4 Lessons I Learned About Money

One of the worst things In life, is knowing you have problem because of the results you get, results may include living paycheck and being broke, but knowing how to actually fix it. Some people manage to save money and then 2 months later the savings are gone.

I learned a few things about money early on but the lessons I learned weren’t the best. I learn from my mom to save but nothing on investing, I learn from my dad to make money but nothing on how to spend it. So dedicated my self to learning from people that were good with the management of money, and led me to reading a lot of books, and from those books, I managed to grab 4 lessons that change your life if you assimilate the today.

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1. A part of all you make is Mine to Keep

-This is something I would say to myself every time I got paid, to remind myself what I learned in the book called “ the richest man in Babylon “

-Whenever I got paid it felt like I was working for nothing

-Everyone would get money, the bills, the expenses and the partners over at nike and chipotle

So this rule is Simple:

-So this rule is simple, save 10% for investing, live on 70% and use 20% to pay off your debt

-Its one of the first plans I used when I was first getting out of debt and figuring out how to manage my money

-And that 10% you probably don’t know how to invest, its okay, keep on the side but name it for investing

2. Personal Finance is Personal

-I learned from two people, I will teach to be rich and also the physcology of money

-The lesson I learned is that you don’t need to worry about how your plan makes sense to others, it just needs to make sense to you

-When I try to explain to someone I like having my real estate paid off and they say I could leverage it, I say you do you what you want with your money

This is powerful

-What I would do is this, figure out how you want money to work for you

-And then create a plan that makes sense for you

-The course I offer is for people that are conservative and to get their faster and not take on a lot of risk

Ps. This is helped me a lot, because if I want to buy a new phone, or glasses or whatever it is, I don’t have to worry about somebody else budget

3. Only invest into what you understand

-Investing is a tricky game

-Because the smartest people make money by activity

-And the best way to make money in the long term is not to do anything

For example:

-Wall Street would have you believe that IPOs, the next hot Crypto Coin, or the next hot stock is where the money is at

-But the real money is in you investing Into the S&P 500 and letting your money grow over the long term

-But if you did that, all those WallStreet brokers would starve

4. The Two truths for Real wealth

-First allow compound interest to do its job

-Second wealth is making enough in passive income, to cover all your expenses, so the lower your expenses the faster you can arrive

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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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