Why Looking Poor is Important
In today's video, we discuss why looking poor is important. Often times, when we start to make more money, we may be more inclined to buy things that signal our wealth. However, this practice may actually be hurting us on our road to wealth and financial freedom. If this is a goal you're striving for, it's important you fight the urge and stay grounded.
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Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!
⏱️ Timestamps:
0:00 – Start Here
0:17 – It Simplifies Your Life
2:32 – It Cheaper
4:06 – Invites the Right People
6:27 – Happy With the Stuff You Have
8:19 – Retire with Less Money
My great aunt always said know how to speak poor mouth so no one knows you have money. If I was wealthy I wouldn’t be caught dead wearing a label or in a Lambo.
lol that’s a funny term
@@humphrey
Why don’t you make some videos on 529 plans
@@humphrey it’s an old southern saying
@@humphreyseriously what’s good with the 529 video?
Never had a problem looking poor because that’s what I am. 😊
Being poor is a mindset. You hold the ability to change it and grow wealth.
@@Warrior_Resisting_Colonialism well said
Dont feel bad, many are poor trying to look Rich
😂😂
Reverse psychology.
Humphrey I got the raise! More money going direct towards retirement! Thanks for all the tips!
Excellent!
YouTubers love saying people should “look poor”; it’s like someone uploads a video like this every week. It doesn’t matter if you look poor or rich because how others perceive you is irrelevant to your own financial situation (one could argue that looking rich can open more doors).
Instead, focus on living within you means and buying what you can afford.
Someone didn’t watch the video lol.
@Warrior_Resisting_Colonialism please explain your comment.
@@DR-cu2fl Why not just watch the video and hear him explain why he titled it, the way he did? Not interested? He explains it VERY well.
@@Warrior_Resisting_Colonialism I watched the whole video. Please explain your comment.
@@DR-cu2fl You said:
“It doesn’t matter if you look poor or rich because how others perceive you is irrelevant.”
He explains very well in the video, that the problem some people are having; is they want to look flashy to impress others and hanging around others with the same attitude could cost you, if you’re not careful.
Growing wealth is a mentality. The point of this video is to help people understand the correct mentality to have, in order to get their money right.
Therefore; your comment is out of place. I understand what your trying to say, but the context is wrong for the videos point. It doesn’t fit. It seems as if you made the comment before watching the video. Hence: “Someone didn’t watch the video lol.”
Love saving money. Keeps me on track for retirement. But at the same time it’s good to spend on things that bring us joy 😊
Decided a long time ago I’d rather have money in my pocket than a Rolex on my wrist. I grew up poor so I understand what it means to not have enough money to eat and keep your lights on consistently. Being stable and not living paycheck to paycheck is far more satisfying than any watch or vehicle could ever afford.
👍🏾
This is the way, knowing things aren’t going my to fall apart if you lose a job temporarily or have an emergency makes life so much more enjoyable and less stressful
Exactly! Buying a Rolex is just a wealth transfer from you to Rolex the company.
Why not both?
You can do both, everything in moderation is fine. You still gotta live and enjoy life too. Not saying you have to buy a Rolex, but if you’ve always wanted one and you can justify cost per wear, it’s not a bad thing to own one.
People with real wealth prefer quality and comfort. You never see them covered from head to toe with brand named items and labels everywhere.
not to mention: the kind of people you invite are often nasty, insecure, arrogant people, some of whom are even narcissists and sociopaths. I miss living in a middle class neighborhood because people there were nice, kind and generous.
I now spend money on things that reduce my stress or save me time, can’t buy more time, but I can reduce the time I spend on things I don’t enjoy doing.
I think there should be a balance. Save money and have financial security but also treat yourself to something nice once in a while.
If you enjoy something and you can easily aford it without a loan or sacraficing your emergency fund. Go for it.
You can not take money with you once your time is over.
Things can change fast sometimes so enjoy life now.
What good does it do me to save everything now to be a Millionaire at 75 when I might die at 60?
Exactly. The whole emphasis is on save as much for retirement. And not to waste money. But its wasting money saving for a retirement when you might he dead by age 60
Yup, what he said. My net worth is 1.6m, and I still drive my old 2005 F-150 I bought new almost 20 years ago. I could not care less what people or my neighbors think of me. They all drive new cars and pay $800-$1,000 a month. Not me.
yep!! nice man
ironically my uncle has a net worth of around 4 million and also drives a 2005 f-150 he bought new 19 years ago. True wealth is not determined by possessions
What do you plan to do with that 1.6M if you are not spending it?
I despise people who show off how “rich” they are. Especially influencers. Most of them are simply liars. Yuck.
I’ve never wanted to be flashy rich. I have always been striving to just own things that are quality.
Never say what you know, never show what you have
During high school I lived with my millionaire uncle, and I asked him why he drove a 2005 truck when he had money to buy a new car. His response was simply ” the truck still runs just fine” which stuck with me because so many people will discard their possessions for the new and shiny things but the truly wealthy take a more practical approach.
Contrary to my handle, I try to live like this, it can be difficult to keep some of these concepts as mantras, but speaking them out loud daily helps. I do like to fix old cars which can sometimes look like I’m doing super well, but in reality I do it because it saves me money and it’s fun. Buying a new car seems like throwing money away and it’s more gratifying to continually put money away.
Well I have looking poor part down. I’ve been driving the same truck since 1986. I have 8 years until I retire. Not buying a new car every few years, and a fear of poverty really helped. 😊😊😊
Humphrey: Keep a low profile.
Also Humphrey: Here’s a snapshot of my current investments.
Everyone loves bragging, they just brag about different things. I have a millionaire friend who dresses worse than a homeless, gets haircut once a year, uses a Samsung galaxy 4. He loves bragging how cheap his apartment is, how cheap his monthly spending is.. when people mention about their new iPhone, he loves bragging about how old his Samsung galaxy 4 is.. And ofc, he loves bragging about how he has over a million dollar saved up.
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
Could you possibly recommend a CFA you’ve consulted with?
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further… She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Looking poor feels like a bay area mentality. NYC/London/Tokyo dress up without necessarily breaking the bank. In nyc, I personally just wore simple but nice $12 H&M button ups in different colors. Ditto with Primark in London and Gu/Uniqlo in Tokyo.