Episode 18: Why You're Still Broke

Lunch With The Garzas

Reasons why you’re still broke

We all want to make a lot of money
Ourselves Family Financial freedom Time freedom Take more vacations Invest in other business ventures to make us more money or to follow a passion

Everyone has this common goal that everyone seems to struggle to get to anywhere near where they want to be which ends up building doubt inside of you

You give up too easily
The first half of a year, a year of starting a business, website, career or whatever you want to do is a test You’ll be tested on your commitment to whatever it is you’re doing During this time youre sure to experience struggles and failures, don’t worry this is all part of the test that you’re in this for the long run and that you deserve the things you want, this is the time where you prove yourself

You’re lacking motivation
Far too many people sit around saying “I wish I was rich” “it’d be nice we we had a pay raise” People expect this lifestyle to magically fall into their lap Not going to wake up one day and see that someone put 100k into your bank account Wealthy people don’t just sit and WISH for things and hope they’ll come into money They spend less time wishing and more time doing If you want some you need to put your heart and soul into it The universe respects this and delivers

You’re in love with your TV
Theres a quote
“Why haven’t you ever seen a Lamborghini commercial before? Because the people who can afford them aren’t sitting around watching TV”
If you’re sitting around watching tv most of the day or night then you’re basically watching whats going on in other peoples lives instead of going out and creating your own

Sleep is your best friend
If you’re struggling financially but still get 8 hours of sleep a night then you’re wasting valuable time 4 hours is what the body needs to function, you can sleep more once you’ve earned it If you’re not getting up early enough in the mornings you could be missing opportunities to make money or improve yourself Set your alarm an hour earlier and place it near your door When you wake up just walk out to your kitchen, make a cup of coffee and now you have an extra hour of working on yourself Broke people turn off the alarm and get back into bed

You’ve adopted bad habits
All the smoking, drinking, watching tv, browsing facebook and other crap you’ve been doing, isn’t going to have an amazing effect on your life Growing as a person requires discipline
Reading Exercising Studying self awareness Picking up spirituality

You hang out with the wrong crowd
You become just like the 5 people you spend the most time with Network is your networth Make sure the people in your circle has dreams, goals and aspirations Great for your mental state as well

All talk no action
How many of you have been through this process
Get this amazing idea Instead if working on it You start adding more thoughts to the idea that you already have Keep adding and adding, end eventually nothing ever happens lol People do this for the duration of their whole life and by time they take action, someone has already beat them to the punch, then they say, they stole my idea, no they made their idea happen The wealthy don’t start out with a perfect idea, they start with a rough draft and make it perfect through the hard work they put in

You have no plan
Its not essential to become wealthy but if you’ve been broke up until now, it may be time to start creating one
Where do you want to be next year Where do you want to be in 5 years Do you still want to be where you are Or do you want to have the career of your dreams making the money you deserve Figure out what your angle is, then hash it out in a notebook and start a gameplan

Keeping up with the joneses
Social media is terrible with this Constantly being able to see what everyone else has can cause so many financial problems Everyone is at a different stage of their life
Joneses could have been saving and hustling for 4 years and finally started splurging on themselves You have no savings, no multiple streams of income but you still try to keep up

Never took the time to learn personal finance
People know how to spend but don’t know how to budget You don’t age your money You don’t keep track of your spending habits You don’t have an emergency fund Use mint or YNAB

You don’t have a side hustle
Avg millionaire has 6-7 streams of income living with just one is not going to help you get ahead unless it is extremely lucrative but anything can happen Peaks and valleys You don’t give your side hustle enough time to mature and grow into something worthy

You have expensive social habits
You like going out every weekend with your friends and spending anywhere from 20%-40% of your fresh earnings
Clothing Liquor Uber Bars Food Club
Stay in the house my friend

Lifestyle Creep
Start earning more start spending more Spending habits become larger and larger Past luxuries become present necessities