Going Broke to Look Rich is a Dangerous Trap

Going Broke to Look Rich is a Dangerous Trap | Mindset Daily Podcast

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So one of my friends sent me something earlier and I want to read it to you because I just about fell out of my seat when I read it. And this is the quote and it's from an article called the business of fashion. And here's what it said in 2021 people with less than $50,000 in annual income. Represented 39% of us spending on luxury goods. According to BOF. Which is the business of fashion while those with incomes of 50,000 to 125,000. Represent 34%. So essentially what this is saying. Is that. People who earned incomes of essentially five figures or very low six figures. Represent. Over almost. 75 70 6% of the total luxury. Good market now. This is a huge problem. And this is a problem that society. Likes. Us to have right. It's a problem that society likes us to have to keep us poor and to keep you poor, which is, they want you to believe that. Your whole life's purpose is to keep up with the Joneses it's to keep up with your neighbors. It's to keep up with the, Your friends it's to keep up with your family members, your cousins, aunts, and uncles. Like our society sets us up to. Compete with the people around us and not just compete with the people around us, but to use items and to use. Quote, unquote, luxury goods as a way to gain acceptance. And this is a dangerous trap because it, it puts you into a purely consumer mindset. Which is. Why do I make money? Why do I work so that I can spend money? On. Worthless luxury goods. And all sorts of overpriced and bloated things. Artifacts. That help us to try and gain acceptance among the people. Around us, or even better put. Like spending, spending your entire paycheck, trying to impress people that don't even know you. And it's I look at that and am I laugh? But at the same time, I feel bad for those people because. We are. So our society plans so firmly a consumer mindset into the eyes of everyone. Which is in order to be successful, you need to have things. In order to be successful, you need to have this handbag. You need to have this watch. You need to drive this car. You need to have whatever it is, whatever the flavor of the month, like overpriced thing is. They want you to believe that you need it, because that is the, they want you to think that's the symbol of success, or that is what that is, what status looks like. Putting your entire net worth on your body is not status. It's just stupid. But. When people fall into that trap. They can never break free. And the thing is We don't even realize it like it's bombarded like between social media, right? Social media makes it really bad because it can amplify, it can really push a narrative of what they want people to believe. Status is real quickly. Television right. Television ads. Billboards we're bombarded with these kinds of things everywhere. So it becomes ingrained at a very young age. And even look at kids these days, right? Look at kids, they're in junior high and they want. Luxury goods like there, and cause they want to compete with their friends. They want to have this fancy pair of shoes. They want to have this fancy pair of leggings. They want, whatever it is they feel like they need in order to gain status. So it's ingrained in us at a very young age. It's engaged. It's ingrained in us to be consumers. But the reality is if you act like that, And you subscribe to that mindset. You will never get ahead. You will never get ahead in life because you'll spend your entire life working for a paycheck to spend money on things that completely diminished. That completely diminished in value. The second you rip them out of the box, and. The only reason why you're doing that is that you then start to view work. Are you. Then start to view what you do. As. As a vehicle to attain artifacts as a vehicle to attain. Luxury goods that subconsciously you want to wear or show off to impress people who don't even know you and don't even care about you. But you're not going to get ahead. That's not going to get you ahead in life thinking like that. It's going to get you firmly trapped on the rat wheel, not the rat wheel, the hamster wheel. As they say. And so the more that you do that. The more that you become firmly ingrained and embedded into the system and the harder it becomes to escape. Because you will be spending. All of your money, all of your paychecks. On things that don't matter, you're essentially spending your money. Think about it, trying to impress people who don't know you and don't like you and really don't care about you at all. And. That's something that you have to break free and that's where you have to have a strong identity and you have to realize what do I do if I'm stuck in that consumer mindset, is that, and it's. It's a sick game or to joke. That rich people want the poor people to believe, which is let me create overpriced. Quote, unquote, luxury goods. And sell them and brand them. To poor people in order to make them believe they look rich. So now you've got, now you've got people going, broke to look rich, right? That doesn't make any sense, which is. I'm going to spend all my money. So that I can look rich and I can impress the people around you. I live here in Las Vegas and I see it all the time. Just one. Take one walk up and down the strip. And by the way, and you'll see exactly what going broke to look rich, looks like, and. The more that you subscribe to that again, the more you're going to be ingrained in the system. So you have to shift your mindset from a consumer mindset to an investor mindset. And this is really true. Like I see this a lot in my own business, right? What's funny is people are afraid to spend money on online courses. They're afraid to spend money on. Coaching they're afraid to spend money. On education because they feel like all of these things are a scam. They look at these things and they say what could I possibly learn in an online course? What could I possibly learn from working with somebody? What could I possibly learn from. Getting another certificate, whatever that is. People look at education in general, they look at learning, they look at online courses and those are things where. Yes. When you pick the right ones, you can learn a substantial amount. Right? And that's the beauty of this world is if you want to learn how to do something, like if you want to learn to get yourself, get ahead. On this planet. It's. The internet is it's a it's makes it very easy to do that. It's very easy to find someone who has already done exactly what you want to do. And pay them to show you, pay them to coach you. Or if they have an online course, you can buy simply buy the online course and learn from them. But people are afraid to do that. They'll think if there is a coach who says, yeah, it's five, $10,000 to work with me. There's a lot of people who would say no way, I would never spend not on a coach, but the same kinds of people will without a problem, without looking at it, spend $5,000 or $10,000 on a handbag. Or spend 5,000, $10,000 on a limited edition pair of shoes. But, and there's all sorts of other things. They can spend 5,000 or $10,000 on, but, education coach, online courses, anything that will get you ahead in life. People have this very averse mindset to looking at it in that they say I think that's a waste