I Saved 10k, Now What To Do Next 

I had to save 10k twice in my life, and in this video, I’ll teach what I did and what I wish I would have done. By the way congratulations on saving 10k, most people don’t even have $1,000
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1. First thing I want to say is this
- Two things happen when you have a large amount of money
- It depends on how you are as a person
Person A:
- See’s a lot of money and wants to spend all of it
Person B:
- Sees a lot of money and worried about spending any of it
Person C:
- Is someone that doesn’t exist naturally in my opinion
- It is something you have to purposely work on
- This is the person that sees a lot of money, and thinks about the best way to spend it to get the maximum benefit from it ( this is who you should want to be )
2. Here is my story ( not with all the details but with enough so you know )
My first time saving 10k
- Once I accomplished the goal and it took about 3 months if I’m not mistaken
- I had to make a lot of sacrifices and I felt worn out
- Plus I just got into a relationship at the time and that kinda changes you in some way
- I spent all the money, I could not tell you what
Lesson:
- In the moment when you are wasting money you don’t think about it that way
- You think that the car is important, those chicken nuggets are a must-have or that vacation is nice
- But in 5 years you won't remember any of it
- It's not worth it
My Second Time:
- I saved it again in about 3 months I think it was ( it was easier for me to do because I lived at home with my mom and sister )
- This time I used the money for investing in stocks, I made exactly the same 10k ( meaning I broke even and got lucky )
- But I started investing into things I understood and it went well for me
Lesson:
- There is a hidden mistake here
- And also a bias, investing went well for me
- Turned 10k into like 100k in a few years but I would never do that again
3. What I wish I did
- If I just saved 10,000 for the first time
- My first job is to look at my current financial position
- My second job is to look at my earning potential
So first:
- If I have debt, I’m going to use the money to clear it up
- It hurts spending 10k to payoff a car ( but you have another option, payoff the car, and then sell it, use the difference to buy a cheaper car, and keep the rest of the money )
- Whenever you payoff debt and resist the urge to get into debt, your future self will thank you
- YOu don’t need credit to buy a house, just an income, tax statements and bill reports
- Pay cash for everything else
Second:
- If you saved 10k on a minimum wage job, congratulations I did it too
- But we can't keep working like this, your time is worth more
- Use that money once you’ve paid off the debt ( to get a new skill)
- Notice I didn’t say college, you have trade school, diplomas a lot of options
4. What about investing?
- If you are debt-free and you have 3 months' worth of emergencies at least
- What I would do
Take 10% of the 10k and invest it into the s&p 500
Take the other 90 and put in a high yield savings ( to buy a house )
- Even if you’re not thinking about a house right now
- It's something that in the future, you’ll have to think about
Doing it this way:
- I would have been debt-free by 21
- And still gotten to all of my goals
- A little slower but in my opinion better off
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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.