What Poor People don’t know about money

1st Money is Time/Energy
Two things need to be done:
- Take money seriously
- Earn the most per house possible

Wages are for making money not for seeking happiness, don’t believe the lie that your job will make you happy, it doesn’t
- Job is for security in the future with pension
- Today its job is happiness
- It's not its about making money

When you understand how serious this is, you stop acting like spending money on things you need is not a big deal, you start taking things seriously
⁃ If you are looking into a car that costs $30,000
⁃ And you make $20 an hour
⁃ $1,500 hours gone or 187 days
⁃ Iphone close to 7 days
⁃ A $2,000 dollar vacation is 14 days of your life
- When you look at money this way you try to get the most out of money

What do you do?
⁃ If money is time and you can’t get time back
⁃ Take your time seriously
⁃ Spend Less than you make
⁃ Save and Invest

Book: Your money or your life

2nd Investing is Simple but not Easy
How to Invest
⁃ Live on less than you make: so you can have a surplus and invest that
⁃ I would invest into a The S&P 500 or a target date mutual fund by Vanguard
⁃ You can expect to make 8% on your money over the long run

Math:
⁃ If you start at age 25 and invest $1000 and $300 each month for 10 years ( less than 10% of the average US salary per month )
⁃ You would have $58,000 ( people would say, 10 years and that’s all I have to show for it ? )
⁃ Keep investing for another 30 years until you turn 65 years old
⁃ You would have 1M dollars, by simply putting aside around 8% of your monthly income

Book: Common Sense Investing by John C bogle

3rd Debt is a Dangerous Tool
⁃ First I want to establish if you don’t own something paid out in cash, you don’t own it
⁃ If you don’t believe me, look into the 1930s stock market crash after the roaring 20s

Today:
⁃ I don’t have a single credit card, not one
⁃ I don’t owe anyone money ( just the government, taxes you know )

Before you say: that’s not possible?
⁃ If you want to buy a home, you can save 10 or 20% for a downpayment, buy on a 15 years mortgage where the house expenses are no more than 33% of your net income
⁃ And you can pay it off quickly

Book: The Barefoot Investor

4th: The Joy of Money is in Spending it

Here is the truth about the average millionaire in America:
⁃ The most popular cars among them is the Ford F-150
⁃ They live in modest homes
⁃ And they spend a life ( living on less than they make )
⁃ They find happiness in simplicity ( like eating tacos and going to your favorite restaurant )

Actions:
⁃ The happy part about financial freedom
⁃ Which is making more passive income than you need to live
⁃ Is that you can spend on the things you really care about
⁃ If all you care about are things, you need to reevaluate yourself

Book: The Millionaire Next door

5th More Money in incapable hands will not change your circumstance

This is important:
⁃ You’re not poor because you make less than 100k per year or 1million per year
⁃ You are poor because you spend more than you make
⁃ And you have little to show for your income

Here is an example:
⁃ A lawyer makes over 200k a year, lives in Manhattan paying rent, drives a BMW and buy fancy suites ( he has about $10,000 In his checking and a lot of debt )
⁃ If he doesn’t get paid this month, he goes under and is in trouble ( he is poor )
⁃ An office worker makes $40,000 a year, he spends most of his money on rent, car loan, and going n vacation and also buys a lot of stuff on credit ( he is broke )
⁃ You see many men with capable incomes are broke and many men with average incomes are rich
⁃ Its not an income problem only, its a capability problem

Book: The Richest man in Babylon

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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.