Broke Dad or Wealthy Dad? Pass or Fail

SPEAKER_01 0:00

There are three reasons why it should be okay for you to buy something that pass. And there are three reasons that fail. And you gotta know the three. You gotta know the three that pass, and you gotta know the three that fail. And I'm gonna tell you them right now, right here. The number one reason that passes, it pays me back.

SPEAKER_00 0:19

They told me it was just a laptop, but I saw an empire. Now the leads just keep rolling in. This machine paid for itself in day one.

SPEAKER_01 0:29

It pays me back. So whatever you're about to buy, it's gonna pay you back. It's gonna actually pay you back. Not something that you think is gonna pay you back. You know it's going to pay you back. Number two, it protects your family.

SPEAKER_00 0:44

It is not a question. My family counts on this truck. School, work, whatever they need. It is my duty to be there.

SPEAKER_01 0:54

So whether it's my brakes went out on my truck, I don't have transportation to get to work, to take my kids to school, none of that. That's a non-negotiable. You have to get your brakes fixed. The roof is leaking in your house. That's a non-negotiable. You have to get the roof fixed. Non-negotiable things that protect your family, things you have to have, they pass. It's not, you don't think about those things. You don't be cheap, like, oh, I can get some cheap, something cheap done. No. You pay what you need to pay to get it fixed. You find the best price and you pay it. Number three, it's planned and it's budgeted. So you made a purchase, but you've been saving for it for six months.

unknown 1:39

Buy it.

SPEAKER_00 1:40

A real man plans for his family's future. Financial literacy is the key. Karate lessons and our summer trip are all budgeted. You can do this too, Dad. We actually did it. Yes, we did.

SPEAKER_01 1:50

You've been saving for it, you saved up the money for it, buy it. It's a planned trip, it's a planned vacation, planned event. You've been saving up for it. It's not just something you just go on a whim and you spend all your, you know, your check and everything. You don't pay the rent, you don't pay the money.

unknown 2:09

No.

SPEAKER_01 2:10

You plan for this thing, you budgeted for months in advance. Do it. The three things that fail when you say, why shouldn't I be stopped from buying this? The three things that fail. Number one, I had a hard week. I had a hard week, so I should get this. Who hasn't had a hard week? I guess that's why so many people are in debt or broke or whatever, because everybody's saying this. I had a hard week. I had a hard week, so I need to go um do something special for myself. I don't care what it costs. I need to make myself I had a hard week. That that's your defense for doing something you shouldn't do. I had a hard week. That fails every time. That should fail every time. When you hear yourself using that excuse, that little voice telling yourself, oh, I had a hard week. No, take your ass home. Number two. Number two, it's on sale. It's on sale. That look at it. Look, it's on sale. I don't need this shit, but look at it. It's on sale. I I'm not gonna use it, but it's on sale. If you hear yourself saying that, take your ass home. Get off the shopping, get off your phone. Wherever you see in this thing that is on sale that you don't need, or you see some sneakers that are on sale, but you're a working man, and you work five, six, seven days a week, and you never gonna wear these shoes. You never gonna wear these sneakers that are on sale that you don't really need because you got a bunch of sneakers already. Go find something else to do. Take that money and put it into your kids' brokerage account, savings account. Do something. And number three, the one that so many people probably say to themselves and other people say to them when they go out and do something stupid and buy something they don't need is what, Ramon? I deserve it. I deserve it. I deserve it. I deserve this thing. I don't need it, I just want it, and I want other people to know that I got it, so I deserve it. I deserve this, and that's the reason why you buy it. The one question, the three things that pass, the three things that fail. Before you make that purchase, you wait 10 seconds. You wait 10 seconds because a lot of us we do things on autopilot, and you need a couple, you need those 10 seconds for that autopilot to switch off. So if you can wait 10 seconds and then you ask yourself that question. If it does, if it doesn't fall under the three things that pass, and it falls under the one of the three things that fail, you don't make that purchase. You don't make that purchase because the way you get out of debt, the way you become your family CEO is through discipline, it's through discipline and switching off that autopilot switch that just makes you do things that you shouldn't do over and over and over and over again, and then knowing where things are going, knowing where your money is going, starting, asking yourself, what did I do with the money that I just had from this paycheck? What did I do? Hell write it down, put it in your notes in your phone, do something. But the first thing you want to do is is say that to yourself why shouldn't I be stopped from buying this and waiting 10 seconds and then seeing what this thing that costs over $50 if it falls under what care category?