Uploaded May 2024 | Updated September 2026, 2 weeks ago
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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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.
So in this video, I’m going to go over 10 pieces of financial advice that could put you in a whole for decades.
💲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. 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💲
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.
