Stop Being Scared Of Spending Money And Stop Saving Money

Its crazy to think that once you finally start doing things correctly and you start saving some money and not spending as much. You start to become scared of spending money overall, and you almost get obsessed with just saving.

Because its scary thinking about starting all the way over, or making a mistake that can set you back 10x. That’s why so many people don’t invest, they say what I invest and I lose it all, or what if pay of debt and I cant make it back.

So for this video, the goal is to help you understand, that getting control, having budget and not spending as much, is just the beginning. So I’ll tell you what’s next.

😎Call Me😎: https://bit.ly/30IBr0i

😎Second Channel😎: https://bit.ly/3c4sVPS

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

💰MY M1 FINANCE PORTFOLIO💰 PLUS $10
Link: https://m1.finance/fQsrul1PZcHM

1. The Problem with not Spending and just Saving ( and also the lack of confidence on spending money on the right things)

Inflation: this is your money losing buying power, and every single one of you knows this. Banks savings accounts suck and they don’t pay you anything.

Example: 2021 a $100 is worth $100. But in 20 years that same $100 will only have the buying power of $61.

Invest and Don’t Save Problem: Most people have a a lot of consumer debt like credit cards, car loans, student loan debt and more.

Example: How is better to invest $100 and make $10 a year, instead of paying $100 and saving $28 per year. Or even $6, because what the point of investing if you can barely keep up with inflation.

Plus: remember 1.2M gets you 48k per year in passive income
2m gets you: 80k per year
It’ll take you 20-30 years to get to that goal (that’s a lot of money and a lot of time )

Emergency Money: I save because I need money incase anything happens to me.

Job loss: Doesn’t take that long

Tip: the world has to be on Fire for you to need all that money

2. What Should you Focus on ( Building blocks – 4 simple Steps)
– What are the 4 most important things when people are trying to build wealth

First: Debt is Slowing them Down ( running in Place Phase)

Second: Insecurity of not having money just incase Emergency ( I don’t feel Safe Phase )

Third: High expenses and no Nest Egg ( Im surviving but I’m not Thriving phase )

Forth: exit Strategy ( enjoyment Phase)

How do you fix this Stuff:

1st step: You have to know how much the life you want Cost. So many people know what they don’t want, but have no idea what they do want.

For me Personally:
– I see myself. Married with Kids. Traveling the world. Doing the exact job I love doing. Having a nice fast car. Cleaning help and cooking help. Friends and family to enjoy it with. ( that’s going to cost me $40-48k per year)

So here is the Solution:

1st: Running in place Phase
– Have a Budget
– Save $1000
– Pay Debt using the Avalache Method ( except the mortgage )

Tip: this Save you $300-$1000 in monthly payments
2nd: I don’t feel Safe Phase
– Save 3-6 month worth of monthly expenses
– Save in a separate Bank Account ( so you don’t spend it )
– Don’t worry about the APy, worry about fdic insurance

3rd: I’m surviving not Thriving
– Invest 10-20% into retirement account ( with a balance portfolio of index funds ) – if kids save 5% for them
– Buy, sell or pay off your mortgage
– Sell for those people that bought the home the wrong way and didn’t use the 33% rule, on a 15 year mortgage)

4th: Exit Plan
– No mortgage save 33% of your income
– No debt save $300-1000 per month
– 10-15% of investing makes you 4% of the portfolio Size per year in extra income.

3. Bring Back Together
– The reason you are scared of spending or investing
– Is because you don’t have an exit strategy
– You don’t have a plan

* PRO TIP*
INFORMATION IS EVERYTHING

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

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

💰M1 FINANCE $10💰
Link: https://m1.finance/fQsrul1PZcHM

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

⚡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 500,000 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