Larry Winget: You’re Broke Because You Want to Be Book Summary

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  • Introduction
    • A party gives laughter, and wine gives happiness; but money gives everything. Ecclesiastes 10:19.
    • Broke is a situation you find yourself in because you are either under earning or overspending.
    • If you didn’t want to be broke, you wouldn’t be broke.
    • When every action you make contradicts your words, your words don’t mean a damn thing.
    • Aligning our intentions with our actions is something we can all learn to do better.
    • You chose to spend your money the way you did.
    • Your life is a reflection of the choices you have made. If you want a better life, then make better choices. When you do, you’ll find that taking credit for your successes feels a lot better than blaming others for your failures.
    • Nothing but work: work on my thinking, work on myself, and then just plain old work!
    • Until you stop doing stupid stuff with your money and start doing smart stuff with your money, you will still be broke.
    • What you think about and talk about comes about.
    • What you think about, talk about, and get off your ass and do something about comes about.
    • If you act in contradiction to what you think, you will end up worse off then you were to begin with.
    • Books don’t make you rich. Sooner or later, like it or not, it always comes down to work. Sadly, most people won’t put in the time or the effort to get what they want.




    Chapter 1: Money Matters

    • People do what they do because they want to do it.
    • Comfortable people don’t feel bad enough to change but don’t feel good enough to really be able to enjoy their lives.
    • People never make changes in their lives when they are comfortable. You have to get uncomfortable in order to make a positive change in your life.
    • You will never change until you first become uncomfortable.
    • Keep on succeeding, for only successful people can help others. (Dr Robert Schuller)
    • Money determines the neighborhood you grow up in. It determines the clothes you wear to school. Money usually decides who your friends will be and how others will treat you. Money decides whether you will go to college or not. Money usually even picks the college. Money determines the house you live in, the car you drive, and the clothes your wear. It determines whether you get a good doctor or an amazing doctor. It determines whether you hire ambulance chaser or the best defense attorney money can buy. It determines every restaurant you go to, every store you shop in, and every entertainment activity you attend. Money even determines the size of your gravestone and the quality of the casket you will be buried in.
    • Fair? Probably not. But life simply isn’t always fair.
    • Money defines your life, too.
    • Money won’t bring your happiness. Happy people are happy whether they have money or not. Happiness is a choice.
    • Money won’t buy you friends.
    • Money won’t make you more charitable.
    • Success is all inclusive. Success is having good relationships, fulfilling employment, and being as healthy as you can be.
    • You are who you are because of the choices you make.
    • Money magnifies everything.
    • Most of the things money is the root of ain’t evil. (Malcolm Forbes)
    • Money will allow you to spend money when you want to, give money when you want to, and have financial security.
    • It’s not how you start out that matters, it’s how you end up.
    • If you feed your mind as often as you feed your stomach, then you’ll never have to worry about feeding your stomach or roof over your head or clothes on your back. (Albert Einstein)
    • Success takes lots of hard work.
    • Your indebtedness is due to your lack of control over your spending.
    • Your problem is not what things cost; your problem is that you don’t earn enough money to pay for the things you want. You can’t control what things cost; you can control your money.
    • There are only three reasons people don’t do well in life. They are stupid, lazy, or don’t give a damn.
    • People do not want to take responsibility for the scarcity in their lives. It is much easier to blame circumstance, others, events, or even god the things they have failed to acquire or achieve. (Dr Wayne Dyer)


    Chapter 2: Your Real Problem

    • Spending didn’t make you broke. Spending on the wrong things made you broke.
    • When you learn to spend on the right things, then you will be rich.
    • Almost any man knows how to earn money, nut not one in a million knows how to spend it. (Henry David Thoreau)
    • Education is not an expense, it is an investment.
    • All hat, no cattle.
    • It doesn’t matter what you say is important to you, your actions always tell the truth.
    • You have to get your priorities straight before you ever are going to get your money straight.
    • What is important to you?
    • What are you spending money on?
    • Why is more important than how.
    • He who has a why to live for can bear with almost any how. (Friedrich Nietzsche)
    • Why do you want to be rich?




    Chapter 3: Know where you are

    • I believe pain is a much better motivator than pleasure.
    • The progression for moving forward: Remorse>Anger? Determination.
    • Nobody ever wrote down a plan to be broke. Broke happens when you don’t have a plan.
    • You’re broke because you want to be. You can also be rich because you want to be – but only if you are willing to take action.


