How To Stop Living Paycheck To Paycheck
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- čas přidán 16. 04. 2021
- I think the Scariest thing about living paycheck to paycheck is the lack of options you have. You could be miserable in a job and you cant just quiet because you cant afford to. It also feels like you cant breathe and you don’t know where your money is going.
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1. You Need A Budget ( not the app, but just a normal Budget )
- A budget is just understanding where your money is going ( I call it your financial GPS)
- A simple budget is this one
Budget: Income - Expenses = Surplus or deficit ( extra money or no money)
- Now here is a pro tip that you need to use when writing down all your expenses ( Things I Need and Things I Want )
- Cut every single you want, and look for cheaper alternatives of what you need
- For example, moving apartments to save money on rent, no shopping at wholefoods and shopping at Walmart or whatever it is
Tip: your expenses, should not be more than 70% of your income. For some of you, this might mean getting a second job to raise the amount of money you have.
2. Priorities, Goals, and new habits ( basically a better system )
- Once you know your surplus here is what you do
- And if you have a deficit, you have to contact the people you owe money to and ask for a pause, because you cannot afford it right now
- This is embarrassing and difficult
Priorities:
- Pay off your debt first
- Build a full emergency account ( while maintaining good habits )
- Then focus on building wealth
How do you this: ( its an envelope system, so every dollar you make will have a job ) - but the goal is to have a better system, so your money can be more efficient. ( so let's get your money hired )
Emergencies: $1000 +1%
Investments: 1%
Debt: 26-46% ( everything except the mortgage, so sell anything you don’t need)
Expenses: 50-70% ( Sofi )
Fun: 1%
Charity: 1%
Second: building that Emergency fund and good habits
Emergencies: $1000 +26-46%
Investments: 1%
Debt: 0%
Expenses: 50-70%
Fun: 1%
Charity: 1%
Third: Building Wealth and Lowering your expenses
Emergencies: Fully Funded
Investments: 10-25% ( or 10% if you want to save for a house fast - 15% or more once you buy the home + 5% for 529 accounts for kids )
Debt: 10-38% ( down payment for home: Continued to pay extra after )
Expenses: 50-70%
Fun: 1%
Charity: 1%
Tip: Remember the Goal Is to own home not finance it forever ) - 15-year mortgage and no more than 33% of your income
Fourth and Final
Emergency: Funded
Investments: 15-25% + 5% for the 529 account for kids
Debt: 0%
Expenses: Lower ( because you have no living Cost )
Fun: Can be raised
Charity: Can also be raised
3. Not just debt-free but Thriving
Video for investing:
Vidoe for buying a house:
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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.
here's a free tip: always think you only have 2 dollars left in your pocket even though you have tons of cash set aside. once you get your paycheck, pay the essentials and set aside the rest ( high earning savings account ) and forget about it as if you never had any to start with. do this for a year like i did and youd be blown away how it changes your mindset and you create a healthy financial habit simultaneously. it doesnt matter if youre setting aside $100 , $10 or 25 cents each pay period. the point here is that your creating a new habit
Stock can drop from top to bottom and still be a 60 bagger. All this in 10y. investing is a very long journey where our temperament gets tested. have to have the capacity to suffer for long periods. have lived through the examples above, naming the stock today is pointless.
Reason why everyone should have a profitable investment.people need money
You're right Investment is the key to surviving during times like this when the government decided to mess with people.
Yeah what type of Investment y'all are into the stock market has been crashing lately.
Bitcoin investment is the best when you're on a profit based platform especially with the current rise.
Investing in cryptocurrency and gold which is better?
Learning everyday with you thanks!
Tommy always answers questions before they asked 💪🏽💪🏽
I agree it's better to pay extra on your mortgage that way if something ever comes up and you have to skip a month or two on your payment, your still not behind
A~p~p~r~e~c~i~a~t~e y~o~u~r~ co~m~m~e~n~t ....f~o~r f~u~r~t~h~e~r ~t~r~a~d~i~n~g g~u~i~d~a~n~c~e .w.a.t.s.a.p
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Tommy, I am going to try to start executing your plan since I have not had a good plan in place and needed guidance. This was an excellent video on how to stop living paycheck to paycheck. I find it very valuable, thank you!
Thanks for the info bro 💯✊️
I LOVE Your Teachings, its one of the Most SIGNIFICANT focuses. I've started to Teach about Money aswell on my Podcast
A~p~p~r~e~c~i~a~t~e y~o~u~r~ co~m~m~e~n~t ....f~o~r f~u~r~t~h~e~r ~t~r~a~d~i~n~g g~u~i~d~a~n~c~e .w.a.t.s.a.p
🇺🇸~141-~5~7~1~2~7~6~5~1
Knowledge Appreciate it 👑 love definitely need 2 send this 2 people who are in debt
A~p~p~r~e~c~i~a~t~e y~o~u~r~ co~m~m~e~n~t ....f~o~r f~u~r~t~h~e~r ~t~r~a~d~i~n~g g~u~i~d~a~n~c~e .w.a.t.s.a.p
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Friend keep giving these great conversations and talks to us much love
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Thank you!!
