Tommy Bryson

Why Index Funds Wont Make You Rich

When you think about index fund investing, or investing overall, you shouldn’t think about sexy. There's nothing sexy about waiting 25 years to actually get some action. So for most people if they are not careful, they may never be able to actually be rich when it comes to index funds.

Now here is my description of rich, its someone that has more money coming in than they having going out, and they are not constantly afraid of the income fluctuating below that point.

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1. Not all index funds are Equal

-Some are risky

-Some are too safe

-But the best strategy is the one that keeps you in the game for longest



2. Indexing is not like a invest once and forget game

-People always ask if I put in $20 how much can I take out



3. It's really Long Term, unless you have a lot of cash

-10-12% returns are not fabulous

-But they are fabulous when you do nothing but wait

-But that’s why, because you have to wait



4. Its Not Bullet Proof ( nothing is)

-Diversification is still recommended

-Removing friction is still important

-Margin of safety is still vital



5. If everyone indexes ( it could have some consequences but that’s a long way out )

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3 Skills You Need To Save Money

Saving money is just you are putting money aside for whatever reason it is, but some people seem to be very good at and some not so great. Some save aa good amount and then boom the money is spent, while some save a little, and over time that becomes a lot.

So in this video, I’ll teach you guys about 3 skills you need to become a better saver

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Discipline

The question is, discipline to do what exactly

And the answer is to continuously make a lifestyle out of saving money

Every single time you get paid



Great tool for this: is called reverse budgeting

The idea is simple, your spending revolves around your savings not around your spending.

Some people spend and then save what’s left over

What you are going to do, is save and then spend what you need to spend

But this wat you always take care of business first



Here a Good Challenge:

Try to save 10% of your Paycheck every time you get paid

For at least 6 months



Priorities

This is all about knowing whats important and what’s not important

It’s about knowing when to say yes and when to say no.

Its about know to organize yourself



Great Tool: keep Things separate

So everyone should have a separate savings account from their checking account

This is going to help, since the money is going to bbe outsite and not directly mixed with your checkings

But that’s not all



Priorities is about knowing how to plan effectively also

If you make a habit of first saving and then spending

You’ll know that if you save 10%, and spend 80%, you only have left 10% for fun expenses.

And this is just an example, it would be much better if youy save more but when you first start saving, it should be fun in my opinion its what increases the likely hood that you’ll continue



Cut the Fat

This basically means that if we all took a look at our spending habits we all spend money on something we definitely don’t need ( that’s fat and to much of it as unhealthy and a good amount is just fine)

So no im not asking to cut everytthing that you don’t need

Bbut if you barely have room to save, then its something you need to do



A good tactic is this:

Go to your bank accout and filder transaction by 1 month

And see exactly where you are spendng your money

And remmebebr needs are Shelter, Grocieres, transporation and utilities

And anyhting else is just a want, and see what you can live wihout and whaata you cant live wihtout



Forecammple:

I wouldn’t be able to live without fast internet, so having at least 100megabbytes is important but no one needs 1gb of fast speed, that’s stupid

I wouldn’t be able to live without my protein, but I don’t need a crazy expensive one

And I really need internet on my phone, but I could just get a mint mobile and pay $40 for unlimited internet

Some things to save on:

Reduce your necessary expenses ( housing - downsize, roommates, ) and all the cost associated with housing, reduce insurance costs ( job around and bundle like car and home and increase your deductible if you’re usually healthy, reduce food cost

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How Much Emergency Funds I Should Have?

So I’m probably the only person on YouTube that’s going to teach about the 3 levels and emergency account has, most people just say, save 3-6 months and call it a day. But in this video I’ll tell you how you can get away with a lot less and how you an also build it up to a lot more.

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Obviously First: you have to know that I’m a little paranoid most of the time, so I’m always trying to make sure, I’m set up for the future, but you also have to know that you cant control the future, just prepare as best you can and let God handle the rest.



Level 1: Started Fund

This is the first version of your emergency fund.

