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6 Money Traps to Avoid in Your 30s
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The way I see life, it's like a game with real-life consequences and you can always start over but you only have one life.
💲1 on 1 Talk + My Budget + Stock Investments💲
1. Credit Cards
- Not your enemy that you're going to face is going to disguise as a friend with a lot of good intentions
- And that’s basically MR credit card, that’s going to help you build credit
- However, 80% of the people that get too friendly with MR credit card, end up in massive debt ( and then it becomes really hard to get rid of it )
Here what you:
- Build credit is important, so don’t ignore that, just don’t get played
- Get 2-3 credits and put a small bill on each of them and pay them off in full each month ( over 6-12 months you will see you credit rise, without going into any debt)
- Keep your enemies close, but at a safe distance
2. Car
- A second problem that most of us need to get into, can't really avoid it
- And that’s a car, it takes you from point a to point b
- But it constantly needs to be taking care of and needs gasoline ( but that’s just how it words)
The Wrong way to Do this:
- You might not anything about cars, but you will like the expensive ones, it's just the way we are
- But if you buy a car that’s too expensive and finance it
- Then maybe $500-$1000 a month is going towards a car, instead of investments or paying off the debt
The Right Way to do it:
- If you're just getting started, buy a used car for cash ( save up that 3-10k )
- If you're already leveled up in life, buy that new car you want for cash ( as long as it's not more than 10% of your net worth ) – and you are still investing
3. House
- Shelter in life
- And in America houses are so expenses where the average person can only buy one by borrowing money from the bank
- And theirs nothing wrong with that, unless you buy something you cant afford
The Wrong Way:
- You buy a house that the mortgage is more than 33% of your income each money
- Meaning I make $1000 a month but my mortgage is $350 or $400 ( I still have to eat and cover all the expenses )
But however:
- If the house is only 25%-33%
- Then I have enough wiggle room where not all my money is going towards expenses
- So buy a house where the mortgage payments are not more than 33% of monthly income.
Tip: imagining having all your money go towards shelter for the next 30 years, and not having any money to invest ( that’s it’s a trap)
4. Not Investing ( passive income and retirement )
- I’ve always loved farming games, you plant something, water it, be patient and watch them grow
- It’s the same with investing ( you invest when you get paid not after, you let it grow, and eventually in the future, it can take care of you with passive income)
Don’t wait until you have enough money to invest:
- That’s usually a sign that you’ve already been trapped
- You want to take a minimum of 10% of the money you make and invest it
- I have a video on investing for beginners
5. Emergency account | Life insurance
- It's like driving without a seat belt because you haven’t has an accident in awhile
- It’s a pretty dumb idea
Emergency account:
- Save 6 month worth of expense in an external saving account so you don’t use the money
- If you lose your job or have to start over
- It won't have hard
Life insurance
- Get a 20-30 year term life insurance policy
- That’s 10-17times your annual income
- If the game ends to soon, your family will still have a chance to finish the game themselves because of you
6. Fiance, Friends, Neighbors
- 2 these you get to pick and 1 one you don’t unless you have a lot of money
* PRO TIP*
INFORMATION IS EVERYTHING
👕Merch👕
✅2 FREE AUDIOBOOKS✅
💰M1 FINANCE $10💰
🎁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.
💲1 on 1 Talk + My Budget + Stock Investments💲
1. Credit Cards
- Not your enemy that you're going to face is going to disguise as a friend with a lot of good intentions
- And that’s basically MR credit card, that’s going to help you build credit
- However, 80% of the people that get too friendly with MR credit card, end up in massive debt ( and then it becomes really hard to get rid of it )
Here what you:
- Build credit is important, so don’t ignore that, just don’t get played
- Get 2-3 credits and put a small bill on each of them and pay them off in full each month ( over 6-12 months you will see you credit rise, without going into any debt)
- Keep your enemies close, but at a safe distance
2. Car
- A second problem that most of us need to get into, can't really avoid it
- And that’s a car, it takes you from point a to point b
- But it constantly needs to be taking care of and needs gasoline ( but that’s just how it words)
The Wrong way to Do this:
- You might not anything about cars, but you will like the expensive ones, it's just the way we are
- But if you buy a car that’s too expensive and finance it
- Then maybe $500-$1000 a month is going towards a car, instead of investments or paying off the debt
The Right Way to do it:
- If you're just getting started, buy a used car for cash ( save up that 3-10k )
- If you're already leveled up in life, buy that new car you want for cash ( as long as it's not more than 10% of your net worth ) – and you are still investing
3. House
- Shelter in life
- And in America houses are so expenses where the average person can only buy one by borrowing money from the bank
- And theirs nothing wrong with that, unless you buy something you cant afford
The Wrong Way:
- You buy a house that the mortgage is more than 33% of your income each money
- Meaning I make $1000 a month but my mortgage is $350 or $400 ( I still have to eat and cover all the expenses )
But however:
- If the house is only 25%-33%
- Then I have enough wiggle room where not all my money is going towards expenses
- So buy a house where the mortgage payments are not more than 33% of monthly income.
Tip: imagining having all your money go towards shelter for the next 30 years, and not having any money to invest ( that’s it’s a trap)
4. Not Investing ( passive income and retirement )
- I’ve always loved farming games, you plant something, water it, be patient and watch them grow
- It’s the same with investing ( you invest when you get paid not after, you let it grow, and eventually in the future, it can take care of you with passive income)
Don’t wait until you have enough money to invest:
- That’s usually a sign that you’ve already been trapped
- You want to take a minimum of 10% of the money you make and invest it
- I have a video on investing for beginners
5. Emergency account | Life insurance
- It's like driving without a seat belt because you haven’t has an accident in awhile
- It’s a pretty dumb idea
Emergency account:
- Save 6 month worth of expense in an external saving account so you don’t use the money
- If you lose your job or have to start over
- It won't have hard
Life insurance
- Get a 20-30 year term life insurance policy
- That’s 10-17times your annual income
- If the game ends to soon, your family will still have a chance to finish the game themselves because of you
6. Fiance, Friends, Neighbors
- 2 these you get to pick and 1 one you don’t unless you have a lot of money
* PRO TIP*
INFORMATION IS EVERYTHING
👕Merch👕
✅2 FREE AUDIOBOOKS✅
💰M1 FINANCE $10💰
🎁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.
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