People think that wealth is about the amount of money that you make, and the amount of money that you invest. And although those things are important, doing just a few important things right will make a big difference
Its not about how much you do, and it’s about doing the important things right.
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Obviously First: as you watch this video, if you think these things are extreme that normal because most people are not going to do things, because most peple suck with money.
Car You Buy and For How Long you Keep it ( 210k over 10 Years )
Lets say you bbuy a new car and you spend $30,000 on this car
You pay $700 on the loan and after 5 years, the car is worth about 15k
Most people drive it for another 3 years, and then take on another loan and do it all over again, all that money is gone forever and new car smell, turns into smoke
Instead:
You buy a used car that cost $15k, and you pay cash so debt
You drive this car for 10 years
And you invest the $700 you instead per month ( 10 years later you have about 210k at 10% )
Tip: don’t forget most people drive a car for 8 years and all they have to show for it, is a negative number
The House you Buy, Length of Loan, Price of the House, and who are your neighbors ( 15 year of savings )
If you buy a house that’s to expensive it’s a burden and it’s a lock on your income for 30 years
If you live around the wrong people, they will influence and before you know it, you will be overspending.
Imagine spending 30 years paying off a home its ridiculous, its normal but its stupid
Instead: Buy it on 15 mortgages where the payment is no more than 33% of your monthly income
That means in 15 years you own your home or less if you make extra payments
That’s half the time
Saves you a lot of money in interest, a lot of time in payments, and a lot of stress.
Living Debt Free ( Risk, Stress, and creates simplicity )
Don’t have to worry about your credit card interest, payments or getting points
Your student loans
And somebody calling talking about collections.
I started living debt-free last year:
It’s a big difference, when you don’t have the cash you just cant buy it
And when you buy it, you own it
And you don’t worry about your credit score or any things else, life is different
What you do For Living
Yes, you can work a job that you don’t like an make an extra 200k a year
And if you’re smart and you work that job for 5-10 years
You can be set for life
However:
For the average person that just a normal job that make 40-70k a year
Well making 40k at a job you enjoy, with a short commute, with the people you like can be a lot better
And don’t think I’m saying be irresponsible and don’t invest and rely on your job (but I’m saying pick a job you enjoy and do the things you need to do)
How Much you invest, and in what and when you start
the reason investing work, is because its like planting a seed
you plant one seed and you don’t get 1 fruit
you get many fruits
so I recommend you start investing:
once you are debt free and have a fully funded emergency account
invest just $200 a month for 40 years
turns into 1.1 million dollar, you cant afford not to invest
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
