Take All Your Money Out Of Banks Before 2022

Lets make 2021 the last year where people leave money in their banks to save, build wealth or multiply their money

People be worrying about the wrong things, I had a friends onces tell me, I like this bank because it gives me 1.5M in FDIC INsrunace, and I was like 250k isn’t enough, he said no

Then he told me his also looking for the highes interest rate in the banks, you know the higher Yield and that he spent hours researching this stuff

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0:00 Intro
4:09 What a Bank Account is Not
10:38 What should You do Instead
15:19 Outro

1. What a Bank Account is Not
– Im not going to sit here and at like there is no benefit to a bank account, because if their was no benefit the product wouldn’t exist
– First Positives: It’s a Safe Place to Put your Money but you should know the lower the risk of losing your money the lower the potential return ( that’s you’ll never make a lot of money in bank, unless you’re a weird bank that want to take you on as a partner with the lending ) Doesn’t exist to my knowledge
– Second It is not an investment: Investment means to make a profit and in order to make a profit, you have to outperform inflation and fees.
– Third: Its not bad idea, old fashion idea or a terrible idea to have money in the bank

Here 2 Reasons you Should Keep Money in the Bank: These are Jobs for Money
– First: Emergency Account Money: average person should have 3-6 months, people with wild fluctuate and risky income should have 6 -12 months. The bank keeps this Money safe and gives you Quick Access.
– But Tommy what about Inflation: If you have budget you will see your cost of listing go Up, so just adjust the amount based on the extra dollar in spending ( but this money isn’t supposed to make you money ) – its literally for safety ( so you want 0% risk of lost or the money being tied up )
– Upcoming Expenses: Savings for Down Payment, Wedding, Taxes or even a vacation. ( notice these are things that you don’t want to risk your money on )
– Do not Confuse Saving and Investing ( they Both have amazing Benefits )

2. So What should do Instead : 4 things: Clean up, Safety, Growth and freedom
– Well I know most people on youtube tell you, open a Roth Ira or Brokerage account or Real Estate or a Business or whatever
– Which is not wrong but that’s all growth and before you get their you should worry about clean up and safety
– In 30 years investing $500 bucks a month at 11% you’ll have 1.3M
– This game is hard and takes time, its long term bro

So that’s why I say:
– If you sacrafic the first 10-15 years, doing that no body else would or wants to
– You could have a Clean Financial Life, Safety ( emergency account ), Investment habits along with a paid off house ( then all that income to you get to enjoy it )

3. Overall: instead Giving the Bank your Money ( But your Money to work for you )

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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.

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