MONEY LESSON- pay day routine

 

 - 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.