So if you are on a low income what should your financial goals be. And I can talk about this because at one point my income was as low as it could be, I was making $60 a week, and had $2000 in credit card debt and around 13k in student loans.

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1. The First Financial Goal ( is to Create a Budget )
– I remember realizing that needed a budget and I only had $60 a week
– but your budget is going to be your guide, it going to be the truth to what’s going on
– turns out most of that money was being spent at chipotle, Shoes, and clothing

Here are the basics of a budget: ( Give your money a job, and start to view yourself as to its boss)
– so here step 1 is right down your income and your necessary expenses ( divide your expenses by income and that’ll tell how much of your money is spent on expenses ) – the goal is 70% or less
– Then you want to give your money 6 jobs ( and the first job you already found for the money which is handle expenses ) – so right down expenses and the percentage

Full List of Jobs:
– Emergency Fund Job: 1% + $1000 already inside
– Investing Job: 1%
– Debt Paying Job: 26%
– Expenses Job: 70%
– Fun job: 1%
– Charity Job: 1%

Question: where do you put this money to work

2. ( Second Goal just save $1000) Start Saving for the Unexpected and change the expected ( job/skill)
– The first job you want to focus on is saving $1000 for emergencies as fast as possible
– This is what’s going to help you when things go wrong or when something breaks
– This way you avoid having to go into credit card debt or borrowing money from friends and being embarrassed
– So you would want to put all the extra money into saving for emergencies

I want to mention this:
– A low-income job is due to two things, Location, and Skill
– Low-income jobs are not permanent
– Consider getting a new skill that will pay you more money or moving locations to give you more opportunities

Tip: but I live in New York? A lot of opportunities.

3. ( Third Goal Debt Free) Clean up your mess
– When you have credit card debt, student loan debt, car loan debt or whatever you have ( even a pay loan )
– They charge you so much interest, where it becomes almost impossible to lower your balance
– Imagine trying to clean your room, and someone is just through double trash you take out, you’re never going to finish. ( you gotta take 10x the trash)

What to do:
– Once you save up that $1000 for emergencies
– Use all that extra money you have to pay off all your debt ( using the avalanche method )
– Meaning you pay the debt with the higher APR first and keep moving down ( you should have somewhere around 26-30% of all your money going towards this goal )

4. ( Goal 4 start investing ) Start Building Wealth & and Set a Foundation
– So remember that $1000 you have in emergencies ( go ahead and start putting aside had the extra money to build it to 3-6 months worth of emergencies )
– Then grab the other half and start investing into some index funds ( for long term growth ) 20-25%

5. Goal 5 is to make life easier ( you buy a home and pay it off fast )
– Once you have that emergency funded
– You have extra money to save for a down payment on a home

Instructions:
– Buy a home where the total monthly cost does not exceed 33% of your income ( insurance, mortgage, taxes, maintenance, hoa fee, and whatever else )
– Make sure this home is on a 15-year mortgage
– And pay an extra 15% towards it

Tip: those are goals to make

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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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