Why I Stopped Spending Money

In this video, I'm going to tell you guys 3 things that changed the way I saw money, and that made me rethink every dollar I spent.

1. Understanding Asset Vs a Liability

Here is the Idea:
- Assets are things that put money into your pocket: for example, rental properties, Stock Investing ( not speculation), a Business investment
- Liabilities are things that take money out of your pocket: for example buying a new purse, buying a new laptop, buying a new phone.
- So if you spend your life collecting liabilities, you’ll always be broke, but if you spend it collecting assets, then you’ll have money coming in.
Tip: And whenever you want to buy liability, just make sure to have an asset to cover it. ( but obviously, this depends on a few factors, will you be buying a home, then the rule for that is 1/3 of your income so you can continue investing, any more than that and it means you can't afford it)

Extended: Book about products that create more liabilities | The Way to Wealth ( Benjamin Frankin)
- And he talks about something very important, and its called Gateway Liabilities
- The idea is that sometimes you buy a liability that makes you continuously have to buy more liabilities and that’s a big problem.
- Two a Examples: Apple Products and a House you cant afford

2. Time = Money ( my first job)
- Now this idea didn’t come from a fancy a bookd
- It came from a movie watched “ In time by Justin Timberlake”
- Sounds weird I now

However in the Movie:
- Everyone carries this stopwatch on the arm that tells them exactly how much time they have left
- And when you work you get paid in time and when you spend money, well you actually spend time
- And when it goes to zero well, the lights go out in your head

When I watched this money:
- At the time I worked for 8 hours a day and I made $8 hours: that’s $64
- I realized that I spend $200 on shoes and $20 bucks a day on food, and maybe even $60 bucks on a fancy date.
- Then that’s when things started to click: $20 bucks on food are almost 3 hours of my life gone, $200 bucks on shoes is around 25 hours of my life gone
SO: I asked my self if I spend 25 hours of my life on a shoe, would I regret it in the future, and the answer was always yes.

However:
- Some people don’t get this, and they might be your family, your girlfriend or boyfriend, or even your friends
- So you have to very specific in how you explain this to them
- And then if they don’t understand it, then you have to decide not to take part

Tip: that’s why it's so important to spend money making money.

3. Budget ( action Plan to fix the problem)
- For a while, I just stooped spending money but I didn’t really invest a lot of it
- So I create a budget after I read these two books. The richest man in Babylon, and the Secrets of the millionaire mind
- And that budget changed my life forever

Here is the Basic Idea:
- You divide your money into 6 parts
- Emergencies, Investments, Debt, Expenses, Fun, and Charity
- And by doing you’ll basically make sure that your money goes towards everything you need to have a balanced life

However:
- If you want to understand this budget 1000%
- Here is a full video on it

* PRO TIP*
INFORMATION IS EVERYTHING

👕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.

[mikelowry]

Thank you for not clickbaiting and always having legitimate content

[YorOxNel]

I used to be into sneakers and fancy clothes. Now I get my clothes at target, HM or any outlet store.

[gjeewadeii]

T. Bryson is the realest doing it! Every video has a ton of value. Keep it up Bro!

[marweazy]

I always go out looking like the brokest man in the room but little do they know 🤫🤫

[charlesdalast]

From a sneaker collector, shoes are not always liabilities.

[.Koreans.American]

I started being cheap a few months ago. I think my spending was too generous for the past few years. 🤔 Nothing crazy expense but still it adds up. Love Rich Dad Poor Dad

[thegodnasr]

I read ‘Rich Dad, Poor Dad’ at 25yrs old and it changed my life! Great content and I love the channel! Keep sharing valuable information!

[Dka]

Thanks Tommy! I really wish I got to meet people with a mindset as yours in person. It’s hard to find friends with the same values and goals as mine, but YouTube does the job

[itzrelaxedgamer]

I did a double payment for all my credit cards like how you said in one of your videos and it brought my score up by 18 points. Thanks for the tip ill probably be doing that for awhile until ive had my credit for awhile.

[panama]

You have to think of yourself as a business. Will a purchase you make truly make you happier, and in turn more satisfied with your life long term and enabling you to be more productive because you are in a better headspace? Then yes, buy it. If not, then don't. I see some young entrepreneurs buying rolex's and I cringe sooo hard at it.

[Davena]

It's a correlation with "Your Money Or Your Life" by Vickie Robin. VERY amazing book. It's available on Audible.

[lylan]

A lot of people make excuses of family and parents. Smart people like you think and improve yourself and people like you are winner. Respect

[joseafalvel]

I was also consider cheap, I didn't spend almost nothing on myself, no travels nor fancy things, right now I'm the one who has an emergency fund large enough to survive many months of this covid 19 crisis without worrying about money even if I lose my job.

[taniajustlivingit]

Yes Tommy, your video's are working changing the way I think and live. For far to long we have been brainwashed into believing how money works. My journey starts now. Thank you young man keep up the great work, each 1 teach 1 they say.

[marcoinvesting]

I absolutely agree with you! Keep inspiring me and my channel mate! thank you!

[xavier]

Hey Tommy, I just got my first debit card! I'm 13

[ericreuben]

Respect! You honestly have the most intriguing content on YouTube. The books you be droppin are gold. Keep doin you; salute

[MusicLover-jfyr]

You are absolutely brilliant! Your content is so valuable and second to none. Great example to the younger and older generations alike. Blessings.

[johnattanlafontant]

Hello Tommy B. thank you for another relatable, rational, and informative video. your videos keep me in the disciplined and motivated mood i need to stay in to achieve my financial goals! please stay safe and god bless my friend

[TheFamilyONetwork]

You are up next in the personal finance space young Tommy. Thank you for the consistency.