So, first off, I'm not here to preach to anyone, if you don’t believe in God, or if you are of a different religion than I am, I'm not here to judge you. This video is about Principles that help you with money.
You see I’ve read over 200 plus books since I was about 19, none of them were fiction, pure growth and money books, and about 99% of that information I would have learned in the bible just as well. However, I do like reading books still because it gives modern application.
So in this video, I’m going to share 10 principles that helped me go from being so broke where I had to download and listen to books from RU-vid, to being one of the wealthiest people in my family at this age ever.
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1. Don’t Love Money ( Instead love service )
Bible vesrse: 1 Timothy 6:10
Basically says that the love of money is the root of all evil
And when I first getting started trying to become wealthy and earn more money
A few manipulative people use this bible verse to try to tell me that money was bad and it was evil ( it clearly says the LOVE of money )
You see today here is what I understand, this statement is so true
I have no utility for more than 48k a year
So although I make a lot more than that, its just a results of my career and me trying to be the best I possibly can
Theirs nothing wrong with money, its not evil and it really just makes you more of who you are ( its made me more gentle, appreciative and giving )
2. Lesson on Debt
Proverbs 22:7
The rich rules over the poor, And the borrower is slave to the lender.
One of the first book I read was Poor Dad rich Dad
That book was going to lead me to create a house of cards, because of the debt and all the leverage
You see debt is a double edge sword, you can use it intelligently but if the facts change it will still cut you
So today here is what I learned from this bible verse ( be wise in what you borrow money for )
The only thing I would borrow money for is:
To buy your first home, withing 33% of your monthly income on a 15 years mortgage
This way you can afford it and pay it off fast
But all those people that owe so much money that all they make goes to debt, they can tell you how much of a slave they feel like ( because I’ve been their )
3. Don’t Co Sign
Proverbs 22:26-27
Don’t agree to guarantee another person’s debt or put up security for someone else. If you can’t pay it, even your bed will be snatched from under you.
I’ve heard so many stories
With parents co-signing car notes
Boyfriends buying furniture for their girlfriends
And before you know it things get complicated they cant pay and then you ruined your credit score
My advice is say this:
I cant help you with money
But if their any other way I would be glad to help you
4. Diversify your Investments
Ecclesiastes 11:2
But divide your investments among many places, for you do not know what risks might lie ahead.
It’s that piece of advice you hear all the time
Don’t put all your eggs in one basket
Especially if you are not going to sit their and make sure nothing happens to that basket
That’s why today my investments are diversified across 5 markets, real estate and all career income ( one might fall but not all at once )
5. Ask for the Good Advice from people wiser than you
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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.
20 авг 2024
