5 Money Tools Every Beginner Needs to Build Wealth

For every problem there is a tool to make the problem go away or make it easier. For a Nail you hammer, for jeans you have a belt, and for long distances you have a Car (and even for those problem that might arise from those solutions, you have a mechanic). You get it, tools help you, so in this video I’m going to give you the tools that helped me.

I was 19 years old, and I was so broke that I didn’t have to worry about identity theft, no one wanted to be me. Today I have a Paid off Home, $1000 in monthly passive income and a Job and life that I love. Shout out to God and these tools “because God Helps those who help themselves “

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Chapters:
0:00 Intro
1:58 TOOL #1
6:00 TOOL #2
9:07 What Tommy Uses
10:34 TOOL #3
13:14 Read This Book
14:00 TOOL #4
16:10 The 33% Rule
18:06 TOOL #5
20:40 Outro

1. First Tool: Budget

-Budget (don’t wait until you make a lot of money to budget, I started budgeting when I was making $60 a week, because when I was making 2000 a month, I spent every penny)
-The goal with budgeting is to help you to reach your personal financial goals
-The budget is the truth and it tells you what it takes

My Advice:

-My budget when I was starting is not the same as today ( I was a lot more particular about everything, I cared less about fun back then, and my priority was on investing )

-Label your expenses all of them (walk around with a Piece of Paper and write down every time you spend money) paper and pen works best

-Label them as Need and Want (and put them in to four categories, Shelter, Utilities, Groceries and transportation)

-The things you don’t need, you’ll have to eliminate them (if you don’t, then obviously you have a problem with instant gratification)

2. Second Tool: Bank Account, Savings Account and Credit Account

-I hate to say this, but it’s true, people worry about Cents instead of Dollars

-So, if all you have you have is 1k (0.1% is $1 and 2% is $20)

Don’t forget what matters:
-Great customer service
-Build Credit
-FDIC Insurance

Here is My Advice:

-Bank with the Bank that is the Most flexible and has no Fees
-Get the savings Account that has the best customer Service and is competitive
-For Credit use the ONE BILL METHOD

What I have: I have Sofi Money for Savings/Checking, Chase Bank for Checking and lastly Discover and Capital one for Credit.

3. Third tool: Brokerage Account, Job Retirement and Personal Retirement Accounts
-Focus on what really matters (customer service, Reputation and Automation)

Here are the Tools that I use:
-I invest 20% of my income (only after I paid off my debt and saved for 6 months’ worth of emergencies)
-I use an Account with M1 Finance, for both my brokerage and Personal Retirement account and my Work Retirement is with Vanguard
-What you invest into is the most important thing ( little book about Common sense investing

4. Fourth Tool: Buying A Home Formula and paying it Off Early

So here is the Rule I developed and the Why
-The Goal is to Pay off a Home and own it as fast as possible
-33% rule on a 15 years mortgage (only buy when debt free, have a full emergency account and you’re investing 10-20% into retirement)

5. Fifth: Saving Up for Big Expenses: Car, Wedding and Kids
-Simple always Pay Cash
-And when you can’t afford to break it down into paychecks and see how much you have to set aside and for how long

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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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