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October 30, 2021

Stop TRYING To Get Rich Slow | Do THIS Instead

So lets be real, if you try to get rich to fast, you’ll end up falling for those fake scams, gambling money and potentially overall loosing your money. And when you have you have job, every dollar you lose is time. So let me tell you before I start this video, about this trick investor use to see how long it’ll take them to double their money.

So why does this matter, because 100% of us are not Warren buffet and only 3-20% of can hope to do what he did. So most of us Honestly, we are going to get rich slow, but theirs is a way to get rich in slow but in hurry.

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Chapter:
0:00 Intro
3:20 Index Funds
9:41 How To Lower Expenses
13:18 How Much Will I Need?
20:45 Here Is The Catch
24:03 Outro

1. Method To Wealth, it Matters ( Be Single Minded, one Goal at a Time )
– If you are like me and you want to Have a job that you enjoy, and you want to invest your extra cash and let it grow passively ( I do it with index funds, and I make an average of 8-11.47% a year)
– To do this I don’t require to know accounting or finance, and I don’t have to constantly be looking at the market, because I basically have my investments on auto-pilot
– And I made it a rule to invest 10-20% of my income. But only after I was debt free, and also saved 6 months worth of emergency.

So here is How I do it, Full Transparency:
– Now before you say, Tommy you have a lot of money invested, that’s true but its doesn’t matter because I don’t have enough to start taking money out ( so I act like this money doesn’t exist and I just keep investing )
– This Portfolio which basically is just a fancy word for bunch of stocks together
– Helps me invested basically in all the market, and get a piece of the pie ( it make me between 8-11.49% an average)

My Goal is This:
– To make enough passively from this portfolio, to pay all of my bills
– So I have two ways to do this faster
– First I invest more money, Second I lower my bills ( this enables me to need a lot less money to get to my Goal )

2. So here is How It Works
– It the past I needed 48k a year in passive income to cover all of my bills
– Shelter, utilities, Groceries and transportation
– But today I’m making the number smaller and smaller

For example:
– Once I pay my house I only have to insurance, taxes Because I want to live in nice neighborhood: I need $400 a month in passive income
– Utility Bills: Gas, Electric, Water, Internet and Phone Bill: Budget for $600
– Groceries: Because I plan on having Kids and Getting marred: I’ll need $800
– Cars will be paid off, so insurance and gas: $400 a month

Total of: $2200 plus 20% extra incase of market dips $2640 ( $31,680)

Difference of: $16,320 bucks from original budget

The Two Most Important Questions: How much Do I need in Total in the Market and How long will it take ?
– I’ll teach you how to get the answer: First here is another rule its called the 4% rule ( its basically the amount of money you’re allowed to take out of your portfolio to make sure you don’t run out of money )
– Second Savings Goal calculator will tell you

3. What’s the Catch Tommy Tolentino
– The catch is that if you set a rule to invest only 10-20%
– And focus on lowering your expense by paying off your home
– Once the home is paid off, you can grab all that extra money and use it to have fun ( because you’re still going to get their anyways )

For example:
– If its going to take me 20 years to get to my goal by investing 10-20%
– And on year 15 I pay of my house
– I can spend the next 5 years just enjoying the extra money and having fun

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*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.

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