The Worst Financial Advice To Go Broke Fast

So in this video, I’m going to go over 10 pieces of financial advice that could put you in a whole for decades. 💲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. A House is an investment 2. You Need a Credit Score So what happens if I go to a bank to buy a house - They look at my income - My history and lend me the money ( without a credit score ) - What about a Car ( I don’t finance cars, I pay cash, so I save up and buy me a 9k car or do like my uncle did and buy a 1k car ) 3. Credit Cards are For emergencies, Building Credit scores, and Getting Points - Credit cards are amazing, for banks - They keep people poor and they are so much part of the culture that people defend themselves - I get points, I would have spent the money anyway, it builds my credit score Truth is: - They keep you poor - They keep you spending more money - And points won't make you rich 4. Passive Income is Passive - Nothing is this life is passive fully - You plant a seed, God gives it life, you water it, take care of it, and harvest it Real estate: - Is not fully passive even with the best tenants - Index funds are not fully passive either - But that’s not a bad thing, don’t look for easy money 5. Good Debt and Bad Debt - I have zero debt and I hope to stay that way - I don’t think debt is good or bad, I think it’s a tool, and some tools you should use them with a lot of caution Let me explain: - Using debt to help you buy a car ( bad ) - Using debt to help you increase your investments ( bad) - Using debt to help you buy a home you can't afford ( bad ) So when is using debt good: - Using debt to help you buy a home you can afford - Me personally I wouldn’t use debt to buy investments ( unless it’s a reverse down payment, instead of taking 80 percent in debt, I give 80% and take 20%, it's so minimal ) 6. Used means Trouble - If something is worth buying, then its also worth buying used - Let me explain Example: - Toyota Builds cars to run 200k miles on average ( you buying a 10-year-old car or even 15 year old car in great condition ) is a good deal - Iphones cost 1000 dollars, you buying one for 200 used is a good deal 7. Go to College Regardless of what you want (it is an investment no matter the Price) - College is not for status - It's not for finding yourself - It's not for making friends - College is to receive training for a job - If you don’t know what you want to do, or you don’t want to get one of those college skills ( then don’t go ) 8. You can Beat the Stock Market - You can but are you willing to pay the price - The price Warren Buffet paid, was 6-8 hours of daily reading - The price Peter Lynch paid, was pretty much always thinking about stocks 9. You Don’t need a budget - Don’t save what is left after spending - Spend what is left after saving 10. Spend Money on Experiences, you only take memories with you - I can't confirm dead people don’t take memories or food with them - But people that are alive, rather have more free time than time in a job * 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.