Uploaded September 2024 | Updated September 2026, 2 weeks ago
What Poor People don’t know about money
1st Money is Time/Energy
Two things need to be done:
- Take money seriously
- Earn the most per house possible
Wages are for making money not for seeking happiness, don’t believe the lie that your job will make you happy, it doesn’t
- Job is for security in the future with pension
- Today its job is happiness
- It's not its about making money
When you understand how serious this is, you stop acting like spending money on things you need is not a big deal, you start taking things seriously
⁃ If you are looking into a car that costs $30,000
⁃ And you make $20 an hour
⁃ $1,500 hours gone or 187 days
⁃ Iphone close to 7 days
⁃ A $2,000 dollar vacation is 14 days of your life
- When you look at money this way you try to get the most out of money
What do you do?
⁃ If money is time and you can’t get time back
⁃ Take your time seriously
⁃ Spend Less than you make
⁃ Save and Invest
Book: Your money or your life
2nd Investing is Simple but not Easy
How to Invest
⁃ Live on less than you make: so you can have a surplus and invest that
⁃ I would invest into a The S&P 500 or a target date mutual fund by Vanguard
⁃ You can expect to make 8% on your money over the long run
Math:
⁃ If you start at age 25 and invest $1000 and $300 each month for 10 years ( less than 10% of the average US salary per month )
⁃ You would have $58,000 ( people would say, 10 years and that’s all I have to show for it ? )
⁃ Keep investing for another 30 years until you turn 65 years old
⁃ You would have 1M dollars, by simply putting aside around 8% of your monthly income
Book: Common Sense Investing by John C bogle
3rd Debt is a Dangerous Tool
⁃ First I want to establish if you don’t own something paid out in cash, you don’t own it
⁃ If you don’t believe me, look into the 1930s stock market crash after the roaring 20s
Today:
⁃ I don’t have a single credit card, not one
⁃ I don’t owe anyone money ( just the government, taxes you know )
Before you say: that’s not possible?
⁃ If you want to buy a home, you can save 10 or 20% for a downpayment, buy on a 15 years mortgage where the house expenses are no more than 33% of your net income
⁃ And you can pay it off quickly
Book: The Barefoot Investor
4th: The Joy of Money is in Spending it
Here is the truth about the average millionaire in America:
⁃ The most popular cars among them is the Ford F-150
⁃ They live in modest homes
⁃ And they spend a life ( living on less than they make )
⁃ They find happiness in simplicity ( like eating tacos and going to your favorite restaurant )
Actions:
⁃ The happy part about financial freedom
⁃ Which is making more passive income than you need to live
⁃ Is that you can spend on the things you really care about
⁃ If all you care about are things, you need to reevaluate yourself
Book: The Millionaire Next door
5th More Money in incapable hands will not change your circumstance
This is important:
⁃ You’re not poor because you make less than 100k per year or 1million per year
⁃ You are poor because you spend more than you make
⁃ And you have little to show for your income
Here is an example:
⁃ A lawyer makes over 200k a year, lives in Manhattan paying rent, drives a BMW and buy fancy suites ( he has about $10,000 In his checking and a lot of debt )
⁃ If he doesn’t get paid this month, he goes under and is in trouble ( he is poor )
⁃ An office worker makes $40,000 a year, he spends most of his money on rent, car loan, and going n vacation and also buys a lot of stuff on credit ( he is broke )
⁃ You see many men with capable incomes are broke and many men with average incomes are rich
⁃ Its not an income problem only, its a capability problem
Book: The Richest man in Babylon
* 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.
What Poor People don’t know about money
1st Money is Time/Energy
Two things need to be done:
- Take money seriously
- Earn the most per house possible
Wages are for making money not for seeking happiness, don’t believe the lie that your job will make you happy, it doesn’t
- Job is for security in the future with pension
- Today its job is happiness
- It's not its about making money
When you understand how serious this is, you stop acting like spending money on things you need is not a big deal, you start taking things seriously
⁃ If you are looking into a car that costs $30,000
⁃ And you make $20 an hour
⁃ $1,500 hours gone or 187 days
⁃ Iphone close to 7 days
⁃ A $2,000 dollar vacation is 14 days of your life
- When you look at money this way you try to get the most out of money
What do you do?
⁃ If money is time and you can’t get time back
⁃ Take your time seriously
⁃ Spend Less than you make
⁃ Save and Invest
Book: Your money or your life
2nd Investing is Simple but not Easy
How to Invest
⁃ Live on less than you make: so you can have a surplus and invest that
⁃ I would invest into a The S&P 500 or a target date mutual fund by Vanguard
⁃ You can expect to make 8% on your money over the long run
Math:
⁃ If you start at age 25 and invest $1000 and $300 each month for 10 years ( less than 10% of the average US salary per month )
⁃ You would have $58,000 ( people would say, 10 years and that’s all I have to show for it ? )
⁃ Keep investing for another 30 years until you turn 65 years old
⁃ You would have 1M dollars, by simply putting aside around 8% of your monthly income
Book: Common Sense Investing by John C bogle
3rd Debt is a Dangerous Tool
⁃ First I want to establish if you don’t own something paid out in cash, you don’t own it
⁃ If you don’t believe me, look into the 1930s stock market crash after the roaring 20s
Today:
⁃ I don’t have a single credit card, not one
⁃ I don’t owe anyone money ( just the government, taxes you know )
Before you say: that’s not possible?
⁃ If you want to buy a home, you can save 10 or 20% for a downpayment, buy on a 15 years mortgage where the house expenses are no more than 33% of your net income
⁃ And you can pay it off quickly
Book: The Barefoot Investor
4th: The Joy of Money is in Spending it
Here is the truth about the average millionaire in America:
⁃ The most popular cars among them is the Ford F-150
⁃ They live in modest homes
⁃ And they spend a life ( living on less than they make )
⁃ They find happiness in simplicity ( like eating tacos and going to your favorite restaurant )
Actions:
⁃ The happy part about financial freedom
⁃ Which is making more passive income than you need to live
⁃ Is that you can spend on the things you really care about
⁃ If all you care about are things, you need to reevaluate yourself
Book: The Millionaire Next door
5th More Money in incapable hands will not change your circumstance
This is important:
⁃ You’re not poor because you make less than 100k per year or 1million per year
⁃ You are poor because you spend more than you make
⁃ And you have little to show for your income
Here is an example:
⁃ A lawyer makes over 200k a year, lives in Manhattan paying rent, drives a BMW and buy fancy suites ( he has about $10,000 In his checking and a lot of debt )
⁃ If he doesn’t get paid this month, he goes under and is in trouble ( he is poor )
⁃ An office worker makes $40,000 a year, he spends most of his money on rent, car loan, and going n vacation and also buys a lot of stuff on credit ( he is broke )
⁃ You see many men with capable incomes are broke and many men with average incomes are rich
⁃ Its not an income problem only, its a capability problem
Book: The Richest man in Babylon
* 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.
