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

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It's not about how much money you earn. It's what you do with the money that matters. In this video, I'm going to show you a business strategy on how to manage your money. I'm not gonna tell you what to invest in. That's not my role. Here are the best ideas of what the best professionals do to manage their money. Learn more from Tom LIVE at the next Summit event: http://bit.ly/2xgZ6Uq ------------ I hope you got some helpful tips and new ideas from this video. To ensure you don't miss all my FREE training videos all you have to do is sign up here with your email: http://bit.ly/TomFerry-VideoTraining Get a FREE copy of my new book: http://bit.ly/2Bblstw Download FREE Agent Scripts and Resources: http://bit.ly/2iDEjpJ Tom Ferry Coaching: http://bit.ly/2eP8UlA Tom Ferry Events: http://bit.ly/2gQBjbD Join Tom's VIP List: http://bit.ly/2sMb73n ------------- Connect with me on my other social channels: Website - http://TomFerry.com Facebook - http://facebook.com/TomFerry Twitter - http://twitter.com/TomFerry YouTube - http://youtube.com/CoachTomFerry Instagram - http://instagram.com/TomFerry Podcast - http://soundcloud.com/CoachTomFerry
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Text Comments (3065)
lejeune Bauvil (2 hours ago)
Most rich people have either: 1) Inherit the money 2) Born with a special gifted talent they choose to develop 3) Married or divorce someone rich 4) Lucky enough to win a case such as lotto, insurance or similar 5) Highly educated to be on the top of 6 figures income 6) Be lucky by making some wise choices when it comes to investment 7) Have found a way to master the trading 8) Have come across some niche sources of income 9) Dirty hands. Drugs, illegal, trafficking, stealing, lying, robbery, gamble, power, abuse,politics, religious and similar 10) Work hard and smart for it, take time, but make it over the time to leave a legacy for their generation.
BRETT SMITSDORFF (5 hours ago)
To many sarcastic comments. No need to sit in judgement of the talk. Simply take away what you can and add it to your arsenal of knowledge. This isn't the only bullet in your six-gun. Be positive and use what you can, tailor-making it to your own life-situation. There is a lot of good here is we can evaluate the content objectively. I learned a few things and it reminded me of others. Worth the time to watch peeps.
Richard Therien (5 hours ago)
Money is a Tool! :)
Pepper K (10 hours ago)
I did it and ended up buying hamsters
BOSS boss (10 hours ago)
I receive legit transfer of $3512from this amazing website: Freepypmoney.online/?KgFkIL
Omar Blackman (17 hours ago)
stupid white men..by Michael more ..
Cletus Green (18 hours ago)
With a single application with lutherangrants,com i got $26,000 through grants .I am indeed thankful.
Sparda Lanzetti (23 hours ago)
smart guy
Kervin Hein (1 day ago)
How many of you didn’t pay to attend this course but watched for free on YouTube?! That’s good money management
James Parker (1 day ago)
Lutherangrants com helped me financially .With their grants schemes i received $20,000 yesterday.
John Santiago (1 day ago)
Do a monthly budget to help you manage your money.
amber williams (1 day ago)
If I was making 10,000 a month life would be perfect .
RekeBear (1 day ago)
MONEY MONEY MONEY, and there's never enough :O.
Tbh id just rather attempt robbing a bank
trendzy (1 day ago)
i love this
Your Loneliness (1 day ago)
5:22 that one woman that laughed lol.
Darban (2 days ago)
In short, its about *money allocation*
The OGL (2 days ago)
Ok so I'm only 18 I am young and I am having a bit of trouble understanding the 15% section so by tax account do you mean that it's just money to pay off your taxes ? And also for buissnes expensies is that only if you own a buissnes ? And the home account is that an account for your home? And also how do you make those accounts in the way that is being described in the video ( I am very very poorly educated when it comes to financial stuff my parents are the 80% and no one's ever taught me anything else about that stuff)
Laid_Ba ck_Cock (2 days ago)
if any of you really need money that badly you can use faucets for small amounts of bitcoin at a time. you can also use receipt hog on your phone too make easy money scanning receipts you get from the store after you make a purchase. The Faucet i use can get me at least $10 every month and thats without filling out surveys. Surveys pay well but the big $$$ only looking for certain people. Link for good faucet and receipt hog in my profile.
