Nine money habits keeping you broke — and how to fix them

Executive overview

Most people stay broke not from bad luck but from bad habits around advice, attention, and spending. Dan Martell walks through nine specific habits — drawn from his own path from broke at 24 to millionaire at 27 — that silently block wealth-building.

The fix is not penny-pinching. Real wealth comes from playing offense: building skills, buying back your time, and tying money to purpose.

The nine habits

1. Taking advice from broke people. Only take financial or business advice from mentors (people who've done it), coaches (deep specialists), or peers one to two years ahead of you. Everyone else: listen politely, then ignore.
2. Ignoring your bank account. Check your cash daily (24-hour rule). Automate budget tracking with a free app. Look ahead for upcoming expenses. Set alert sensors so nothing moves without your awareness.
3. Trying to get rich quick. FOMO is a terrible basis for financial decisions. Build a valuable skill, solve real problems for paying customers, and keep the business structure simple — sell to a stranger, take money, you have a business.
4. Trading time for money. There are three levels: employee (time for money, linear), entrepreneur (money for time — hire to free capacity), empire builder (money for money — invest so returns don't require your presence).
5. Paying for status. Spend the least amount of money to build your dreams. Live below your means with pride. Practice carrying cash without spending it. You can opt out of the status game entirely.
6. Impulse buying. Delayed gratification is more powerful than compound interest. A yes to impulse is a no to your dreams. Tie big purchases to a goal — earn the reward by hitting the milestone.
7. Spending time to save money. Broke people spend time to save money; rich people spend money to save time. Use the buyback rate: annual income ÷ 2,000 = hourly rate; one quarter of that is the max to spend per hour to free yourself. Reinvest freed hours into higher-value work or recovery.
8. Playing defense. You cannot save your way to wealth. Invest in your skills (unlimited budget), your network (get in better rooms), and your time (buy it back). Play to win, not to avoid losing.
9. Making money the goal. After his first exit, Martell felt lost despite the millions. Money without purpose is just paper. Reframe wealth as how many people you can help. Find your purpose near the hardest thing you've overcome.