Why Everyone Is Broke (In A Rich Country)

Рет қаралды 8,986

Күн бұрын

Are you tired of feeling like you're constantly struggling financially, even though you live in what's considered a "rich" country? It's not just about what you earn; it's about what you do with it that counts!
In today’s episode, I peel back the layers on why so many of us find ourselves strapped for cash despite seemingly good salaries and a thriving economy. I dive into the cultural and psychological patterns that lead to common financial pitfalls. From the traps of living paycheck to paycheck, the normalization of debt, to the dangers of chasing the ephemeral "more," I cover the pressing issues that keep our wallets thin.
Ready to break free from the cycle of financial strain and step into a life of affluence? Tune in to the full episode now!
IN TODAY’S EPISODE, I DISCUSS:
-The psychological beliefs about money that lead to financial hardship
-The critical difference between income and money management
-How societal norms and behaviors encourage financial struggle and debt accumulation
PRE-ORDER MY NEW BOOK:
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Part money philosophy, part money mindset, part strategy, and part tactical action, these powerful frameworks will show you how to build your money machine.
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★ RECOMMENDED VIDEOS FOR YOU ★
If you liked this video, you'll love these ones:
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★ OTHER RESOURCES ★
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★ WHO IS MEL ABRAHAM ★
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I’m a CPA by education but an entrepreneur by exhilaration, entrepreneur and author of the #1 Bestseller, The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans & Freedom. I’m the founder of Thoughtpreneur™ Academy & Business Breakthrough Academy where I help entrepreneurs bring their businesses to the world and build the lifestyle that they want. I have helped and advised some of today’s top entrepreneurs to build their businesses, create their wealth and find financial independence.
After finding a cancerous tumor in my bladder larger than a baseball in June 2019, I began to openly teach The Affluence Blueprint™ because my cancer journey spotlighted the immediate and urgent need for entrepreneurs to find “financial liberation” and peace of mind. Most entrepreneurs are building a financial house of cards and don’t even realize it…and traditional financial advice will not work for them.
Now it’s your turn!
Meet Mel at melabraham.com/
Cheers,
Mel
==== Time Stamps ====
00:00 Financial struggle due to lack of education and tools.
03:21 Financial education and training prevent debt struggles.
08:26 Allocate every dollar before it's earned.
10:31 External motivation drives societal consumption and decisions.
15:07 Exchanging future for present pleasures, risking consequences.
17:48 Reverse reliance on easy payment methods. Add friction.
20:13 Looking forward to our next meeting.

Пікірлер: 50

@MelAbraham 3 ай бұрын

To go deeper, pre-order my new book, Building Your Money Machine: How to Get Your Money to Work Harder For You Than You Did For It! When you do you’ll also get over $1300 in wealth resources & bonuses for FREE! CLICK YourMoneyMachineBook.com

@AveryFossen 3 ай бұрын

The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.

@leojack9090 3 ай бұрын

Investing in both real estate and stocks can be prudent choices, particularly when backed by a robust trading strategy that can navigate you through prosperous periods.

@hasede-lg9hj 3 ай бұрын

You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.

@hasede-lg9hj 3 ай бұрын

I won't pretend to know everything, though. Her name is Sharon Ann Meny but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.

@fadhshf 3 ай бұрын

Sharon profile appears to be fairly knowledgeable, therefore I must say that I value the advice. After locating her online, I thoroughly read through her resume, educational background, and qualifications, and I must say that they were quite impressive. We have set up a meeting after she replied to my message.

@fadhshf 2 ай бұрын

@rodbrown7284 3 ай бұрын

Save in good times, survive in bad times

@MelAbraham 3 ай бұрын

FOr sure @rodbrown7284!

@gilsonsangulukaniphiri5018 3 ай бұрын

The English adage goes, "Make hay while the sun is shining."

@lunarmodule6419 Ай бұрын

Save AND invest - the investment part is super important! Make your money work!

@chrisniner8772 3 ай бұрын

I'm living 6 pack to 6 pack.

@lunarmodule6419 Ай бұрын

;-)

@OurRetireEarlyJourney 3 ай бұрын

Over extension in housing and vehicles are a huge reason households live paycheck to paycheck. Middle and lower classes buying luxury items to drive them deeper and deeper in the hole.

@lunarmodule6419 Ай бұрын

True! We just cannot live like our parents did - we have to come to terms with that.

@OurRetireEarlyJourney Ай бұрын

@@lunarmodule6419 Well said. Never really thought of it that way! But it’s so true.

@lunarmodule6419 Ай бұрын

@@OurRetireEarlyJourney Well not from me - others said it before ;-) And our friend here says pretty much the same thing - like pressure from society that triggers these emotions. But not an easy problem to fix...

