Growth Mindset Psychology: The Science of Self-Improvement

14 Habits Keeping You Poor

Apr 4, 2023

19:30

Snipd AI

Learn about the bad habits holding you back from financial success, including procrastination, not prioritizing projects, and not understanding personal finances. Discover the negative impact of not having an emergency fund, succumbing to lifestyle inflation, and hanging around with the wrong crowd. Explore the consequences of acting rich, taking poor advice, blaming circumstances, and focusing solely on saving without an investment strategy.

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Taking immediate action instead of procrastinating is crucial for overcoming bad habits and achieving success.

Starting multiple projects without completing them hinders progress and the ability to learn from mistakes.

Deep dives

Bad Habit: Starting Tomorrow

One of the worst habits is constantly putting things off and saying 'I'll start tomorrow'. The speaker emphasizes the importance of taking immediate action instead of constantly procrastinating. They suggest that the best way to get started is to stop talking and start doing.

Introduction

6min

Understanding Your Finances and Avoiding Bad Debts

3min

Habits Keeping You Poor: No Emergency Fund, Lifestyle Inflation, and Hanging around with Wrong Crowd

5min

Habits Keeping You Poor: Acting Rich, Taking Poor Advice, Blaming Circumstances, Focusing on Saving, Lack of Investing Strategy, and Waiting for Perfect Conditions

6min

Habits are the foundation of success and equally bad habits will create failure. Learning the habits that block you from financial success and keep you poor is the first step to overcoming them.

By identifying and addressing these habits, listeners can begin to build healthier financial habits and achieve greater financial stability. Tapping into some of the latest research from Psychology to just the best simple advice available this episode will showcase some of the obvious and more subtle ways that we create trouble for ourselves and our financial situation.

Learn how to get your banking situation and costs of living under control and have more time and money for the things that matter in life.

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Connect with Sam:

Sam's newsletter on creativity - Explosive Thinking
Watch the pod - YouTube - Growth Mindset

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Chapters

00:00 Introduction to Habits of poverty
00:28 1st bad habit - Starting tomorrow
00:56 2nd - Starting too many and not finishing any
01:49 3rd - Paying yourself last
02:56 4th - Not investing in yourself
03:38 5th - Reading a lot and not doing
04:32 6th - Not knowing your income or expenses
06:06 7th - Getting comfortable with bad debts
07:31 Ad break
07:45 8th - Not having an emergency fund
08:58 9th - Lifestyle inflation
10:31 10th - Hanging with the wrong crowd
11:38 11th - Blaming your circumstances
12:38 12th - Focusing purely on savings
13:19 13th - No investing Strategy
14:41 14th - Waiting for perfect conditions

Topics

Bad vs Good Debt

Increase your savings

Creating an emergency fund

Dealing with lifestyle inflation

How others affect our money habits

Action over education

Investing in yourself

Practical Manifestation

Salary increases

Fixed mindset vs growth mindset thinking

Develop growth mindset habits

Good money habits

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