Do this when you get paid ( Payday Routine )

It’s not how much you get paid, or how often you get paid, it's what you do with the money once you get it. Some people can turn a little into a lot, and some people can turn a lot into nothing. When I was broke I learned how to manage my money when I got paid. I realized I knew some people who made a lot of money and were broke, and I knew some people who made very little but had two or even 3 rentals, paid in cash. So, the money was the problem it was the management 💲Patreon Exclusive💲 https://www.patreon.com/tommybryson 😎Call Me😎: https://bit.ly/30IBr0i 😎Second Channel😎: https://bit.ly/3c4sVPS 👨🏽‍💻Financial Freedom Course👨🏽‍💻$100 OFF CODE: LONGTERM Link: https://longtermteam.teachable.com/p/financial-freedom-steps-from-nothing-to-freedom 1. The 6 Wheels to Wealth - have you ever seen a Ford Veloci Raptor - Those things are beast - They have 6 wheels on them and have 6x6 so all the wheels can spin at the same time - It's like an end-of-the-world truck The point is this: - We all need wheels to get to where we are going - And having 6 of them is a sweet spot I figured out - Have less you can still accomplish it but you take on more risk and have a less likely hood Here are the 6 accounts you will need: - Emergency: Ongoing - Investment: IA - Debt: IA - Expenses: On going - Fun: Ongoing - Charity: On Going Ongoing means you’ll always be using it IA means active and inactive, these are accounts that can always be turned on or turned off You’ll need 3 Bank Accounts First Open a High Yield savings out ( not associated with a Debit Card ) - I like to discover this is going to be for your emergency Bucket Second: Open up a Roth Ira If you don’t have one, or speak with your employer about your financial plan or a separate account for savings also ( investment bucket ) Third: You’ll have a main Checkings Account that your use for three buckets - Expenses: The rest of the money stays here - Debt: Pay them when you get paid - Charity: Donate when you get paid Forth: - A separate Debit card that’s just for Fun 2. Knowing when to use 6x6 - Using the 4x4 or 6x6 is going to kill your gas mileage - So although we have 6 account - It's not like we are going to take our money and equally split them ( no ) First you have two main accounts you have to worry about - Expenses - Emergencies For expenses get them as low as possible - This may mean moving - Selling things - Cancelling things whatever it takes - I use a barebone budget ( that means just looking at Shelter, utilities, groceries and transport and cancel everything else ) Emergencies: - Use 100% of all the leftover cash to save $500-1000 dollars - This is your new credit card, since a lot of people like using credit card for emergencies - That’s a dumb idea 3. Paycheck to Paycheck what do I do now Let's do this: - I just got Paid $1,000 what do I do and what do I recommend First: I Personally - If I have debt: take what I need to live and 5% for fun and use the rest of the money to pay off debt - If I have no debt, same thing but use the rest of the money to save for 3-6 months of emergencies - If I’ve done both of things already then same thing but 105 for investing and the rest for saving up to buy a home, and when I own the home attack the mortgage and just invest 10-20% Richest Man in Babylon - Take 10% for yourself and make it grow - Take 20% and pay off debt - Live on 70% or less * PRO TIP* INFORMATION IS EVERYTHING 💲Patreon Exclusive💲 https://www.patreon.com/tommybryson 👕Merch👕 https://teespring.com/stores/tommybryson ✅2 FREE AUDIOBOOKS✅ https://amzn.to/2Enayo8¬¬¬ 🎁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 600,000 Subscribers: https://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.