Irena Trajkovska (2 days ago)
John Crestani's Super Affiliate System & Internet Jetset Group Shows Aspiring Entrepreneurs How To Leverage Paid Traffic To Create An Affiliate Marketing Based Business. High Converting Webinar Funnel. @t
KDUBS RedGatorShow (3 days ago)
https://www.gofundme.com/fixthistruck&rcid=r01-154790835064-619d1dd2555b4555&pc=ot_co_campmgmt_m
M Joy (3 days ago)
I don't own my business but wow the fact that someone had to tell business owners this information makes me wonder about many thing
Kevin Johnston (3 days ago)
Great thoughts www.ns-jewellery.co.uk
Jane Cox (3 days ago)
Like you already know been scammed by fraudsters feels as bad as heartbreak .I felt worse than that when i was scammed by some Wilfred Osborne , who really made me in debt, I almost lost it all , Luckily , I stumbled upon testimonial post of mr robinson huth I messaged him and told him about my predicament He helped me pass through all this . This is just my second payout and I’m closer to clearing all my debt . Thank you sir peter Wesley! Anyone can get in contact with him as well Via his mail [email protected]
Namnamnam93 (3 days ago)
So sad because many of my friends rather have nice things than not struggle in the future.
kramerican (3 days ago)
Is the concept of pass through taxation only applicable to realtors? I'm a landlord and have read time and time again that setting up an LLC really only offers benefits against liability suits. I elected to take out an umbrella insurance policy to protect me which seems more fitting for my circumstances.
Ralph Valkenhoff (3 days ago)
Ok, in other words, be careful what you spend your money on and save. Hmm, sounds good.
Cici Souza (4 days ago)
I lost a lot when i tried investing myself. Maybe i wasn't smart enough but what worked for me was to allow a professional trader place trades for me and i get a great percentage of profits weekly/monthly. Best decision i took all thanks to Shelby Alvani
Cici Souza (4 days ago)
her email is [email protected] com
Cici Souza (4 days ago)
personally i invested 8000 and i've made almost twice that after 2 months
Mattmax (4 days ago)
what's her contact please
Nadeen (4 days ago)
I'm under her program too. Great lady, she makes me 7,000 monthly
Chris Malcon (4 days ago)
i'm new to trading please put me through
Noah Leon (4 days ago)
Who is his dad?
burak ayan (4 days ago)
don't make sense. i am engineer, how can i start an imaginary company and do this. i would be audit immediately
J Cripps (4 days ago)
💯 Have used these 3 accts incl to grow and run a business for 20+ yrs. It works. Period. The separate tax account also helps with budgeting. Esp if you set up in a diff bank from your biz acct, ie a business investment acct. Out of sight out of mind. You’ll be amazed at how fast the tax acct will grow. Tip: if have residual after paying taxes use to re-invest in biz (new software etc) or leave in tax acct for unexpected expenses like big projects.
Purple ._. (5 days ago)
I’m only 15 and I hate the situation I’m currently living in. I shouldn’t be looking this far into the future but if this video will help me reach my goal in life I’m going to study this until I have it memorised. I don’t want to stay in the place I’m at.
Stephanie Charriere (5 days ago)
You need to have a business address with the lease/building in your name to get a business account. Plus you need to have a current business licence.n
Keith Olenchak (5 days ago)
The entire talk falls apart when you realize you cannot incorporate because you are an employee working for some kind of corporation and they will not cut a check to your corporation. The avenues for climbing the economic ladder are no mystery, there's two ways to climb, The Shortcut: build skills and experience to enter a high paying career or The Long Road: learn discipline and put money in to passive investments monthly. If you want to learn about finance avoid snake oil merchants like this. Next Level Life and The Financial Diet come to mind.
WuPiDu (5 days ago)
The main issue that people have is, buying things we don't really need! If people can learn not to blow their money like that, we may have a better chance of getting rich!
