Whats making you poor?

What do you think of this quote by J Belfort, "Wolf of Wall Street".
Pop psychology or true??

“I believe in total immersion, if you want to be rich, you have to program your mind to be rich. You have to unlearn all the thoughts that were making you poor and replace them with new thoughts – rich thoughts.” – Jordan Belfort


BTW, I dont think there is anything wrong if people want to stay in the poor zone, there is more to life than money..... but I have been poor, and I prefer the other.



MTR

 

It's all attitude.
I feel that poor people always tend to blame others for their circumstances whereas rich or successful people take responsibility for their own actions and will only blame themselves if things are not how they should or could be.

 

There is also the consideration of a persons moral flexibility and scruples. I could be a lot richer if I had less/no morals, but to me I would rather be honest and earn less than be rich and be known as a dodgy operator.

 

How do you quantify/qualify rich and or poor?
It's all relative really.

 

Money (especially when you have lots) seems to be a side benefit for most successful people? Do the successful chase more money or more challenges that in turn may bring money. I agree about attitude though and education (not just the traditional idea of education -schools, degree).

 

My first thought when I saw the title was "my 3 year olds obsession with Thomas.."

I think a big part is attitude and determination, if you forever play the victim and "poor me" card you're never going to become the person you wish you could be.

Like @DaveM I don't want to be rich by screwing people over or being known as dodgy, though.

 

.... but becoming rich by screwing people would not on the agenda for most people.

If we are talking about property spruikers.. well there certainly are more than 3 that have been doing the circuit for years now.

 

What keeps folks poor is the unwillingness to do the extra and/or hard yards to excel.

You could apply this to any activity in life - sport is a good example; very few people get to be in the highest levels of their chosen sport - the ones who have are those who have worked really hard at it.

With regards to finance poor - it is the lack of effort in learning about finances, the lack of effort in saving and sacrificing to generate freed up funds for investing, the lack of effort put into learning about investing, the lack of effort in putting the knowledge into action, and the lack of effort in ongoing management of all the above.

 

No, of course not. However there's a lot of people in my industry who are seen as dodgy, so meant more in my industry than as a general term.

Also agree with @Bayview. People aren't willing to sacrifice or work hard to get to where they want to be. There's a few that do "fall into" wealth, but the majority work their butt off to get there - I commend those people.

 

This came to me by email today and contains some food for thought on how mindset and habits can play a role for both camps...................

Property UpdateEven More Success Habits of the Rich - Property Update

 

This is another one of JB quotes which I posted on another thread, to me this basically sums it up.

I also mentioned before that there is nothing wrong if you are not interested in growing wealth, however no whinging.... .... LOL


“If you want to be rich, never give up. People tend to give up. If you have persistence, you will come out ahead of most people. More importantly, you will learn. When you do something, you might fail. But that’s not because you’re a failure. It’s because you have not learnt enough. Do it differently each time. One day, you will do it right. Failure is your friend.” – Jordan Belfort

 

Wealth is the creation of value multiplied many times.

The more people you create value for the more money you make.

Wealth is also the ability to keep and grow that money not just make it.

A wealthy mindset is the belief in your own abilities to create value for other people.

A poverty mindet could mean being attached to your own lack of ethics and holding yourself back so that you don't rip people off. If you are not a nice person it's best to have an awareness that you are not a nice person.

Poverty does not make you honest, nor does it make you a good person. It's your own beliefs in nothing but yourself that keeps you there.

The one thing that keeps me from being bigger is my own control issues, I like to own companies that are small enough for me to have total control of everything that is going on. I don't do everything but I'm in control of everything.

If I'm managing 2000 properties and have no idea who my landlords are, it would be a problem for me. Right now I'm enjoying personal interaction with my own clients. That means that if I did want to get bigger, some personal issues need to be changed.

 

It takes a lot of effort to get going and the most difficult phase of business is the first 5 years. Most people give up at that stage.

 

I get this, I think the hardest thing is managing cash flow and staff.... I think you need to be a psychologist sometimes.

MTR

 

Travel is the easy answer for me. It's the major reason I desire wealth in the first place but it's also the biggest limiter on my wealth because it does impact the capital at my disposal.

I wouldn't change it for the world though, I'm into my 30s now and the list of things that I couldn't do now that I did when I was younger no matter how much money I have would be in the 1000s already and that list will grow just as exponentially as my wealth can with each year on the old dial!

Ultimately I'd rather be absurdly happy than absurdly wealthy

 

Complacency. Even high income earners sometimes end up poor, because people assume the money will keep coming in and have no back up plan.

 

I read a different meaning into the topic when I initially read the title - my first thought was "our current determination to go hard at debt" is what is making me (feel) "poor" at the moment. ☺️

But that's a choice, and is part of a broader plan, so probably not what the thread was meant to be about!

 

Good point. I think accumulating debt to build wealth is necessary, but if we cant work out how to increase cash flow at the same time then have to wonder whether its worth it. I certainly felt this way when I started investing because my focus was purely on accumulating property with no strategy to increase cash flow. Many on the forum refer to "the accumulating stage", if we improve cash flow then you just continue accumulating

but this thread is more about why most live from pay check to pay check.

I think in part its a mindset thing.

 

What's making me poor? ... my negative bank balance?

Looking at the amount of priveledge, tangible and intangible things people gave to get me here, I am not poor. If I became poor it would be my fault (or the situation must have been really cr^p)

 

Would that be Thomas the Tank? he's drained a few pockets in his time!