The Kevin Trudeau Show LIMITLESS - The 3 Money Lies Keeping You Broke in 2025 {Financial Freedom Explained} | Ep 100

Episode Date: May 7, 2025

Are you working hard but still BROKE? Holding onto beliefs about money that are actually holding you back from achieving FINANCIAL FREEDOM? In this video, global entrepreneur and wealth manifestation expert Kevin Trudeau debunks the three most common MYTHS you've been told about money that might be sabotaging your wealth-building efforts. If you're tired of living paycheck to paycheck, working harder but getting nowhere...if you want to start building a secure financial future, this video is for you! Stop falling victim to these MONEY LIES. Get ready to start building the wealth you deserve!🔗  Learn the truth about Kevin : https://KevinTrudeau.com/Timestamps:00:00 - Uncover the 3 Big Lies Keeping You Broke00:04:13 - Childhood Money Wisdom00:07:48 - Slash Expenses Now00:12:44 - The Homeownership Myth00:19:41 - How the Wealthy Buy Real Estate00:25:55 - “Do What You Love and Never Work a Day”00:29:23 - Manifest Your Financial Dreams00:29:54 - Next Steps to Wealth*******************************************************************************"The #1 Mindset Shift To Get Rich (It Works!)" - https://www.youtube.com/watch?v=2WWI9VnyCLc&t=2s"How To Make Your First Million" - https://www.youtube.com/watch?v=bCIrExQ0gPQ&t=1s*******************************************************************************Learn how to become a ‘Prosperity and Luck Attractor Field’ with the ‘Ultimate Success Course’ : https://www.claimyourwish.com/ Remove the invisible barriers to wealth with the “Money Processes” : https://www.buymoneyprocesses.com/spotify  *******************************************************************************FREE TRAINING, FREE VALUE:[https://gurukev.com][https://nuggetsofgold.com][https://t.me/TheKevinTrudeauFanClubChannel]#kevintrudeau #KevinTrudeauShow #TheKevinTrudeauShow #TheKevinTrudeauShowLimitless #selfimprovement #financialfreedom #moneymythsexplained #moneymythsdebunked #stealthwealth #beatlifestyleinflation #wealthsecrets #personalfinance

There are three lies that are keeping you broke. Once you know them and change what you're doing, you can start making more money than you ever thought possible and start on your way to financial freedom and financial independence. Today, I'm going to tell you some things about money they definitely don't want you to know about. There are three major big lies that are keeping you broke. things that you've heard that have been told to you by the experts and their lies. They're not what the rich do.

They are what the broke people do. The first lie, this is going to shock and surprise you. The first lie is, have you heard this phrase, live within your means? Trey, have you ever heard that phrase before? Live between you? Okay, right. Live within your means.

It's a lie. Now, live within your means means, by definition, if you're making and taking home $3,000 a month, you don't spend more than $3,000 a month. So living within your means actually is defined as not spending more than you make. That sounds reasonable, Kevin. How could that be a lie? What most people do is they spend what they earn. They live within their means. And they think, I'm living within my means.

I'm bringing in $3,000 a month and I'm only spending $3,000 a month. What's the problem? Well, it's a lie because if you want to achieve financial freedom and independence, every wealthy person, whether it was Warren Buffett, and back in the old days, Andrew Carnegie, J.P. Morgan, J.D. Rockefeller, Henry Ford, all the rich guys back then. But even the wealthy guys today, look at Shark Tank, and look at O'Leary and all these wonderful guys, Elon Musk, Bezos. All right, forget the billionaires. Just look at the people that have one, two, three million dollar net worths and ask them in survey,

did you live within your means as you're working your way up to financial freedom and independence? They all say, no, of course not. We lived below our means. The biggest lie is live within your means. Now, even with that lie, what most people do is they actually spend more money than they make by using their credit cards and by financing things on terms. So they use their credit card because they can't afford to buy this item for $600. So they use their credit card and they buy it and then they think, well, I can afford the monthly payments. You're going to stay broke that way.

Wealthy people live below their means. That means they spend a lot less each month than they actually bring in. So after taxes and everything, your net income, whatever that is, $2,000 a month, $3,000 a month, $4,000 a month, whatever it is, $5,000 a month, whatever it is after taxes, your paycheck, When you deposit that, each month you have to spend less, at least 30% less than what you're bringing in. And some of you're thinking, how can you do that? Kevin, prices are too high. Things cost too much.

