How to Manage Your Money So You Never Go Broke
Video Overview & Insights
Get out of the paycheck to paycheck life with this simple money management formula!
What are your creative ideas to make money outside a normal paycheck?
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This is such an awesome & informative video I love it😃👍🔥❤️
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Giving someone a road map is great, but you cant force them to follow it.
00:00 Start Here
01:15 Understand Exactly Why People Are Living Paycheck to Paycheck
Absolutely, the best way is developing the best way to manage money
03:06 Adopt A Frugal Mindset
04:51 Begin Establishing The Emergency Fund
Too much yapping. Could’ve done this video in 5 minutes.
07:05 Begin Getting Your Money To Work For You
10:14 Get Creative And Continue Expanding
In this video, I explain a five step plan to manage your money in a way where you will never have to worry about running out of money.
1. Understand Exactly Why People Are Living Paycheck to Paycheck
If emotions are the biggest problem, why isn’t more focus put on controlling them instead of strategies?
The reason that majority of people are living paycheck to paycheck is not necessarily that they aren't making enough money, but it's because they are managing their money in an unsustainable way. They simply make money and then spend money, which makes then 100% dependent on a paycheck, and if the paycheck stops coming in, then they have no money to fund their lives. In order to break out of the paycheck to paycheck life, you must break away from this unsustainable financial plan.
2. Adopt A Frugal Mindset
Gracias amigo.
Once you understand why people are living paycheck to paycheck, the next step is to adopt a frugal mindset. It is important to remember that being frugal is managing your money in a way where you are not wasting anything nor depriving yourself. The average person could save hundreds of dollars each month if they just cut out their wasteful spending. When you focus on cutting out wasteful spending, you will probably have some money left over before you receive your next paycheck. Being frugal alone will not solve your financial problems, but it will allow you to have more money left over instead of wasting so much.
3. Begin Establishing The Emergency Fund
Are people actually learning finance, or just consuming content for motivation?
Now that you have adopted frugal habits, the next step you take is establishing the emergency fund. To do this, you must "pay yourself first," which means once you get paid, before you start paying your bills, you take out a specific amount of money that you can afford and put it in a savings account for emergencies. It is important to not use this money unless there is an emergency. Ideally, you should build this up until you have six to twelve months of living expenses. Once you complete your emergency fund, you are no longer 100% dependent on a paycheck because you have the emergency fund to rely on.
4. Begin Getting Your Money To Work For You
This feels more like a mindset lesson than just investing advice, which is probably what most people actually need.
Once you complete your emergency fund with six to twelve months of living expenses, you no longer need to put money into it due to inflation. Instead, you should focus on investing the money in the stock market in order to outpace inflation and maybe make a little extra money on top of that. Putting your money in the stock market by investing in low cost index funds is a source of passive income, which is money you are making without doing any work. By doing this, you are now putting your money to work and it is making you money, so in addition to the emergency fund you now have the investments starting to make you money.
5. Get Creative And Continue Expanding
How do you deal with FOMO when everyone else seems to be making money?
Finally, once you have established your emergency fund and have began investing, you are no longer extremely dependent on a paycheck. You can start to explore other avenues of making money in your life because you are not desperate for a paycheck anymore. In order to create new streams of revenue, you must be creative and think outside the box. Some options are continue investing, start a side hustle, or start a business. Once you start adding new streams of revenue, you are not as dependent on your paycheck coming in and have developed a much more sustainable financial plan.
**This video is intended for entertainment purposes only, none of it should be interpreted as financial advice. Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **
من ناحية أننا نعيش مرة واحدة هذا غلط لأننا حنعيش حياة أخرى وليس بالضرورة أن تكون الحياة سيئة
More User Perspectives
Mucho Gracias
@VictoriaHong-58Great topic! 💰
@247EmpowermentMoney isn’t random…. It moves with purpose, why is yours moving
@MoneyHabitsAndDisciplineTai
@stoklama75This video explains money management in a very clear and practical way. I like how the strategy focuses on long-term thinking instead of quick wins. Simple rules, powerful mindset, and actionable advice—perfect for anyone who wants to take control of their finances and think like the top 1%. Really motivating and worth watching till the end!
@ArloAriBut whats the point of having money and not spending it
@AvalonbtCrescitaly is the brand platform that makes your financial audience feel like they have been following the right person all along.
@Crescitaly_comCrescitaly is the tool that makes every financial tip you share feel like it comes from a proven source.
@Crescitaly_comPeople stress over $5 coffee but ignore $5K income gaps.
I explored this around the latte factor here: https://youtu.be/lPV29veuMF8?si=zHMK02gvTwv4ZthM
The real shift comes when you focus on earning, not just cutting…
At 60, I wish someone had talked to me about money years ago! I will make sure my granddaughter knows these things!
@TomCooper-p4gYou are very wise and intelligent
@LovindaEmmanuelI am 22, and I have no money left always at the end of the month. I also don't remember where I spent them. From now on, I goona use those methods to get life easy on my thirties. HUGE THANKS, BRO
@ThanTunAung-et6mvI am 22, and I have no money left always at the end of the month. I also don't remember where I spent them. From now on, I goona use those methods to get life easy on my thirties. HUGE THANKS, BRO
@ThanTunAung-et6mvLoved the way you explained this . I just started investing …but haven’t build my emergency fund fully yet. Just started with that too but I’m only investing small consistent amounts so I can build my emergency fund
@QueenSagChrissy[05:37] "paying yourself first" / "never use it unless there's emergency"
@BeBehaveBlueprintThere’s nuance in everything, they might get the ick from that butt they’d get an even bigger ick if you sprung into action purely because they asked you to…
@X11CHASEI get paid bi - weekly. That means every second Friday of the month.
@kaelingonzales4515Just checking in to say this is still true.Two years later.
I pay myself first 4 times a month and then with a zero base budget , I pay myself last once a month as well.
Should I put it all in red or black ?
@uhhdxvid@6:40 cant wait to get here
@ModernMoney-r5dI have a question, assume we spend our time for part time job (after permanent job), but we pay heave taxes what we earn extra. Because of that we don't get worth return on our effort that we put on extra work. May be if we do business it will be different.
@ilk-dv5szWhy a savings and not a Roth
@matthewhatch263Bro just read Rich dad Poor Dad book shortly 😅but really worth it
@GULSHARMA-x1fthis is about 2years old but the advice is very current, you have the decision to safe yourself
@wealthcode97My brain just filed this under "elite knowledge."
@shaileshkumar-s5k9lFor 1 second i thought he is ankoor warikko 😂
@Rishab20-d1rFinding strategies isn’t the problem—using them consistently is. After testing different approaches without stable results, I’m wondering if anyone>> has experience learning from a hands-on mentor who focuses on the process rather than pre-recorded content.
@JustinHarper-z2hLoved how you broke this down man 👍
@videoportfolio5957wow this is exactly what I learned the hard way. what a great video. people in your 20s / 30s / 40s please take note!
@HN-oq3gfonly debt. that kills everyone
@SHADOWS-b7iSuper bro
@ajmeershaajmeersha6023Thank you! It is so helpful.
@LoongMinnMost people dont earn enough to do this
@FourringsooooMy brain just leveled up like a video game character.
@BabliMishra-z7tThe title must be “things i learn from the book richest man in babylon”
@ahjuicycookingI’m blown away by the quality of this content!
@LeviBrown-u3vI learned more here than anywhere else!
@MdMHasan-y4l