I’m going to break down 3 reasons why currently still saving money even in 2020 when rates are so low. And why you guys might want to do the same.

1. Stock Investing
– If you seen one of my videos on my stocks portfolio you would know I have a total portfolio value of 55 -60k
– However you might wonder well tommy why not keep investing now, everyone is making money right
– Because the stock market seems to be going up

However: Again its all Mental Suggestions
– When I invest, I like to analyze companies and really understand them, and that takes time sometimes.
– However, right now people, see that everyone else is making money so go and invest which then drives the price up of the stock
– Which then brings in even more investors
But for me:
– I only buy a company when it’s selling below the target price I set for it, if it’s higher then I don’t invest in it
– So currently I still have around 82k that I’m not investing yet, because of two reasons
– The stocks I was looking at, are getting more expenses: and I’m also constantly investing in information and learning more about stock investing correctly.

Tip: The point is, just because everyone is investing, doesn’t mean you should too. You should focus on how companies work and buy them at a good price. And when I find my next company, I’ll have the cash to invest quickly without having to borrow money.

2. Real Estate
– Whenever you go into real estate usually you’re going to need money
– Money for a down payment, money for reserves and money also any problems that might occurs
– So currently I have some savings just for that.

However:
– Although real estate is a solid investment the data shows
– That the stock market has outperformed the real estate market here in the U.S 1870-2015
– So currently I’m looking for a property that I can house hack and get to live for free

And Currently:
– I want to focus my money on the stock market for the meantime, its a lot faster to make money in the market ( if you know what you’re doing)
– However, for 2021 I should be buying my first property for sure
– And then keep adding to my real estate portfolio step by step

Tip: I save money because. Down Payment, reserves for 6-12 months of expenses, and reserves for pop repairs.

3. Emergencies
– Although everyone says saving money is just losing money
– You always want to have money for emergencies
– So currently I’ve built a 6-month emergency fund

However, If I’m being honest:
– I’ve considered actually increasing it to 12 months with everything currently going on
– The idea, that under any economy anything can happen
– So having some money in case you lose job or anything changes are extremely important.

If you want to build one:
– Just calculate your total monthly expenses and times it by 6 months, and that’s how much you need to have
– For some, it’ll be 6k, for 12k for some even 24k and more.

Overall:
– Those are the reason I’m saving money. And as you can see, most of them are just for investing opportunities at the right time.
– Inflation is 2-3% but if you loosing is all your money means 100%

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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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