And you only focus on getting to an amount that can you started on your financial goal, and this case it would be to become debt free

And for most people savig $500-$1000 is more than eneough to fix any little problem that might happen



Here is why you first start a Started Fund:

To save 6 months worth of yur monthly expenses can take a long time, especially when you are in debt

So its best to save $1000 that can take you 1-2 months potentially

And then get started on your goal, and if something happens, fix it and rebuild it



Level 2: Solid Fund

Because at level 2 this fund is going to be good enough for most people for at least 10-15 years

Kinda sounds crazy right to build a fund that is only level two and to use it for this long without trying to get to level 3

But again each fund has its reasons, and this fund is to give you enough stability to start investing and to finish paying off your home



How much:

You want to save 3-6 months worth of an emergency account.

I highly recommend you spend the extra time and save up 6 months.

Its makes it so much easier, to handle the rough patches in life, like losing a love one, losing a job, a car accident and all those surprises we never want to have



Level 3: Prime Fund or Mature Fund

This fund is going to have anywhere form 12 months to 36 months of emergency money, some people even go as far as having 60 months worth

And you may be asking why so much money and how can I save that much and when can I save that much



First: When do you do this

You do this once you have a paid of home and you want to continue invest



Second: Why ( although I should start with why I know lol )

But it’s because you want to be able to stand firm incase we have a huge market downturn, if the market is down for 5 years it wont matter to you



Third: How do I save that much

Now if you’re expenses are 24k a year, to save 3 years worth would mean 72k

Well the answer is, you keep investing your normal amount and send over aa percentage you feel good into your saving

That could be 5-10%, it’ll take a long time but that’s fine

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How Much Should You Save To Start Investing In Real Estate

You know This year I stopped being a home owner and next year I’m going to use that capital to buy my first rental property, so then the obivous question, how much money do you need to get started investing in real estate.

So in this video we’re going to break that down, and also give you a personal budget to allow you save more money for this goal.

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There are 3 ways to invest into Real esate

First is by using all cash, most of us don’t have 100k to buy a property in cash

Second is to buy reits, real estate investment trust, that allow you to buy fractional shares in reale staet and get paid dividend and to make money on aprprecaition

Third is to use other people money, which is what you usually hear the most



However all these ways have one thing in Common

They all have risk

But some have more risk than others obviosuly

So lets break down how much is requuired for all of them, so them we can talk about how much to save and how to save it



Take into acount, that your market and what you are willing to do will affect

So you have to do that research for yourself

Now lets assume that the average price for a house and is about 100k and I found me a good deal

How much money do I need to have to buy this property

Btw I also recommend that the property you buy isnt super far away from you, I wont being pout of state rentals until I have a lot more experience



Lets Assume the Property Cost 100k: Option A

I’m going to be doing a conventional loan that requires 20% down

Then I have closing Cost that could be 2-6% but lets say 6%

That’s really it ( but you also have other cost like staging the house, or remodeling something, but those cost vary so lets ignore them for now )

That means I need 20k for the down payment and $6000 for closing

To buy a 100k property I need about 26k



Option B: Lets say I want to house hack, so I’ll be living their and renting

I get an FHA loan I can get away with putting down 3.5%

And same closing cost and sometimes some programs even cover that cost but lets assume 6% again

That’s $3,500 down and $6000 closing, only about 9,500



Option C: Creative finance

You figure out a way to borrow the down payment also and the closing cost

And then you get in with 0% down



The Pros and Cons of the amount you put down

Pros:

You have no skin in the game really

You can use your money for another deal

Cons:

Your payments are hire

You have less equity

And you have more risk

Mortgage insurance



Overall, my goal is:

To buy properties for 20-50% what they are worth

And then to work on owning them outright as fast as possible

That way my risk is a lot lower and get all the cash generated by deal

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Why I Don't Own A Car

This video is about not having a car, so why mention that, because a car is transportation, and more than anything its convenience. If I had a car back them I wouldn’t have had to wake up at 5am, and come home so late; things would have been a lot of better.

