In the world we live in today there are toxic people toxic chemicals and
potentially the worst of all our toxic habits and these detrimental habits
could in fact be holding you back from realizing all of your wildest financial
dreams therefore in this video I'll share with you seven toxic habits you
must give up to be rich and if you're new to the channel then hit the
subscribe button below for more life changing content habit number one
spending frivolously there are about a million reasons why people spend money
and well some reasons are good like investing in your education or donating
to charity there are other means of spending like spending to fit in or
using retail therapy as a stress management tool that will have you in
the poorhouse in no time sadly millions of people have that toxic habit of
overspending which is why the average American has over four thousand dollars
in credit card debt with 10% of these individuals envisioning it taking more
than 10 years to pay off their balances but how does one get into this financial
predict him in the first place for many they lack the financial skills to
adequately budget and tractor spending and for others they simply cannot fight
the temptation to have the latest gadgets or the newest clothes however
time and again studies prove that spending does not provide lasting
happiness for instance a study conducted amongst consumers who make over $100,000
a year reveals that the majority of them do not own log3 vehicles and they shop
at mainstream stores like Target and Walmart what these high income earners
understand is spending money to achieve a momentary high is not as satisfying as
using their money in other more productive ways this is why instead the
ridge of value reinvesting their earnings into income generating assets
like invest in properties or stocks that will allow them to continue to grow
their wealth over time in fact this reinvestment of money into other income
producing vehicles is a practice in nearly every millionaire and billionaire
have in common so if you find yourself constantly spending ask yourself why you
feel the need to spend so much money by identifying the root cause of the issue
you can then find non-monetary ways to deal with these challenges which will
allow you to drop this bad habit and begin your quest to a healthier
financial life habit number 2 not tracking your spending I'm sure you have
friends or family who constantly complain that they have no money or
wonder where all money went yet they can't be bothered to
track their spending one of the worst habits you can have when it comes to
money management is not practicing some form of expense tracking to be honest in
today's day and age there are so many apps that can track your spending that
there is no excuse to be left guessing at months and how much he spent and how
much you saved assuming you were able to save anything
in fact many years ago I to overlook the importance of tracking my spending even
as a pretty frugal guy I too was in for a shock when I realized how much I was
spending on minut but routine purchases like lunches at work or coffee once I
began tracking my expenses what you're doing the Notes app on my iPhone I click
realized how much money I was wasting and ever since I've been diligently
monitoring my spending now if my way of tracking expenses seems like way too
much work for you then don't worry because like I said there are many ways
to keep track of your spending apps like men allow you to connect your credit
card and whenever you charge your card the expenses automatically recorded and
categorized making it simple to review your spending choices at month's end
therefore when it comes to tracking your expenses put the wise words of Peter
Drucker into action when he said what isn't measured isn't managed habit
number three having a negative mindset your mindset is one of your greatest
tools and striving for financial success however many people struggle to maintain
positivity in their thinking studies show that of the 60,000 thoughts
a day that the average person has 80% of them are negative and 95% of them are
repetitive meaning that not only are most people focusing on the bad and the
good but they continue to ruminate in this negativity day after day a few
examples could be if you tend to think more about the things you can't do or
put yourself down more than compliment yourself in short any thought that
doesn't support you in life is most probably negative now this inclination
to thinking negatively may not be totally your fault maybe when you grew
up you adopted this habit from your family or someone around you but
wherever it came from you need to make a conscious effort to eliminate negative
thinking from your life studies have shown that thinking negatively blocks
creativity and inspiration and these are two very important factors in building a
better financial life therefore every time you have a negative or
self-limiting thought tell yourself three positive things to try and sway
your mindset back any more beneficial erection haben number four giving up
we've all been there you start a new project and in the beginning you were
full of motivation and hopefulness and of seemingly endless amounts of energy
to put towards your new cause however as obstacles present themselves rather than
buckling down and persevering you give up and move on to something that you
hope will be your next ticket to success does this sound familiar if so then this
is a toxic Hobbit you must eliminate right now time and time again we see
that those who can overcome adversity are the ones who received the biggest
payoffs in the end take JK Rowling as an example the famous author of the Harry
Potter series was rejected by hundreds of publishers before she finally got the
Harry Potter series off the ground she's been famously quoted as saying
