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

Last updated: Jun 1, 2023

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

The 3 MONEY HABITS That Keep You BROKE! (RICH VS POOR MINDSET) | Wallstreet Trapper 001

Introduction

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