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1. Cars are affordable

- Now I remind you that I was in college and I was thought I couldn’t afford a car

- Because I didn’t have 10,000 saved up to buy the car that I wanted

- It was a red C-class Mercedes

And at the time I didn’t know that much about credit ( thank goodness )

- So my plan was to save up 10k and buy that car

- And it took me about 6 months to do it

- And the person I became saving up that 10k, didn’t want to spend it on a car

However, looking back

- I had a friend his name was Joey and he drove a Honda Civic from like 2000 or late '90s I think it was

- And my other friend drove a muscle car

- At the time I didn’t realize that I didn’t have to buy a fancy car,I could have just bought my friend's car for like $2000 dollars

2. So why don’t I have a car today

- In New york when I needed a car, I didn’t buy one because of my lack of knowledge

- And when I finally bought my first car, I bought hybrid and I made a lot of mistakes ( I sold that car by the way )

- But today I don’t need a car and that’s why I don’t have car ( but soon I will, and I’ll tell you what I’ll be buying )

Here the basic idea why I don’t need a car

- I live in the Dominican Republic and my mom lives in New York

- She comes here twice a year for about 3 months total

- When she’s not here I drive her car and when she is here I drive my friends car and motorcycle we have

But for the most part

- My advice is this, buy a car when you need a car

- If you have long commutes and you could have a better quality of life by having a car, then do it

- I’ll never forget when my friend told me, that having a car is not about fashion but its about having more control over your time

3. How I plan to buy my Next Car, what car is it and when will buy it

- I’ve learned from my mistakes, which I think a gift from God

- Because some people just keep making the same mistakes repeatedly

My next Car:

- I’ll pay cash for my car, buy a car that’s no more than half my annual income or 10% of my networth

- I’ll be buying a car that I like but more importantly, can afford

- This car isn't going to be a burner (burners are cars that burn money like luxury vehicles you can't afford and break down super quickly )

What car will it be

- I want a Lexus, maybe an RX but I don’t think I need that much car

- Second and third choices are Honda and Toyota ( CRV or RAV 4 )

- Either or is find with me

When will this be:

- You already know the answer, when I need one

- If I needed one today, and didn't have the cash to buy what I wanted.

- I would go and buy what I needed

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7 More illegal Ways To Make Fast Money | Do Not Try This

It’s been 3 years since I made my last video on this topic, about how to make fast money illegally; and that video got over 1.6 million views and made me legally about X dollars ( by the end of this video, I’ll tell you exactly how much it made)

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1. Ponzi Scheme

- You think you have to be a genius to do this

- But you don’t, nothing spreads faster like the idea of making easy money

- Here in Dominican Republic we had a guy named Butter and I think they ended someone of his family ( so this is not a joke )

However his gig was simple;

- You would give him money and in a few days he doubles it

- Word spread nationwide and people kept going

- And he really kept doing it

Then someone gave him a lot of money and he disappeared but they found him

- The scam his simple

- If you get 3 people give you $100 and give them all different dates to doible the money

- If more people come in you can just continue giving them the other person's money

The objective is to get the big fist

2. Selling Medicine you know

- You would think this is obvious but trust me its not

- I knew a guy who was selling brownies with some extra flavor

- And his marketing plan was to publish his products on Snapchat and social media

The last time I heard from him

- The competition took him out of Uber and left his face looking like a cherry

- He then tried to sue Uber and get people on his side

- But it’s the dumbest thing you can do

If its not legal: do not sell it

Consequence:

3. Online fake Courses and Products

- I remember seeing a lot of ads on YouTube

- With people selling courses and giving away stuff

- But when you checked the ads, they didn’t belong to the official people

These Crimes:

- Are usually harder to spot because they are online

- And they just shut down the sites but it is still fraud

4. Promoting Garbage online ( I remember some celebrities )

- Let's say you work hard to become an influencer or whatever

- And a company comes to you with a product

- That you know sounds to good to be true, like NFT project or Some new coin

- They pay you X amount and you promote

Because of that you could be association with the company doing the scams and face legal charges

5. Credit Card Fraud

- You think this is hard but it's not

- There are literally online tutorials and songs about how do it

- You can clown a credit card and buy credit card information from the dark web

What they do:

- These people use other people info to buy stuff physically or online

- And then they sell it for cash for a lower price

- So if someone is selling you something that cost a lot of money for a crazy discount and they always have these deals, look out

6. Selling Unlicensed Goods on the Internet

7. AI scam is the most modern on on this list

- But you can literally with a small amount of information scam someone out of their life savings

- Here is how they do, by faking to have the victim

It is all online;

- They can use software to clown someone's number

- Social media to emulate their voice

- And then make a call and make a sound like they have kidnap them

- Take the ransom money and disappear

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Best Investing Apps For Beginners | With Tutorial

I spent an entire year testing out different investing apps to find out which one
works best, to the point where I had literally all my money spread between 5-6 apps. Today though I have my money in just 2 of these apps, and the other 4 I no longer use reasons that have become super obvious.