Rishi Veeramani (5 days ago)
Cool guy
Lillie Schnell (5 days ago)
Try the Lucky Day App, I won 50$ instantly. Use this special code to get 1,000,000 chips 😁👍 KTA2PSO
Sublime Rebel (5 days ago)
I just got to watch this video and it's been sitting in my important list for several months, nearly a year. I'm glad that I watched it now and not earlier as I can really use this business account model
Cheikh oumar Sy (5 days ago)
Money, cars, homes doesn’t make you happy in life. And if you truly think that it does or that of you have that your problems will go away, then you truly are a Fool! You do not to need watch videos on YouTube to tell you that. Even little kids will tell you that it doesn’t.
Jignesh Patl (6 days ago)
This only works iff you have business?
Lonnie Jerry (6 days ago)
Lutherangrants com helped me financially when i had bad time in my business.They just got me a grant of $23,000 credited to my account.
Benjamin Reynolds (6 days ago)
Well 80% versus 20%... you gonna hedge that bet when, not if, when the collapse happens. Money won't save you, it's a just tool. Additionally, incorporating is like being a bitch unable to stand behind the man, or woman, you are and the convictions you hold. It's basically being coward, yeah you got money, riches, etc., but you're scared to be a person. Just my opinion.
Pay Star (6 days ago)
LIAR ! ACCOUNTANTS are either stupid and poor OR Cost way too much to afford. Go to websites search for FREE INFO about such. Unless your business has $50k or more go SOLE PROPRIORSHIP book keeping. Use Dome Weekly Bookkeeping Record Book, 11in. x 9in., Brown . Buy new one each year office supply. If you have 50k cash or more set up a non-profit FOUNDATION in Las Vegas or Delaware. Lots of FREE BOOKS order from IRS online for TAX BEBEFIT BLUEPRINT FORMS & METHODS. Then; search the web Free Educational sites on book keeping. This guy is a motivational speaker but is so misleading . Also... in your work CUSTOMERS are your income source. Never ever put money in "PAPER CERTS" ! Take an Accounting Class at local night school. Real Estate is best to hold,rent,flip for safe keeping. However,... invest in a REAL ESTATE BROKER CERTIFICATION CLASS 1st .. or you will lose everything ! Then look at as many props as possible to learn your LOCAL MARKETS. You MUST FIND GOOD Realestate Agents, Escrow Agents, Notories and learn all about CONSTRUCTION and BUILDIING CODES. Rich people find and hire the best people.. including you if you prepare. Sit alone and remain ignorant and fail OR get out LEARN & meet the Right People and form a Team and SUCCEED !
Edward Pritchard (6 days ago)
I'll save you 20 minutes 50% Home 25% Savings 25% Invest
arnis rascal (6 days ago)
I invest in company that supports business project and pays annual 15-22% , not bad at all. Lear more here: https://envestio.com/?invite=6s4UxBP
Xela Oso (7 days ago)
Do you need to have a business to create a business account?
Raju Lal (7 days ago)
Hi sir, I’m planing to do a startup in automobile field. Seeking for 50lack as investment for genuine investors.. Can u help me to found such an investor Mob: 9946409441
90DayMoneyPro (7 days ago)
It's not WHAT YOU MAKE - its all about WHAT YOU DO WITH IT!! ! !! !!!!
TCELL24 (7 days ago)
This is basic saving 101. Problem is Americans don't know how to save because they buy everything on credit.
Black Radius (8 days ago)
The reason poor people spend a lot of money whenever they get it is because they have to in order to survive and not be homeless. Living cheque to cheque is an almost impossible cycle to get out of without an injection of wealth that gives you freedom to invest. That's the bottom line. Also rich people can afford to take the risk which is inherent in investment whereas the poor are one bad investment from the gutter. Useless advice.
Gerben912 (1 day ago)
In my opinion this is only obvious to people who know how finance works. Most people live from check to check instead of thinking 20/30 years ahead. If you can set aside 300 bucks a month (a.k.a. 3.6k a year) and invest this smartly yielding an annual return of 8%, after 30 years you have made 440k. If you start early and keep it up 40 years it is even over a million. And I get it, you do need a little bit of luck. If you happen to start investing at the very peak of a market (like right now) that 8% might not be doable, but by all means 8% is not a huge number. But it does take some balls do start investing, you have to be willing to take risks (large or small ones). I do agree with you that he might be oversimplifying things and he starts talking about a 4k check like it's nothing. I mean that's a lot of money for most folks. But to me all your arguments sound like excuses (and honestly I don't mean to offend you). To me it all comes down to a few things. Ones that are simple in nature, though very hard to live by. 1. Live below your means 2. Invest as much as you can (responsibly) 3. Work your ass off This is if you actually want to gain financial freedom. Which is what this is all about for me. It's not about money. It's not about status. It's not about a fancy car. It's about getting to spend your time the way you want to spend it.
