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WHY I Live Below My Means (How It Makes Me RICH)
So at the age of 6, I didn’t know a single word of English, my first language by the way is Spanish. But at that age I learn cheating, the pros and the cons of cheating. I cheated once onces so bad, that I copied my friends name from his paper.
And you might ask what does this have to do with Living frugal and being rich. The truth is till this day, I’m still a cheater, I learned that if I copy the right things from smart people then I will get the same results they get.
So in this video, I’m going to tell you how and why I live frugal, and the goal is not copy me, but to understand what it is I do and why I do it. And that’s called passing on knowledge or aka responsibly cheating.
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3:49 Four Main Expenses
8:54 How I Live Today To Be Frugal And Rich
19:13 Four Tips To Success
1. All the independent People on average have the Same 4 Expenses
- these expenses are not just in America but they are international we all share them as human beings
- they are Shelter, Utilities, transportation and Groceries
Now the Goal is:
- If you want to be frugal, it means to live below your means
- Which basically means, you live on less than what you make
- I make 1000 but I only $500, I live below my means
2. However, like Most things when i first started, I did it wrong.
- I copied the average people
- which were my teachers, friends and fellow students
- and even some of my family
So here are some interesting facts:
- The average millionaire is a first generation millionaire
- The average millionaire doesn’t make over 100k in their entire lifetime and usually has a 9-5 job
3. So here is How I live today to be frugal and become rich
Shelter Cost: For the average person it shouldn’t be more than a third of your income or around 33%. But for me I spend $725 on a 3 bedroom/2bath apartment and I also moved from new York one of the most expenses place to Puerto Rico
Utilities: Between Gas, Light, Water, phone bill, internet and insurance I spend less $500 per month ( but I budget for $500) that means I spend 5% of my Income on utilities.
Groceries: I don’t cook, I have someone cook for me. I pay them $100 a month to cook, and $100 a month to clean, and the grocies themselves are around $200. For total Cost: of $400 ( or 4% of my income)
Transportation: I drive lambo and that’s where all my money goes lol. I drive a Toyota Prius 2014 I paid $9000 in cash for it and invested $1500 into it for a total cost of $10,500. And I spend around $50 a month on Gas and I don’t have insurance on the island but will be soon.
Total Cost of Living: 18.25% and extra 1.75% for miscellaneous spending. Total of 20% or $2000 per month.
Emergency Fund: 6 months worth
4. What do I do with the extra money and do I feel like I’m missing out
- I don’t feel like I’m missing out, I have everything I need. A 65ince projector where I watch my movies, a reliable car, a nice apartment and someone to help with the cooking and stuff
What I do with the money:
- First I invest: 20% of my income Video on it: https://www.youtube.com/watch?v=RlR5_E0_nzw
- Second I Save for big Expenses in the immediate future: Home and Wedding,
- Third I save for vacations: I plan on taking 3-6 of the year and living In a different part of the world ( I’ll start January: Dominican Republic, Colombia and I’m thinking about the third place)
5. So if you take anything away from this video its this
- Keep your expenses lower than you income, pay off your debt, save emergencies, Start investing and start saving up for home and then enjoy
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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.