How To Budget Your Money like the Rich

By the End of this video, I’m going to give you a way to manage your money like the rich.

????ACORN FREE $5????
Link: https://acorns.com/invite/38EYSU

????M1 FINANCE FREE $10????
Link: https://m1.finance/4BZo2Na7uq_N

????Excel Document????
Link: https://drive.google.com/file/d/1FlYtLiM-oQBA2aqvDFH-k5TdC55zqcju/view?usp=sharing

1. How this budget is going to work
– It’s going to automatic everything for you
– And it’s going to give every dollar you make a job
– So here is the budget breakdown before we get into the details

Break down: for every time you get paid
– Emergency Savings: 10%
– Investments money: 10%
– Debt Payments: 20%
– Expenses: 54%
– Fun: 5%
– Charity:1%

But: if you have a ton of debt, you can put everything at 1% except for expenses. ( and set aside $500-$1000 for quick emergencies). This would mean around 42% would go towards paying off the high-interest debt like credit cards. ( this does not include student loan debt and mortgage)

Tip: its basically an envelope budget but online.

2. 2 bank accounts
– Now although we can do this with envelopes
– I want to do automatically online
– So you don’t have a ton of cash in your house

Accounts:
Distribution account: Sofi money and Capital one 360
– This is the account where you will receive your paycheck
– I want you to create 3 accounts in your fault
– Emergencies, Fixed expenses, Fun ( set them up recurring)
– This will leave some money extra in the spending account

Spend account: Chase or Robinhood
– This account is going to be used for nonfixed expenses and fun
– So go to chase or Robinhood, and set up the amount cash you will need to transfer week for gas, food, and fun
– Have it taking out automatically

The idea is:
– When you get paid: you Sofi account should set money aside into emergency, fixed expenses like rent, and long term fun
– Then your spend account should request the weekly spend budget

Tip: this should leave your sofi account with money for other expenses and the rest of the accounts.

3. Investment Account
– For this, I recommend Acorns or m1 finance
– We are going to use a diversified portfolio
– Now here is a tip: if you just want to enjoy life and have enough for retirement the key is going to be to create a Roth IRA and investing into your 401k to get the match
– But if your goal is to retire early, then you might want to create a normal account like I do, to but in a ton of money and retire a lot earlier.

Acorns:
– Make an account and pick your strategy, my strategy is moderately aggressive ( use sofi money as the account )
– Set up recurring investments and have the money taking out of sofi account the extra money that was leftover ( do this every week, so if you invest 10%, this should take 10% a week)

M1 Finance:
– Do the exact same thing
– And have your investment reinvest

Tip: investing 10% of 1000 a week over a year is: $5.200 in 40 years that’s 2.5M at a 10 return.

4. Credit Card and Debt
– By this point, you should have more left in your sofi spend account
– We are going to set these to on auto-pay
– If you owe a lot of money and can’t pay it all off at once, set on auto-pay the minimum

Pay the minimum: Automatically to avoid late fees
– And then through in the extra money from the 42% towards debt
– Towards the card with the highest interest rate

IF you don’t have a lot of debt
– Then pay your credit card balance in full every month

Ps: some of you put your expenses on them to get points, if that’s you then leave that extra money in the sofi account to pay those.

5. Charity Money
– 2 ways to do this, you can subscribe to a charity and send money directly monthly between $5-20$
– Or you can subscribe to buy a product that donates money
– The point is, every dollar makes a difference

Link: https://urbantastebud.com/best-charity-subscription-boxes/

* PRO TIP*
INFORMATION IS EVERYTHING

????1 on 1 Talk + My Budget + Stock Investments????
https://www.patreon.com/tommybryson

????Merch????
https://teespring.com/stores/tommybryson

✅2 FREE AUDIOBOOKS✅
https://amzn.to/2Enayo8¬¬¬

⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
Link: https://amzn.to/2VGbxt9

????????‍????DISCORD PRIVATE GROUP????????‍????
https://discord.gg/EcZEHpA

My Camera Gear: https://www.amazon.com/shop/tommybryson

✔ Help Us Reach 250,000 Subscribers: https://goo.gl/0wvm6w

????All My Social Media????
Link: https://linktr.ee/tommybryson

*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.

source