How to Properly Manage Your Money Like the Rich | Tom Ferry

How to Properly Manage Your Money Like the Rich | Tom Ferry

96 comments

  1. Smart folks will always buy gold, silver etc. and pay cash for them.  When you do this, you have an asset that no one knows about that cannot be traced to you though either your SSN or a credit card statement.  Hoarding cash is also good.  It reduces your rate of return, but gives you lawsuit protection and peace of mind.  If you have gold and silver buried underground in a remote piece of land that no one ever goes to and you paid cash for them, you have something that no one can ever take from you.  If you can't see the value in that – then that just falls under the category of 'you can't teach stupid.'  I'm never impressed with people who make rate of return their #1 priority in business.  Priority #1 should always be privacy.  Never, ever let anyone know what you own.  Priority #2 should be lawsuit protection.  If you're smart, you'll have your finances structured in such a way that even if you lose big in a lawsuit, divorce, or go bankrupt, you'll still be rich.  This includes hoards of physical cash as well as physical gold and silver.  Priority #3 should be rate of return.  Priority #4 should be charitable giving.  If you get rich and never bother to help anyone, you're more of a loser than a homeless man by far.  I say this because the homeless man never had the resources to make a positive impact on the world.  The rich man who never gave to charity did have those resources, but wasted that opportunity; something only a true loser would do.    

    Look at it this way, if you're building a house, you can use crappy materials and throw it together as quickly as possible – or, you can build it slowly using only the choicest materials and put it in a place where it is highly unlikely to ever be affected by a natural disaster.  I don't know about you, but if I'm going to build a house I'm going to build it the right way.  Well…if I'm going to build a fortune, I'm going to build it to last. 

    It's your life, son.  If things ever go badly for you, don't say I didn't warn you up front.  You need to put privacy and lawsuit protection first and make rate of return your third priority.

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  3. So taxes get taken from you automatically as a working class citizen right? Because I get income tax returns. So as a working class citizen, how do I know what I'm supposed to pay for taxes?

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  5. Ok asswhole, but how did the rich get rich to be able to do all these investments? Last time I checked 70+ percent of Americans are in debt or receiving social assistance.

  6. This is not how i made my wealth and my security. I started up front simply paying myself like a boss from my checks. It was and is left to me to pay myself big what nobody else will pay me. Never invest until you have something big enough as exchange right in your hand before you start. If you want to know my way get in touch.

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  11. talks like these are so vague and slow-paced… its like u barely learn anything. seems to me its true they say there's no such thing as free lunch in this world

  12. I am a tax accountant, he says deposit the checks to personal account vs business account, tells people to incorporate is BS. You can still deposit into your personal account because you are self-employed, and you can still deduct expenses even if you dont form a corporation. This is done under schedule C in your form 1040. Don't listen to this guy, he knows nothing about taxes. Forming a LLC or Corporation requires extra expenses & unavoidable minimum state tax in some states than just a regular sole-proprietorship. Especially the new tax law, there is no benefits of forming a corporation if you are the sole owner. Because there is double taxation in a corporation.

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  21. If you want to be rich, buy a big house and a Rolls Royce? If you can buy those 2 things, you're already rich 😂

  22. How about a video for people who have a job and live on 50k a year. Info like that in a video would sure be useful. Assholes.

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  25. yeah so im a single black woman no kids holding down all my bills and investments and the ghetto birds are moving in ten to a house ready to kill all the comfortable people on the block so low wage people hating on independent people for existing is not going to change

  26. Good morning Tom. Thank you so much for the videos.. about the business.. should my check go in my business Savings or checking?

  27. Excellent video. I stop using banks because they take your money. From now on I will keep the money and look for ways to put my money in safe place that are not banks.

  28. I live in Canada. When I get a $10k cheque (not check) I net maybe $7k of it, not $4500 like he claims. The usual "evils of socialism" bullshit.

  29. guess what bro, your solution works fine for a period of time where everything is quite stable (your income and your expenses). life isnt like that though. the checks aren't always coming and the needs (expenses) required for your life can change any time.

  30. I have SOO many questions! If anyone can answer a few of these for me, I'd be really grateful! 😅
    1.) I notice, in order types (brokerages), that Limit and Stop Limit are separate categories. Are we able to set a minimum AND maximum price of which we're willing to sell a stock?
    2.) A stupid question, but who comes up with the price of shares: the market or the company? I just find it interesting how much Amazon shares are worth (~$1,800) compared to stocks like Apple (~$200) and Snapchat (~$17).
    3.) When earning capital gain from investing in stocks, do we need to fill out tax documents on our own? How do we send the money to the IRS? I've never filed a tax before lol.
    4.) Are tax expenses only viable to individuals that own businesses? How difficult and costly is it to start our own business and can we make ourselves the only member of the business? Can I use my home address and if I don't have a set location for the LLC?
    I can't think of anymore questions at the moment, but I will edit this post in the future!

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  32. So I’m 16 rn I got my first job not to long ago and I got a bit of money I really only spent 120 of all the money I made but I’m dying to spend it what should I do man I just wanna save it but it’s so tempting to spend it

  33. Hey bro like you said. I opened a company .

    Now Kindly upload next video how to file bankruptcy!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  34. Good point Tom. This is what the rich do. Manage your money, repair your credit, save more than you spend, earn extra income, pay less taxes because you now have a business. Use tools like http://myeconomy.net

  35. That's sad old pple rely on goverment and family but that's what happens u work ur life away till ur 65 and then look back and say where did my life go welcome to america u work to die

  36. I think it's crazy how the average person doesn't know this. Glad there's a video that explains the basics pretty well.

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  40. Nothing kills me more than seeing a min wage worker take 2 week vacations down south every few months … you know who you are!

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  42. Question and I don't care who answers:

    How do the rich manager their time? What amount of time does the reach dedicate to running their business… taking daily breaks for breakfast, lunch dinner… How do they balance earning income while keeping up with current events and news articles and how much time to they dedicate to watching the news? How much time do they dedicate to learning a new skill while at the same time closing a business day and getting money?? It seems difficult to juggle. Any books, videos and info on how to do this would be appreciated.

  43. Wow! I just came across Tom Ferry’s channel…what a gem! 💎 To everyone who’s just starting out like me, good luck and I’m wishing success to everyone! 😊🙏🏻❤️

    I just started this channel and currently have only 34 subscribers but I’m pumping out valuable content everyday! Mostly because Tom and others willing to share are such an inspiration to keep grinding! Thanks for the support and continued success to all! 👊😉

  44. If any government deserves money from inheritances the soundest & safest investment should only be to the divinely controlled 2020 government of THE KINGDOM OF GOD. At least the whole world would benefit from Gods love, and those responsible for distributing it would be able to sleep soundly at night knowing it would never be used to harm or hurt anybody, it would be the most righteousness thing to do. Even The Lord God I'm sure would look favorably on the founders of his Kingdom of God on earth. A very sound and divine investment for all concerned.
    AS A GIFT l it will allow so much. Thank you & bless you.

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