The Worst Financial Advice To Go Broke Fast
So in this video, I’m going to go over 10 pieces of financial advice that could put you in a whole for decades.
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1. A House is an investment
2. You Need a Credit Score
So what happens if I go to a bank to buy a house
- They look at my income
- My history and lend me the money ( without a credit score )
- What about a Car ( I don’t finance cars, I pay cash, so I save up and buy me a 9k car or do like my uncle did and buy a 1k car )
3. Credit Cards are For emergencies, Building Credit scores, and Getting Points
- Credit cards are amazing, for banks
- They keep people poor and they are so much part of the culture that people defend themselves
- I get points, I would have spent the money anyway, it builds my credit score
Truth is:
- They keep you poor
- They keep you spending more money
- And points won't make you rich
4. Passive Income is Passive
- Nothing is this life is passive fully
- You plant a seed, God gives it life, you water it, take care of it, and harvest it
Real estate:
- Is not fully passive even with the best tenants
- Index funds are not fully passive either
- But that’s not a bad thing, don’t look for easy money
5. Good Debt and Bad Debt
- I have zero debt and I hope to stay that way
- I don’t think debt is good or bad, I think it’s a tool, and some tools you should use them with a lot of caution
Let me explain:
- Using debt to help you buy a car ( bad )
- Using debt to help you increase your investments ( bad)
- Using debt to help you buy a home you can't afford ( bad )
So when is using debt good:
- Using debt to help you buy a home you can afford
- Me personally I wouldn’t use debt to buy investments ( unless it’s a reverse down payment, instead of taking 80 percent in debt, I give 80% and take 20%, it's so minimal )
6. Used means Trouble
- If something is worth buying, then its also worth buying used
- Let me explain
Example:
- Toyota Builds cars to run 200k miles on average ( you buying a 10-year-old car or even 15 year old car in great condition ) is a good deal
- Iphones cost 1000 dollars, you buying one for 200 used is a good deal
7. Go to College Regardless of what you want (it is an investment no matter the Price)
- College is not for status
- It's not for finding yourself
- It's not for making friends
- College is to receive training for a job
- If you don’t know what you want to do, or you don’t want to get one of those college skills ( then don’t go )
8. You can Beat the Stock Market
- You can but are you willing to pay the price
- The price Warren Buffet paid, was 6-8 hours of daily reading
- The price Peter Lynch paid, was pretty much always thinking about stocks
9. You Don’t need a budget
- Don’t save what is left after spending
- Spend what is left after saving
10. Spend Money on Experiences, you only take memories with you
- I can't confirm dead people don’t take memories or food with them
- But people that are alive, rather have more free time than time in a job
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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.
💲Patreon Exclusive💲
tommybryson
😎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/...
1. A House is an investment
2. You Need a Credit Score
So what happens if I go to a bank to buy a house
- They look at my income
- My history and lend me the money ( without a credit score )
- What about a Car ( I don’t finance cars, I pay cash, so I save up and buy me a 9k car or do like my uncle did and buy a 1k car )
3. Credit Cards are For emergencies, Building Credit scores, and Getting Points
- Credit cards are amazing, for banks
- They keep people poor and they are so much part of the culture that people defend themselves
- I get points, I would have spent the money anyway, it builds my credit score
Truth is:
- They keep you poor
- They keep you spending more money
- And points won't make you rich
4. Passive Income is Passive
- Nothing is this life is passive fully
- You plant a seed, God gives it life, you water it, take care of it, and harvest it
Real estate:
- Is not fully passive even with the best tenants
- Index funds are not fully passive either
- But that’s not a bad thing, don’t look for easy money
5. Good Debt and Bad Debt
- I have zero debt and I hope to stay that way
- I don’t think debt is good or bad, I think it’s a tool, and some tools you should use them with a lot of caution
Let me explain:
- Using debt to help you buy a car ( bad )
- Using debt to help you increase your investments ( bad)
- Using debt to help you buy a home you can't afford ( bad )
So when is using debt good:
- Using debt to help you buy a home you can afford
- Me personally I wouldn’t use debt to buy investments ( unless it’s a reverse down payment, instead of taking 80 percent in debt, I give 80% and take 20%, it's so minimal )
6. Used means Trouble
- If something is worth buying, then its also worth buying used
- Let me explain
Example:
- Toyota Builds cars to run 200k miles on average ( you buying a 10-year-old car or even 15 year old car in great condition ) is a good deal
- Iphones cost 1000 dollars, you buying one for 200 used is a good deal
7. Go to College Regardless of what you want (it is an investment no matter the Price)
- College is not for status
- It's not for finding yourself
- It's not for making friends
- College is to receive training for a job
- If you don’t know what you want to do, or you don’t want to get one of those college skills ( then don’t go )
8. You can Beat the Stock Market
- You can but are you willing to pay the price
- The price Warren Buffet paid, was 6-8 hours of daily reading
- The price Peter Lynch paid, was pretty much always thinking about stocks
9. You Don’t need a budget
- Don’t save what is left after spending
- Spend what is left after saving
10. Spend Money on Experiences, you only take memories with you
- I can't confirm dead people don’t take memories or food with them
- But people that are alive, rather have more free time than time in a job
* PRO TIP*
INFORMATION IS EVERYTHING
💲Patreon Exclusive💲
tommybryson
👕Merch👕
https://teespring.com/stores/tommybryson
✅2 FREE AUDIOBOOKS✅
https://amzn.to/2Enayo8¬¬¬
🎁ACORN FREE $5🎁
Link: https://acorns.com/invite/38EYSU
⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
Link: https://amzn.to/2VGbxt9
👨🏽💻DISCORD PRIVATE GROUP👨🏽💻
discord
My Camera Gear: https://www.amazon.com/shop/tommybryson
✔ Help Us Reach 600,000 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.
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