Whats making you poor?

Considering Jordan Belfort had no moral compass and acted illegally, immorally and unethically I'm not sure I should believe anything he says or take guidance from him.

He got rich by stepping all over little, medium and later big people not by having a good mindset.

A victim mindset will keep you poor, a positive mindset will help you grow. How much and how far you grow is down to your own levels of comfort.

 

a

Absolutely greed is a bad, that's why he ended up in jail

What he has to say is powerful, have you read any of his stuff?

 

I have and I even liked the movie - he was certainly charismatic as anything. I just find it hard to admire him and get beyond such corruptness. He could have been wealthy without the corruptness but I suspect he wouldn't have been as famous. Who knows?!?!

 

My biggest weakness is that I don't like leaving my comfort zone. I work in a mediocre job that pays a sub-average wage but I'm too scared to take the plunge and try and start my own business or do a commission based job like REA or mortgage broker. It just comes down to mindset I guess, but on the other hand I have a couple of mortgages that need to be paid so it's not exactly as though I'm in the position of where I've got nothing to lose.

I always feel frustrated with my position and think I could be doing a lot better and in a higher paying position with more responsibilities etc. However, I lack experience so I can't utilise my qualifications. Compounding the problem is that I have a criminal record from when I made some stupid decisions when I was a teenager, but a criminal record is like a tattoo it stays with you forever. 5 years ago when I graduated from uni I had a job with the ABS but got sacked once they ran a background check. Same with NAB except with NAB they withdrew their offer just before I started working. It's been over 10 years since I've been in trouble with the law so my record is expunged for the private sector, but I can never work in the Government because they have clauses where you have to declare any charges etc.

Edit- Despite the setbacks and occasional frustration I'm content with my life and finances. Happiness is the main thing and that's just about managing expectations imo. I try and view my life as a glass half full. When I start feeling negative I just remind myself that I'm fortunate to have a job and that I have all my basic wants and needs achieved. To someone obsessed with finance and achievement that's probably a 'loser' mindset, but for me it's much better than being in a mindset of depression, anger, frustration etc. because that gets you nowhere.

 

Sure is. Don't know how many people have looked, but those little metal trains are bloody expensive! Thankfully Benji is pretty content with the mini ones which are $3/each but can find them on sale for $1 or $2

 

Not poor but cruising through life has prevented me from making a lot more money than I could have. But then I am not chasing the almighty dollar and I don't want to stress, so it has been a concious choice.

I can give 3 examples:
1. a while back I calculated our LVR. It was under 50%. This is not maximising opportunities in accumulation phase.
2. I recently calculated our net debt (loans - cash) and it was under $100k. I didn't realise it was that low and I was very surprised. Leverage is the key to making money and that is way under-leveraged.
3. I realised I had a loan sitting around doing nothing (not drawn down). This is not the time of the economic cycle to have lazy credit. I have put it to work now

Keys to this: regularly monitor LVR to make sure you are not over committing or under committing. Same with net debt... monior regularly and make sure you are not over committed or under committed. Finally, if you have lazy credit, put it to work!

Still, for not very agressive investors, we have done ok

 

@2FAST4U

Hey I can relate and I don’t believe it is a weakness! I used to think that way before though and I was hard on myself! I know I’m capable of more than a level 2 job in the public service but after many decades of getting to know myself I have learned and become self aware. I don’t see it as a weakness anymore. I am not cut out for the stress and that’s totally fine. Nothing at all wrong with that. I look elsewhere to stimulate my mind, my soul.

I also would like to be a more active investor but have realised I do not handle the stress and there is nothing wrong with that. Lol even when I got a BA working for me one time it was way too much on my nerves. Everyone is different. I’ve learned to love and accept myself for what I am. So I’m quite happy to plod along with my conservative investing and my relaxing stress free job! I’ll have a reasonably comfy retirement. Might even work a couple of days pw in my 70’s as another income stream too. I’d enjoy the social aspect of it too.

I have other strengths just not in these areas in my life. I have other skills one of which is I’ve recently discovered I have psychic mediumship abilities. I’m an empath and like to comfort others. I love playing sport keeping fit. When I get more experience with my psychic abilities and as I develop it might turn into another income stream for me when I’m older.

Please don’t feel like you have a weakness! We are all different and you are fine just the way you are!!

Yes you are right happiness is the main thing! You are doing very well in life. Happiness and love ❤️ is what we are here for.



Edited. Over time I realised there were some things, some behaviour patterns I could improve and transform in and I have done it in a number of areas in my life especially in the last 3 years and others like what I’ve been talking about that I wasn’t able to change so that’s when I realised that maybe that it was ok to be this way. Its all about learning self love and acceptance.

 

Rich is not just money. I think people with low morals might be [temporarily] rich. But it ALWAYS ends up pretty ugly in one way or another.

Good morals make us all richer, not just you. I think in relative terms your morals enriched people who float in your universe and in riches you through your life experience and interactions. Richness is a relatively fluid term.

 

Hmmmm. My lifestyle makes me poor

Kids, prestigious private schools, too many weeks on holiday, mortgages, flash cars, salary sacrifice to the max, fine dining, premium private health fund, stay at home spouse, business class travel, limo pickups to/trom airport, smashed Av, coffee habit etc.

Now that I've isolated the issues, I'll have to work on them.

 

Interesting post and points to the reality of perception when it comes to being "poor".

Benji (or anybody, analogy) is obviously quite happy with the $3 toys. But wait until they see the more expensive ones.
Perception will kick in when a person realises they are only able to afford the cheaper option and therefore smaller, less quality etc.
Most will accept they are "poor" and validate it with the usual "money does not buy happiness", with is true, but Im reminded of a certain rock star's quip that money might not buy happiness but it does buy a nice big boat to pull up along side it.

Only using Benji as an example that made me think about this. I know he's well looked after and will grow to be of great mindset!

Therefore it's a mindset/perception thing which means one has to "think" wealthy in order to become wealthy.

Always great to visit these motivating threads over the last 18 years or so of being in this community. Another path to becoming wealthy, hang out here!

 

I think being poor doesn't necessarily have to be money or your total assets. I also think being poor means being in poor health, still being chained to your work, working in a job which you despise and a family that's broken.

My partner has been hoarding me to cut back on my work and commitments to various activities because she feels that I am not enjoying life because I've never had the opportunity to sit back and be 'bored' or engage in different kinds of activities. I'm at the stage where I have a one year target to get everything in order before going back to the normal 5 days per week work week instead of working everyday and probably travel abit to see the world. As retribution, maybe I'll go join a team weekend sports which she has to watch me each week in a field with a bunch of has beens giving it their all!

 

money out < money in, live a stress-free and healthy lifestyle is my aim in life

I don't need to drive a BMW or Have $2000 watch or live in the most expensive suburbs to enjoy life and I don't aspire to that anyway.

I don't a need a lot of money, money just give me options and security not about getting expensive material goods.

I forgo stressful position to gain more money, I work less hours because I dont need the money, life is good the way it is without any extra money or stress

 

The goal of life ought to be happiness. Some people interpret $$$ = happiness.

There's poor (all relative) and then there's poverty (lack of shelter/food/etc). As long as you've shelther over your head and food on the table everything extra is a bonus (compared to kids starving in third world countries).

 

Ex wife, women, kids