@@TommyBryson hes a robot
Great vid
A~p~p~r~e~c~i~a~t~e y~o~u~r~ co~m~m~e~n~t ....f~o~r f~u~r~t~h~e~r ~t~r~a~d~i~n~g g~u~i~d~a~n~c~e .w.a.t.s.a.p
🇺🇸~141-~5~7~1~2~7~6~5~1
Good looking out bruh
A~p~p~r~e~c~i~a~t~e y~o~u~r~ co~m~m~e~n~t ....f~o~r f~u~r~t~h~e~r ~t~r~a~d~i~n~g g~u~i~d~a~n~c~e .w.a.t.s.a.p
🇺🇸~141-~5~7~1~2~7~6~5~1
Investlng is how you create wealth,I started investing from pandemic crash👍
Crypto is the new gold
I wanted to trade Crypto but got discouraged by the fluctuatlons in price
Fake stephen
I'm investing now I didn't know when the market crashed
I'm actually glad you make multiple budgeting videos, that way your new subscribers can get that knowledge without searching through your older vids. Keep up the quality content, I have been following your budget outline since January and while it may take some time, I am on my way to not living paycheck to paycheck.
A~p~p~r~e~c~i~a~t~e y~o~u~r~ co~m~m~e~n~t ....f~o~r f~u~r~t~h~e~r ~t~r~a~d~i~n~g g~u~i~d~a~n~c~e .w.a.t.s.a.p
🇺🇸~141-~5~7~1~2~7~6~5~1
Short and sweet, thank you!
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Got you 😎
THANKS
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On the credit cards are you setting the same percentage on auto pay for all of them even the highest interest rate?
so many people need this, share with the world
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Thanks 😎
A~p~p~r~e~c~i~a~t~e y~o~u~r~ co~m~m~e~n~t ....f~o~r f~u~r~t~h~e~r ~t~r~a~d~i~n~g g~u~i~d~a~n~c~e .w.a.t.s.a.p
🇺🇸~141-~5~7~1~2~7~6~5~1
I’m tired of living from paycheck to paycheck. I need a other plan, job, or own my own business.
Real talk, even if you owned your own business .....if you have poor money habits, really, you won't even have the business that long. But we can talk about it if you wish
Most of my 50 plus year old friends are broke.
I have my emergency and saving account in acorns I know I should keep out 1,000 on me but I would rather it grow in the stock market than letting it set for months if not years.
Psy yourself first is the best no ......the greatest money advice I've ever been given
Live below your mean, but within your needs
Really great analysis.You are one of the few who see that this market is completely different than 1999-2000 market .In 99 there were no earnings just "burn rate." Today we are seeing earnings growth like never before. Nice job love your work!
Exactly fine words! I've heard all day.
Crypto has become a lucrative and profitable way of making money 💰
@@derickmacall2541 Yeah I think you're right, because no matter the stock market crash one needs to have a different portfolio, I already invested in Forex and Crypto which are really profitable.
The Future is all about investing in Crypto or Forex because it yield the best results.
I've been an investor and I can tell it changed my life for better 😁😁. Investing in Forex and Crypto will be one of the wisest thing to do.
This guy know what he's talking about 😁
He Does ONE MILLION PERCENT!!
A~p~p~r~e~c~i~a~t~e y~o~u~r~ co~m~m~e~n~t ....f~o~r f~u~r~t~h~e~r ~t~r~a~d~i~n~g g~u~i~d~a~n~c~e .w.a.t.s.a.p
🇺🇸~141-~5~7~1~2~7~6~5~1
@@tommybryson1945 xD
So does the guy who wrote the richest man of Babylon..🤭
How can i get in contact with you boss ?
I finally got out of the paycheck to paycheck system thanks to acorns I have around 3 months worth bills saved up. I can not save money if I have the cash on me so I put in as much as I can in acorns with my paycheck or my eBay business.
Can you do a review about i shares etf AOA an Aok an Aor would like to know you view on these investments
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Tommy on m1 finance do you have a 401k account, a Roth IRA account or a taxable account? And why?
Taxable : I make to much for a Roth and I have a 401k with my job
Notification gang
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Ayeeee
What about if you get paid every week How should you break that down
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W/H/A/T/S/A/P/P M/E//
What’s the minimum cash you need to invest in for m1 finance with the same pie you have..it said that I need a $500 dollar minimum deposit
Do well to check Gracy Hanandes on how to earn profits in crypto (BTC/ETH) e.t.c trading...
Thanks for your feedback...for more information...+1=9=2=9=4=5=6=4=8=6=8
W/H/A/T/S/A/P/P M/E//
I don't want to buy a home
Lol your videos be crazy bro
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😎😎
❤invest
Stocks, rental income and a business. Invest your money!
A~p~p~r~e~c~i~a~t~e y~o~u~r~ co~m~m~e~n~t ....f~o~r f~u~r~t~h~e~r ~t~r~a~d~i~n~g g~u~i~d~a~n~c~e .w.a.t.s.a.p
🇺🇸~141-~5~7~1~2~7~6~5~1
📈💪💪
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@@Suyaang how is it a scam
I’m more of a debt snowball guy
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Whatever works for you, as long as you are focused on paying it down ( avalanche will save you money though )
hi
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Hey
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You can’t bribe me when I survived things normal people wouldn’t be able to survive
Bitcoin is the future ,investing in it now is the wisest thing to do now especially the current rise
Bitcoins is getting banned, it's only temporary and you can invest in other things
I'm impressed with the thoroughness and professionalism exhibited by *MitnickSystems* particularly their depth of knowledge, focus, integrity, and attention to detail make us very comfortable doing great things with them!!
HONESTLY we need more people like *MitnickSystems*. If you had an army of people like you, we could stamp out these total loss in no time. I love that you're helping the victims too it's ultra gratifying when you are able to save people in real time like you do thanks for recovering mine
I have my emergency and saving account in acorns I know I should keep out 1,000 on me but I would rather it grow in the stock market than letting it set for months if not years.
Capital gains....