Poverty Mindset Psychology - 5 Signs You Will Never Become Rich One Day
Channel: Practical Inspiration - Personal Growth & Success
Date: 07/03/2020

In today's vidoe on Practical Inspiration, we look at poverty mindset psychology and discuss 5 signs you will never become rich one day. The poverty mindset is something most people struggle with in life and these are signs that you risk being poor. So if you're asking yourself "am I going to be rich or poor?", then this video will help you understand whether you're using your time and money wisely, or investing correctly.

So learn the 5 signs you will never be rich and understand that if you fall into these, the this is why you'll never be rich. So learn how to avoid staying poor and understand why Robert Kiyosaki (author of Rich Dad Poor Dad) says getting a job is for poor people. 

Below is a summary of what's covered:

1. You Don't Know Maths
- An obvious one, but one that a surprising number of people fail with when working on their accounts
- It's not that you need be capable of doing complex maths problems, but you do need to be able to work through a process to manage income
- That is to proportion income into savings, investments, overheads such as bills and your normal spending, not necessarily in that order
- By doing this you will find it easier to manage your money, always keeping a budget on how much you spend against how much you have in your budget 

2. You Don't Invest
- Investing correctly is an invaluable element in becoming rich, and that isn't limited to financial investments
- Part of it might be to invest financially, but equally you need to invest in yourself, with time, energy and education to help further progress your financial journey
- That said, if you don't invest and only save money, it's very difficult to earn a high income, certainly not reaching a millionnaire or billionnaire status
- A great example of this is Gary Vaynerchuk, who invests a large proportion of his income back into his business or in new ventures
 
3. You Surround Yourself With Unsuccessful People
- Who you surround yourself with is critical to how you will lead your life, so if you want to be successful, surround yourself with people you aspire to be like
- If you don't have access to them in person, in today's world you can easily find places online where you get to hear or even interact with them
- If you surround yourself with people who aren't successful, you will be influenced by their views and behaviours
- Which may be counterproductive to being successful, or being rich

4. You Spend More Than You Earn
- The number of people who fail in this, the most basic principle of money management, never ceases to amaze me 
- Too many people would rather spend beyond their means for things they don't need or to impress others, than care for their wellbeing
- From here, they rack up debt and put themselves in an unstable financial problem, which for many eventually breaks down and lands them with great issues
- It's critical to avoid this, not just for yourself, but also those dependent on you

5. You Don't Set Goals
- As with any journey that someone embarks on, success is usually attained by setting goals as guidance for where you intend to be, and this is no different when it comes to money
- You need to define targets and achievements, making priorities on what will help you achieve them
- Then you need to take action, following through on complete the tasks that help you achieve your goal and being consistent with maintaining that action
- If you don't set goals, you may find that you ultimately risk living in poverty

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Music provided by HearWeGo
Artist: Cash & Ferven
Title: We All Have Storie To Tell
Listen on YouTube: https://youtu.be/3eDwp4hzVws