Uploaded September 2024 | Updated September 2026, 2 weeks ago
It’s not how much you get paid, or how often you get paid, it's what you do with the money once you get it. Some people can turn a little into a lot, and some people can turn a lot into nothing.
When I was broke I learned how to manage my money when I got paid. I realized I knew some people who made a lot of money and were broke, and I knew some people who made very little but had two or even 3 rentals, paid in cash. So, the money was the problem it was the management
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1. The 6 Wheels to Wealth
- have you ever seen a Ford Veloci Raptor
- Those things are beast
- They have 6 wheels on them and have 6x6 so all the wheels can spin at the same time
- It's like an end-of-the-world truck
The point is this:
- We all need wheels to get to where we are going
- And having 6 of them is a sweet spot I figured out
- Have less you can still accomplish it but you take on more risk and have a less likely hood
Here are the 6 accounts you will need:
- Emergency: Ongoing
- Investment: IA
- Debt: IA
- Expenses: On going
- Fun: Ongoing
- Charity: On Going
Ongoing means you’ll always be using it
IA means active and inactive, these are accounts that can always be turned on or turned off
You’ll need 3 Bank Accounts
First Open a High Yield savings out ( not associated with a Debit Card )
- I like to discover this is going to be for your emergency Bucket
Second: Open up a Roth Ira If you don’t have one, or speak with your employer about your financial plan or a separate account for savings also ( investment bucket )
Third: You’ll have a main Checkings Account that your use for three buckets
- Expenses: The rest of the money stays here
- Debt: Pay them when you get paid
- Charity: Donate when you get paid
Forth:
- A separate Debit card that’s just for Fun
2. Knowing when to use 6x6
- Using the 4x4 or 6x6 is going to kill your gas mileage
- So although we have 6 account
- It's not like we are going to take our money and equally split them ( no )
First you have two main accounts you have to worry about
- Expenses
- Emergencies
For expenses get them as low as possible
- This may mean moving
- Selling things
- Cancelling things whatever it takes
- I use a barebone budget ( that means just looking at Shelter, utilities, groceries and transport and cancel everything else )
Emergencies:
- Use 100% of all the leftover cash to save $500-1000 dollars
- This is your new credit card, since a lot of people like using credit card for emergencies
- That’s a dumb idea
3. Paycheck to Paycheck what do I do now
Let's do this:
- I just got Paid $1,000 what do I do and what do I recommend
First: I Personally
- If I have debt: take what I need to live and 5% for fun and use the rest of the money to pay off debt
- If I have no debt, same thing but use the rest of the money to save for 3-6 months of emergencies
- If I’ve done both of things already then same thing but 105 for investing and the rest for saving up to buy a home, and when I own the home attack the mortgage and just invest 10-20%
Richest Man in Babylon
- Take 10% for yourself and make it grow
- Take 20% and pay off debt
- Live on 70% or less
* PRO TIP*
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Disclosure & Educational Disclaimer:
Some links in this video may be affiliate links, and I may earn a commission. Content is educational and accurate as of posting; offers may change. I’m an accountant but not your accountant; always consult your own accountant/CPA or financial advisor. No income or results are guaranteed.
It’s not how much you get paid, or how often you get paid, it's what you do with the money once you get it. Some people can turn a little into a lot, and some people can turn a lot into nothing.
When I was broke I learned how to manage my money when I got paid. I realized I knew some people who made a lot of money and were broke, and I knew some people who made very little but had two or even 3 rentals, paid in cash. So, the money was the problem it was the management
💲Patreon Exclusive💲
patreon.com/tommybryson
😎Call Me😎: bit.ly/30IBr0i
😎Second Channel😎: bit.ly/3c4sVPS
👨🏽💻Financial Freedom Course👨🏽💻$100 OFF CODE: LONGTERM
Link: longtermteam.teachable.com/p/financial-freedom-steps-from-nothing-to-freedom
1. The 6 Wheels to Wealth
- have you ever seen a Ford Veloci Raptor
- Those things are beast
- They have 6 wheels on them and have 6x6 so all the wheels can spin at the same time
- It's like an end-of-the-world truck
The point is this:
- We all need wheels to get to where we are going
- And having 6 of them is a sweet spot I figured out
- Have less you can still accomplish it but you take on more risk and have a less likely hood
Here are the 6 accounts you will need:
- Emergency: Ongoing
- Investment: IA
- Debt: IA
- Expenses: On going
- Fun: Ongoing
- Charity: On Going
Ongoing means you’ll always be using it
IA means active and inactive, these are accounts that can always be turned on or turned off
You’ll need 3 Bank Accounts
First Open a High Yield savings out ( not associated with a Debit Card )
- I like to discover this is going to be for your emergency Bucket
Second: Open up a Roth Ira If you don’t have one, or speak with your employer about your financial plan or a separate account for savings also ( investment bucket )
Third: You’ll have a main Checkings Account that your use for three buckets
- Expenses: The rest of the money stays here
- Debt: Pay them when you get paid
- Charity: Donate when you get paid
Forth:
- A separate Debit card that’s just for Fun
2. Knowing when to use 6x6
- Using the 4x4 or 6x6 is going to kill your gas mileage
- So although we have 6 account
- It's not like we are going to take our money and equally split them ( no )
First you have two main accounts you have to worry about
- Expenses
- Emergencies
For expenses get them as low as possible
- This may mean moving
- Selling things
- Cancelling things whatever it takes
- I use a barebone budget ( that means just looking at Shelter, utilities, groceries and transport and cancel everything else )
Emergencies:
- Use 100% of all the leftover cash to save $500-1000 dollars
- This is your new credit card, since a lot of people like using credit card for emergencies
- That’s a dumb idea
3. Paycheck to Paycheck what do I do now
Let's do this:
- I just got Paid $1,000 what do I do and what do I recommend
First: I Personally
- If I have debt: take what I need to live and 5% for fun and use the rest of the money to pay off debt
- If I have no debt, same thing but use the rest of the money to save for 3-6 months of emergencies
- If I’ve done both of things already then same thing but 105 for investing and the rest for saving up to buy a home, and when I own the home attack the mortgage and just invest 10-20%
Richest Man in Babylon
- Take 10% for yourself and make it grow
- Take 20% and pay off debt
- Live on 70% or less
* PRO TIP*
INFORMATION IS EVERYTHING
💲Patreon Exclusive💲
patreon.com/tommybryson
👕Merch👕
teespring.com/stores/tommybryson
✅2 FREE AUDIOBOOKS✅
amzn.to/2Enayo8¬¬¬
🎁ACORN FREE $5🎁
Link: acorns.com/invite/38EYSU
⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
Link: amzn.to/2VGbxt9
👨🏽💻DISCORD PRIVATE GROUP👨🏽💻
discord.gg/EcZEHpA
My Camera Gear: amazon.com/shop/tommybryson
✔ Help Us Reach 600,000 Subscribers: goo.gl/0wvm6w
😎All My Social Media😎
Link: https://linktr.ee/tommybryson ---
Disclosure & Educational Disclaimer:
Some links in this video may be affiliate links, and I may earn a commission. Content is educational and accurate as of posting; offers may change. I’m an accountant but not your accountant; always consult your own accountant/CPA or financial advisor. No income or results are guaranteed.
