The 3 MONEY HABITS That Keep You BROKE! (RICH VS POOR MINDSET) | Wallstreet Trapper

The video is about the three money habits that keep people broke and how having a rich mindset can help overcome them.

The video is an interview with John Paul DeJoria, a self-made multi-billionaire who shares his rags to riches story. He talks about his upbringing in East LA, where he had to sell newspapers and Christmas cards at a young age to support his family. He also shares how he faced rejection and learned to stay enthusiastic despite it, which he believes is a key to success. DeJoria co-founded successful companies like Paul Mitchell and Patron Tequila, and he emphasizes the importance of putting employees first and incorporating philanthropy into company culture.

• The video discusses three money habits that keep people broke and how having a rich mindset can help overcome them.
• John Paul DeJoria's story is shared, including his definition of the American dream and the importance of being prepared for rejection.
• The three money habits that keep people broke are not having a budget, not investing in oneself, and not having multiple streams of income.
• A rich mindset involves having a positive attitude towards money, taking action, and being willing to learn and grow.
• The importance of quality in products or services is emphasized, as well as the value of learning from sales experience and the power of a smile.
• Door-to-door sales and overcoming hardship are discussed as opportunities for personal growth and development.
• Survival mode and learning from failure are important steps in achieving success.
• Developing a rich mindset involves adopting a growth mindset, believing in oneself, surrounding oneself with positive influences, taking risks, and putting in hard work and effort.

The 3 MONEY HABITS That Keep You BROKE! (RICH VS POOR MINDSET) | Wallstreet Trapper - YouTube

Introduction

• The video is about the three money habits that keep people broke and how having a rich mindset can help overcome them.

John Paul DeJoria's Story

• John Paul DeJoria was born to immigrant parents and grew up hard on the streets of East LA.
• He had to sell newspapers and Christmas cards at the age of 9 to help support his family.
• At one point, he and his young son were forced to live out of a car.
• He ended up turning a fortuitous encounter with a hairstylist named Paul into an idea for a company.
• Despite the backers pulling out at the 11th hour, the pair went on to launch and grow through sheer force of will what is now the global powerhouse Paul Mitchell.
• Less than 10 years later, he co-founded an even more successful company called Patron tequila.

The American Dream

• John Paul DeJoria defines the American dream as having all the opportunity you want and going after it.
• For him, it was a pleasure to work and produce something.
• He learned the great secret in life to becoming successful is to be prepared for a lot of rejection.
• Being prepared for rejection helps you stay enthusiastic and not get turned off or disappointed.
• He believes that ability to stay enthusiastic is one of the secrets to the universe.
• He has taught this to his kids and believes it is something that can be learned.

The 3 MONEY HABITS That Keep You BROKE! (RICH VS POOR MINDSET) | Wallstreet Trapper - YouTube

The Three Money Habits That Keep You Broke

• The first money habit that keeps you broke is not having a budget.
• The second money habit that keeps you broke is not investing in yourself.
• The third money habit that keeps you broke is not having multiple streams of income.
• Having a rich mindset can help you overcome these habits and become financially successful.
• A rich mindset involves having a positive attitude towards money and believing that you can create wealth.
• It also involves taking action and being willing to learn and grow.

The Importance of Quality

• Always make sure that your product or service is of the highest quality.
• You want to be in the reorder business, not the selling business.
• Personal relationships are important in the reorder business.
• Enhance the experience for customers to encourage reordering.
• Paul Mitchell started with no money, but their quality product led to success.

Learning from Sales Experience

• Encyclopedia salesmen typically only lasted three days, but the speaker lasted three and a half years.
• Commission-only sales meant that the speaker had to learn quickly to make money.
• Memorizing a scripted presentation was part of the training process.
• Experience and losses along the way helped the speaker sharpen their skills.
• Believing in the product and its benefits is important for successful sales.

The Power of a Smile

• Smiling can change someone's brain chemistry and improve their mood.
• Smiling before interacting with someone can improve the interaction.
• Even on a phone call, smiling can make a difference.
• Encourages people to be more open and receptive.
• Smiling is a powerful tool in business and personal interactions.

The Value of Door-to-Door Sales

• Door-to-door sales is a proving ground for sharpening skills.
• Encourages independence and self-motivation.
• Teaches how to handle rejection and learn from it.
• Can be a valuable experience for children and adults alike.
• Helps build confidence and resilience.

Overcoming Hardship

• Going through hard times is critical for developing internal strength.
• Struggling and facing rejection can toughen you up.
• When you don't know what to do, go with your heart and learn from your experiences.
• Adopt a positive attitude and see every opportunity as a chance to learn something.
• Repeat successful phrases to yourself to build confidence.

