6 Steps to Stop Living Paycheck to Paycheck

6 Steps to Stop Living Paycheck to Paycheck, No earnin App, No dave app, and no Pay loans.

Now at my lowest point I owed around 16k in credit card debt combined with student loans, and I had an income of around $60 a week.
– Today with these steps, I’m making a little over 10k a month which is a lot better than $60 a week

Questions I’m going to answer: How to stop living paycheck to Paycheck
– Give you guys 6 steps to follow to make sure you never need it

6 Steps to Stop Living Paycheck to Paycheck

1. Know where you Are and Where you want to Go
Story: It’s sad when you get paid, and after your done paying your bills you don’t know where all the money went, and its only Monday and you got paid Friday.
Exercise 1: ask yourself why you why to stop living paycheck to paycheck
– ( my answer was because I wanted to keep more of my money)
Exercise 2:Write down Your Income and Your Expenses with the Names
– Example: Food, rent, utilities, internet and more
Exercise 3: Remove every single Bill that’s not a need
– Example: Netflix, Hulu, Spotify, all this stuff ads up
Tip: now you know where your money goes and what you have to do, to keep more of it
2. Pay Off Your debt
Story: Since you cut out expenses and probably now are making more than you spend, its time to use that extra money to pay of your debt.
Exercise 1: If your making 500 dollars a week and are spending 400 bucks
– Take that extra cash and pay off your debt faster ( if it’s charging you interest)
Full Video: https://www.youtube.com/watch?v=Lu_XN2rVepQ&t=5s
Exercise 2: Take your credit cards, use them for points and pay them in full every money
– This is how you master self-control ( only spend on your real expenses nothing else)
Tip: If the debt doesn’t make you money then stay away from it

3. Invest in The future and In today ( education and ETF)
Story: If your making 7.25 an hour, you’ll need to increase the amount of money you make
Exercise 1: 3 Options
– 1 Self Education ( Learn a skill and increase your income, sales, online sales or consulting)
– Trade School: Learn a marketable skill and get a higher paying job
– College: Pick a great career that you like and increase your income
Exercise 2: Live the same as you did on minimum wage
– Use all the extra money to invest in a business, real estate or the Market
– How? Take a course and Learn
– Link to Acorn: https://www.youtube.com/watch?v=U4RLWIxubYg
Tip: I use Acorn to invest in future Tommy and My business to invest in current Tommy

4. Build an Emergency Account
Story: I’ve seen it several times, people start saving and then boom an emergency happens, and your savings are gone.

Exercise 1: Remember those expenses you have that you calculated
– Well: take your monthly expenses and Times it by 6 for 6 months
Exercise 2: Set aside no less than 20 dollars until you reach that number
– Example: My expenses are $752 per month, and I need (4,512 to fully secured for 6 months)
– Advance Divide it by 52 weeks, and that’ll give you how you need to save weekly
– My case is $87 per week

5. Budget for Fun
Story: My first year all I did was save, and when I would have fun I would overspend by a lot of money
Exercise 1: write down 2 things
– Weekly things you want to reward your self with and the budget ( my budget is 60 for fund a week)
– The annual thing you want: I travel once a year for 2 weeks ( average cost is 700)
– Divide it by 52 weeks ( $14 a week gets me an awesome vacation )
Subscribe to The Channel: Video On travel for free
Link video Free Travel: https://www.youtube.com/watch?v=9yyFBVOT9gw

6. Give back
Story: I know, I don’t have no money for myself, how im I supposed to help someone else.
The answer is you do now if you followed these steps
Exercise 1: PRactive by giving back 1%-10% of how much you make ( that’s all it take)

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