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
Link to Budget:

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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.

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