Survival Mode

• When faced with hardship, focus on survival first.
• Don't let pride get in the way of asking for help.
• Find ways to make money, even if it means collecting soda bottles for cash.
• Plan out your next steps, such as finding a job or getting an apartment.
• Take things one step at a time and let one thing lead to another.

Learning from Failure

• Getting fired from jobs can teach valuable lessons.
• Each job can lead to new opportunities and experiences.
• Take advantage of opportunities to learn and grow.
• Success can come from unexpected places.
• Believe in fate and trust the journey.

Developing a Rich Mindset

• Adopt a growth mindset and focus on learning and self-improvement.
• Believe in yourself and your ability to succeed.
• Surround yourself with positive influences and role models.
• Take calculated risks and don't be afraid to fail.
• Be willing to put in the hard work and effort to achieve your goals.

The Importance of Rejection and Business Principles

• Working for multiple companies taught the speaker different things about the beauty industry, product making, and distribution.
• Rejection is a common occurrence in business, and being prepared for it is crucial.
• When a backer pulled out of a project, the speaker and his team struggled but believed in their product and eventually ended up owning the company.
• Understanding tactical business principles and having a positive attitude are essential for success.
• There is always another solution, and it's important to keep pushing forward and looking for it.

The Success of Paul Mitchell

• Paul Mitchell started with only $700.
• The company focused on selling products exclusively in salons, which helped maintain its reputation for quality.
• Despite being available in only 10% of salons, the demand for Paul Mitchell products is high.
• The company's commitment to quality and giving back, such as being the first to never test on animals, helped it stand out in the industry.
• Paul Mitchell's first three products are still some of the best sellers after almost 37 years.

The Importance of Values in Business

• The speaker's strong internal values were shaped by working for companies that treated people poorly.
• He wanted to ensure that everyone in his company was treated the way he wanted to be treated.
• When the company could afford it, they provided free lunch for everyone, regardless of whether they had money or not.
• Paul Mitchell's commitment to its values helped it stand out in the industry and gain a loyal customer base.
• Having a strong set of values and treating people well is crucial for long-term success in business.

Staying Motivated and Pushing Forward

• The speaker emphasizes the importance of telling yourself positive things to stay motivated during difficult times.
• When facing challenges, it's important to remember that there is always a path out of it.
• Looking for solutions and pushing forward, even when things seem impossible, is crucial for success.
• Basic things like smiling and staying positive can make a big difference in staying motivated.
• Believing in yourself and your product is essential for success in business.

The Importance of Taking Care of People

• Started profit sharing with employees to create a retirement fund for them.
• Believes in treating people the way you would want to be treated.
• Low turnover rate due to taking care of employees.
• Customers are always right and unhappy customers are addressed to discover why.
• Employees are taken care of and included in the company culture.

Systematizing Company Culture

• Let all companies know about the culture and why it's important.
• 120 Paul Mitchell schools are involved in the culture and raise money for the community.
• Ambassador of corporate culture goes around to remind everyone of the culture.
• All new employees must go through the doctrine of Chinon to learn about the culture.
• Started a magazine over the internet to show what the company does and how it's changing the world.

Being Part of Something Big

• Employees are part of something big and are taken care of and loved.
• Founder is accessible to employees and can be reached directly.
• All companies try to take care of people and remind them of the Golden Rule.
• Reprimand employees behind closed doors to avoid public embarrassment.
• Employees are reminded that they wouldn't like it if they were in the other person's shoes.

Examples of Giving Back

• Buying a new Coast Guard Cutter for the sea shepherd to protect whales in the open seas.
• Taking care of 7,000 orphans in Africa whose parents have died of AIDS.
• Redoing Appalachia and getting homeless back to work in Los Angeles.
• Employees are part of the company's efforts to give back and make a difference.
• Being connected with the company means being part of something that is changing the world.

How to Evaluate a Company

• Look for a company culture that is positive and supportive.
• Find out what the company values and if they align with your own values.
• Ask to speak with current employees to get a sense of the work environment.
• During the interview, look the interviewer in the eye and be yourself.
• If you are hired for being yourself, you will be happier in the job.

Discovering Your Passion

• Try out different jobs to find what you enjoy doing.
• Look for a job that makes you excited to go to work.
• Find a company that aligns with your values and passions.
• During the interview, be yourself and answer questions honestly.
• If the job is the right fit, it will feel natural and flow easily.

The Importance of Philanthropy

• Philanthropy can be done with time or money.
• Start with small acts of kindness and giving.
• Meeting children in Africa who have lost their parents to AIDS was a touching experience.
• One child was rescued from a trash can and was given a soda pop, which made him smile.
• Giving to others can bring tears to your eyes and make you feel fulfilled.

