5 Simple Ways To Save Money Faster
ฝัง
- เผยแพร่เมื่อ 14 มิ.ย. 2024
- I used to think that to save a lot of money you needed to make a lot of money, but the truth is we have all been given a certain amount of money. Some of us have been giving a lot of money and some not that much, but it's not about how much you make, its about how much money you keep.
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1. No spend month
- I don’t like the idea of doing extreme things and then going back to a mediocre normal
- It's like people who do a crash diet and then after the month is over or the goal has been met, they slowly but surely go right back to their mediocre habits and weight
- But I do think, this can be like a “defibrillator”, that’s the machine the doctors use to bring you back to life ( but instead this is going to be bringing you to a new life )
Here is what I mean:
- You don’t think something is possible usually until you either see someone do it, you do it yourself or you have faith its possible
- However we tend to make excuses, he can do it but I can't, how do I have faith, that’s impossible
- But when you have yourself as evidence it's easier, but rewarded are those who without doing it themselves can believe
How do it:
- You have what I call a barebone budget ( shelter, utilities, groceries and transportation )
- It’s a month when you only spend money on those and you basically close down everything else
- No dining out, no fancy vacations or anything you basically don’t need
Questions:
- What about everything else?
- Cable, phone bills, insurance, and so on
- More on that later
2. Side Hustle
- Statistics show that the average American makes about $74,738 dollars
- But the medium is actually about 52k
- And I personally know very few people that earn that much money, but if you earn that much that’s great, but most of the people I knew were making about 2-4k per month after taxes
But the point is not how much you make: it's how much you keep
- So after you adjusted the budget and removed the things you don’t need
- Let's adjust your time and this is a for a time not to be made a lifestyle
- If you work a full time and spend 3 extra hours after work 6 times a week, that’s an extra 18 hours
- And that would mean you get home by 8-9pm and still have a window of time for your kids and wife ( again this is only for a short time, and if this isn’t something you cant manage or is to much for the family, then don’t do it )
The money:
- 12 hours at $15 an hours: $180 a week or 720 per month
- 18 hours at $15 an hours $270 a week or 1080 per month
- That’s money you can use to save up faster
Tip: I personally wouldn’t do this for longer than 1 to 2 years
- Its rough on the body
- I wouldn’t work on Sundays either as a Christian to dedicate that day to the Lord and My family
- Some people are in a rush and they sacrifice things that they shouldn’t just to save 1 year or 2
- Sometimes the cost is not worth it
3. Sell off
4. Payoff Faster
5. Downgrade
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I agree with most of what you said in this video, except for the beater car. Beater car repairs are astronomically high right now. We gave our daughter our 2007 Honda Accord. It is considered a great used vehicle because we babied it. However, it costed us 8K in repairs since December 2022. Fortunately, the car has been paid off for years and we had the cash to repair it and it’s still running, but it now needs 2 Cadillac converters which will cost another 2K. Fortunately, her Dad works at a car dealership so he got a discount on the car repairs. For someone who is already low on cash, this wouldn’t be a good idea because they will end up going in debt to repair a used vehicle, putting more money into it than what it’s worth.
What were the repairs spent on ? And buying a used vehicle is different than inheriting one from your parents. She basically got it for free and had to spend 10k in repairs; and depending on the repairs those could be one time repairs while she drives the car
My side gig is what give me the ability to super save my full time is 50k a year and part time is 25k my kids are grown now so it’s easy for me now I’m saving around 3500-4k monthly this will be my second full year working like this and my first year starting to save last year was debt and Tommy my ancestors was slave we don’t burn out🤞🏾🤣😂
Just make sure you have time for kids, family and relationships. Those things are of greater value.
Happy New Year 2024 Brother Tommy.
Great video 🎉😊
I work 100+ hours a week, without breaks (besides military duty) and the occasional vacation. Every year, I take a month off and travel to Europe or whatever. Usually, I feel more exhausted during these holidays abroad though, because I tax my body even more so by resting/sleeping even less!
Im just curious where ru buying these houses? Around me nothing less than 600k
Hey Tommy, what books do you recommend to build better habits?
Atomic habit
Hey whats the phone provider you use ? Tello ? Thank you theres just a few that popped up so i wasnt sure which one
I use Tello 😎
Happy New Year 😂😊😅
lol happy new years
I have a Honda and it's the best car I have ever had! I had a BMW and a Volvo and I could not wait to get rid of them! and I had a note on the BM and the Volvo was Cash but it keep breaking down! the Honda is the best! I will never get anything else if I can help it!
Yup 👍 lol; those bmws and Volvo do look great, but it’s a different story when it comes to reliability and cost
@@TommyBryson yes sir 🤦🏿 never again! And thank you for all the great work you are doing!! Been a member from the time of Covid 🦾🦾🦾🦾🤲🏿🤲🏿🤲🏿
Honda what?
Huh ?
Is smart money bro your dad? lol
I know nothing about trading /investment and l'm keen on getting started. What are some strategies to get started with?
~Mrs Nancy Williams was my hope during the bear summer "' last year. I did so many mistakes but also learnt so much from it , and of course from Nancy Williams. She is my number one when it comes to crypto and TA.
Please do you mind sharing any means of reaching out to her easily?
Thanks a lot for the recommendation.
Read read read: The Millionaire Nextdoor, Rich Dad Poor Dad, The Simple Path to Wealth...
The side hustles you mention are some people’s actual job.
Yup, but can also be side gigs
Make more pay more in taxes
Part of the game but it also depends on how the income is made
Hey Tommy I want you to be aware that Sunday isn’t a holy day Saturday is the true sabbath day @tommybryson