I was going to curse, but I won't. No, you spend too much. You have to live below your means. Period. And if you can't pay cash for something, with the exception of a car or a house, if you can't pay cash for something, that means you can't afford it. Start saving. When I was a kid, we used to have a clothes line outside in the backyard. We didn't have a dryer. We had a wash machine, but we didn't have a dryer. And I remember when the clothes came out of the wash machine, sometimes as a little kid, my mom and I would go outside and carry the basket, and she would take her clothes pens, and we would hang the clothes out to dry.

And I didn't think anything of it because that's how you'd dry clothes. But there was a little coffee can that we had in the kitchen. And on that coffee can, I believe it was Maxwell House coffee. We didn't throw away anything. After we used coffee, my father always kept the cans. He goes, there's always going to be a good use for these coffee cans. He had like dozens of these coffee cans in his work area. And he kept nails in them and different things.

And there was. It was always a good use for it. On this coffee can, empty coffee can in the kitchen, my mom and dad scotch taped a little label. Drier fund is what they put. Drier fund. And every day my dad would take his pockets and whatever change he had, he'd throw it in that coffee can. And I asked, I said, what are you doing?

And he says, we're saving money to buy a dryer. And I thought this is interesting. A dryer? What's a dryer? You know, it's, oh, it's this machine. It goes next to the wash machine and you put your clothes in there and turn it on and it dries the clothes. So I talked to some of my friends in the neighborhood, my age.

and I said, hey, do you guys have a dryer at your house? Yeah, yeah, we have a dryer? Hey, Dennis, do you have a dryer? Yeah, yeah, we got a dryer. And then I was looking around the neighborhoods, and I'm thinking, you know, we're one of the only people that actually hang our clothes out to dry. I hadn't really thought about it before.

Everybody else didn't have that. There was a few people that did, but a lot of them didn't. So I went to my mom and dad, and I said, hey, how is it that those people and those people and those people, have dryers. And my parents said they bought it on credit, on terms. They pay for it over time and then they have to pay interest. What's interest? Why don't we do that? And they were like, well, I'm not going to give you an economics lesson, Kevin. but the rule was if you can't pay for something in cash, that means you can't afford it. We'll get a dryer.

It may take a few months. It may take a year. But we'll have enough money saved up and we'll buy the dryer. And then we won't owe anything on it. And we won't be paying double because when you add in the interest, you actually pay double, which is stupid. So the rule is, number one, the big lie is live within your means. The rule is you must live below your means. So here's the challenge, fellas, guys, girls, ladies, gentlemen, whoever's watching, listening.

If you really want to achieve financial freedom and independence, you have to cut back your expenses. Only you and no one else is the cause of your financial hardship and your financial pressure. you are living someplace where the payments are too high. You have a car where the payments are too high. You have insurance where the payments are too high. You have all of these subscription services, whether it's Netflix or Hulu or whatever you're paying for each month, it's too high. Your cell phone service is too high.

I can sit down with anybody, and I've done this dozens of times, and I say, give me your cell phone bill. I'm going to cut it in half, maybe even by two thirds. All you have to do is switch. If you're in America, you just switch from Verizon, T-Mobile, or whatever, the other ones, AT&T, and you drop down to one of the other ones, whether it's consumer cellular or mint, or there's a bunch of them now, and you compare rates. You get a similar service, not exactly the same, sometimes much better customer service.

You can actually call somebody and get a real person on the phone. and you can save $100 a month. That's $1,200 a year. Then I say, show me your insurance. They show me all of their insurances, whether it's life insurance, renters insurance, homeowners insurance, medical insurance, car insurance. There are apps on the Internet where you can plug in and search for variable competitive rates from other companies.

And when I did this, every single person, 100% of them saved a minimum of 500 bucks a year on insurance premiums just by spending a half an hour researching and comparing rates. I just did this recently. I had insurance with Liberty Mutual, and then six months later, I reviewed and found that if I was,

switched it to progressive, I could save money, hundreds a year, which I did. Six months later, I did it again because every six months I do that process. I go through because everything's always changing. So six months later, I went and I checked again. And then I found a much cheaper rate with State Farm. So I switched. Now, there are even cheaper rates if I chose to go with the general or other type of what we call lower tier insurance companies. But I also looked at, and I'm a little fanatical here, about what the coverages were. So I wanted specific coverages. So I went with kind of the big guys.

