10 EASY Rules To Never Be Broke Again.

I was broke for years it is one of the worst experiences it is insanely stressful feel like you're juggling more balls than you actually have it is absolutely horrible so today I want to give you 10 rules that took me from being broke to knowing that I will never be broke again the best part is they're pretty easy the first step was to plan for emergencies because especially when I was paycheck to paycheck there always seemed to be things that came up out of nowhere that threw everything off you do good for a couple months

and then you get a flat tire or something goes wrong with your car you have to buy something for your apartment or your house and every time you think you're a little bit ahead you just get dragged back to where you were before and that can even cause the spiral of debt and everything else so making what started with a $1,000 then $22,000 and then 1 month and then 3 month and then six Monon emergency fund was literally one of the best financial decisions I've ever made because it gave me Financial Peace it opened up

more opportunities to earn more money because I could take a lesser paying job and live off some of that emergency fund it gave me room that when things went wrong they didn't destroy my finances and get me in a hole if you do not have an emergency fund uh you're really playing with fire it is such a stress reliever I just keep mine in a high interest savings account leave a link to the one that I use down below you can use whatever you want but at least to earn something and then I just pretend

that it never exists and I just have this endless peace of mind and it's amazing find discipline or just trick yourself everybody knows that they should save money or they should start investing or they should do something but it's really hard to actually make yourself do it for more than like a week or a month extremely hard to do it for a year and even though everybody thinks that I have like good self-control and self-discipline I really don't and I actually have to trick myself into doing the things that I want to do and there's

a couple ways that I did this like I literally brainwashed and tricked myself into saving money and investing and doing stuff that I don't know how to do so I just want to share that with you first of all I run out of motivation extremely fast so pretty much every day for 3 years I was listening to a financial book reading a financial book listening podcast watching YouTube videos like this one every single day to keep myself excited and motivated about my goals and that goes to the second point which is I actually made and

wrote down goals and those kind of uh gave me a reason to say no to those things to say yes to other things like all those hard choices when I when I don't have any more left to give I could always go back to that that big why of why am I doing this in the first place leaving your job doing something that you love whatever it is for you if you don't have those you're probably just going to fall off your budget you're not going to stick to your plans not going to work the

nights and weekends if you don't have like this big purpose behind what you're doing you're just going to burn yourself out that really really helped me and that kind of leads into the the next point which is to simplify your finances this is something that I love doing which is again stealing from myself or tricking Myself by putting things on autopay whether that's to invest or to save have a certain amount that gets automatically taken out of my check every time I get a check and it goes directly into my savings account and then once

that reaches a high enough number it goes into my investing accounts and that is this whole idea of paying yourself first and for me it's just like stealing from myself to make sure that I have my financial future before anything else happens I need to make sure that my future is taken care of and it also just simplifies your finances if you can set everything up as simply as possible on autopay whether that's for your bills so that you're never late and get late fees or for your savings so that you never skimp out on

the thing that's important which is actually like saving money and bettering your finances those things really have made a big difference I keep my investing pretty simple I have read a lot of books on investing and finances and I have realized it comes down to the simplest things are usually the best things so I pretty much do a few different things one I invest in index funds I totally stopped trying to pick stocks after I've read this book called a simple path to wealth turns out like investing in the s&p500 outperforms like people picking stocks

or especially you individually picking your own stocks in which case you normally lose so I pretty much just do that when it comes to the stock market and then I invest in real estate cuz it's something I understand I had this rule of never investing in something that I don't understand so real estate it's been kind of my other pillar my third one is beginning to start investing in business that kind of leads me into another point and that is that there are a ton of really cool things you can do with real estate and

for a lot of people it can actually just give you options like using figure the sponsor of this video to get a HELOC let's say that you want to undertake a home improvement project you have bad credit card debt that you want to pay off or consolidate or maybe you even want to fund a business you can apply online in as little as 5 minutes and get funding in as little as 5 days with figure and they are the number one non-bank HELOC in the US the average homeowner can actually save up to $80,000 with

a HELOC as opposed to a Cash out refinance which is why it's a really cool tool in fact I was actually just talking to my dad about figur and he might be using a HELOC in order to finance the siding project on a rental property which will raise the value and they'll end up making money from it it really can just open up opportunities to either save money or make more money so find out your rate right now with figure you can check the link down in the description check out make yourself valuable I think

we all know this that like oh the best investment you can make is into yourself and blah blah blah blah blah it was actually when I had this realization that you were pretty much directly paid in proportion to the amount that you impact other people's lives this is a idea from the almanac this really changed everything for me because I realized that the jobs that I've had before didn't really impact a lot of people's lives you know was cleaning offices or doing different things where I just like wasn't actually changing people's lives at all and

therefore I wasn't making any money and this isn't like necessarily fair or maybe how it should be but this is kind of how the world Works where if you can impact a million of people's lives in a little bit you can make them happier sadder inform them educate themb do whatever you will make a decent amount of money if you can change one person's life incredibly amount you can save their life by doing heart surgery you'll make a lot of money so when I realized that I just focused all of my free time when I

wasn't working into gaining valuable skills that would drastically change somebody's life it'll make their business easier it'll make them more money it'll you know make their days better whatever it is and as I started to gain valuable skills I started to make more money and as you make more money as long as your expenses don't change and you always have those skills to fall back on then you shouldn't be broke again by the way if you're enjoying this video don't forget to drop a like it change its color it's super fun it's free avoid debt