Creating a Positive Company Culture

• Praise employees when they do something good.
• Encourage a positive work environment by acknowledging employees in front of others.
• Look for employees who align with the company's values and culture.
• During the interview, be yourself and look the interviewer in the eye.
• If you are hired for being yourself, you will be happier in the job.

The Importance of Taking Action

• Volunteering and taking action is the greatest toy you'll ever have in your life.
• There's no drug or high that will surpass the feeling of helping others.
• Grow Appalachia is a program that teaches people how to grow their own vegetables and become self-sufficient.
• The program started in 2010 when people were hungry and on food stamps.
• Grow Appalachia teaches people how to grow their own vegetables, sell them, and become self-sufficient.

We the People

• People have to take action to make changes in the world.
• It's the American dream to have a chance to do well and give back.
• We should embrace the 1% who are doing so much to change the world.
• Many billionaires have pledged to give back 50% of their wealth to change the planet for the better.
• Instead of focusing on the 1% versus the 99%, we should embrace one another and work together.

Encouraging Meaningful Action

• Encourage people to think about what upsets them most about the planet and what they would love to change.
• Focus on what touches your heart, not what looks good to others.
• Apply entrepreneurial principles to cause-oriented things.
• Think about how to make a difference in a small or big way.
• Don't just focus on profit, but also on making a positive impact.

The Three Money Habits That Keep You Broke

• Not having a budget and overspending.
• Not investing in yourself and your education.
• Not having a plan for your money and not setting financial goals.
• Having a poor mindset and not believing that you can become wealthy.
• Not taking action and making excuses for why you can't improve your financial situation.

Teaching Kids Money Habits

• Teach kids to be prepared for rejection.
• Encourage kids to provide the highest quality service or product.
• Teach kids that success is shared and failure is not.
• Don't spoil kids and teach them the value of a dollar.
• Encourage kids to work and have a job.

Turning Charity into a Self-Sustaining Business

• Charity organizations need to be managed like for-profit businesses.
• Help charity organizations merchandise their product or cause.
• Disseminate the charity to more people within the budget.
• Expand the charity within the budget and creatively raise more money if needed.
• Businesspeople should help charity organizations do better.

The Power of Positivity

• Being positive helps people move along in life faster.
• People want to be around positive people.
• Gossiping and belittling people should be avoided.
• Looking at the positive angle can make you live longer and happier.
• Encourage positivity and be around positive people.

Encouraging Solutions Instead of Complaints

• Being positive helps you find solutions.
• Look for something positive in something bad.
• Encourage positivity and a positive attitude.
• Change your life if you find yourself complaining all the time.
• Find solutions instead of complaining.

Creating Space in a Crowded Business Landscape

• Find what the industry is lacking and pull the industry into it.
• Example: Rock Mobile found a way to give people all their telephone calls to United States of Mexico, 500 international minutes free, their texting, their data, all their music over 20 million songs, $100,000 worth of accidental life insurance, telemedicine seven days a week, 24 hours a day adoptions on the other than the phone with you talking.
• Rock Mobile went to music companies, big carriers, and insurance companies to get them involved.
• Rock Mobile helps the inner city by giving kids a good allowance.
• Sharing success is sharing failure.

Breaking the Habit of Living Paycheck to Paycheck

• Living paycheck to paycheck is a habit that keeps people broke.
• People need to change their mindset and start thinking about how to make money work for them.
• People need to start investing in themselves and their education.
• People need to start thinking about how to create multiple streams of income.
• People need to start thinking about how to build generational wealth.

Breaking the Habit of Impulse Buying

• Impulse buying is a habit that keeps people broke.
• People need to start thinking about their purchases and whether they are necessary.
• People need to start thinking about the long-term consequences of their purchases.
• People need to start thinking about how to save money and invest it wisely.
• People need to start thinking about delayed gratification.

Breaking the Habit of Not Having a Plan

• Not having a plan is a habit that keeps people broke.
• People need to start thinking about their goals and how to achieve them.
• People need to start thinking about their finances and how to manage them.
• People need to start thinking about their future and how to prepare for it.
• People need to start thinking about the legacy they want to leave behind.

Money Habits That Keep You Broke

• Spending money on things that don't bring value or generate income.
• Not investing in yourself or your education.
• Not having a budget or financial plan.
• Having a scarcity mindset and not believing in abundance.
• Not taking calculated risks or investing in opportunities.

Finding a Niche in Business

• Look for a niche in an existing industry.
• Identify a need or problem and find a solution.
• Use new technology to modernize systems and make them simpler.
• Disrupt the industry by taking a different approach.
• Consider the environment and how to make a positive impact.

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The 3 MONEY HABITS That Keep You BROKE! (RICH VS POOR MINDSET) | Wallstreet Trapper - YouTube