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💲

👨🏽‍💻Financial Freedom Course👨🏽‍💻$100 OFF CODE: LONGTERM

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💲

👕Merch👕

✅2 FREE AUDIOBOOKS✅

🎁ACORN FREE $5🎁

⚡FREE KINDLE UNLIMITED⚡ (traditional reading)

👨🏽‍💻DISCORD PRIVATE GROUP👨🏽‍💻

😎All My Social Media😎

*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.

[richhands]

My three favorite channels: TommyBryson, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥

[adamalker]

Hey there! Just wanted to remind you that it's never too late to start taking your investment journey seriously. So don't lose hope

[daequonbulger]

Its crazy how I just got this revelation a few days ago and see so many people getting on the same wave, no debt, no credit cards, be responsible save, give generously, steward what God has giving you to manage and he will make you ruler over many! We dont have to play according to their rules. God is revealing truth to those who are receptive! God Bless!

[Eradeye]

I love the way you think. I will be showing my son this video. He does not have any debt, and he is 22.

[alessandroramirez]

multifamily home is the key, owning a house of 6 unit will allow you to pay your house in 6 years while you dont need to pay rent

[MatheusRodrigues-tpkd]

You’re my favourite finance content creator fr. All your advice is so practical and knowledge

[Anitajonse]

Despite all the financial struggles i and my family faced, everything is finally falling into place! $47, 000 weekly profit and riches I'll always praise the Lord

[marccoppejans]

One of the best decisions I made was go to college. It opened a whole new world, I learned critical thinking skills. Although I never worked in the field of my studies, it was worth it for me.

[thatheat]

I've been getting on with it, and praise him for the peace i get when i think of him.

I haven't had the best of luck been getting the short end of the stick but Tommy, I'm still here

[thatheat]

I can relate to this advice very much. Been through ups and downs but more downs. I dont ask "God why me", I've been getting on with it, and praise him for the peace i get when i think of him.

I haven't had the best of luck been getting the short end of the stick but Tommy, I'm still here

[ChristianNsengiyumva]

Facts, thanks Brother for sharing powerful information. God bless you

[OPDNETWORK]

You are correct period I’m not patient love your videos I’m still fighting with debt but I here u

[murrelgordon]

I love this video Tommy, thanks much 🙏

[doyoump]

That boy tommy putting that work in over in Porto Rico 🔥🔥Good advice man been watching since 2019

[annaahmed]

Good man with great idea thanks for sharing keep it up good work ❤ your video God bless you and your family.

[ToneAP]

These are some Dave Ramsey points lol. I just read his book and you basically summed it up.

[CoachFats]

I disagree with some of the credit advice.

Never stop using your CC. BUT! Only use them when you have the physical funds. Use the CC pay it off with the cash/ debit card instantly.

Credit can make you you rich by building high limit credit. The more you use and pay off instantly the more they give!

The MOST crucial ADVICE! If you can get an $8k, $10k, $14k, $22k, $45k personal loan.

DOES NOT MEAN YOU NEED TO SPEND SAID $$$ MONEY! Put most of it in an interest bearing acct and use very little to hold in preferably an unused acct and use the loans funds to payback the loan as you have a cushion, “IF NEEDED!” And your credit steadily rises. 🤷🏽‍♂️

[annaahmed]

That is very helpful ti thanks thanks for Thomas keep it up good work

[davidsarpong]

Great vid, also I must ask, are you into basketball?

[sl]

Love to listen and learn from 😊your Videos