so I have been super lucky that I've never really had debt besides few times for a short period of time by choice except for the debt that I have on my rentals which is almost like a million dollars worth of debt but that debt makes me money every single month and will UL Ely kind of be my retirement so some debt is good but I'm talking about like credit card debt student loan debt High interest debt car debt anything like that well there are times where it kind of makes sense like if you have to

go to college in order to do whatever career you're trying to do but for the most part if you don't have debt your life will just be like a billion times easier like if your house is paid off your car is paid off you never carry any balances on your credit card you're going to have a much easier time staying away from broke and actually Building Wealth than if you have massive payments every single month and everything in your home is financed it's just a completely different lifestyle like personally I'm really glad that I didn't

go to college and get the debt from that I know a ton of people who it's worked out great for but also an equal amount who have gone to college spent tens of thousands or hundreds of thousands of dollars and don't actually use their degree which is actually like a super high percentage of people so just staying away from that and actually working during those years instead and actually Building Wealth was a huge thing for me that kept me from that paycheck to paycheck cycle that so many other people get trapped into because they have

this debt looming over their head head that eats into anything that they decide to do in the future The Eighth Wonder of the worlds according to Einstein which is of course compound interest if this does not change how you spend on a day-to-day basis then I don't know what will watch this if you invested $100 a week into the S&P 500 from the ages of 22 till 65 that money will be worth about $5 million or about 22 times more than what you put into it when I realized this and how important it was to

start investing as early as possible because of compound interest it was like completely life-changing for me I looked at every dollar that I spent like oh that could have been you know $20 in the future even real estate I realized if I bought a rental at 22 which is when I bought my first one by the time I am 52 I will have a completely paid off rental that I only put uh under $10,000 into you know 30 years ago at that point and that rental will probably be worth over a million doar it will

have made me tens of thousands or hundreds of thousands over the time of that 30 years and I would start making way more money once the notes paid off um so that's why I think investing as early as possible is just like completely life-changing it's crazy when you start to run the numbers and that made that decision so easy for me to try to earn as much as I could as early as I could and spend as little as I can so that I could buy myself Freedom as soon as possible if you haven't tried

this try screwing around with like a a calculator like this it will completely like change your mindset and outlook on money it it was crazy build multiple streams of income honestly I am kind of conflicted on this one see when I talk to most wealthy people they actually made most of their wealth from one thing like they made it through real estate they made it through starting a business they made it through selling a business something like that and then eventually they take that money and they diversify a little bit and most people think like

oh average millionaire seven streams of income I got to have seven streams like they got to be a millionaire by one thing and then they Diversified so that's one point uh the second point would be multiple streams of income can be a good thing for instance I used to live off of one stream of income which was my main job and then I had had about two other jobs plus investing in real estate and all of those I never touched the money that I earned from that it went directly into working for myself to to

savings or to investing again and therefore for me having multiple streams of income allowed me to buy some of these Investments that allowed me to build my weal so there's kind of two ways to look at that but if you're not having enough money just doing what you're doing it might be worth sacrificing a year or two years of your life working extra and saving all of that money and just buying your future with it at least that's what really worked for me and after those couple years of sacrifice the rest of my life has

been way easier cuz I've never had to stress about money again because I I took a year or two and extremely stressed about money Golden Law which is pretty much don't try to get rich quick and this doesn't apply to trying to start your own business and you know maybe selling it in 5 years and actually making some money this more applies to the get-rich quick things that we are sold everywhere where I tried this for 2 months and now I'm making $60,000 a month doing this faceless Instagram thing I don't whatever they claim it's

more talking about that and mlms and whatever that you see one person doing really well and most of the people below them don't make any money so to quote a book the richest man in Babylon that was made over 100 years ago gold fleas the man who would force it to Impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic Desires in investment which basically means don't fall forget rich quick schemes art the last one here is to study money and everybody's always asking

for book recommendations so I'm going to give you a few but first if you are going to read some books make sure you're taking action on something that you learned from each book otherwise you're just kind of like wasting your time in something else but there are a few here that should cover most things first one is like psychology of money kind of like the basics of money interesting stuff very thought out it will definitely change your mind uh said about money I've also I've also done a full book review on this that I'll leave

linked down below next one is set for life this is uh similar to the approach that I took when it comes to financial Independence I have now shifted away from some of the things in here but it's a great Baseline for the fire movement and retiring early and kind of being a little extreme uh but it's more meant for like single people people in their 20s and 30s so uh it's pretty good the simple path to wealth uh this one right here is about how to invest in like vti so like index funds and retire

early and pretty much retire through nothing but that it'll make you never try to pick a stock again so this one's definitely good there's a bunch more that I can mention this is a 4-Hour Work week this is what kind of got me excited about being an entrepreneur he's very like forward and aggressive and the main thing that I learned from this all these businesses that you see other people start or these people that you see working on the on the beach or traveling that's not just for other people you can do it too and

it's actually pretty attainable if you are willing to make extreme sacrifices in order to get it really good jump start again I think I did a a video on this one as well if you enjoyed this video don't forget to subscribe also check out figure with the link down below see you next week