The Worst Financial Advice To Go Broke Fast
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- Опубліковано 30 тра 2024
- 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.
Our government has no idea how much people are suffering these days. I feel sorry for disabled people who don't get the help they deserve. Thanks Ms Trina Davis. Imagine investing $1000 and receiving $4000 in 3 days.
@Trina_Davis👈
This her name 📛
On
Telegrama
I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimony on CNBC news last week.........
My three favorite channels: TommyBryson, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥
Hey there! Just wanted to remind you that it's never too late to start taking your investment journey seriously. So don't lose hope
You're correct!! I make a lot of money without relying on the government. Investing in stocks and digital currencies is beneficial at this moment
Lately i got interested in crypto but has no idea on how to go about it. How does it work please .
As a beginner, it's essential for you to have a mentor that is verified by finra and SEC to keep you accountable. I'm guided by a widely known Crypto consultant Stacey Macken
Stacey demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
I remember giving her my first savings $20000 and she opened a brokerage account for me it turned out to be the best thing that ever happened to me.
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. With Samantha Jack, my portolio is doing really great and im proud of the decisions i made last year.
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Its crazy how I just got this revelation a few days ago and see so many people getting on the same wave, no debt, no credit cards, be responsible save, give generously, steward what God has giving you to manage and he will make you ruler over many! We dont have to play according to their rules. God is revealing truth to those who are receptive! God Bless!
I love the way you think. I will be showing my son this video. He does not have any debt, and he is 22.
That’s awesome 😎
I disagree with some of the credit advice.
Never stop using your CC. BUT! Only use them when you have the physical funds. Use the CC pay it off with the cash/ debit card instantly.
Credit can make you you rich by building high limit credit. The more you use and pay off instantly the more they give!
The MOST crucial ADVICE! If you can get an $8k, $10k, $14k, $22k, $45k personal loan.
DOES NOT MEAN YOU NEED TO SPEND SAID $$$ MONEY! Put most of it in an interest bearing acct and use very little to hold in preferably an unused acct and use the loans funds to payback the loan as you have a cushion, “IF NEEDED!” And your credit steadily rises. 🤷🏽♂️
We disagree on this. No need to play games with stupid prices, as the saying goes
Agreed bro plus dude tried to prove a point with a credit karma score when we all know that’s not your real score.
Nice work love your videos
Thank you 🙏
Thanks for the show Sir ❤
Facts, thanks Brother for sharing powerful information. God bless you
That is very helpful ti thanks thanks for Thomas keep it up good work
I love this video Tommy, thanks much 🙏
awesome advice!
Good man with great idea thanks for sharing keep it up good work ❤ your video God bless you and your family.
Great video
I can relate to this advice very much. Been through ups and downs but more downs. I dont ask "God why me", I've been getting on with it, and praise him for the peace i get when i think of him.
I haven't had the best of luck been getting the short end of the stick but Tommy, I'm still here
Thank you
I've been getting on with it, and praise him for the peace i get when i think of him.
I haven't had the best of luck been getting the short end of the stick but Tommy, I'm still here
Love to listen and learn from 😊your Videos
You’re my favourite finance content creator fr. All your advice is so practical and knowledge
One of the best decisions I made was go to college. It opened a whole new world, I learned critical thinking skills. Although I never worked in the field of my studies, it was worth it for me.
You are correct period I’m not patient love your videos I’m still fighting with debt but I here u
Finally somebody with sense
Great video , where did you buy your MacBook ?
I approve this message ❤
I see no lies told, great video
😎
Don’t agree with about everything your saying… your just talking with no real experience credit cards get me cash back for money I would have to spend anyway, my real estate is passive because I have a property manager, stocks and dividends are definitely passive income, houses are investments!!
Great vid, also I must ask, are you into basketball?
Despite all the financial struggles i and my family faced, everything is finally falling into place! $47,000 weekly profit and riches I'll always praise the Lord
Same here, with my current portfolio made from my investments with my personal financial advisor I totally agree with you
Wow! Kind of in shock you mentioned expert, Elizabeth regina nelsen. What a coincidence!!
Elizabeth Regina Nelsen has really set the standard for others to follow, we love her here in the UK as she has been really helpful and changed lots of life's
Life is easier when the cash keeps popping
in, thanks to Elizabeth Regina Nelsen services. Glad she's getting the recognition she deserves
I use to work 3 jobs, full time at Walmart, a server at night and Lyft on the weekend, untill elizabeth regina nelsen change my story.
That boy tommy putting that work in over in Porto Rico 🔥🔥Good advice man been watching since 2019
multifamily home is the key, owning a house of 6 unit will allow you to pay your house in 6 years while you dont need to pay rent
These are some Dave Ramsey points lol. I just read his book and you basically summed it up.
Dave has some great advice 😎
Great video, the only thing i disagree with is the credit card advice, I think credit cards give u an extra lie of protection, pus the perks if u are using them, but I do agree on if u are not financially responsible u should not use them
Money is an incentitive. We really don't need it.
But there are some benefits for having credit cards, especially overseas. The right card covers multiple different insurances. Points for flights. Also, if your money is stolen, it can be reimbursed
I hate when people say houses are not investments. Houses are literally where majority families have their net worth.
Houses aren't investments tho they are shelters for people deeming them as investment is dangerous as its the reason for the high house problems of today
😊 congrats on marriage. Any plans on babies 👶 💕?
God willing 😎
I honestly don't understand why you're discussing these dubious schemes. There are plenty of options like Eledator and similar ones that are fast and profitable.
Everything Dave Ramsey been telling people for years lol
That's why u find it necessary to move out of the US. I don't mean it in a bad way
Kinda but not really, my family is hear. It’s more like coming back home
Anyone who is smart will. US is a mess and getting worse.
😫😫😫😫😫noooooo Tommyyyyyyy what's going on this ain't you mane
lol 😂 the look or the advice ?
@@TommyBryson 🤣🤣🤣🤣good one both lol I thought you was A.I. or clone when you started back posting, but nah tommy you was always teaching us how to generate income on our own and we just had to pick and you was showing your results. I didn't agree with majority because every situation is different let me explain..........
@@TommyBryson I used a credit card and flipped sneakers so I didn't have the amount I spent but utilizing a credit card I grossed 80k and I was swiping the card getting paid within 3-5 days, paying the card back with no interest and keeping the profit only see it didn't cost me anything extra. I didn't even have to pay shipping for the shoes and the fees the platform and PayPal charged was tax write offs but my profit margins were so good it covered all that and see that's something back in the day Tommy would post🤣🤣🤣🤣🤣
Save the monthly payments in a savings account for 2 years . Two years is not a long time .
I’ll say this, a house can be an investment if it pays you monthly income.
Dude you showed a credit karma score 🤦🏾♂️ your vantage 3.0 score. That’s not even your real score 😂 come on dude. Of course your score drops on the vantage 3.0 when you pay your debt off.
You sound to cheap, money will come just make more
Worst advice I’ve ever heard
Lol