I was on a podcast earlier today and the host asked me whose fault is it that people are poor which I thought was a very interesting question and there are two people's faults for the reason why the majority of Americans are poor financially and will stay poor this what I like to call the your fault and my fault let me break this down today which is going to be a little bit different than some of my other videos the your fault has to do with the economic system you might have heard me say that the
economic system is designed to keep the majority of people poor which it is because the economic system profits off of the majority of people being poor which it does the second person's fault is what I like to call the my fault which is the individuals your spending habits if you're going out making a little bit of money or making a lot of money and then blowing the money on dumb things that's the self-control part that plays a part into this as well so what I want to do in this video is break down both these
two parts and really break down why the majority of Americans will never be able to build wealth starting with the your fault our economic system is designed to keep the majority of people poor what does that mean Banks profit when you are in debt corporations profit when you spend money the government profits when you are just an employee because now you pay the highest taxes investors pay lower taxes than uh ordinary income earners meaning investors pay pay lower tax rates the people who earn money from their job but you profit when you're financially educated because
when you're financially educated when you walk into the Gucci store you don't say let me buy that purse that I can't afford and let me Finance it with my credit card you say I can't afford that purse I can't afford that wallet so I'm not going to spend my money now if you're financially educated and you say that that means Gucci is not making money which is not good for the Gucci Company because that means that they make smaller profits and that also means that your credit card company or the bank bank that's lending you
the money to buy that Gucci is not making money because you're not taking on that debt see banks are in the business of making money not for you for the bank the bank wants you in debt and for the average person being in debt means that you're financing a car you're financing clothes you're financing vacations you're financing things that don't put any money in your pocket for the average person financing an asset means getting a mortgage to buy a home but for the average person a home is not a we Health Builder it's a money
pit because as soon as you buy that home you got to put in the upgrades you got to do the maintenance you got to pay the property taxes you got to pay the insurance you got to pay for the cut the lawn you got to pay for all these things to keep up the home and it's not putting any money in your pocket and then you might say well one day I'm going to be able to pay off the home and then I can pass it down to my kids well let's go through that scenario
you pay off the home and now you feel great but you still got to pay the expenses out of your pocket and if your home goes up in value you might feel richer on paper because your net worth is more valuable but now you also have a bigger property tax bill you also have a higher insurance bill and you have a more old home which means you have more repairs that you have to do and if you don't have the income to keep up with the higher cost well then you might have to sell the
home or pull out debt out of the home to pay those higher costs that's why when you look at what wealthy people say they don't say that my home is my biggest asset they say that these rental properties are my biggest asset or these stocks are my big asset or this business is my biggest asset it's an asset that's putting money in their pocket but for the average person their biggest asset is the home that they live in and that's another reason why so many people stay poor is because they think that this home that
they live in is an asset but it's really just making the banker rich and everybody else around you rich I'm not saying it's bad to own a house I'm not saying it's bad to own a home in fact I think the average person would be better off owning a home instead of renting but you have to wait until you can afford it and you want to actually be able to AFF of the home that's the key but then there's a second part of this which is the my fault the my fault is yeah guess what
the economic system is designed for you to fail the economic system is designed for the average person to be poor but that doesn't mean you have to be poor if you live in the United States of America you live in a country where you have the opportunity to build wealth regardless of what skin color you are regardless of how you were born regardless of where you were born regardless of who your parents are regardless of what type of education you have regardless of what gender you are you have the ability to get a job you
have the ability to start a business you have the ability to invest your money you don't have those same luxuries in many countries around the world not to mention you don't have the same capitalistic opportunities here and so now when you live in a country like the United States you have the ability now to either be dumb with your money or you have the ability to be smart with your money in fact it is your constitutional Freedom it is your constitutional right to be stupid now I'm saying this as an attorney who's not your attorney
you have that freedom now when you have that freedom you have a lot of options you have the ability to go out earn an income and now qualify for a whole lot of debt because as soon as you get a job Chase Visa Bank of America are all going to be so happy to give you lines of credit and loans and credit cards because now not only do you have an income but in their eyes you have the ability to pay them interest that's what they want and so they don't care if you use that
