Grow your small trading account with a wealthy mindset david moadel investing finance grow build rich fortune
welcome to looking at the markets with David Modell today I wanted to talk
about the poverty mind set versus the wealth mind set all right
because a lot of you want to learn techniques for making money okay that's
great you want to learn about the right
indicator or moving average or whatever that's fine you can learn that I want
you to learn that stuff but I also want you to have the right mindset the right
frame of mind for building wealth alright so first of all let's talk about
what wealthy people do and what eventually poor people do and there's
nothing wrong with being poor I've been there I know it's like I'm talking about
people with a poverty mindset people who can't get out of it not because of their
circumstances but because of their way of thinking okay so people with the
poverty mindset buy things that deteriorate in value things that
depreciate in value for example if you buy a gold chain with your name on it
alright that is something that a person with a poverty mindset might do they
might save up some money to buy a gold chain with their name on it alright
compare that to somebody with a wealth mindset would buy they would buy gold
but not a gold chain to where they would buy gold bars or gold coins gold bullion
or gold stocks or gold ETF something like that something that if they buy it
at the right time and then hold on to it and be patient with it it will grow in
value over time as opposed to buying a gold chain with your name on it well
good luck trying to resell that okay who's going to want to buy if you ever
need money and you want to sell that it's going to depreciate in value
because who's going to want to buy a gold chain with your name on it
alright and so then you're gonna have to sell it to a pawn shop and they're gonna
have to melt it down and extract the gold from that and you know pawn shop is
not going to pay you nearly what it's worth all right so you're gonna lose
value on that investment if you can even call it that all right
or here's another example um if somebody with a poverty mindset is going to save
up a little bit of money to buy $200 Nike sneakers okay they just have to
have the latest Nike sneakers when they come out that's something that
appreciates in value okay as you wear the sneakers over time you know they
don't gain in value they lose value as opposed to somebody with a wealthy
mindset a wealth mindset they're gonna buy not Nike shoes but Nike stock okay
and they're gonna hold on to it because Nike is a good company and the stock
tends to go up over time and so if they're patient and if they buy it at
the right time then they can actually build wealth by buying into the company
okay because you know these by and large these sneaker companies pay a lot less
for the materials to buy the sneakers and you know and they they produce them
they manufacture them in countries outside of the United States most of the
time most of these companies and then they sell them to you for a huge markup
all right so you know I'm not saying you can't treat yourself once in a while but
if that's your investment then that's not the way to go all right
somebody with a poverty mindset they might you know they they might save up
their money for a while and that's great but then they you know they always feel
like they have to eat at expensive restaurants all the time okay or they
have to go see all the latest movies right when they come out they have to go
to the theater and see every every movie that comes out and they buy the movie
theater food and you know how expensive that is that's a huge markup that they
make on food that really doesn't cost that much at all to produce popcorn is
very cheap to produce okay so I'm not saying don't treat yourself to a movie
and to dinner you know from time to time I'm not saying you
can't do that I'm saying that people with a poverty mindset do that all the
time and then they wonder why they're falling behind
financially somebody with a wealth mindset they treat themselves once in a
while but they don't make it a habit instead they take that money that they
were going to spend on seeing the movie in the theater and buying movie theater
food instead you know they get a Netflix subscription or Hulu or whatever
whatever streaming service and they see the movie at home for a lot cheaper okay
they don't have to see it right when it comes out they can wait a little bit
instead of eating at restaurants all the time they learn how to cook it's not
that hard to do you can go on Google and you know type in healthy recipes or easy
fast recipes whatever and then you can learn how to cook and you know for the
price of one meal at a pricey restaurant you can make many meals and not only
that but they're going to be a lot healthier because you actually have
control over the ingredients you know exactly what's going in into those meals
you know exactly what you're putting in your body so it's healthier which again
saves money on you know on the cost of healthcare for you personally
all right so things like that your again you'll be saving a little bit of money
here but saving $50 there $100 there that adds up over time and you take that
money and you invest it you put it into your brokerage account and you build
your account people say you know okay Dave I don't have a six-figure brokerage
account you know okay you can build that over time by buying things only if
they're going to appreciate in value let's talk about when you buy your car
are you buying a car an expensive car because you want to impress your friends
or whatever is that really the best reason or you're going to buy a
something with good fuel economy something efficient all right a car that
suits your needs to get from point A to point B yes comfortably but also
something that's not going to break down all the time something that's not going
to be expensive did you know that a car when you buy it loses a lot of its value
right when you drive it off a lot okay and so yes you probably have to have a
vehicle just to get around but how about buying something that's not going to
lose value immediately you can buy a slightly
used car and a lot of times you want to get get it checked out by a mechanic of
course you want to make sure it's a high quality vehicle on the outside and more
importantly on the inside you want to make sure the internals are great just
like when you buy a stock of a company okay so things like that you know why
are you making these purchases are you buying gold jewelry to impress people
are you buying the newest sneakers to impress people are you buying a brand
new car that you know maybe the internals aren't great for they look it
looks great on the outside are you doing that to impress people okay things like
a boat I'm not saying don't buy a boat but boats are notorious for the upkeep
for the price of upkeep and for deteriorating in value over time things
like that alright so buy things that are going to
appreciate in value and of course you want to buy low and sell high and so if
you can do certain things with your lifestyle make certain lifestyle choices
how about buying in bulk ok if you see something on sale at a store not
something that's perishable of course certain food items are perishable
certain things are perishable okay but if it's something that you can buy in
bulk and buy many of why not buy it when it's on sale hey I do that with stocks I
also do that in real life ok there's nothing wrong with going to Costco or
Sam's Club or sort just Walmart whatever or Amazon if you see something online ok
instead of instead of making you know purchases that are like let's say you
see something at the counter ok when you go shopping and you see something in the
counter at the counter that you don't really need alright that's called an
impulse purchase or an impulse buy they put those things in the supermarket near
the counter on purpose all right they put it at eye level for adults and they
put certain things down below at eye level for kids ok they know exactly what
they're doing you don't have to fall for that little trick all right instead of
buying things at the counter that are usually more expensive food items or
whatever that you probably don't need they put magazines you don't need over
there they put in all kinds of things you don't necessarily need but it might
be an impulse purchase how about making a list before you go shopping okay get
exactly what you need purchase it and then leave okay that's really a way to
save money just in in your normal daily life take that money that you saved
again put it into your brokerage account things like that all right and notice I
never said you can't treat yourself notice I never said that you have to
make major sacrifices I'm talking about slight lifestyle alterations or
adjustments that you can make it to build your account over time all right
so I hope this advice was helpful to you I hope these ideas will help you to take
your small account build it up save money put it into your brokerage account
and then you can take that money and invest it or trade it wisely and I have
a plenty of videos on how to do that all right so look back through my old videos
and check that out by all means all right so again I'm
David Modell I'm always thinking of ideas to save you money to help you
build your account and then I'm thinking of ideas of how you can invest and trade
your money so you can build it over time and you can build that well it's all
about the mindset it's up to you thanks a lot
please like this video on YouTube give it a thumbs up and put comments in the
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and the education that I'm trying to give to you all right so thanks a lot
and I'll talk to you again next time
yeah take care Tyger Tyger they're gonna take
it off me Tyger Tyger they're gonna take it off me
tie it tight kick up a bit