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| Name | 6 Steps When you get Paid |
| Video Uploader | Video From TommyBryson |
| Upload Date | This Video Uploaded At 02-02-2020 23:00:01 |
| Video Discription | So you get paid every Friday and maybe bi-weekly but the point is you get paid and you don’t know where your money goes.✅Free $25✅: https://www.sofi.com/share/money/2652618/ 6 steps When you get Paid Emergencies: 10% Right now I have $6000 for emergencies: enough to cover everything for 6-8 months. A few years ago I couldn’t cover extra fries because it wasn’t part of my order So heres what you do Why: you don’t want to let life happens to you, you want to be ready, for any emergency, especially car repairs people always complain about this What to do: You want to create an external bank account for this, that may take 1-3 business days to actually get the money to you. That way you’re are not tempted How to do it: Get an account with wealth front, and every time you get paid deposit 10% in this case: Math: 1000*10%=$100 ( by the end of the year with our example, you’ll have $5,200 bucks ) = that’s Time more than the average American. Link to wealthfront: https://www.wealthfront.com/ Investments: 10% - 20% You know when you get paid, and you say I want to invest this money Then 10m later all the money is gone Well the same thing happened to me because I didn’t know what to do Why: you want to multiply your money, so one day your money can take care of you Heres What I do: with $100 of that 10%, I would take 50 and put into Acorns, it lets you invest money into ETFs and grow over time. So far I have $9,728.41 ( this money grows at 7% and also pays me dividends, for an average return of 9% a year ( that’s 900x more than the .01% I make from chase savings) By the end of the year: $2,600 invested ( and in 40 years that money will add up $812,488 ) The other Half $50: take that money and split it into 2: save $25 for investment and take the other $25 and buy a book or a few books/courses/seminars, that can help you create more income. Once you have the knowledge, you should have some money on the side to try out the ideas. ( 25 * 52 = 1300 ) Start off with audible and get 2 free books Debt: 10%-20%: Student debt, Credit card debt, Car debt I know people literally paying a 900-2000 car note every month, the answer sometimes paying is not the answer. The answer is to sell it and get some cheaper. Why: The less bad debt you have the better your future will be, remember when I said your Acorns investing will return on average 9%, well that's nothing compared to 20-35% of credit card interest. What to do: I pay my credit cards on a weekly bases whenever I get paid. In a specific order ( PS don’t wait until the due date, pay it right then and there so the money does magically disappear ) Using this method: I've paid off more 16k in credit card debt Expenses: 50-70% ( any more than this and you have a problem) You know when someone says, I don’t have any money left over, or I have to many bills to pay. And they give you this weird smile, well that’s the look of someone’s life falling apart Why: Expenses are mandatory: you need shelter and food and electricity, you can avoid these needs. What to do: make a list of your income and also a list of all your expenses. ( if you don’t need it to live like, Food, shelter, water, electricity, then get rid of it, at least for now) Fun: 5%-10% ( and this is my favourite account, I get an average of $60 per week and I ball out on amazon ) Why: Budgeting can be miserable if it doesn’t let you enjoy it, so this is the smart way to give your life some balance. How: You can do long term fun or short term fun. - If I want to buy something like a video console: then I’ll save some of that $60 to buy it - Short term is just spending it as soon as you get it Charity: 1 – 10% Before you say, I don’t have any money, just hear me out. (you'll never have enough money) the more money you make the more you’ll need it for something * PRO TIP* INFORMATION IS EVERYTHING 👕Merch👕 https://teespring.com/stores/tommybryson ✅2 FREE AUDIOBOOKS✅ https://amzn.to/2Enayo8¬¬¬ 🎁ACORN FREE $5🎁 Link: https://acorns.com/invite/38EYSU ⚡FREE KINDLE UNLIMITED⚡ (traditional reading) Link: https://amzn.to/2VGbxt9 👨🏽💻DISCORD PRIVATE GROUP👨🏽💻 https://discord.gg/EcZEHpA My Camera Gear: https://amazon.com/shop/tommybryson ✔ Help Us Reach 50,000 Subscribers: https://goo.gl/0wvm6w Social Media~ Facebook: https://www.facebook.com/tommybryson.yt Twitter: https://twitter.com/TommyBrysonVlog Instagram: https://www.instagram.com/tommybryson Snapchat: tommy28fly |
| Category | Education |
| Tags | tommybryson | 6 steps When you get Paid | personal finance | how to save money | money saving tips | manage money | money management | saving money | ways to save money | bank accounts | minority mindset | save money | paycheck to paycheck | financial freedom | how to save money fast | financial planning | money | debt free | dave ramsey | finance | spend money | financial tips | do this on payday | financial education | steps when you get paid | what to do on payday | entrepreneur | minoritymindset |