money now to go out and buy a bunch of handbags from Gucci or to buy a bunch of cars you can't afford or to buy a bunch of vacations that you can't afford because all they want is for you to be in debt because they want to make that interest now does this make them evil no necessarily this makes them in the business of generating a profit and when you understand that you're going to start to look at the world a little bit differently because what I want you to do is to use this economic
system I don't want you to get abused by the system I want you to use the system now of course you can hate it and kick and scream and complain and cry about it that's your choice it's your right but I want you to understand how to use the system because the reality is you can hear it or love it but I'm just going to talk reality it costs money to eat and it cost money to feed other people cost money to feed your kids cost money to feed your wife cost money to feed your
husband cost money to take your kids to Disney World it cost money to take better care of your parents it costs money to get the better health care it cost m to get the higher quality foods it cost money to go to college it cost money to have a roof over your head it cost money to drive a nice car it costs money to have that dream vacation that you want all these things cost money and it also costs money to feed hungry people it costs money to help others it cost money to do that
now sure you can dedicate your time but if you can add money to your time you can help a lot of people and this is now where you understand this now you have the opportunity to win when you understand the rules of money because one of the things that I say all the time is that the majority of people are playing the game of money without understanding the rules you're playing the game of trying to build wealth without understanding how you even win in the game it's like playing football without understanding the rules you walk
out to a field without a helmet on you're going to get knocked out you can try really hard you can learn all the plays you can be really fast and hit the gym but if you don't have a helmet on you are going to get knocked out and you're not going to win because you don't understand the rules and that's what the majority of people are doing when it comes to the game of money is they're playing the game without understanding the rules and this is something that I had to learn the hard way if
you've heard me talk on podcast if you ever heard me kind of talk about why I started building briefs media was because I didn't grow up learning about money I didn't grow up learning about investing I didn't grow up learning about dividends I didn't grow up learning about rental income these were things that were complete foreign Concepts to me in my mind the better grades you got the more money you would earn and the wealthier you would become I didn't know anything else else was in the middle I didn't know that there was this world
of financial education I didn't know what investing was these were things that I had never been told about and these were things that I was told to ignore that way I can just focus on getting good grades so you can build more wealth but there's a big disconnect between the grades that you get and the wealth that you build there's a reason why a lot of wealthy people not every wealthy person but a lot of wealthy people talk about how college is dumb because they realize that there is this world of Entrepreneurship and investing that
many people just didn't feel like they learned in school now I'm not against school I got a lot of value in school I became a licensed attorney although I don't work as an attorney and I'm not your attorney but one of the things that I learned was how to talk to people I started my first business when I was in college and this is where what I want you to understand is I don't want you to get caught up in this game of just complaining that oh my God the system is against me sure it
is but that's just half the picture if you really want to build build wealth learn how to win despite what happens in the system that's one one of the reasons why I started building Market briefs which is how we started briefs media was because when the average person starts to learn about money and you start to pay attention to the financial news it's very overwhelming and it can be a lot of information and if you don't understand what the 10year yield has fallen by 20 basis points means you don't understand how that affects the economy
or how that affects you you might be very confused when you watch the traditional financial news which is why then I built Market briefs as a way for anybody a sophisticated investor a beginner investor to start learning what's happening in the economy to start understanding what's happening in the markets as the basic way to start building your financial education it is a free newsletter if you haven't joined Market briefs yet I have the link for you down in the description but that's one of the reasons why we started that then the question that we would
get from a lot of people is just bre or team I have been investing in the markets for a long time and investing into the stock market uh every month I have a decent income I'm investing a decent amount of money I just need more help on researching how do I find good stocks to invest in how do I find market shifts that are happening how do I find good investment opportunities this is when then we started building what's called Market briefs Pro this is a premium newsletter it is a paid subscription newsletter where we
