why I’m always broke

Why I’m always broke and why that’s actually a good thing. I basically live paycheck to paycheck and pretty much happy.

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1. How broke I’am I really
– The answer is, I make anywhere from 30-40k each month combining youtube, and 6 other streams of income
– But although that sounds crazy and it is
– Just 3-4 years ago I was making $1000-$2000 a month and had 10k in saving ( not that broke for a 19-year-old)

But I realized something:
– That 10k was doing nothing what so ever, just taking space in my closet, because back then I didn’t deposit the money in the bank which is dumb
– On top of that It was losing money
– And I noticed that I could keep track of my spending

What ended happening was this:
– I spent the 10k on liabilities because I didn’t know what to do with it
– I got into credit card because I had the income to pay it
– But then I lost my job and I was left with $60 a week in income

Tip: that’s when I realized what really being broke was, that was enough to take the bus to school and cover very little expenses

2. But being this broke gave me a system
– A system that keeps my money working and keeps me from spending it on dumb stuff
– And it’s a system where I gave my money 6 different jobs
– Which keeps me constantly living paycheck to paycheck in a good way

Here is the system:
– Before when I got paid, taxes were paid first then bills after, and then whatever was left was used for miscellaneous spending ( I’m just being honest)
– But today: when I get paid I do 6 things:
Emergencies: 10% goes into that until I hit 3-6 month worst of expenses
Investments: 10% goes towards taking care of my future self and making money work for me
Debt: 20% went towards paying off all my debt as fast as possible, then moving the extra money towards investing
Expenses: 54% of things I need to spend money on to live rent, fuel, and internet
Fun: 5% ( if you make 1k bi-weekly that’s only 25 a week, but the money you make the money this will become)
Charity: 1% ( people might laugh, but you’re doing more than most

What this means is:
– That you literally paycheck to paycheck right ( but in a good way )
– Because every time you get paid, the money has a job to do
– And I did this when I was making that $60, because if you cant manage a small amount, you won’t be able to manage a large amount.

3. Overall the Point is that today after 3-4 years of doing this
– My emergency account is fully funded for 6 months
– I invest around 95% of the money I make ( sometimes more)
– Debt: I don’t have any debt except students loans with no interest, that I will pay if they charge interest past December
– Expenses: I keep them really low, less than $1000 a month
– Fun: 5% of the salary I pay myself so around $200 a month or so
– Charity: 1% and pay it with my business account.

This means that every day I’m broke, but I still have a surplus of cash for investing purposes just incase opportunities come along.

– Not being broke led to me spending money on stupid stuff

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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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