I think the Scariest thing about living paycheck to paycheck is the lack of options you have. You could be miserable in a job and you cant just quiet because you cant afford to. It also feels like you cant breathe and you don’t know where your money is going.

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1. You Need A Budget ( not the app, but just a normal Budget )
– A budget is just understanding where your money is going ( I call it your financial GPS)
– A simple budget is this one

Budget: Income – Expenses = Surplus or deficit ( extra money or no money)
– Now here is a pro tip that you need to use when writing down all your expenses ( Things I Need and Things I Want )
– Cut every single you want, and look for cheaper alternatives of what you need
– For example, moving apartments to save money on rent, no shopping at wholefoods and shopping at Walmart or whatever it is

Tip: your expenses, should not be more than 70% of your income. For some of you, this might mean getting a second job to raise the amount of money you have.

2. Priorities, Goals, and new habits ( basically a better system )
– Once you know your surplus here is what you do
– And if you have a deficit, you have to contact the people you owe money to and ask for a pause, because you cannot afford it right now
– This is embarrassing and difficult

Priorities:
– Pay off your debt first
– Build a full emergency account ( while maintaining good habits )
– Then focus on building wealth

How do you this: ( its an envelope system, so every dollar you make will have a job ) – but the goal is to have a better system, so your money can be more efficient. ( so let’s get your money hired )

Emergencies: $1000 +1%
Investments: 1%
Debt: 26-46% ( everything except the mortgage, so sell anything you don’t need)
Expenses: 50-70% ( Sofi )
Fun: 1%
Charity: 1%

Second: building that Emergency fund and good habits

Emergencies: $1000 +26-46%
Investments: 1%
Debt: 0%
Expenses: 50-70%
Fun: 1%
Charity: 1%

Third: Building Wealth and Lowering your expenses

Emergencies: Fully Funded
Investments: 10-25% ( or 10% if you want to save for a house fast – 15% or more once you buy the home + 5% for 529 accounts for kids )
Debt: 10-38% ( down payment for home: Continued to pay extra after )
Expenses: 50-70%
Fun: 1%
Charity: 1%

Tip: Remember the Goal Is to own home not finance it forever ) – 15-year mortgage and no more than 33% of your income

Fourth and Final

Emergency: Funded
Investments: 15-25% + 5% for the 529 account for kids
Debt: 0%
Expenses: Lower ( because you have no living Cost )
Fun: Can be raised
Charity: Can also be raised

3. Not just debt-free but Thriving

Video for investing:
Vidoe for buying a house:

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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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