I Saved 10k, Now What To Do Next

I had to save 10k twice in my life, and in this video, I’ll teach what I did and what I wish I would have done. By the way congratulations on saving 10k, most people don’t even have $1,000 💲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. First thing I want to say is this - Two things happen when you have a large amount of money - It depends on how you are as a person Person A: - See’s a lot of money and wants to spend all of it Person B: - Sees a lot of money and worried about spending any of it Person C: - Is someone that doesn’t exist naturally in my opinion - It is something you have to purposely work on - This is the person that sees a lot of money, and thinks about the best way to spend it to get the maximum benefit from it ( this is who you should want to be ) 2. Here is my story ( not with all the details but with enough so you know ) My first time saving 10k - Once I accomplished the goal and it took about 3 months if I’m not mistaken - I had to make a lot of sacrifices and I felt worn out - Plus I just got into a relationship at the time and that kinda changes you in some way - I spent all the money, I could not tell you what Lesson: - In the moment when you are wasting money you don’t think about it that way - You think that the car is important, those chicken nuggets are a must-have or that vacation is nice - But in 5 years you won't remember any of it - It's not worth it My Second Time: - I saved it again in about 3 months I think it was ( it was easier for me to do because I lived at home with my mom and sister ) - This time I used the money for investing in stocks, I made exactly the same 10k ( meaning I broke even and got lucky ) - But I started investing into things I understood and it went well for me Lesson: - There is a hidden mistake here - And also a bias, investing went well for me - Turned 10k into like 100k in a few years but I would never do that again 3. What I wish I did - If I just saved 10,000 for the first time - My first job is to look at my current financial position - My second job is to look at my earning potential So first: - If I have debt, I’m going to use the money to clear it up - It hurts spending 10k to payoff a car ( but you have another option, payoff the car, and then sell it, use the difference to buy a cheaper car, and keep the rest of the money ) - Whenever you payoff debt and resist the urge to get into debt, your future self will thank you - YOu don’t need credit to buy a house, just an income, tax statements and bill reports - Pay cash for everything else Second: - If you saved 10k on a minimum wage job, congratulations I did it too - But we can't keep working like this, your time is worth more - Use that money once you’ve paid off the debt ( to get a new skill) - Notice I didn’t say college, you have trade school, diplomas a lot of options 4. What about investing? - If you are debt-free and you have 3 months' worth of emergencies at least - What I would do Take 10% of the 10k and invest it into the s&p 500 Take the other 90 and put in a high yield savings ( to buy a house ) - Even if you’re not thinking about a house right now - It's something that in the future, you’ll have to think about Doing it this way: - I would have been debt-free by 21 - And still gotten to all of my goals - A little slower but in my opinion better off * 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.