TommyBryson's video: 5 bad money habits that can cost you everything

Habits are everything, and some habits you go an entire life without know you had them until you try to break them or change them. So today I'm breaking down 5 financial habits that you want to break. 💲1 on 1 Talk + My Budget + Stock Investments💲 https://www.patreon.com/tommybryson 💰MY M1 FINANCE PORTFOLIO💰 PLUS $10 Link: https://m1.finance/fQsrul1PZcHM 1. Debt Here Some advice from me that made these mistakes but go extremely lucky: - College: stop obsessing about the college you go to, go to a state college or community college ( while you're in school get a job and pay for school and apply for every scholarship you can ) Secret: I made over 60k while I was in college getting my bachelor's in accounting and it took me around 3.5 years. And I graduated with student loans, and a bunch of fancy clothes, and cool memories about fancy food I ate. ( if you qualify for Fasfa, get a job and pay, so you can graduate debt-free ) - Credit: the most important factors of credit are the amount of credit you use and the payment history. To build credit you just need 3 credit cards max and to put 1 small bill on each and pay in full each month. I had over 2k in credit card debt when I graduated and over 13k 2 years after. Secret: I graduated when credit card debt undefeated because I didn’t the fight. ( certain games are not worth playing ) 2. Inpatients ( Things, Car, House ) Advice: - Those things you want but can't afford for cash ( save up and pay for cash ) - That car you want ( buy a used model you can afford for cash 3-5k, save that money up ) - The house ( wait until you can put down 20% and the house is no more than 33% of your income) 3. Speculation ( stocks, investments, and more) - One of my first jobs at college paid me $8 an hour and a lot of people make minimum wage - But imagine me buying stock for $100 that I know nothing about - The only thing I know is that a YouTuber and my friend spoke about it - That means I spend 12.5 hours of my life on a gamble Speculating: - This is investing with no evidence Investing: - Is investing with evidence Here is a story I want you to know: - Before I bought my first stock which was Etsy, Walmart, go pro, and a weird company - I spend hours researching Etsy and Walmart ( and I made money on them ) - I speculated on the weird company and made money and I lose nearly all the money I invested into go pro ( because I invested with no evidence ) Think of it like this: - Evidence is found in the finances of the company, balance sheet, cash flow statement, and income statements - On top of that 10k forms, 10q forms - Then you analyze the intrinsic value of the company and relate it to the competition and how they treat employees, and how good their product and sales team is - This takes hours and hours of work ( if it sounds boring then it's not for you ) My advice: - Invest in index funds and read the little book about common sense investing - And ignore all the hype ( based things facts, you losing money is you losing time ) 4. Money control ( budget ) - Its like driving a car without a GPS or steering wheel, the only thing you can stop and figure how to fix it before you get into an accident My best friend: - Works for a fancy company and makes a lot of money - I asked one day if he had a budget and he said no ( he doesn’t spend a lot of money so he doesn’t need one) - But it budget is also a financial plan My friend also: - Didn’t have an emergency fund, extra money for investing - And got into a bad deal that cost him 600k dollars - And he's very lucky that he realized midway he was driving without a steering wheel and without GPS ( so he slowed down ) Video on full Guide: https://youtu.be/aAiA0wAo5v4 5. Scared/Fear * PRO TIP* INFORMATION IS EVERYTHING 👕Merch👕 https://teespring.com/stores/tommybryson ✅2 FREE AUDIOBOOKS✅ https://amzn.to/2Enayo8¬¬¬ 💰M1 FINANCE $10💰 Link: https://m1.finance/fQsrul1PZcHM 🎁ACORN FREE $5🎁 Link: https://acorns.com/invite/38EYSU ⚡FREE KINDLE UNLIMITED⚡ (traditional reading) Link: https://amzn.to/2VGbxt9 👨🏽‍💻DISCORD PRIVATE GROUP👨🏽‍💻 https://discord.gg/EcZEHpA My Camera Gear: https://www.amazon.com/shop/tommybryson ✔ Help Us Reach 500,000 Subscribers: https://goo.gl/0wvm6w 😎All My Social Media😎 Link: https://linktr.ee/tommybryson *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.