Black Radius (1 day ago)
+Gerben912 I'm not making excuses. This guy is pretending to offer some shortcut or special knowledge. All he is doing is stating the bloody obvious. He's a scam artist. Hard work is not enough, you also need talent and luck in order to break out of your class . He simplifies it down to just setting up a limited company bank account to avoid charges. its useless.
Gerben912 (2 days ago)
+Black Radius That's great. And I didn't mean to be condescending, there is nothing wrong with being the 80%. But you should stop making excuses man. At least where I live (Netherlands) it is very possible to get out of it. You just have to be willing to pay the price.
Black Radius (2 days ago)
+Gerben912 Very happy, And you?
Gerben912 (3 days ago)
Hope you're happy in the 80% :)
Tom Ferry, I have really enjoyed your videos and a regular subscriber to your channel. I have started using your advice to teach people in my home country Ghana. I have used your empowerment to also start my channel with my country in focus. Thanks your the leadership.
Eddy Forero (8 days ago)
Thanks for the video, Quick question, if I am an employee of another company, can I still incorporate, using my regular paychecks as income for my llc. ?
Oculus Rift (8 days ago)
holy fuck i know nothing. im actually retarded
Power of The Secret (8 days ago)
Now...how to manifest that $10,000 check? :-)
Underhill Flowers (8 days ago)
Lol , he looks like a Glen beck.
Martin James (8 days ago)
Pay off most expensive debts first, cut costs, budget, save.. feel much happier when you are debt free. Monitor your accounts, make sensible pro active decisions instead of being reactive.
David Z. (9 days ago)
Before you think how great it would be if everyone was smart with their money just remember that the people who get a check and instantly start spending it are the drivers of our economy and debt is the bread and butter of every bank. Without these selfless dim-witted individuals, our economy would crash and take decades to recover
gwho (9 days ago)
This is really for people who can't control themselves. I want to know investment strategies and analysis, not "follow basic math advice and don't be an impulsive retard."
Muhammad Monji (9 days ago)
Before you scroll down be prepared for the negativity boom
Vitor M. Ribeiro (9 days ago)
Like u got 10 000 dolars per month... After pay home and expensens few money get left ...and food dont come from skye
Rytis Gasparavicius (9 days ago)
And in the end:) We all know that these guys from 5% line, would not make their wealth without friendships and connections. And those the real "sponsors" consist of 0.5%. Trust me Bill Gates would never made his wealth if his Mom didn`t knew someone to talk to at IBM...
You lost me at "You wanna make a lot of money? Go buy a Rolls-Royce..." FOH
Buk Jakobs (10 days ago)
“Gotta be rich in the first place to think that”
Miljan Krkic (10 days ago)
This was great, thanks, I been tryin to find out about "repair credit repair bad credit repair credit help" for a while now, and I think this has helped. You ever tried - Fanrayson Creditor Indemnization - (Have a quick look on google cant remember the place now ) ? Ive heard some super things about it and my neighbour got great success with it.
NDD (10 days ago)
1. Spend less than what you earn 2. Invest into assets which generate income
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Altaf Vlog (10 days ago)
Wow great video love to watch more,nice video thanks for sharing with us
Peter Vasz (10 days ago)
This could be a 3 min video.
LivingMetaphysically (10 days ago)
Wow, this is super valuable. I stumbled upon you by searching for Robert Kiyosaki. What a great find. Thanks for the lessons!
Sam Lewis (10 days ago)
The first 15k I made with my new job I bought a 5 bedroom 350k house (3% down conventional mortgage). I now have 3200 coming in a month of rental income and a 2400 mortgage and live for free. everyone should do this!
