These 3 Things will Always Keep You Poor

I think people don’t get rich quickly but neither do they get poor fast. Think about for a second, when you were 17 or 18 and in high school you might have not had a lot of money, but you really weren't poor. You didn’t have any crazy debt.

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1. Student loans
- How is the heck is it possible that the one thing that is supposed to get your family out of poverty is going to be one of the things keeping you in poverty ( think about that )
- When I went to college my mom just said, they told me it's okay for you to get student loan debt, because you can pay for it step by step, little by little, so don’t worry
- I think my mom wanted what was best for me, plus I had no idea how much it would really cost

The truth is this:
- 2008-2018 college price has increased by 37% while the earnings for the average person have not even gotten that close
- Average student loan balance is around $32,731 and it's only getting higher
- 41% of people don’t use their degrees

How does this make you poor:
- Because those payments at up to around $347.16 per month
- And if you're making 35k per year and you trying to pay it off
- How are you supposed to pay for Shelter, Food, Utilities and transportation

My advice: If you go to public in-state school for the first 2 years
- You can get away with having a job and paying for it for cash
- And then saving the rest of the money you need to do your other 2 years another school
- But having someone take $347 from each month is insane.

2. Credit Card Debt
- This is supposed to be a tool for free money and to build credit fast and all of this stuff
- By the way, it’s a fact that credit cards the world most marked products in modern history
- And btw since the average American lives paycheck to paycheck when the financial crash of 2008 happened, by 2010 there were 1.5M bankruptcies ( 90% of bankruptcies include some form of consumer debt also )

But here is what they don’t tell you:
- First off, you don’t need to build credit with a credit card
- The excuse I use was but what happens when I want to buy a house
- The bank can do something called manual underwriting and they can qualify you based on your income and payment history on your normal bills and so on.

Here is how it keeps you poor:
- The average American owes around $6,194 but I've spoken to people that owe $20,000 and have no way of paying it back ( and all while getting charged 24%)
- So imagine making payments of $152 per month on a credit card too
- But also remember most people don’t have an emergency fund, so when things go wrong, usually they will have to use the credit card ( which means more debt )

Story: I have a friend, that owes so much money on a credit card, where his minimum payment of $450 bucks only cover 7-20 in towards the actual debt

3. Car loan/Car lease
- Btw way if you notice the big problem is usually buying money to buy things you cant afford
- So let's talk cars

Average payments:
- New car is $523 per year without including maintenance ( and they lose half their value in the first 3-5 years )
- Used cars are around $400 and obviously, usually maintenance is higher
- And people get stocked with these loans for 5 years and then just buy another car and do it all over again

4. Overall why does keep you poor

Imagine this:
- You don’t have student loan debt so you save $347
- No Credit Card debt so you save: $152
- No Car loan so you save: $400

Those are savings of almost $900 per month, if you invest that money over 40 years that 5.2M or 20 years 680k ( not including more money you could use towards more investing )

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*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.

[JorgeLopez-fffu]

Credit cards are your best friend if you know how to use them properly”/ responsable. I’m 28. I have 7 credit cards and I’m debt free. My credit score is 806. So i would believe myself if i say having a credit card will help you in the long run if you know what you’re doing.

[luckimac]

Credits cards don't keep you poor, if you know how to leverage them properly. The key is to learn how to manage your money and don't let money manage you.

[jhordancubas]

Please do a video about crypto currency 🙏🏼 If it’s smart to invest and how it all works.

[guccimanefanlife]

This comment is not funny by the way like it however your going to successful if you do