So at Ramsey, we joke that we've been teaching these same principles for 30 years

because people keep making these same mistakes with their money.

So today I want to go over a few reoccurring habits of broke, average, and wealthy people.

And if some of these sound like you, and maybe you're not satisfied

with where you fall on the financial spectrum, stick around to hear the wealthy habits

to help you move up the ladder financially. But first, make sure to subscribe to this channel

and share this episode with a friend. All right, first I want to be clear that I'm not here to

roast anyone, right? So if you have fallen for any of these traps, this is not a shame session by any means. Because times are really difficult. And I do know if you don't have the knowledge of what to do with your money, sometimes you do fall for these habits or you do get into these systems that are just not great because you don't know another way. So if you feel discouraged in

that way, just know that I am on your team. I believe in you. We can do this together.

But let's talk about some of these traps and habits that people fall into when money is scarce.

So first and foremost, it's payday loans. We see this a lot with people in lower income areas

when you drive through and you see that payday loans, it's because they really do prey on people

that are in a level of crisis financially. And what this is is short-term high-interest loans.

And these loans, the interest on them is astronomical. Like, some of them is

beyond 100% interest. Like, it's just, it is crazy. And they really do prey on people that are

desperate. And what happens is you get stuck in the system. And because the interest is so high,

it is so hard than to pay off that loan and to get out of that cycle. And so if you are in

something like this, always remember

to avoid payday loans because they are so difficult to get out of. They are not there to help

you. They're there to make a lot of money. Next is the lottery. So lottery tickets are disproportionately

advertised and sold in low income areas. And the odds of anyone winning the lottery is one in

300 million. And what this does is it takes advantages of people's hope. I mean, people,

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