The Dominican Secret To Saving Money Revealed

Now in every culture you have extremes and especially here in dominican repubblic, you have one group that is all about living life to the fullest and not worrying about tomorrow, and then you have another extreme that all they do is worry about tomorrow thus they can never enjoy theselves today.

So what secret have I learned when it comes to saving enough money, while still being able to enjoy your life?

????Call Me????: https://bit.ly/30IBr0i

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

????????‍????Financial Freedom Course????????‍????$100 OFF CODE: LONGTERM
Link: https://longtermteam.teachable.com/p/financial-freedom-steps-from-nothing-to-freedom

????MY M1 FINANCE PORTFOLIO???? PLUS $10
Link: https://m1.finance/37SHd4241z-N

Delayed Gratification is Good but can also be a Problem

Early on my dad would make a lot of money, and spend every dime

My grandma lived very niggardly  becuaase she had to, having 10 kids and all, but she has a hard time on spending any money on anything that not a necesatty thuse not enjoy life

Financially Life Is about balancing those two, trying to save enough for when you get older and spend enough to enjoy part of your wealth while you still have free time and your health

Find Out your Survival Number ( or as I call it your Baseline Budget )

This is the amount of money you need to make every year to live a good life during retirement.

Take into account, shelter, utilities, groceries and transportation

And also remember as you get older you’ll probably spend less money ( kids outta house, house is paid off, and so on )

So lets say during retirement age you’ll need ( $24,000 a year )

That’s about $2,000 per month

There are two ways to run the numbers to find out how much money you’ll need

First the 4% rule

Multiple your annual number by 25 (that gives you $600k )

Now if your money grows by 8% and you take out 4%

The likely hood of your running out of money is very low.

It’ll last you about 33 years during horrible conditions.

Second: Life expectancy calculator

Takes into account the insurance company mortality table

So lets say you are 30 years old, the odds of you dying are less than 1% and you have about 45 years left of life

Multiple ( baseline number )x(number of years in retirement ) = amount you need

However you only really need about 70% of that number, because you’re money will be invested and will keep growing

Example:

If I have $1,000,000 dollars and I take out 4% each year and it makes 8% ( what happens then )

Mmy mmoney grows by 80k year and I take out 40k

Every year I can take more money out without running out money

How to Plan this into action

If I’m 30 now and I want to officially retire by 62 years old

I have 32 years to get their

And once I retire at 62, insurance says I’ll probably live 20 years

So how much do I have to invest today to not worry about running out of money then

Saving goal calculator says, if I want an income of $24,000 a year and to take out 4% to get that number, I’ll need 600k invested

But I need to adjust for inflation because in 32 years 24k will not have the same buying buyer

So if inflation is 2.5%, I’ll need about 1.3M then which will require I invest 813 bucks a month

Whats the secret

The secret is to know the truth, how much money you’ll need and what it will take to get their

But to also enjoy your life on the way their

32 years to retirement cannot be the highlight of your life

* 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¬¬¬

????M1 FINANCE $10????
https://m1.finance/37SHd4241z-N

????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