it's impossible to live without failing at something unless you live so
cautiously that you might as well not have lived at all which in that case you
fail by default where the poor will see adversity and failure as indicators of
their shortcomings the rich don't take no for an answer
instead they see failure as part of the journey to success and find new ways to
turn rejections into milestone haben number five multitasking when I used to
study I would always brag to my friends that I put in hours upon hours of time
reading my textbooks and making notes however when exam time came around I
almost always perform worse than my friends who studied you only half as
much as I had frustrated I began to discuss with my friends how they could
get so much more out of their study time and it was shortly thereafter that I
learned just how unaffected my studying technique truly was you see in addition
to reading my textbook I would have my phone beside me with YouTube playing in
the background during these countless hours of studying I would frequently
allow my attention to be captured by the distraction machines which meant that I
was continuously multitasking well this multitasking didn't feel like he was
hindering my studying my exam results said differently and studies also prove
this fact a study out of the University of California Berkeley found that on
average it takes an office worker up to 25 minutes to get back into a flow state
after an interruption meaning that most of the time they are trying to
recalibrate their focus that's why giving up multitasking and focusing all
of your energy on the important things is vital for wealth creation valuing
your time by thinking of it as money will motivate you to work
for what you're aiming for haben number six comparing yourself to others with
the rise in social media and the competitiveness of the business world it
has never been easier for us to compare ourselves to others we compare our
business growth bank accounts and number of social media followers but what
benefit does this give us for my own personal experience focusing on other
people's progress and not your own hamstrings our financial success for
multiple reasons first when you're focusing on others you aren't focusing
on yourself and when it comes to building a better financial life you
need to remain focused on your own activities like I just mentioned
multitasking is a terrible habit to employ and constantly monitoring
comparing yourself to others is like multitasking on a macro level secondly
when you compare yourself to visible metrics that others possess like the
number of YouTube subscribers Instagram followers or even number of cars for a
more materialistic example it can be very frustrating when you yourself
aren't realizing the same success for instance your business competitor may
have bought three fancy new sports cars in the past year and while you may be
asking yourself why you aren't achieving the same success there could be details
of the circumstance that you aren't privy to for instance maybe the other
person has been reading ten hours a day and attending conferences that has
helped catapult their business to new heights or on the flip side
maybe the person has a spending problem and all their new cars were bought on
credit in short comparing yourself to others is
by far one of the most meaningless habits we have the only person we should
compare ourselves to is ourselves your circumstances experiences and skills are
different to everyone else's you can't compare apples with bananas just because
they're both fruit remind yourself that it is not fair to compare we are all
just too different let's look at a typical example of success don't compare
someone else's success to your own success but rather compare how
successful you are now with how much more you could be focus on your
strengths and what you are good at don't compare yourself to anyone and focus
just on you what you are good at and challenge yourself to achieve what you
desire and let that be the only comparison you make habit number seven
self sabotaging the most challenging of all the tops of habits is when we stand
in our own way and we don't get out it is really perplexing and hard to
identify why we resist the things we want but so many people limit their
own ability to make the positive changes in life they want to see for instance
maybe you've always wanted to lose weight but continuously put off starting
a proper meal plan and exercising consistently or in the financial context
perhaps you have been diligently saving money for months but once you start
seeing your bank account rise you start to allow yourself to spend a bit more
freely which over time reverses all the hard work you've been doing in business
evidence of self sabotaging is all over the place
an entrepreneur will start a business and when the time comes to make a large
business decision like expanding their business lines or hiring more staff they
hesitate and stagnate their own growth to self sabotaging nature is often the
result of a lack of confidence or weakened mental mindsets you see those
who self-sabotage often don't feel is that they deserve to have the success
they are striving for and keep themselves below their potential by
making self-limiting decisions if you're locking the impetus to change what you
don't like or grow after something you do find the motivation that will almost
pull you forward and connect this to your values also separate your old self
from the part of you who wants to change you will always come up against
resistance when trying to change a habit so give yourself permission to break
free from the cycle of sabotage you find within yourself thanks for watching if
you want to go from the life you have to the life you deserve then hit the
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