In this video, I’m going to tell you the absolute truth, the good, the bad and the ugly. You know what's crazy is that the app I used the most and loved the most, turned to the app I dislike the most today, and that’s why it's so important that you test these apps fully.

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1. Here is the Full List of apps that I will be Showing today in this video

Acorns

Sofi Money

Robinhood

M1 Finance

Cash app

Stash

Vanguard

Td ameritrade

Fidelity

Charles schwab

2. Here is what I was looking for as far as feature of the app to make it worth while

I wanted a free platform or at least stupid cheap, where I didn’t have to pay to invest

Second I wanted an app that let me automatically invest my money ( this includes, automatically buying the investments, rebalancing the portfolio, and making sure the buys keep the balance of the portfolio )

-Great customer service ( online is cool, until you need a real person because you have an issue

-SIPC insured incase the brokerage went bad

-Easy to use ( I hate complicated stuff, especially when it can be done easier )

3. Apps that are disqualified off the bat and things to avoid

Betterment: robo plus .25% fee

Invstr: cool features have a fee

Stash: fee plus no long term portfolio investing features

Etrade: To old

Wealthfront: robo plus fee

Investing with your bank : usually costly and not enough investing to pick from

Robo investing / robo-advisor : cost money

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Sep IRA vs Individual 401k

SEP which stands for Simplified Employee Pension Plan vs individual 401k which what I currently use today as a small business owner.

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1. SEP Plan Is a Simplified Employee Pension Plan

- Which by definition is supposed to be a simple way to invest

What are the benefits

- You can invest up to 25% of net earning but no more that 58k a year as of 2021 ( buts its only 20%if you have don’t have employees)

- The money you invest can be used to offset your taxes and save you money and the money will grow tax-free but eventually, when you take it out you will be taxed

- This means you can invest a lot of money and have the money grow tax-free

Where can I open one

- You can open one with Vanguard which I recommend the most, its one of the best companies, and its been around for a very long time

- But if you want to be more tech-savvy you can also open one up with M1 finance and directly invest into what I invest in to using the link in the descriptions

- But honest that’s just what I recommend, but you can open one up with any broker, just make sure you trust them and they don’t have any crazy set up fees

What can I invest into

- Stocks, Bonds, Mutual funds, and ETFs

- But also if you get Self Directed SEP you could even invest in real estate

- Be careful playing games with your future though, I recommend index funds or ETFs that track indexes

Cons:

- 20% max with self-employed or one man or woman show business of net earning which means you have to earn a lot more money around 290k to max it, not including what you pay yourself

- There is no ROTH option, so the money will be taxed in the end

- You have to wait until you are 59 and a half to take money out, if you do it before then you will be taxed and also pay a 10% penalty

- You can only contribute business money and not also with your money which sucks also ( funded only by employer plans )

2. Individual 401k plan ( this is designed for Sole PRopriaships business, so one man teams – but you can always have contractors )

- - the cool thing about this account is that you get some of the benefits of a 401k and also get some Roth options as well ( taking money out for buying a house with a penalty up to 10k first house)

What are the benefits?

- Employee meaning yourself, can also invest into their 401k also or Roth 401k account ( meaning I can also contribute up to $19,500 in my personal Roth 401k – while the company put money into my normal 401k

- You can also borrow money from your 401k plan which I don’t recommend but is also an option

- You can invest up 25% of your money but cannot exceed 58k per year

Where can I open one

- For this I recommend vanguard

What can I invest into

- Stocks, mutual funds, index funds, and even bonds

Why I like it so much

- It gives me the ability to get tax deductions yes but to also invest into my Roth option plan and then have all that money tax free

- Eventually roll it over to a normal Roth Ira

- And after 5 years I can begin to that money out tax-free

Tip: you were two hats employer and employee

3. Which one do I recommend

- People with employer that SEP plan probably will work best

- But people with no employees Induvial will work best

- Just make sure to speak to a CPA or call vanguard.

Ps. Keep in mind that vanguard will charge you a dollar amount fee until your account reaches over 50k. Which is fair.

SEP plans are funded by employer contributions alone

Individual allows for both employer and employer to fund the retirement plan

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