@billbrock8740 3 ай бұрын

Hey Mel. Just subscribed due to my enjoyment of this episode. I definitely latched on to your “Frictionless” philosophy, which is what I avoid at all cost by following a budget, paying in cash whenever possible, and respecting the value of money. Examples: No cc debt, no student debt, no mortgage, no car loan.

@MelAbraham 3 ай бұрын

GOod on you - you are crushing it!!

@FreshWaterWindsurfer 2 ай бұрын

Wow I came here as a younger man just looking for financial advice. From you I receive wisdom of the ages , spiritual guidance, stoicism & philosophy. Everything you teach applies to my financial path yes, but also my other journeys - bodybuilding, spirituality, sobriety (4yrs), and mental health. Thank you!

@MelAbraham 2 ай бұрын

OMG dude I love everything about this. Congrats on your journey for 4 years now too. That is a huge accomplishment and to be celebrated. More to come :-)

@jayscott99 3 ай бұрын

Credit

@lunarmodule6419 Ай бұрын

The process of getting rich is simple, but it's the EMOTIONS that are tough to deal with. Like: Getting love by buying stuff for others, feeling worty by buying stuff for ourselves, byuing stuff to cope with life struggles, etc. No wonder people dont save and invest!

@WarrenNyambeNamangolwa3445 Ай бұрын

Thanks so much Mel I am learning alot from your video!

@gracetou8963 3 ай бұрын

Has nothing to do with 8 thousand a year for home insurance, 3000 in property taxes , high auto insurance ,high health insurance , high flood insurance.

@Area51-is6vg 3 ай бұрын

Progressive's CEO is Tricia Griffith .Tricia yearly compensation is $15.6M. While other people work 2 or 3 jobs just to pay high ins coast just to live Tricia makes millions. Even if you never file for ins claims you still pay .

@parler8698 3 ай бұрын

A richly in debt country. 🇺🇸

@SRHCUDA 3 ай бұрын

Thank you for elevating our perspective around why "we're broke" and what we can do to create a different outcome. I am so excited for the next steps in this journey!

@lunarmodule6419 Ай бұрын

Mel I like you bro! I'm your age and I think you're make total sense. Stay on the soapbox and keep up the great work!

@MelAbraham Ай бұрын

Thanks! Will do!

@ep1929 3 ай бұрын

It's exactly the same here in the UK. Everyone moaning about how expensive everything has gone and how they are trying to cut back. Since covid I have noticed the number of beggers on the streets has noticeably increased, shoplifting is also rife now.

@drcatrinaking 3 ай бұрын

Do folks ever think about the rising global population as a cause for decreasing prosperity? More bodies mean an individual's work is less valuable to the labor market. Ironically, producing more humans adds so much more to the problems people often complain about. Your work is worth less in 2024 because there are literally twice as many people living on the planet as there were 50 years ago (supply and demand). Yet, you rarely - if ever - hear anyone talking about it. The planet's resources are not unlimited. Maybe it's time to consider Mother Earth for a change. 💛

@tomTom-lb5cu 3 ай бұрын

Agreed , yes great points. And more people who care less and less about the next generation. Wanting all they can get and accumulate to wind up in landfills polluting this beautiful earth .

@gilsonsangulukaniphiri5018 3 ай бұрын

Well, on the other hand, if all the available resources in the world were equitably distributed amongst the global population, IMO, there wouldn't be poverty for quite some time.

@drcatrinaking 3 ай бұрын

@@gilsonsangulukaniphiri5018 We need 1.6 Planet Earths just to support all the consumption of the current human population. Equitable distribution, while a rosy thought, would not solve the problem. More people require more resources.

@gilsonsangulukaniphiri5018 3 ай бұрын

My point on equitable distribution of wealth was basically to illustrate that the available global resources are more than adequate for the present world population. It's just that the distribution is lopsided/uneven for reasons that may be debated, perhaps later.

@drcatrinaking 3 ай бұрын

@@gilsonsangulukaniphiri5018 I heard you. But that's not true. Please verify with a reputable resource. There already isn't enough of Earth's resources to accommodate everyone. Just do a quick Google search and you will see plenty of sources saying things like this: "By 2020, humanity is on pace to consume 2 planet's worth of resources each year."

@mackijs1 3 ай бұрын

There is alot of inequality in the US since the 1970s. The top 20% own 85% of the wealth in the US. (Norton and Ariely, 2011). Most Americans live off debt to maintain their lifestyle due to this growing inequality. Offshoring production, and laws that weakened labor unions (Reagan and Thatcher era), are big contributors. Save and invest everything you can in order to become more of a lender (bonds, stocks, cash savings) than a borrower (credit cards, mortgage, car payments). Live modestly and low key. Build wealth, and pass it on to your children.

@dakotapeters5654 2 ай бұрын

Its very obvious not everyone is broke in fact its our dumbest misperception that we are broke in the first place when most of us arent we are just broke into working for everyone else to simply be lazy and the harder one person works the easier it is for the rest to become lazier....