PatrickAllenNL (10 days ago)
15% represent
Kin (10 days ago)
I like the spirit of this, but at the same time it feels kind of ridiculous. Then again, if his advice is this popular there must be a large demographic of people making 6+ figure salaries and blowing all of it. Too bad I am not one of them. lmao
threeflyingpigs (10 days ago)
yeah man, 80% of people are just really careless and THATS why they dont end up with enough to get by. There are no external factors or vectors of systematic exploitation. Obviously, his business advice is sound, but it feels more than a little dishonest and unconstructive to push this framework. I also get that his job is to motivate and sell you on the importance of his ideas, but that doesn't make it any less self-serving or misleading to state "80% of the population are just silly money wasters who dont know my secret code"
Michael S-h (10 days ago)
But if you've got a normal permanent job with an employeer. How do you go from that to ask him and pay you via your own corporation? Surely the government doesn't allow that and large multinationals or small employeers won't allow you to apply for a permanent role and then pay you via your own company?
Maria Efremova (10 days ago)
Do americans really need lectures on this stuff? SAD.
Shuforces (10 days ago)
First thing you should know before you start to manage your money correctly : - Don't go for something which you can't acquire with what you own. If you don't have the money, that means It isn't for you. Debt makes you a slave to somebody who is concerned with his own wealth, while you are doing everything possible to boost his wealth and not your own.
Landon Ruth (10 days ago)
ive spent all my robotics class watching this
Krishna Chaitanya (11 days ago)
All I here is 80%. He reminded me Robert Kiyosaki.
0x0ddba11 (11 days ago)
So....should one get incorporated even if he's not an actual bussiness owner?
Goat From Hell (11 days ago)
What money?😂😂😂
Akco (11 days ago)
Lost me at "call your accountant". Patronising dirtbag, making money off the poor and gullible.
mmjamel96 (11 days ago)
The great thing is i live in a country that doesn’t take taxis from me *Damn I feel lucky*
Hunter Nelson (11 days ago)
Diversify your investments pay yourself first and live withing your means... sounds easy takes practice.
1nickmrozi11 (5 days ago)
Pay yourself first? Try to do that if you have employees. They get money first. I know quite a few (MANY) company owners who live in nice houses, drive nice cars, and don't pay their employees (on time). Why? Because they're paying themselves 1st Why do they pay them selves first??? BECAUSE they've bought lots of toys, larger house than they can afford etc... and they NEED to pay themselves first.).   The people that pay themselves 1st also seem to have a difficult time paying people they owe money to (if your self employed there are a TON of bills to pay). Once again... BECAUSE they are paying themselves 1st. "Pay yourself first" - if you own a business, is the WORST advice. Everyone gets paid BEFORE you put a dime in your pocket. Don't believe me? TRY to keep employees, that you're paying late... or CAN'T pay. TRY to pay yourself 1st and not pay all the companies who you owe money to monthly. They will never sell to you again. Or won't extend credit to you again. How you gunna run a business then? Nobody will wok for you, and nobody will trust you to pay them later. "cause you're busy paying yourself 1st.
5:21 that laugh 😆 😆
Mistah FTM 739 (11 days ago)
fuck the rich. rich ppl rob because rich ppl can never generate wealth by themselves. rich ppl deserve bullets in their skulls. my experience rich ppl attempt to rob myself of my wealth everyday. rich ppl & their minions are going to die very soon.
Jacob Downey (12 days ago)
Secret #1, or #2, @6:43
Arvind Krishna (12 days ago)
I’m just 13 but could understand all of this easily, Thanks for tips!
Nick Tannen (12 days ago)
based on a 200 + K salary? what about families making 80 K combined salary?
John Dickerson (12 days ago)
This is extremely helpful thank you !
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jam clow (13 days ago)
Reminds me of the midget from South Park. Words are like bullets
JJoh4040 (13 days ago)
#1 Rule of having money is to NEVER get married
M Jordan (13 days ago)
just be cheap as fuck.. you will be rich
Mermaid (13 days ago)
I notice that wealthy pay themselves first before paying off the bills and etc.
Ramón Montejo (13 days ago)
Automatic sub. Thanks, Tom.
L0wborn (14 days ago)
Is he Canadian or American?
Ammar Napata (14 days ago)
This is a nice video I'm definitely going to take note but who's making $10,000 a month?
Benjamin Salt (14 days ago)
Is this only if you have a business
japheth mboi (14 days ago)
Thank you so much for this video
Lucas Saccone (14 days ago)
Which was the percentage?

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