But if that's not so important to you, you could save even more by going to what we call second tier or B-level insurance companies. Another example, I take people and say, show me all your subscriptions. They don't even know what they have for subscriptions. so we have to do a deep dive into their bank statement, their credit card statements, and find all their subscriptions, their reoccurring charges. We have to look at this over the last three months. And then we find all these ridiculous reoccurring charges, $29 here, $35 here, $18 here, $87 here.

And it's crazy. And when I point them all out, sometimes as one person, have like 20 different subscription services. The charge was so small when it came up on their credit card bill or all. on their bank statement because they were using their debit card for the subscription for the reoccurring charge. They didn't even pay attention to it. But when you added them all up, it was crazy money a month. Cancel, cancel, cancel, cancel, cancel, cancel, cancel, cancel, boom. Hundreds of dollars in savings each month. That is thousands of dollars in savings a year.

Then I look at your car and I met with some person and look, I'm not a financial planner. but I'm a common sense person who has a lot of experience in this area. So I sat down and I said, okay, show me the car payment. I go, look, why did you buy a new car? That's the dumbest thing in the world. You have to buy a three-year-old car because that's when all the depreciation is. And you should be even looking at leasing, which is a better deal. So the point is, number one, you can't live within.

your means, you must live below your means, and ideally 30% less than what you earn. That's number one. Lie number two, that's keeping you broke. And Trey and I were just talking about this. You just mentioned this. I didn't say anything, but I said, he'll catch that on the show. Most people think buying a home or buying a car is much better financially. than renting a home or an apartment or leasing a car.

That's the big lie. Oh, my God, what are you talking about? Look, this was first really talked about by a friend of mine, Robert Kiyosaki, who wrote the book, Rich Dad, Poor Dad, which is a great, great book, and Robert Kiyosaki is a great, great guy. Love him. He's terrific, fantastic. I'll tell you a funny story about Robert Kiyosaki.

I was in Australia, I think this was back in around 2000, 2001, a long time ago. I was in Australia with my business partner, who was a guy by the name of Renee Rifkin. René Rifkin was one of the richest guys on Australia. He was second or third to Kerry Packer, who I knew as well down there. René Rifkin had the largest yacht in Sydney Harbor, had a helicopter on it. It was really cool. He was my business partner. I was on his yacht with another business friend of ours, a good friend of mine, Andrew Meltzer from the U.K.

So the three of us were on Renee's yacht sitting in the hot tub, all three of us. Renee and I were smoking cigars. Andrew was sitting there. And I had my cell phone next to the hut tub. And the phone rings. So I pick up the phone and it's Robert Kiyosaki. And I said, hey, how are you? And he says, Kevin, where are you in the world?

And I says, actually, I'm in Sydney, Australia. he says, Sydney, Australia, he says, you know, there's a guy down there that I have a lot of respect for that I've always wanted to meet, a guy by the name of Renee Rifkin. You don't have to know, you don't have to know him, do you? I go, know him. I'm on his yacht right now sitting right next to him in the hot tub. Hold on, let me pass you the phone. And I passed him the phone, and they had a bunch of laughs and had a nice chat.

And then I talked to Bob. And he says, well, I said, listen, let me get back to my hot. tub here. I'll call you back later. So in the book, Rich Dad, Poor Dad, Kiyosaki says something very controversial. He says a home really isn't an asset. It's an expense. It's a liability because it costs so much money. So the lie is buy a new home, buy a new car instead of renting and instead of leasing a car. So let's just back up first. Buying a new car is the big lie because in the first three years when you buy a new car, that's when the car depreciates the most. So let me give you the magic phrase here. Rich people buy appreciating assets. That means rich people buy things that go

up in value over time. Broke people buy things that go down in value over time. You can call that depreciating asset. So it's still an asset because you can sell it. But it depreciates. The value goes down. A car is a depreciating asset. It goes down in value over time. But the biggest drop when it goes down the most is in the first three years.

