I hate when people use the word never, said the guy who titled the video Never leave money in your bank account, and also the guy with a guy with a little over 90k in cash in the bank. So knowing all this, you probably think I’m a hypocrite. But that’s only 16-17% of the money I have that’s held in cash. And before you think that’s a special formula, the answer is its not.

The goal with this video is simple, to tell you why you don’t want to keep all your money in the bank, and give you other places to put the money into, that actually make you money. The reason I’m making this video is because I know a lot of people have the problem that I use to have, the problem is simple, if you have money in the bank for no apparent reason, you tend to spend it.

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1. So my System is Simple, I believe money has 6 jobs

-Emergency, Investments, debt, Expenses, fun and charity

-So obviously keeping your money in the bank would help with Investing, charity, paying debts and a few others things

-Plus we all know that leaving money in the bank, doesn’t pay you really anything, and inflation eats it up

2. First Pick what you want to focus on ( I usually recommend Debt )

-A portion of you money save $1000 in the bank incase anything goes wrong

-But all the rest of the money, just use your bank as a landing account

-You keep the money for expenses and you send all the money towards the debt you may have

Questions: wouldn’t it be better to invest the money into assets that product income

-The answer is this, if you are debt, and you get into more debt ( good debt ) to help you pay off debt ( it increase your risk, because if that investments goes wrong, you have two things to worry about )

-However if works out, it could be cool, but I rather do things a little slower than rely on everything working out

-Plus if something goes really wrong, you’ll have to halt, or take money out for the investments

3. The Money for emergencies

-The goal should be to save 3-6 months worth of your monthly expenses

-This money should be left in the bank, high yield account

-It’s not money to make money, its money to make you can keep making money when things go wrong

Questions: would it be better to invest the emergency money

-The problem is, that when you need it, the value of it might go down

-Or it might take a while to get the actual cash

-And yes inflation will eat it up, but you can just adjust it for inflation

4. Money For investing and for buying a House (the most expensive asset most people will ever buy)

By this point you start realize that only money you keep in your bank account, is the money emergencies, expenses, ( but the charity money and fun money is always being spent ) it’s the temporary money or liquid money

My investment principles are simple: Invest 10-20%

-I invest into the S&P 500 and that’s it

Buying a House is also Simple, buy a house you can pay off and not just Borrow for 30 years

-So, buy a home that’s no more than 33% of your monthly income and a 15 years -mortgage

-And pay extra towards it and try to be done in 10 years or less

5. In the End ( the Bank will always be for Temporary money )

-But your real wealth, will be held in assets

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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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