Middle Class Money Traps That Are Keeping You Broke
Do you feel like you're stuck in the rat race of the middle class but struggle to understand why? In this video I go over 10 middle class money traps that keep most people broke. If you don't avoid these traps then your financial health and ability to build wealth will suffer. Most people aren't even aware of these middle class money traps and simply understanding what these are can help you get on the right track to getting out of the rat race and on your way to financial stability. If you can avoid these middle class money traps, especially numbers 1 and 9 then there's a good chance with a few other steps you can break out of the cycle of living paycheck to paycheck.
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⏱️ Timestamps:
00:00 - Intro
00:18 - High Cost of Living in Relation to Income
01:18 - Lifestyle Inflation
01:59 - Consumer Debt
02:56 - Overreliance on Credit
03:56 - Lack of Emergency Savings
04:41 - Poor Financial Planning
05:16 - Not Investing for the Future
06:07 - Neglecting Retirement Planning
06:54 - Impulse Spending and Lack of Budgeting
08:09 - Keeping Up with Social Expectations
09:19 - What Can You Do to Overcome These Traps?
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