314
4 жыл бұрын
Sir i like your accent.. very clear
@TheBetterMenProject
4 жыл бұрын
Thank you I appreciate it 😊
@biglack897
3 жыл бұрын
Best Video ♥️
@cainalbertson327
5 жыл бұрын
I think it will be best to work on all of these until mastery.
@daminidjenaba8381
5 жыл бұрын
Are you using this formula to calculate your money of doubling a penny each day at 5:16. y = .01(2)^30 ? Because I'm getting different numbers
@ngolobeyusuf6500
4 жыл бұрын
I need to save 10%of my salary every month for five years and make judgement
@bradpetehoops
5 жыл бұрын
Impressive money tips.
@Lupo32
4 жыл бұрын
Buying stuff online without reason.
@kevindudson2344
4 жыл бұрын
10% annually where? It sounds like Utopia.
@aperson1181
4 жыл бұрын
how do you make animations?
@heheh6285
5 жыл бұрын
Thanks
@akkaccio2009
5 жыл бұрын
Good 👍 !
@hophinkaunda6366
4 жыл бұрын
what you don't understand is that time is indefinite
@MrSetinel
4 жыл бұрын
If 44 % of U.S workers make no more than $18,000.00 per year. Than its a not a spending habit rather a money making PROBLEM.
@nmcdwhatchaaaa
5 жыл бұрын
Lol maybe hes doing things i dont know about but Keanu Reeves doesnt come to mind when i think of millionaires. Especially next to Elon Musk. But if John Wick wanted to be in my video, i wouldnt have said no either. Still like the video, thanks!
@TheBetterMenProject
5 жыл бұрын
I guess my editor likes John Wick. 😁
@MountainGirl420
3 жыл бұрын
Does anybody think keeping $10,000-20,000 cash on hand at home (in an artfully hidden safe!) might not be the worst idea???
@bajrangagarwal9497
5 жыл бұрын
How did you make this video
@TheBetterMenProject
5 жыл бұрын
Thats a very broad question. Can you be more specific?
@moepharmo
4 жыл бұрын
Nobody gets a 10% return after fees etc your lucky to get a 2% return. Diversity is the key to success.
@driven39
5 жыл бұрын
People didn't see me as being successful until I invested in a Rolex, designer clothing and nice shoes.
@mybexchange6330
5 жыл бұрын
COMPOUND INTEREST EQUATES TO COMPOUND TAXES! THE HOUSE (IRS) ALWAYS WIN!
@michaelwiggs1544
2 жыл бұрын
hummmmm i dont get it
@ritsukasa
5 жыл бұрын
compound interest is for loosers. We should make business. There is no comparison. Financial things is for (part of ) our emergency funds and nothing else.
@dreamingofskyrim
5 жыл бұрын
What does "make business" mean? Lol
@neilo2323
4 жыл бұрын
Keanu Reeves became a millionaire by being paid millions for starring in films, not from being frugal😉
@paulrivera3252
5 жыл бұрын
No one is going to get a penny doubled daily - this would really be neat, but not realistic. If you told people at 65 years old they would have $400,000 compounded from all their prior years of investing, of course they are going to take one mil now. The only thing is they need to take that mil and invest that, but most won't.
@henrydoone7554
5 жыл бұрын
Funny! What investment guarantees 10% return per year for many years???
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