How to become wealthy on a low income

How can you possibly build wealth and become wealthy when you don’t make a lot of money. That’s what I'm going to be answering in this video. 💲1 on 1 Talk + My Budget + Stock Investments💲 https://www.patreon.com/tommybryson 💰MY M1 FINANCE PORTFOLIO💰 PLUS $10 Link: https://m1.finance/fQsrul1PZcHM 2. How to make more in passive income than expenses - The first step is not building a business but building a foundation - And cutting the weeds in the garden Now this Means: Foundation - Your foundation is a good job, emergency fund, and a paid-for house - Good job means secure income for a long time ( make sure you like the job to ) - Emergency fund of 6 months means ( if you lose that job, you have 6 months to cover all your bills and get back on your feet ) - Living Expenses – will be the most expensive thing in your life ( so if we buy a house within budget and pay it off, we will be good ) Tip: this means no matter how hard life hits you, it’ll have a hard time knocking you down. Second thing: Cutting out the Weeds from the garden - You have to cut out the bad spending habits ( you do this with a budget ) – use my simple budget - You pay off all your debt ( student loan, car loan, credit card, and personal loans ) – the house is different - But this means you have a clean slate, where you can plant your wealth 3. Work the Plan - Simple budget + Freedom steps that I created First Step: Debt Freedom Second - You save $1000 for emergencies first - And then you split your money this way, every time you get paid Emergency account: Balance is $1000 + 1% every Paycheck Invest: 1% every paycheck ( I have a link to my M1 finance portfolio you can copy and invest into if you want 0 Debt: 26-46% of paycheck to pay off all debt exept the house Expenses: 50-70% and no more Fun: 1% Charity: 1% Why: this will get you out of debt fast, and build healthy automatic habits. Second Step: Wealth Building Step + Foundation Emergencies: balanance of $1000 + extra + 20 or 10% until you build up 3-6 month of emergencies Investment: 10-20% ( first max out the Roth ira, then employer match then taxable account ) Debt: 0% ( you’re debt free) Expenses: 50-70% ( I recommend 54% ) Fun: 5% ( more fun ) Charity: 1% ( habit building ) Step 3: Freedom Section ( after you a full emergency fund ) Emergencies: 0% balance of 3-6 month of emergencies Investments: 20% no kids and 25% if kids into a 529 account Debt: 15% extra payment towards the mortgage Expenses: 59% or 54% Fun: 5% Charity: 1% Tip: you might say Tommy, but charity is getting nothing. Its building a givig habit in your brain ( most people that don’t give will never give, but people that give something will usually give more in the future ) Step 4: Auto-Pilot ( you can let your foot off the gas ) - You have a paid-for house - No debt - And you invested a ton of also - And you have a full-blown emergency fund Emergency: 3-6 months balance but 0% Investments: 20-25% ( don’t stop ) Debt: 0% Expenses: 64% ( but remember you have no mortgage so this is all for extra stuff you want to buy in cash ) Fun 10% Charity: 1% or 10% it's up to you * PRO TIP* INFORMATION IS EVERYTHING 👕Merch👕 https://teespring.com/stores/tommybryson ✅2 FREE AUDIOBOOKS✅ https://amzn.to/2Enayo8¬¬¬ 💰M1 FINANCE $10💰 Link: https://m1.finance/fQsrul1PZcHM 🎁ACORN FREE $5🎁 Link: https://acorns.com/invite/38EYSU ⚡FREE KINDLE UNLIMITED⚡ (traditional reading) Link: https://amzn.to/2VGbxt9 👨🏽‍💻DISCORD PRIVATE GROUP👨🏽‍💻 https://discord.gg/EcZEHpA My Camera Gear: https://www.amazon.com/shop/tommybryson ✔ Help Us Reach 500,000 Subscribers: https://goo.gl/0wvm6w 😎All My Social Media😎 Link: https://linktr.ee/tommybryson --- Disclosure & Educational Disclaimer: Some links in this video may be affiliate links, and I may earn a commission. Content is educational and accurate as of posting; offers may change. I’m an accountant but not your accountant; always consult your own accountant/CPA or financial advisor. No income or results are guaranteed.