Uploaded July 2024 | Updated September 2026, 2 weeks ago
I had to save 10k twice in my life, and in this video, I’ll teach what I did and what I wish I would have done. By the way congratulations on saving 10k, most people don’t even have $1,000
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1. First thing I want to say is this
- Two things happen when you have a large amount of money
- It depends on how you are as a person
Person A:
- See’s a lot of money and wants to spend all of it
Person B:
- Sees a lot of money and worried about spending any of it
Person C:
- Is someone that doesn’t exist naturally in my opinion
- It is something you have to purposely work on
- This is the person that sees a lot of money, and thinks about the best way to spend it to get the maximum benefit from it ( this is who you should want to be )
2. Here is my story ( not with all the details but with enough so you know )
My first time saving 10k
- Once I accomplished the goal and it took about 3 months if I’m not mistaken
- I had to make a lot of sacrifices and I felt worn out
- Plus I just got into a relationship at the time and that kinda changes you in some way
- I spent all the money, I could not tell you what
Lesson:
- In the moment when you are wasting money you don’t think about it that way
- You think that the car is important, those chicken nuggets are a must-have or that vacation is nice
- But in 5 years you won't remember any of it
- It's not worth it
My Second Time:
- I saved it again in about 3 months I think it was ( it was easier for me to do because I lived at home with my mom and sister )
- This time I used the money for investing in stocks, I made exactly the same 10k ( meaning I broke even and got lucky )
- But I started investing into things I understood and it went well for me
Lesson:
- There is a hidden mistake here
- And also a bias, investing went well for me
- Turned 10k into like 100k in a few years but I would never do that again
3. What I wish I did
- If I just saved 10,000 for the first time
- My first job is to look at my current financial position
- My second job is to look at my earning potential
So first:
- If I have debt, I’m going to use the money to clear it up
- It hurts spending 10k to payoff a car ( but you have another option, payoff the car, and then sell it, use the difference to buy a cheaper car, and keep the rest of the money )
- Whenever you payoff debt and resist the urge to get into debt, your future self will thank you
- YOu don’t need credit to buy a house, just an income, tax statements and bill reports
- Pay cash for everything else
Second:
- If you saved 10k on a minimum wage job, congratulations I did it too
- But we can't keep working like this, your time is worth more
- Use that money once you’ve paid off the debt ( to get a new skill)
- Notice I didn’t say college, you have trade school, diplomas a lot of options
4. What about investing?
- If you are debt-free and you have 3 months' worth of emergencies at least
- What I would do
Take 10% of the 10k and invest it into the s&p 500
Take the other 90 and put in a high yield savings ( to buy a house )
- Even if you’re not thinking about a house right now
- It's something that in the future, you’ll have to think about
Doing it this way:
- I would have been debt-free by 21
- And still gotten to all of my goals
- A little slower but in my opinion better off
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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.
I had to save 10k twice in my life, and in this video, I’ll teach what I did and what I wish I would have done. By the way congratulations on saving 10k, most people don’t even have $1,000
💲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. First thing I want to say is this
- Two things happen when you have a large amount of money
- It depends on how you are as a person
Person A:
- See’s a lot of money and wants to spend all of it
Person B:
- Sees a lot of money and worried about spending any of it
Person C:
- Is someone that doesn’t exist naturally in my opinion
- It is something you have to purposely work on
- This is the person that sees a lot of money, and thinks about the best way to spend it to get the maximum benefit from it ( this is who you should want to be )
2. Here is my story ( not with all the details but with enough so you know )
My first time saving 10k
- Once I accomplished the goal and it took about 3 months if I’m not mistaken
- I had to make a lot of sacrifices and I felt worn out
- Plus I just got into a relationship at the time and that kinda changes you in some way
- I spent all the money, I could not tell you what
Lesson:
- In the moment when you are wasting money you don’t think about it that way
- You think that the car is important, those chicken nuggets are a must-have or that vacation is nice
- But in 5 years you won't remember any of it
- It's not worth it
My Second Time:
- I saved it again in about 3 months I think it was ( it was easier for me to do because I lived at home with my mom and sister )
- This time I used the money for investing in stocks, I made exactly the same 10k ( meaning I broke even and got lucky )
- But I started investing into things I understood and it went well for me
Lesson:
- There is a hidden mistake here
- And also a bias, investing went well for me
- Turned 10k into like 100k in a few years but I would never do that again
3. What I wish I did
- If I just saved 10,000 for the first time
- My first job is to look at my current financial position
- My second job is to look at my earning potential
So first:
- If I have debt, I’m going to use the money to clear it up
- It hurts spending 10k to payoff a car ( but you have another option, payoff the car, and then sell it, use the difference to buy a cheaper car, and keep the rest of the money )
- Whenever you payoff debt and resist the urge to get into debt, your future self will thank you
- YOu don’t need credit to buy a house, just an income, tax statements and bill reports
- Pay cash for everything else
Second:
- If you saved 10k on a minimum wage job, congratulations I did it too
- But we can't keep working like this, your time is worth more
- Use that money once you’ve paid off the debt ( to get a new skill)
- Notice I didn’t say college, you have trade school, diplomas a lot of options
4. What about investing?
- If you are debt-free and you have 3 months' worth of emergencies at least
- What I would do
Take 10% of the 10k and invest it into the s&p 500
Take the other 90 and put in a high yield savings ( to buy a house )
- Even if you’re not thinking about a house right now
- It's something that in the future, you’ll have to think about
Doing it this way:
- I would have been debt-free by 21
- And still gotten to all of my goals
- A little slower but in my opinion better off
* 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.
