I’m going to start this video with a question,. Have you ever said, that you were going to get your money In order. And maybe you saved some money. But then you rewarded yourself with a vacation and came broke.
Or you saved money, and all of sudden you had an emergency, and boom your broke.
Or last one: you saved money, but didn’t really know what to do with it, and then a few weeks of black Friday, chrismas and cyyber Monday later, your broke.
And it starts to feel like, you are either allergic to money, or somethings wrong. Today in this video we are going to fix that, and to be honest, it only 2 things stopping you.
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1. Since I got you to Admit the problem or Comment down below
– Its only fair I admit my mistakes also
– And this is very embarrassing but if it helps it helps
When I was 19 years old:
– I had a spending problem, I had 23 pairs of jordans, and less than $300 most of the time ( money was like was water, it just left ) – so I made a commitment to change
– I saved $10,000, my goal was just to save 10k
– I used some for investing, and saved the rest
– A few weeks later, I sold the investments, made a profit, and went back to all of my old patterns ( make money, spend money, broke)
I didn’t understand it:
– But after reading a book called stop doing that ish and un f yourself by gary bishop
– It started making sense
– I graved a change, but the minute I got close to get it, I got started and rewind back into my old habits
Tip: if you want to fix the mental part of this ( I recommend those two books)
2. What are the 2 Things that Can Help you ( stop spending money )
– This is not a tip or a hack, it more like a fact
– And I like to keep things simple
– These two things are ( Purpose And System )
Here is why?
– If you save money and it has no purpose, most likely you’ll spend it or you’ll find not the best purpose for it
– If you have a purpose for your money like investing, but you have a terrible system, you’ll end up losing that money
– Purpose and System ( that’s all you really need )
3. Here is How
– Money is currency, and currency can be exchange for goods and services
– So having money is obviously important
– So here are 6 purposes to Money, that work together to create a system (aka Jobs )
Emergencies: 3-6 months inside
Investments: Retirement Accounts 4% rule ( whatever amount of money you want divide it by “.04” + savings goal calculator ( make sure your debt free, and have a full blown emergency account before doing this )
Debt: this job is to get you out of trouble ( paying off debt with the avalanche method or snowball method: but pay off your debt before you start investing, everything exept the mortgage )
Expenses: Price of being alive ( shelter, Utilities, Groceries and transportation) – and the goal is to get to a point where you investment pay for all this eventually but in the mean time keep them low
Fun: You know whats that for, I don’t even have to tell you. But it has to be your fun not anyone else definition of it.
Charity: Money once its taking care of you, can help others, and why not.
4. Putting system into action
– Sofi Money
– 2 additional account
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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.