I know people that they really want to change, they want to save more, invest more and live more; they just want more. But the way the game is set up, is for you to give more whether you want to or you don’t.
Think about it. The minute most people get paid, they give it all away, they don’t keep a dime for themselves. Between Bills, Debt and responsibilities, there is nothing left for yourself.
So in this video, I want to give you some tools to help you change that, and to help you see all the tricks around you.
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Stop trying to Save money by Spending Money
Its one of the biggest lies In the book
Here is an example
You should buy an electric car or a hybrid because they are going to save you money
You know who fell for this, I did
I bought me a Toyota Prius 2014 and it’s an amazing car and I spend less money on on gas than any of my friends
But here is what they don’t tell you ( its a lot more expensive to fix, more complicated and if you are commuting via high ways you don’t really get any savings )
Here is another example:
My friend told me about a way to save money on electric bill, via getting solar panels
Spend 30k or get into 30k in debt and save 150 bucks a month
It doesn’t make sense
One last example
You come home with clothes, or a tv because it was on sale for 50% off
If you don’t need something, there is no sale to justify spending money on it
Just don’t buy it and save 100%
Tip: don’t be the test dummy for these ideas
If you don’t use it, you lose it
I don’t know why this works this way but it just does
If you save money without a reason
You tend to spend it for any reason
So you need to keep your money in use or with a purpose
Here are 4 places to spend money on ( that actually help you )
Pay off debt
Save for emergencies
Invest long term
Save for a down payment
I try to never have idle cash
Meaning all the cash I have has a reason for existing
Example I paid of my debt, save for my full emergencies
And I keep investing and I already biught my home
All the money I get now, just goes towards diversifying into real estate
You cant manage what you don’t track
I put this at the end of the video, but I really should have started with it
But I don’t the people that didn’t make it here would take advanatage of it anyways
But the reason your saving don’t grow, is because you don’t take responsibility for your money
If I asked you: Here are 4 basic questions you should know
How much money do you make per month after tax ( you should know)
How much money do you spend each month and in what categoies ( Shelter, utilities, groceries and transport )
What’s your baseline expenses ( it’s the money you can live with per month, without the Fat )
How much debt do you have and at what interest rate
The point is not to make you feel bad
The point is that a lot of the times we think if we don’t know the detials of the problems then the problem don’t exist
But the truth is that the problems get worst and worst
So pay attention, take steps to change even when its hard
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Disclosure & Educational Disclaimer:
Some links in this video may be affiliate links, and I may earn a commission. Content is educational and accurate as of posting; offers may change. I’m an accountant but not your accountant; always consult your own accountant/CPA or financial advisor. No income or results are guaranteed.
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