The 3 Worst Financial Habits That Keep You Poor! | Dean Graziosi

Dean Graziosi shares the compelling tale of his journey from a financially strained childhood to achieving financial freedom and the ability to make an impact beyond wealth accumulation.

Childhood experiences shaped Dean's intense passions for financial security

Graziosi discusses growing up amid his family's turmoil, including his parents' multiple marriages and his father's violent behavior. From a young age, he experienced the hardships of financial instability while living with his mother and then in a tiny, barely heated place with his father at the age of 12.

Witnessed his mother's financial struggles and determination to provide for the family

Dean remembers the vulnerable financial position his mother was in, tirelessly working various jobs such as cutting hair and cleaning houses. A particularly poignant memory for him was his mother's car, with a plastic window that flapped in the cold wind, illustrating her financial struggles vividly.

Reflecting on his mother's relentless efforts to provide despite financial hardships, Graziosi recalls how she had to juggle three jobs, her broken-down car, and two kids without any financial help from his father. All these experiences cemented his drive to ensure financial security for himself and his family.

Felt a deep obligation to financially support and retire his parents

Graziosi's ambition to achieve financial independence was motivated by a deep-seated desire to take care of his mother and retire her. He recounts this as a central goal dissimilar from his parents' lives, which were marked by economic struggle.

Achieving financial freedom was a pivotal milestone

Dean Graziosi expresses that achieving financial freedom was not only about not being broke but was closely linked to his desire to retire his parents and care for those around him.

Removing the emotional and psychological pressure of money scarcity

This crucial achievement enabled Graziosi to look beyond constant money-making pressures and co ...

The psychological relationship with money can be complex, as Dean Graziosi and Lewis Howes explain, it often intertwines with our self-worth and ambitions.

Money as an emotional trigger and representation of worth

Graziosi discusses how a sudden influx of wealth, such as lottery winnings, often leads to self-sabotage because people aren't emotionally or mentally prepared. Lack of financial education restricts individuals from actualizing their full potential, as money—or the lack thereof—can impede the freedom to express oneself fully.

Strong negative associations with money can lead to self-sabotage

If individuals harbor beliefs that money is bad or that wealth denotes greediness, this can conflict internally and lead to self-sabotage. Graziosi argues that if you're ethically impacting lives, you shouldn't feel guilty about making money—"then you should feel guilty not getting after it not held back." He notes that negative views about money can cause us to undermine our own success and exacerbate financial struggles.

Overcoming the belief that money is inherently 'bad' or that wealthy people are 'greepy'

Graziosi and Howes discuss their own personal struggles with the misconception that having money is synonymous with being "greedy capitalist bastards." Graziosi's reflections on his mother's negative attitude towards wealthy individuals indicate the prevalence of such stereotypes. To overcome these detrimental beliefs, Graziosi advises an examination of one’s own mindset about money and the wealthy.

Finding balanced, healthy perspectives on money

Graziosi suggests a new narrative where money is seen as a tool for creating positive impacts, including employment, charitable acts, and legacy building. Recognizing money as necessary for larger goals can help reconcile personal values with the pursuit ...

Tony Robbins shares his strategic approach to wealth-building, which includes mastering a core business, prioritizing philanthropy, and developing patience and discipline for long-term financial success, as elaborated upon by Dean Graziosi and Lewis Howes.

Diversifying income streams beyond one's core business

Mastering and scaling the core business first to generate sustainable wealth

Dean Graziosi explains that Tony Robbins, advised by industry leaders like Peter Goober, focused on his main business and mastered it before diversifying. By prioritizing his core business, Robbins was able to bring it to a sustainable level of profitability.

Using wealth from core business to invest in other ventures

Once his primary business was generating sustainable profits, Tony Robbins utilized his earnings to invest in other companies and ventures. Graziosi notes Robbins' strategy of "who versus how," suggesting that rather than figuring out how to do everything himself, finding skilled individuals ("who") to manage various tasks is more productive. This allows for a concentration on strengths and the employment of others' expertise to handle different aspects or business ventures. Eventually, these investments began producing income that eclipsed profits from his main business.

Prioritizing giving and philanthropy as wealth grows

Recognizing the responsibility and opportunity that comes with financial abundance

Graziosi reflects on Richard Branson's advice about the responsibility of people who can generate money to help others, emphasizing the impact of direct service and the ability to contribute significantly to charitable causes. Graziosi and Robbins teach people to harness their experiences into valuable products, creating additional income streams and opportunities for giving back.

Maintaining the drive and passion for one's work, even as other income streams eclipse it

Despite the financial success from his diverse business ventures, Robbins continues to put time and effort into his original business purely out of passion. Robbins Research International and his signature seminars remain his primary focus because of his love and dedication to his initial work. Additionally, Lewis Howes mentions that Robbins donates all of his proceeds from book sales to Feeding America a ...

Graziosi and Lewis discuss the emotional and psychological barriers that can obstruct financial well-being and suggest strategies for developing a healthier relationship with money.

Identifying limiting beliefs and negative associations with money

Graziosi reflects on his past relationship with money, recognizing that he had to overcome negative associations with it. Graziosi suggests examining these beliefs' origins, including the influence of parents or other figures, and challenges people to question whether their beliefs about money are true. For example, one might write down their beliefs on one side of a piece of paper and on the other side, question those beliefs. He emphasizes the importance of re-evaluating one's views about money, such as the belief that wealthy people are lucky or that money makes people greedy.

Exploring the origins and irrationality of these beliefs

Graziosi alludes to the realization that his relentless pursuit of money was driven by a desire to escape trauma rather than a balanced view of money's role in his life. He indicates that one's conflicted relationship with money may be tied to personal identity and self-worth.

Consciously replacing them with empowering, abundance-oriented mindsets

Graziosi mentions the need to change one's conversation with money to focus on its positive aspects, such as potential for personal growth and contribution to causes one cares about. He advises reflecting on the positive impacts that having money could have, including taking care of family and helping others. Graziosi encourages individuals to identify and reflect on why they feel negatively about money, which could include examining influences, and he suggests replacing these with new, empowering beliefs.

Avoiding the comparison trap and focusing on personal progress

Graziosi emphasizes the importance of reflecting on personal progress rather than comparing oneself to others. He notes that one should look back at how far they've come instead of focusing on others' accomplishments. He uses his own journey as an example and points out that comparing oneself to others is not productive for personal growth.

Measuring success by one's own growth, not others' perceived wealth

Success should be measured by one's own standards and growth, not by others' perceived wealth or accomplishments. Graziosi stresses the significance of staying focused on one's journey and celebrates incremental wins and milestones along the way.

Celebrating incremental wins and milestones along the journey

Graziosi advocates for acknowledging and celebrating every step of progress, no matter how small, as part of the path to overcoming a scarcity mindset and fostering an attitude of abundance and progress.

Cultivating consistent personal development ha ...