of money or, oh and sometimes they'll even say that's a scam, right? What a scam is paying $5,000 or $10,000 for a manufactured piece of leather. But that's the mindset. That people fall into and the people who sell those things want you to have that mindset so you can continue to buy the stuff and the artifacts they're selling at an inflated price. So in order to succeed, you have to switch from. That consumer mindset to an investor mindset, which is let me invest in things that are going to help me succeed in this world. And I'm the opposite. Like I hate buying. Those like I hate buying. Like fancy things. I hate buying artifacts. I hate buying like luxury goods. I it's just it's not something. It's not something I even think about because I understand it from, I understand it for what it is. And I really don't care to fit into society. Instead, I've always chosen to spend my money on courses, coaches, and education, and those kinds of things give you such a great ROI. Like the irony of the situation is if you really want handbags. Go buy a great online course, go work with a coach and they'll show you how to make enough money to afford a hundred or a thousand of those handbags. So then instead of consuming one, why not invest money and learn the skills to get a hundred or a thousand handbags, if that's what you want. But. A lot of people don't think that way. And. It's funny because it's funny because this whole going broke to look, rich thing is so prevalent in society and it's so out there that. It's something that people can't even imagine and you probably have friends. We all have friends that are like this they're covered in luxury goods from head to toe. And it's funny is a lot of my most successful friends and, in my business groups and a lot of my friends who've owned businesses and ran businesses for a long time. Like I have, what's funny is. They wear the same thing every day. They were a plane, Lulu lemon, black shirt. They were sandals and whatever, plain shorts, right? It's like they don't subscribe to the trap they're in there. They're purely in an investor mindset where they say to themselves, you know what? I would much rather spend my money. Investing in. You know my own education, I would rather spend my money. Investing in making myself better. And me personally, I don't want to be around a bunch of people who all they talk about is spending, their whole paycheck, thousands and thousands of dollars on luxury goods. I would much rather be around people who talk about spending thousands and thousands of dollars on advertising and growing their business and having a genuine conversation with them and learning how I can grow my business or learning something from them. I would much rather do that. I would much rather invest thousands of dollars into education. I would much rather invest thousands. Tens of thousands of dollars in a mastermind. So then I can learn more. Because what will get you ahead in this world is knowledge. What will get you behind in this world is spending all your money on artifacts. I look at that and the way, and if you think like that, and you feel like your only purpose or you feel like in order to fit in, I need this handbag. I need this. I need this fancy pair of shoes. I need this watch. I need whatever. Whatever it is, realize like other people on this planet. Aren't worried, like they're not busy, like paying attention to you. They're not thinking about you. They're too worried. They're more worried about what you were thinking about them, right? They're thinking about what you were thinking about them. If you can shift that attitude, if you can shift your attitude to saying, you know what, I don't need something physical with my money. Like a lot of people think money is an exchange. I can get something physical, which is, give me a bag, give me a watch. Give me a pair of shoes, something physical. They feel like it's a, it's an exchange read. I'm getting something physical in exchange for my physical money goods. But instead start thinking about it. And if you start spending your money. No matter how little you have or how much you have spend, whatever you can afford on courses. Coaches. And online education or any kind of education for that matter. Courses coaches and education. What you're going to find is you will build skills. That help you get ahead. You will build skills that help you get ahead in this world. And those skills in turn will not only make you more money, but they'll build your self esteem and they'll build your confidence because you're now learning things that other people don't have. And I can tell you one thing with every single skill that I have learned. I can tell you that I wasn't born. With automatically. Knowing the skills, learning the skills that I have. I didn't have them. I wasn't, I didn't pop out of the womb and have the skills magically. I paid coaches. I took courses. I invested a lot in education to learn the skills that I need to learn to survive. And not just survive, but thrive. It's the same thing. It's the same thing with a business. I didn't know anything, everything that I know now, 10 years ago. I didn't know at all, but 10 years ago I started investing in coaching. I started investing in courses. I started investing in my own education masterminds to learn things. And now I've got skills. The investments that I've made in those things are now stuff that, that is in my head that can not be taken away from me. And they stick with you forever. They stick with you and you. No matter what if you invest money on. If you invest money on stuff, you get a little rush from the stuff you buy. And then, the next day you forgot about it, right? So if you can shift your mindset from a consumer to an investor mindset, and then you can shift to investing and investing in. Courses, coaches, and education. You're going to get ahead in this world. And if you can just shift your mindset in that regard. From saying, instead of spending my money for stuff, for artifacts, for things, for physical things, I'm going instead of valuing, now I'm going to invalue I'm going to value. Investing in my education courses and coaching, you will get ahead in this world. And if you can just do that by default, you will be in the top 1% or even 0.1% in mindset. And that in turn will set you up to succeed in this world and get ahead and get everything you want. If you can simply just break free from, the myth that society puts in a site that we need stuff we need artifacts to be successful, and then we no longer and you no longer feel like you need to go broke in order to look rich versus instead you should look poor, invest your money in education and get rich behind the scenes. All right. So that's all I've got for you on today's show again. Thank you guys for. Leaving reviews and sharing. I really appreciate that. Again, if you are a new listener, we've gotten a lot of new listeners lately. The way that helps the show grow the most is by taking the time to leave a review or taking the time to share it with someone who you think would benefit from it. It helps the algorithms reviews, wherever you listen to podcasts, apple, Spotify, Google, or anywhere else, you listen to help Phoebe algorithm and help get it in front of more people who could benefit from this show. All right. So that's all I've got for you in today's show. Have a good rest of your day and I'll talk to you soon.