go deep deeper into Market shifts we go deeper into things that are happening changes that are happening to find potential investment ideas this is not a stock pick newsletter it is an investment research newsletter but it goes a lot deeper for those that are fundamental investors that want more research that want that deeper Drive analysis deeper dive analysis into Market shifts if that sounds like something you might be interested in you can watch a short video about it and apply for a Content demo for Market brief Pro if you have at least $500 a month
to invest I have that link for down in the description as well but this is where I didn't grow up learning this as well and one of the unfortunate Parts is there's a lot of people that then take on the victim mentality which is the system is designed for me to fail and then you want to point fingers because it's easier to say that's the reason why I'm broke that's the reason why I'm struggling financially it's my boss it's the government it's Banks it's all these other people which is the reason why I'm broke but
that's just part of the picture yeah this system is designed to produce inflation the system is designed to benefit the investor it's not designed to benefit the employee this is the fact now what are you going to do about it complain about it and cry about it or do you want to do something about it and build wealth because if you want to be the person that's actually going to take care of your family if you want to actually now stand up to this and find how do you build wealth despite what's happening how do
you actually win in a system despite what's happening that way you can provide the best care for your family for your wife for your husband for your kids for your parents for your community then you got to do something about it complaining doesn't help I want you to understand and have the financial education that way you can actually win in the system and the financial education is all about number one how do you now build your financial preparedness how do you save a little bit of money how do you get out of credit card debt
how do you have money to invest then once you have money to invest you start going deeper into your financial education which is how do you actually analyze an investment if you're investing in stocks this how do you read a financial statement how do you read a balance sheet a cash flow statement an income statement profit and loss statement and once you learn how to do that maybe you start getting interested into the real estate market and you learn how to underwrite a real estate deal how do you find a good real estate return for
you because now you're investing your money to grow your money because at the end of the day there's a limit to how much you can work there's a limit to how much you can earn but there's no limit to how much you can own there's no limit to how much your money can work your money can work a whole lot harder than you and when you understand that you're going to completely change what you do with your money that's what investing is all about investing is all about putting your money to work so your money
can work when you're not working that way you can take a break while your money continues to put money in your pocket and when you understand that then the third thing is finding a good investment opportunity and in the stock market that's all about understanding Market shifts that's about understanding where is the economy shifting where are we seeing shifts in the market that way you can find a good investment opportunity this is where the real wealth is built so yes you have the cards stacked against you and some people for some people that makes them
become a victim it makes them hate everything and that doesn't do you any good for others you're going to understand that you're going to hear that and you're going to say okay now I have learned this now I'm going to win despite this now I'm going to figure out how I can build wealth despite this this now I'm going to learn the rules so I can win despite this and it takes sacrifice there's a lot of people on the internet selling this whole idea of how you can get rich quick off of 4 hours a
week and putting in the laptop lifestyle and just traveling the world and not working doesn't work like that or if it does please tell me because I haven't been able to figure it out it takes a lot of hard work that's the first part you're going to make some sacrifices that means you might have to sacrifice some vacation some eating out some nice things for a little while now for the rest of your life for a little while Mak it some sacrifices for a little while so you can have a much brighter a much bigger
and a much more free future where you can do whatever you want and not have to worry about money I want you to have the nice things I want you to drive the nice car I want you to live in a big home and I want you to live and have those nice fancy vacations I just want you to be able to afford it first because the problem that the majority of people have is they make everybody else Rich before they make themselves rich you're so worried about making BMW Rich you're so worried about making
Gucci Rich you're so worried about making every single other person Rich that you completely forget to make yourself rich make yourself rich first then spend your money however you want because now you can afford to live the nicer lifestyle now again I've been traveling which is why I have the different background so I appreciate you bearing with me on the videos and the audio uh but if you enjoy more videos like this let me know down in the comments and again if you are interested in Market briefs or marketpl Pro I have those links for
you down in the comments as well and with that I will see you on YouTube tomorrow
