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free to use this template to organize your daily tasks and goals, and
let the motivational words inspire you to take action and achieve
your dreams!
- Tony Bryson talks about the importance of saving money and building a routine to manage finances. -
He believes that the hardest part is saving the first $10,000, and once
you achieve that, you can work towards saving even more, like a million
dollars. - Tony shares his money budget routine when he gets paid to avoid wasting money and make it grow. - He advises having a baseline, which is the amount needed to live comfortably and work towards goals. -
The baseline includes four main expenses: shelter (apartment or
mortgage), utilities (bills and important needs like health care and
gym), groceries, and transportation (car expenses or public
transportation). - Tony suggests having a separate account for the baseline money to avoid spending it on unnecessary things. - If you have money left over, he recommends saving and investing it wisely. - The first goal is to become debt-free, paying off short-term debts like credit cards and loans. - The second goal is to save up for emergencies, at least three to six months' worth of living expenses. -
The third long-term goal is to invest in a retirement account, like an
index fund, and consider a 15-year mortgage for a more affordable home. -
Tony emphasizes not investing until you're debt-free and have an
emergency fund to avoid dipping into your investments in times of need. - He encourages viewers to follow his routine and reach the first $10,000 savings goal.
The person talking used to be very strict with money and had a tight budget, but now they have a better method. - They learned five principles that helped them maintain their finances without risking everything. - The first principle is to never spend more money than you make. - They suggest limiting spending to a certain percentage of your income: average people should not spend more than 90%, better than average people 70%, and those wanting to be financially free should spend less than 50%. - They use a system to manage their finances, relying on automatic payments and separate debit cards for different expenses to avoid overspending. - Endurance and focus are crucial habits for financial success. - It's essential to have clear goals and stay focused on them while also enjoying life along the way. - The person admits they sometimes deviate from their plan but try to stay on track with their overall financial goals.