So when you buy a car, if you were to buy a car, buy a three-year-old car or older. I have two cars. One, I bought, it was a 10-year-old car. It was like brand new, super low mileage. I got virtually 80% off the new price value. And it runs like brand-new perfect. Then I just bought a second car three years old, actually four-year-old, a four-year-old car. And I saw the sticker price of what that car was brand new versus what I brought.

bought it for? One third the price. I paid one-third what I would have paid if I bought it new. That means if I bought it new in four years, I would have lost two-thirds of the value of the car. That's a depreciating asset. So if you're going to buy a car, always buy a used car at least three years old because you purchase appreciating assets, not depreciating assets. And you can also consider leasing a car, which is effectively renting it. And if you have any type of home-based business, you can potentially, depending on what country you are and the tax laws and codes by the time you're listening to this, write off some of that as a business expense. So you also get a tax deduction. You also don't have to put down a big down payment with a lease and you have a

smaller monthly payment. Something to consider. Next on the house. Rich people don't get mortgages on their house. So buying a house is okay. It is an asset, and it technically, hopefully, is an asset that goes up in value over time. So it is an appreciating asset. But buying a house with a mortgage is the worst thing a person can do. Unfortunately, in the beginning, you don't have a choice. because you don't have the money to buy the house and cash.

Here's what rich people do. Oh, by the way, the reason why a mortgage is a bad deal is when you get a mortgage, unlike a regular loan, like a car loan or something, when you buy a mortgage, it's a racket. A mortgage is a scam. A mortgage is a complete fraud. And it's set up by the banking system and allowed to be this way by the government so that the banks make a fortune. When you get a mortgage for the first several years, when you make your payment, you're just paying almost all interest.

You're not paying down the principal. So if you have a home with a mortgage, let's say you have a $100,000 mortgage, after the first year making the payments, you still owe $100,000. You haven't paid down your principal at all. So if the asset's going up, you're making all these payments. it is an expense, as Robert Kiyosaki said, author of the book, Rich Dad, Poor Dad. So the mortgage is a horrible loan. Horrible.

So what do rich people do? What rich people do, and if you watch a show like Million Dollar listings, where you see a million dollar homes, $5 million homes, $10 million homes, $20 million homes being sold. Josh Altman is one of the stars of that. I had the opportunity to have lunch with them when I was in Beverly Hills. Great, great guy. And if you notice in that show, many, if not most, of the people who are buying these very high-end homes, always say, it's a cash deal. I'm buying the home with cash.

Why do they buy the home in cash? Because they know a mortgage is the dumbest, worst type of credit or loan you can ever get. So here's what they do. They buy the home in cash, and then they go and use their asset, the home. as collateral to get a line of credit. So if they buy a million dollar home in cash, they can get a line of credit for $800,000, which means they have access to $800,000

anytime they need it. If they don't need it, they're paying zero interest. The money that they put up in the home is appreciating. So they are earning a return on their investment because the home is going up in value. And if it goes up five or six percent a year, they're making five or six percent

on their money. If it goes up 10 percent a year, they're making 10 percent of the money. It goes up 12, 13, 14, 14, 15 percent a year. They're making 12, 13, 14, 15 percent of the money. But they still have access to that money via the line of credit. The line of credit is a much lower interest rate generally than a mortgage or at least comparable. And here's the best part. When they draw on the line of credit to do a business deal or for inventory or business thing or they want to take a vacation or whatever they want what they want to do, if they draw on that, their payment, repayment terms are they only pay interest first and they can repay the principal at any time without any penalty, unlike a mortgage with is usually a prepayment penalty.

This way they have free access to their cash anytime they need it. And many times they need that cash only for a very short period of time. So they can draw on their line of credit, use that money for 90 days, make small itty-bitty payments for 90 days of interest only, and then pay it off, and now they have no penalty and they have no interest and no payments to make. that's how the wealthy buy real estate. And some of you thinking, oh, that's terrific for the wealthy. I don't have the money to buy a home in cash.

Great. Here's what I would suggest. Let's go back to rule number one, live below your means. When you buy a house, I can guarantee, and I've looked at dozens and dozens of people. You're buying a house that's too expensive. You're just spending too much money. And someone says, well, you don't know the prices of real estate. No, you're buying a house that's too expensive.

You're buying a house that's too big. When I grew up, a house was 1,200 square feet for four people with one bathroom. That was a normal-sized house. I remember I was in Zurich, which one of them? And I went there, this is maybe 20 years ago. I called the realtor and I met with the realtor. I said, I'm going to be living here in Zurich. and I want a place to either buy a rent, an apartment or a house, but I want to be in the city

so I can walk around. Terrific. She says, how big do you want it? And I said, well, not too big. It's just me. I'm single. I said, so I'm looking for maybe, you know, 4,000 square feet. And she looked at me like, excuse me?

