Culture Hates You Managing Your Finances Well | EP#83

Hey everyone Scott Cunningham aka
@scottcbusiness today I want to continue on these talks that I’ve been
doing recently around finance and financial literacy and having a rich
mindset and again I am no expert this is just what I believe these are the the
notions that I live by and the mantras that I’ve come to
believe in except you can take this as you will but I believe this very
strongly and this is not coming from an authoritative or you know well
experienced mindset but rather someone who is striving to improve and sharing
the process as well as just it’s something that you can observe as well
so what we’re talking about today is how culture wants you to spend your money
poorly and manage your finances poorly you can see this all the way back from
not learning about taxes or really much at all in high school and elementary and
all the way down to the shows and the TV that we watch a great example and though
this is someone outdated I’m sure a lot of people still watch and feel the
relevance of friends the show it is a little outdated to compare that to now
but I still believe this is extremely relevant in the episode that they do or
not they don’t win but they talk about what would they do with their lottery
winnings and I felt like this is just as relevant today that when Ross says he
would invest the money everyone looks at him and says that’s so boring that is
and they attack that idea that you would use the money effectively and it’s
really interesting because I spoke about this yesterday how someone who is rich
would never just get a bunch of money and think oh wow how can I spend all of
this they would have a rich mindset of how can
I make this money make more money and the reason why a massive percentage of
people who win the lottery and lose all of that money right away or people who
you know make it and they get a big deal and then they lose a lot of that money
and then they’re really stuck in those deals like large like really famous
athletes this happens a lot where they lose a lot of their money after they’re
retired or whatever it might be it’s because society culture
it goes against good financial literacy and you know you see it everywhere and
I’m the reason I bring up the friends example, is because that’s just as true
today if you go into a group of people and you say what would you do with a
million dollars if you won the lottery I guarantee you ninety-five percent plus
of those people are going to tell you you know I’d spend it on this I’d spend
it on this and a very very few would be talking about how they would spend it to
make more money and they build a business and they do most people
talk about what luxuries they’ll buy and all these different things but the very
small percentage of people who would have built something with that or
invested or tried to do more are the same people who would have done that or
who will do that with the money that they get throughout their life and they
will see a lot more success because it’s delaying gratification anyone who has
the willpower and discipline to delay gratification in order to create more
gratification so like you’re delaying spending that million dollars so you can
invest it to have 1.2 million dollars and so on and so forth
and that’s kind of the whole game of Finance is delaying gratification if you
don’t go and spend your tax return on some cool new thing you can invest it
and have more you could have the amount of money the next tax return the next
year from saving that money to buy the thing that you wanted that year and
there’s a big lesson there and it’s all about delayed
gratification that if you can wait a little bit longer every time you’ll be
able to do so much more with the earnings because you’ll have so much
more and it’s only possible by being patient and delaying gratification and
that’s kind of the main message of this of this video today I think it’s so so
relevant and kind of in line with what I’ve been talking about lately about
finance and my opinions and thoughts on finance and the way that people approach
it in today’s society and how our culture and society encourages you to
spend your money poorly buying consumer goods competing with keeping up with the
Joneses and yeah it’s just it’s it’s it’s screwing people over if you watch
my video that I put out two days ago it was all about how price changes in the
last 20 years have massively gone up for a lot of important things that we need
but for a lot of consumer goods they’ve either stay the same or gone down based
on manufacturing and technological improvements but people are buying more
and more and more every year and it’s um yeah it’s crazy so let me know what you
guys think I think this is extremely relevant to what I’ve been talking about
lately and just for the middle class and people in general who are trying to get
their lives on track financially and it starts with the mindset it starts with
the way that we approach financial problems not with the finances
themselves it’s very much about how you manage them and build your life for the
future and not to live it up right now because that’s the general mantra of
people that I see today so let me know what you guys think about this I think
this is really really relevant to the way that people are approaching finance
and neglecting the approach of neglecting approaching their finances
and learning and improving their financial literacy. Let me know what you guys think in the comments below. I’m Scott Cunningham
aka @scottcbusiness, signing off

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