Why People Making $100k Are Still Broke

The poor use money to pay bills, the middle class use money to get credit, and the rich use money to make more money.

You know when I ralized that more money was going to fix my life, it was when I realize that no matter how much money I made, my expenses always rose to the level of my income.

Think about it, when I was living with my mom, I had no bills, then I made money and I got me some bills, then I made more money and I got me debt, and then I stopped and I stopped digging before it was to late. But more money doesn’t fix the problem, beucase the problem is you not the paper.

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You have to Set a Limit

We live in a society, where the game of life is, the more you make the more you should have

I have a friend his worth a little over 10Million dollars I think

And he doesn’t have a paid of home, or a paid of car, he just has a lot of debt

And recently he lost a ton of money

Here is the Lessons here:

If you don’t set a limit on your desires, you will always continue to be a slave to your desires

And people that work in marketing know this

Its why a car has 3-6 different trim level ( its so people can get something nicer, because they deserve it )

How to set a limit on spending

First decide your baseline ( what you need to live )

Second decide your Comfort Spend ( what you need to be comfortable )

Third Set a Goal with the extra cash ( what you do with the surplus )

For example:

For me $1000 bucks per month cover everything

And if I spend another 1000 per month I feel like a king

And then all the extra cash is for investing and saving

Act Like it Doesn’t Exist

I’ve gotten several raises in my lifetime

And the worst mistake is to upgrade your lifestyle when you get a raise

When you get raise you should keep your lifestyle the same, and invest in yourself

Here is why?

My friend got a raise, and he instantly got himself a nice house and a nice truck

All the new money is not being paid to things that don’t pay him anythign back

But tommy the hosue is an investment ( you only break even with personal homes, and with cars you just lose a bunch of money )

But if instead of doing that:

He would have bught a home he could afford to pay off in 15 years

And he would kept his old car

And invest the difference, he would have been investing in himself

Big Warning ( beware of your neighbors )

Humans we are social creatures and its very hard for us to go against the grain

That’s why even when we want to be different we often find ourselves looking for different people that think like us

Beucase it makes it easier

For example:

This channel has 500k weirdos out of I don’t know how many billions of people exist now

But this is our little group of weirdos, that think that money is for making money, that savings are cool and that investing should be a lifestyle

This is out group

But likewise:

If you hang around poor people long enough, you will become poor also

And let me explain this, so you don’t sstart asking your friend about their networth

But its to say, you have to have your values clear, so when you associate with people with terrible money habits, you know to ignore their poor people advice

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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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