Dan Martell - January 27, 2024


Why are most people broke？


Episode Stats


Length

56 seconds

Words per minute

250.80043

Word count

235

Sentence count

15

Harmful content

Hate speech

1

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode I talk about the difference between a poor and a rich mindset and explain why most people are broke and why they spend more than they make. I also talk about how to change your mindset so that you can better manage your money.

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 Why do you think most people are broke?
00:00:01.220 I think most people are broke
00:00:02.020 because they spend more than they make.
00:00:03.380 They believe that they deserve stuff today
00:00:05.380 that they didn't earn.
00:00:06.320 They rent a place they really can't afford.
00:00:08.300 They get furniture on credit
00:00:09.920 that they really can't afford.
00:00:11.260 They lease a car that they really can't afford.
00:00:13.420 That will keep you poor.
00:00:14.800 The difference between somebody's got a poor mindset
00:00:17.460 and a rich mindset is poor mindset people look for
00:00:20.040 things they can spend their money on.
00:00:21.620 Rich people look for things
00:00:23.080 that they can invest their money in
00:00:24.620 to make them more money.
00:00:25.700 If there's three levels of financial mindset,
00:00:28.560 poor mindset, which is,
00:00:29.820 I have money. What can I buy with it? There's the middle class, which is how do I increase 1.00
00:00:33.840 my credit score so that I have better access to lending and credit to buy the bigger house.
00:00:39.500 And these are still people that might make a couple hundred grand a year. And then the rich
00:00:43.040 people, they look for, hey, I've got capital. Where can I invest it to make returns on that
00:00:47.500 capital and things that I understand where I'm not going to lose the initial capital.
00:00:50.780 If you gave me any amount of money, even if it's five grand, I'm going, what can I invest in?
00:00:54.820 I don't know. What can I spend it on?