Why I Stopped Holding Cash

Cash is King, that’s what they told me when I was growing up. But they never told me anything about hyperinflation, opportunity cost, and also cash flow.

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1. Why Did I Stopped Holding on to Cash
– Well the truth is, I became hyper-focused on the return on my investments
– And having cash on hand was not making me any money but actually costing me money
– So I started to dispose of every single dollar that I had

For example:
– at the peak of my accountant business, I was generating somewhere around $8000 per month ( helping people with their business, find capital and create financial plans )
– I was also flipping phones and flipping items on the internet
– Every time I got paid money, I would just constantly reinvest it back into the business
– After I paid myself $60-100 per week
But it didn’t End there:
– I also eventually started investing in the stock market
– So every time I got paid
– By the end of the month I would be in a way broke man, but my income potentially will rise

2. Why I stopped this
– I read a book called Profit First
– I listed to warren Buffet more
– I started to become a more patient man

Here is the First thing: Profit First
– This book taught me that a business works for you and you don’t work for it
– So the money the business makes you, should be going to you and you shouldn’t have to constantly keep reinvesting
– Because sometimes, people grow way to quickly and if the business fails they lose everything and also get into debt
– SO I started treating my business as Cash Cows and started to take money out of them

Here is the Second Thing: Warren Buffet on Cash
– Warren buffet for being the Number one investor in all of history and understand inflation and opportunity cost and the entire deal
– Still keeps billions of dollars in cash
– Do you know why? Because a bad investment is 10x worst than a good investments
– And I was started to lower the quality of my clients in order to grow my business also
– Today I hold on to somewhere around 250k in cash half my net worth ( slowly being invested the right way )

Here is the third thing: Patient Person
– Always felt like was in rush, like 24 years old I was a failure for not yet having a house, being financially free, and receiving 50k in passive income each year
– But the bible says, wealth gained quickly will dwindle, but wealth gain little by little will grow
– Plus when you try to cut corners, you usually going to get scammed

3. Today my new Strategy is this ( for cash )
– I hold 6 months of emergencies no matter what
– I invest a fixed amount ( and whatever money goes over that become a surplus to take advantage of market downturns )
– I saved up for cash for the big things ( house, wedding, and all the things that way too expensive)

Honest:
– Step one for me is Security with financial freedom
– Step two is to build a massive amount of wealth to help more people

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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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