The first step to getting good with money is that you have to start saving money. But that’s only the first step and if you not careful you’ll end with large savings but not passive income or you might spend it.

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1. Stock Market
I’m not going to sit here and tell you this is going to make you ultrarich in 2 days
If you invest in what I invest it takes an average of 1025 years to see your investments really grow
For example investing $500 a month at 10% return into your Roth in 10 years its $105k but in 25 years its 649k ( even if you just invested 150k, it's almost 4 times what you actually put in, and it's taxfree)

My Advice:
This type of investing is something you should always do, fo your future
So every time you get paid weekly invest 115 or 230 if you’re a biweekly employee
But unless your investing 5070% of your income, then this is going to be retirement money

Tip: I have a link to my portfolio down below.

2. Emergency Fund
The worst thing that can happen that I see all the time
Is someone starts saving or investing
And something crazy happens ( and they have to spend their saving or sell their investments )

True Story:
I remember this guy, he was a superintended in a building so he got free housing and live paycheck to paycheck
But then he got fired as a supper intended and his income couldn’t support him
He had to dip into his 401k, this guy in his late 40s early 50s

Tip: Save 3 Months of your money towards an emergency, so you can be ready for the unexpected.

3. Start a business
The biggest return on your money will not be from stocks or real estate, it will be from a business
When I was flipping phones and collectibles
Every dollar I spend gave me an extra 50cents, simple interest that’s a 50% return

Here what I did exactly:
I spend $50$100 ( 12 books for changing the way I think, 12 teaching me about my business, 12 books helping me understand human behavior and selling )
Once I read those books, I started to experiment and crated my business
I made little mistakes but the book helped me avoid big ones.

Tip: look for a business that has three things ( something you like, something you are good at, and something you will get paid a lot of money for)

4. Pay off your Debt
Do you invest or do you pay off your debt is a question I get asked a ton
If your investments make you 10%, minus taxes, inflation, and expenses, we might be looking at 7%
While your credit cards are 18%35% and student loans 4%8%
The answer is, you are better off paying off all your debt and freeing up all the income for investing.

How you do it:
Make a list of all your debt and pay the minimums on all of them
And pay extra money towards the debt with the highest debt and so on
You can use an app like YNAB or mint to track it, but I rather just set it on autopay.

5. Upgrade your skills
Stop trying to make $10 or $15 an hour stretch
Its better you invest your time in getting a better job to earn more money
A quick google search will give you a lot of jobs that pay a lot better.

Tip: at one point the place you're in, will not allow you to grow more and you have to move on to better things.

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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.