So in this video, I’m going to go over 10 pieces of financial advice that could put you in a whole for decades.

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1. A House is an investment

2. You Need a Credit Score

So what happens if I go to a bank to buy a house
They look at my income
My history and lend me the money ( without a credit score )
What about a Car ( I don’t finance cars, I pay cash, so I save up and buy me a 9k car or do like my uncle did and buy a 1k car )
3. Credit Cards are For emergencies, Building Credit scores, and Getting Points
Credit cards are amazing, for banks
They keep people poor and they are so much part of the culture that people defend themselves
I get points, I would have spent the money anyway, it builds my credit score

Truth is:
They keep you poor
They keep you spending more money
And points won't make you rich

4. Passive Income is Passive
Nothing is this life is passive fully
You plant a seed, God gives it life, you water it, take care of it, and harvest it

Real estate:
Is not fully passive even with the best tenants
Index funds are not fully passive either
But that’s not a bad thing, don’t look for easy money
5. Good Debt and Bad Debt
I have zero debt and I hope to stay that way
I don’t think debt is good or bad, I think it’s a tool, and some tools you should use them with a lot of caution

Let me explain:
Using debt to help you buy a car ( bad )
Using debt to help you increase your investments ( bad)
Using debt to help you buy a home you can't afford ( bad )

So when is using debt good:
Using debt to help you buy a home you can afford
Me personally I wouldn’t use debt to buy investments ( unless it’s a reverse down payment, instead of taking 80 percent in debt, I give 80% and take 20%, it's so minimal )

6. Used means Trouble
If something is worth buying, then its also worth buying used
Let me explain

Example:
Toyota Builds cars to run 200k miles on average ( you buying a 10yearold car or even 15 year old car in great condition ) is a good deal
Iphones cost 1000 dollars, you buying one for 200 used is a good deal

7. Go to College Regardless of what you want (it is an investment no matter the Price)
College is not for status
It's not for finding yourself
It's not for making friends
College is to receive training for a job
If you don’t know what you want to do, or you don’t want to get one of those college skills ( then don’t go )

8. You can Beat the Stock Market

You can but are you willing to pay the price
The price Warren Buffet paid, was 68 hours of daily reading
The price Peter Lynch paid, was pretty much always thinking about stocks

9. You Don’t need a budget
Don’t save what is left after spending
Spend what is left after saving

10. Spend Money on Experiences, you only take memories with you
I can't confirm dead people don’t take memories or food with them
But people that are alive, rather have more free time than time in a job

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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.