Because she was doing the math of how many square meters that would be. be. She goes, say again? I go, yeah, I said not too big, maybe 4,000 square feet. She goes, there's nothing that big here. I go, don't be silly. I'm sure there's 10,000 square foot apartments in Zurich. There are in New York. She goes, not here. People don't live in places that big. And it reminded me of when I grew up. So you are probably just spending too much. much money. You have a syndrome called Keeping Up with the Joneses. Practice delayed gratification. If you would purchase a home much less expensive than you were considering, you'll save money. And over time, maybe three, four, five, six years, you'll be able to have enough money saved.

And when you sell your home, you'll have enough money from the sale via the appreciation of that home, where you'll have enough money to buy a house and either put down 70, 80% down or buy it in cash. And that's how you start. The journey of a thousand miles starts with a single step. You got to start someplace. You eat an elephant one bite at a time. If you look at somebody who,

I was just talking to a Rolls-Royce dealer, downtown Chicago, and he was actually on a million-dollar listings. And I was chatting with him, super, super fantastic guy. Joe. And I said, you buy your house is cash. Yeah. I says, did you buy your first house cash? No. Did you buy a really big house? No. He says, first, we lived in an apartment, small. We saved all of our money. Then we used that money, put down 50 percent, bought our first house. He put down 50 percent when he bought his first house. He says, and we sold that a few years later. And the second house, we paid cash. But the first two places he lived in were places you wouldn't. You wouldn't.

live in, successful people are always willing to do what the other guys are not willing to do. So consider that. And here's the third, and I think the most important lie that's keeping you broke. Have you heard this? Do what you love and love what you do. Trey, ever heard that? You ever hear, find, you want to get rich? Here's what they tell you, right?

right? Find something you love and then turn it into a business or get involved in that, and then you'll be rich and you'll never work another day in your life. It's a lie. I'll tell you the reason why it's a lie. I knew a friend of mine whose number one passion, the thing he loved more than anything, was painting. And he went over to his house. He invited me to dinner. I went over to his house. And I knew he loved painting. All he ever talked about was painting. Actually, he talked about two things, painting and playing musical instrument. So I went over his house, and I'm looking at his paintings, and I'm thinking, you're terrible. These paintings are like done by a third grader.

They're horrendous. And he says, I know, I'm terrible, but I just love doing it. Using the lie, find what you love and turn into a business. if he tried to turn painting or art into a way to make money, he'd be poorer than poor, completely broke. So you can't find something, and somebody says, well, let's say you love skiing. I love skiing. And let's say you're really good at skiing.

I'm really good. I love skiing. Okay, good. Turn it into a business? Really? Maybe you hate business, but you love skiing. You can't do something you love and expect to turn that into a money-making method. That's the lie.

But let me tell you what the truth is, because it is a distinction on this myth. And the distinction is this. There are two lines. One is what you love. And the other line is what you're good at. So find something that you love, kind of love. like a lot, but also that you're good at. In other words, where do the lines intersect? So really, the accurate way to get rich, make money, and never work a day in your life,

is do something that you love or like a lot and joy to some degree and are good at. You might be really, really good at something and just hate doing it. And you may really, really love to do something, but you're not really good at it. So you have to have this intersection of these two factors, something that you're good at and something that you love. It has to intersect. If you find that sweet spot, then you can turn it into a business. Use the manifesting technique that I teach in Your Wish is Your Command, that audio program

and book. Use that method and say, I want to manifest making money and earning my living from doing this. This is something I really like to do, and I'm relatively good at it. And the universe will present to you and manifest for you that perfect opportunity exactly the right time. And you will make more money than you ever thought possible, but more importantly, you'll also be happier than you ever thought possible. You'll be doing something that you love and are good at, and as the saying goes, you'll never work another day in your life. Take advantage of these things that I'm sharing with you.

There are so many more when it comes to money mastery and achieving financial freedom and independence, such as getting out of debt, how to fix your credit report, so many other aspects, how to invest, the money that you're saving each month, because you're spending 30% less than your earning. What do you do with that? Where do you put it?

There's a great book I'll suggest that you recommend you read. It's a simple, easy book. It's called The Richest Man in Babylon. Read that book and your eyes will be opened. You can achieve financial freedom and independence. You can make all your dreams come true. Believe in yourself and believe in your dream. And remember, you can do it.

If you like that show, I did another show earlier that I think you are going to love. So click on the link and watch this other show, which I think you will love. How to Make Your First Million. We're going to talk about money. One thing, the one thing millionaires do that I guarantee you don't do.