People are people, so we all need the essentials in life, but the way the rich buy them and the way the poor buy them are very different. And I’m happy we live in today's world and not back In the good old days, when opportunities were extremely limited. The good thing is today you can start investing with $1, everything is better.

I do want to say, there's nothing with owning fancy things; I would rather have a house of a few treasures nice things, than a house filled with trash. You know what I mean.

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1. Property

-Theirs no problem with renting in the short term, but renting forever is pretty stupid

-There’s nothing wrong with buying a house, but buying a house you can barely afford to pay is really stupid

-About 38% of homes in the US are fully paid off, and percentage of those homes that paid off is higher with low-income families



Let me explain:

-A house is like toaster no matter how fancy it is, it will still do its job ( which is to toast bread )

-A house is supposed to provide shelter, a level comfort and eventually become a solid investment by lowering your cost of living



Quick Formula:

- 33% Rule on a 15 years mortgage



2. Vehicles

-I’m a guy and something in my blood just likes the vroom vroom if you know what I mean

-But you have to smart when you buy a vehicle

-Here are three to follow



3 3. rules the rich follow

-You should spend more than held your annual income in a car ( so if you make 40k don’t spend more than 20k )

-Second: you should pay cash for a car, the best way to do this is, buy a cheap car and save up the 20k to buy the car you want

-Third: you always buy used 3-5 years old, this way you save 30-50% on the car and no way repairs are going to cost you that much, plus cars can run forever

Bonus:

-buy based on quality and not perception ( Toyota, Mazda and Hunda )



3. Investments

-The average millionaire has a 9-5 job

-Meaning they are not spending 4-8 hours a day reading financial statements to be the next warren buffet

-You see they focus on retirement account and index fund investing



Here is a Simple Strategy: to Follow once you are debt free and built an emergency account

-First invest 10-20% of your income forever ( the more money you have the better, because the market can always crash )

-Second invest into a diversified portfolio of index funds ( this should make you between 8-12% on average )

-Third: Always invest rain or shine



Tip: don’t wait until your investment reach X to enjoy your life, take a percentage of your income for fun



4. Advice

-Remember the rich people you know are not really the reach average people

-The average rich is about 57 years old, so if you are 20, you have 37 years of investing to go

-So that’s why its so important, to enjoy your life now, as you work towards that goal

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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.

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