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5 Dumb Things Smart People Do With Money

6 Views· 26 Apr 2022
Wise Phenomenal
94

I know a lot of Smart Stupid people, they exist, I’m one of them. I can be very smart in some areas and a block head in others. I just got very lucky that thing I’m very good at is money, but before I got good at money I had a 4.0gpa in college with -4.0 gpa in money. It was bad.

But a lot of smart people believe it or not, do the dumbest things when it comes to money. I know someone, can't mention names because I don’t roll that way, but this guy is the smartest idiot I ever meant my life (and I love him, he’s family). He has 3 bachelor's degrees and like 2 masters degrees. The more money he makes the more expensive his life gets; he can never quit his job.

So, in this video I’ll tell you 5 things to look out for, especially if you think you are too smart; when I was growing, I realized being lazy and a little dumb was a super power, because I always looked for the fastest way to get the best results.

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Chapters:
0:00 INTRO
1:48 DUMB THING #1
3:40 READ THESE 2 BOOKS
5:22 DUMB THING #2
8:13 DUMB THING #3
11:48 DUMB THING #4
14:47 DUMB THING #5
16:O4 OUTRO

1. They have a Bigger Idiot Manage their Money for a Small Fee of 1-2% of the entire portfolio

-You know why, because this idiot comes with a Title, Financial Advisor, Stock Broker, money manager or even celebrity famous money manager
-And people think because these people have a fancy title they can do better than they would do on their own, but its not true ( money and finance doesn’t work like it should )

2. Dipping into Investments Brokerage, 401k or even a Roth to buy a House

-I have rule once it’s invested I’m not touching it
-So I only invest money I’m going to leave inside for a long time
-Now here is why people think this is smart but it's so stupid

3. This one is Dumber than the last one ( Being to Smart )

-I know I sound like the idiot here, but sometimes it makes sense to be a little stupid
-I made the worst investment ever, I bought a house for cash shout out to God but the total cost on the high note could be 170k I could have invested that money and in 30 years have 5M dollars

4. Take a lot Risk to Make passive income

-Let me tell you about the biggest idiot that I know
-This guy was going to buy a three-family home that was going to give him somewhere around $4000 and he would be able to live their
-The property cost 700k and would have mortgage of 4,000 not including PMI, Taxes, Maintenance and everything else

5. Take a lot Risk to Make passive income

-Let me tell you about the biggest idiot that I know

-This guy was going to buy a three-family home that was going to give him somewhere around $4000 and he would be able to live their

-The property cost 700k and would have mortgage of 4,000 not including PMI, Taxes, Maintenance and everything else

Setting up a Living trust (simple definition for a trust)

-This is a trust you create while you are literally still alive (and you manage everything in the trust)

-But when you die, it gets transferred to the beneficiaries

-Or you can leave instructions for the trustee (person overseeing the trust to follow)


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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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