    Chapter 4: How to get out of debt

    • If you want to turn your life around financially, it’s really very simple. It comes down to two things: You have to either reduce expenses or increase income.
    • To really get ahead you have to spend less money and earn more money – it’s not enough to do just one.
    • The hole principle – When you find yourself in a hole – stop digging.
    • And remember, no new debt.
    • Pay your bills as they come in.
    • Use all available income to pay down your debts.
    • Don’t think you can borrow your way out of debt.
    • Until you start to act differently by spending less, earning more, and saving, you are doomed to repeat the behavior that created the problem.


    Chapter 5: How to cut your expenses and increase your income

    • The only way to get more is to give more.
    • You can’t get healthier until you give up what is making you unhealthy.
    • In order to have what you have never had and get something you have never gotten, you have to do something you have never done.
    • You can’t make money. You can only earn money.
    • You have to earn it. That’s always where the money comes from. Instead say, “I need to earn more money.”
    • Sometimes it takes one job to get by and another job to get ahead.
    • Most people don’t want to earn more money…they just want to have more.
    • Everyone can do something. Everyone has a skill that can be marketed. Everyone can o more than they are doing. You might not like it, but it can still be done.
    • Life is not made up of the haves and the have-nots- but instead of the wills and the will-nots.


    Chapter 6: The Stuff most people overlook

    • Build a cushion. Save!
    • Save for an emergency. Some financial advisors say you should have six months worth of living expenses in your savings account. That won’t happen for most people. I say shoot for one month’s worth of living expenses as a bare minimum. Put it away and don’t touch it for any reason. By the way, a credit card is not your first source of emergency funds. Cash is the first source. Just because you have a “clean” credit card, it doesn’t mean you are ready for an emergency.
    • Open a saving account just for this purpose and stash a few bucks in it at every opportunity. This is not a vacation fund or fun fund. This money is to be used when it hits the fan and you need help.
    • You have to study in order to achieve what you want.
    • Everything in life gets better when you get better, and nothing in life gets better until you get better.
    • It’s not how much time you have; it’s how you choose to spend the time.
    • Reading increases your worth – ultimately your net worth – but also your worth to others. The more you know, the more you are worth. The more you are worth, the more you will earn.
    • If you knew better, you would do better. (Jim Rohn)
    • Spending is a choice. Your entire life is about choices. You control the choices you make. That is position of power, not victimhood.
    • A lack of personal discipline in one area nearly always shows up in other areas.
    • A rejected opportunity to give is a lost opportunity to receive.
    • Money flows. Money comes to you and it goes from you.
    • The more you are thankful for what you have, the more you will have to be thankful for. (Zig Ziglar)
    • A grateful mind is a great mind, which eventually attracts to itself great things. (Plato’s Laws)
    • Lessons not learned will be repeated.
    • Envelopes with cash will keep you in check.


    Chapter 7: Now it’s time for your new budget

    • Stop living backward and begin to live forward. Begin with the end in mind.
    • Here is your goal: Live on what you earn.
    • Always make sure that you follow the guidelines of saving some of what you make and spending less than you make.




    Chapter 8: Interviews with Larry’s rich buddies

    • The free-enterprise system: The more you produce, the more money you can earn.
    • Had work. Perseverance. Serve others according to their needs, not your own. Spend less than you make.
    • Discipline requires work – a daily commitment steeped in action in order to achieve your goals. That’s my problem with goal setting. Too much focus on the goal and not nearly enough focus on the daily commitment or the action necessary to achieve the goal.
    • If you want to achieve the impossible, you can’t miss a day.
    • You have to spend a little less, save a little more, pay a little more on your debt, read a little more, do a little more.


    Larry’s twelve ways to go from getting by to getting ahead

    • Know where you are
    • Take responsibility for the situation
    • Feel bad about it. Experience remorse
    • Make the decision for things to be different
    • Know exactly what you want your life to look like
    • Create an action plan to get there
    • Know what you are willing to give up to get what you want
    • Spend less than you earn
    • Figure out ways to earn more
    • Stop all unnecessary spending
    • Pay off debts as quickly as possible and only go into debt for things with long-term value
    • Build a cushion. Save!


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