The 3 MONEY HABITS That Keep You BROKE! (RICH VS POOR MINDSET) | Wallstreet Trapper
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Published 2022-11-03
On Today's Episode:
Does paid on Friday and broke by Monday feel familiar to you? Living paycheck to paycheck is killing millions of dreams and burying the opportunity for wealth alive. You don’t have the money to invest and purchase assets, but the thought of possibly losing money to stocks is more painful than spending $80 on food and drinks for a night out.
Not knowing what to do with the money you earn will keep you broke, frustrated and feeling deflated when you have one financial emergency.
Wallstreet Trapper in the financial business coach and investment coach simplifying the investment game to make it possible for everyone. He believes in building wealth one share at a time and is joining Tom for a conversation that is as jaw dropping as it is information rich.
His advice is simple. Learn how to save, spend, invest, borrow money so that you can build wealth in ways you didn’t think were possible. Information and knowledge are the key and the sooner you recognize that your money habits are making you broke the faster you can begin to improve your mindset and build wealth.
Catch Wallstreet Trapper’s background story and 1st episode with Tom here: • How They Keep You Broke! - Untold Tru...
SHOW NOTES:
0:00 | Introduction to Wallstreet Trapper
0:37 | 3 Money Habits Keeping You Broke
4:03 | Business Isn’t The Only Way to Wealth
13:17 | Investing Made Easy for Everyone
21:54 | Paycheck to Paycheck Mentality
33:56 | Structure of a Poverty Mindset
44:23 | Value What Makes You Rich
1:03:01 | Build The Bricks for Wealth
1:14:36 | Don’t Focus on The Wealth Gap
1:20:51 | Doing This Changed Trap’s Game
QUOTES:
The reason why people are broke or people lack the money they should is because they don’t know how to operate money. They don’t know how to spend money, they don’t know how to invest money, they don’t know how to save money, they don’t know how to lend money.” [0:54]
“You can’t work 24 hours a day, but your money can.” [1:46]
“The moment you don’t spend on things you don’t need, now double back to the more things you can invest in [3:50]
“Investing in the stock market isn’t an IQ game, it’s not about being the most brilliant person in the world, [...] it’s about understanding basic economics.” [13:55]
“Everybody won’t be able to build a billion dollar business, but everybody can invest in one.” [15:07]
“A dollar that’s not moving is a dollar that’s losing.” [19:03]
“People who come from lower income, working class environments, the worst thing that can come to their mind is losing money that I’ve bust my butt for. That’s what makes the market so scary for them, and that confusion keeps them out of the market.” [21:40]
“When a family’s in survival mode we can’t think about money.” [28:02]
“People don’t like the truth because of how it makes them feel, but if you tell the truth they have no other option but to face it.” [48:53]
“You can store calories in another human being by feeding them when you have an abundance.” Tom Bilyeu [53:33]
“Building relationships with other successful people, or building relationships with people that’s based off integrity, can help your business get to another level because some rooms you can’t get in with money. Some rooms you can only get in based on who you know.” [56:17]
“You get what you celebrate.” Tom Bilyeu [1:02:44]
“I don’t want to focus on closing the wealth gap, [...] my focus is how do we now contribute to every person's family increasing their purchasing power.” [1:14:36]
“Be willing to get past the fear because the fear interrupts the legacy that you’re trying to build.” [1:23:40]
“If you can play the game on a high level the return on investment is infinite.” [1:26:30]
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All Comments (21)
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WARNING: I will never ask for your contact info in the comments section, that is someone impersonating me!
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Who’s watching this in 2024?
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Poverty is lack of informations This interview is full of light.
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The fact that there must be a disrupter in a family to change the trajectory of the family blew my mind. 🥺
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“Nothing happens in a comfortable space but sleep!!” Mannnnn that hit me like a ton of bricks!!!! Thank you for this amazing conversation, life changing information 🙌🏾🙌🏾🙌🏾
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That’s what I did as a single parent. I invested in where I chose to live. I took my son & daughter and moved to a small coastal town where the rent was higher but I knew the investment was in my kids and their future. It worked out. Both of my kids bought their own homes at 24. Both are wonderful with money and successful adults. Integrity & Honesty are Solid & Golden.
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Wow. That reference of a pawn getting to the other side of the board and becoming whatever he wants… 🤯. That’s great content right there.
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The energy between you two is amazing
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When he said about entrepreneurship that you “should only do it if you can’t bear to not do it”, I was like “yep, that 100% describes how I feel”
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Trap is out here being a history teacher!!! It is amazing to me the amount of people who don't know the plague that Reaganomics truly was and the trickle down effect that many still feel today.
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I love how Tom bilyeu gets straight to it in the beginning of the episode…no small talk no bs…just straight to it
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There are a lot of strategies to make a tongue-wetting profit that the average Joe don't know. Personally, the financial market for me seems the only way forward with my long time horizon (accrued roughly $679k in gains since Mid 2021 ) but if you don’t have that fortune of time it’s a tough market out there almost nowhere feels safe!
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A financial professional you work with could really prepare you for life. The fact that I was able to get in touch with my coach, Nicholas Elias Karim, earlier this year makes me happy since, while others were complaining about the economy, I was busy finally cashing out, earning over 370k just in the first quarter of the year.
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My portfolio has good companies, however it has been stalling since last year. I have approximately $600k stagnant in my reserve that needs growth.
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I love it...we can't free style your way to wealth u need structure, values and education...wake every day trying to be better than you were yesterday and continue learning...
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"a pawn always get sacrificed"💯
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Why is it that I'm watching this interview more than once? Very good interview guys, thanks Tom! And always thank you Trap!
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The way he broke down the pawn on the chessboard conversation really opened my eyes up about life in general thank you thank you thank you!!!
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This is the smartest money out there. He speaks to the ordinary person so clearly.
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Also the Haitian Revolutionary they were speaking of is Toussaint Louverture. For all of you that saw the new Black Panther that's an important name in the movie. Please check that reference and read about Mr. Louverture, incredible history.
