[Music] all right if you're watching this video or any video on Personal Finance maybe you just want one thing to know how not to go broke and listen let's be frank we all know it has been a rough couple of years you guys I mean there it's been really really difficult for people I mean honestly you look back since Co and I'm like everything's have changed like I like prices have gone up people's jobs have changed like there's been a lot of Shifting and when that happens it can make money that much more difficult and as inflation continue to rise and all of it it's just been a really hard couple of years and I think we can look back over the span you know of 40 50 years and there's times where things are good and you know people are doing great and then there's just other times where it's hard and I feel like we're going to look back and be like yeah those were a hard couple of years so if you feel like gosh I am paycheck to paycheck I feel like I kind of am broke but I'm trying my best You are not alone but again I'm glad you're watching these videos because I want you to go above that right I want you to get to a place where you are confident and you feel very assured that yes I know what I'm doing and I have a good plan so that you're not just surviving but you end up thriving too with your money and so today I want to teach you how we can do this so make sure to stick around because I'll share what to do after this so that you can build long-term wealth but we're going to start with the basics of how not to go broke but first make sure to subscribe to this Channel and share this episode with a friend all right the first thing I'm going to tell you to do we're just going to get right to it you guys I want you to budget so downloading every dollar which is our budgeting app is incredible because doing a budget every single month is really one of your first steps of being intentional with money part of this idea of feeling like we're out of control with money is that we don't know where our money is going and then the other thing that just sucks but it's true is like when things are just in our head it can be magnified so quickly and if you have any level of fear around money or scared of this that or you know this bill or that bill and you're not organized that just magnifies so having things visual gives you a level of control it is really wise when you actually look at things on paper or on your phone or on Excel however you do it but to see your actual numbers because from there you're starting from reality not what's been made up in your head and so every dollar is a great budgeting app because it's going to help you do this and within that app there's teaching videos you're able to actually learn how to budget really well and so we set this up because again we really believe this is the first step of getting control of your money so down downloading every dollar and doing a monthly budget is going to be so helpful number two would be to get your money in the positive so a lot of people are living beyond their means and they have debt and so when their income comes in for some people you know they're short a couple hundred dollars or even more or less and they're making that up with a credit card and what happens is you end up in the cycle and so what you want to do is you know kind of stop where you are stop digging in that hole of debt and just say hey we're not going to use debt anymore so now now what does that mean if that means that you're short a couple hundred a month then we have to make up for that so whether that is you know cutting expenses whether that's earning some extra income whatever you do to get in the positive is key because your net worth is going to be in the negative if you have a lot of debt that's what ends up happening if you borrow and all of this so over time I want to get you to the positive so that you actually have momentum going forward so before you start paying off debt you do need a cushion to make sure that you have money when unexpected things come up so it doesn't put you back into debt but before I share what I mean by all of that I do want to tell you about one of our sponsors delete me do you want to know something that absolutely blew my mind onethird of the US population's background info is now public so for 115 million of us our info is just out there for anyone to find and this is stuff like our names our addresses our phone numbers and even more personal details that you'd be surprised by and this is why I love and use delete me because they find and remove your information from hundreds of dat broker websites that buy sell and trade your personal data so take control of your online privacy with delete me individual delete me plans start as low as $9 a month so sign up today at join delet me.com Rachel for 20% off get that code you guys it's fantastic so click the link in the description and protect your online privacy all right number three is to get a starter emergency fund of $1,000 so again we are budgeting we are are stopping debts completely we're not digging in that hole and then the next step is to get $1,000 now 40% of Americans can't cover a $400 emergency in cash so if you are one of those people and you're like I really have I have no money $1,000 is going to feel like a lot it's going to feel like this uphill battle but I want you to do this really really quickly I think this is the key of starting to win with money is you're getting these wins so I mean like I want you to sell stuff get an extra job I mean do whatever you can to get $1,000 very very quickly and that's going to be your starter emergency funds and this is enough for the short term a lot of the things that come up uh to be able to cash flow are like three four $500 so this fund will help you get there if you have a flat tire uh you know a last minute doctor's visit like things like that that come up this will last you it won't last you long term but again for the shortterm that thousand emergency fund next is number four and that's to increase your income and cut expenses so when you get to this point this step may help you fund that emergency fund but I want you to start doing this because if you are in the negative you have to find that margin and being able to do that is to earn extra money and this is like a side hustle like tutoring or car detailing you know hosting at a restaurant a few nights a week a retail gig on the weekends you know refereeing sports like whatever you can do to earn some extra income on the site is going to be so helpful and then at the same time cut your lifestyle I think what happens is needs versus wants really kind of Blends in in our world today because if you have something that you've been using for like six seven eight years you kind of bucket it as a need because it's just all you know so I want you to go through all your expenses and say okay is this food is this shelter is this utilities or Transportation that's basically like what we need right now so subscriptions gym memberships streaming services eating out like things that you do not need cut those out that's going to free up some cash for you that's going to help you get margin and you want to live on less than you make again to create that margin so when you're paying off debt you actually have extra money at the end of the month instead of being in the negative you're in the positive to throw at getting out of debt once you do that we come to number five which is a fully funded emergency fund so you're going to take that, emergency fund that you had once you out of debt you're going to bump that up to three to six months of expenses and you can put this money in just a high yield savings account is great this money is not to be invested this money is not there to earn money or to make you wealthy this is there as a cushion between you and life so when your next emergency comes up you know again whether it's medical job loss like anything that happens you have this emergency fund I was talking to some people this weekend and they said they did this and they said baby step three was a lifesaver because they both lost their jobs during covid and they were like we had so many friends being like I don't know what I'm going to do I don't know how I'm going to like make money to be able to pay bills and to to eat I mean like like honestly it's kind of the scramble that ends up happening but when you have 3 to six months of expens is sitting in the bank there is a level of Peace there yes you're probably still figuring out how how we're going to get a job but overall it is there to give you peace so lean into that security it's a great place to be so managing money everything we just talked about really is part one and then you can build Wealth Beyond that which is part two so if you're feeling overwhelmed by investing You are not alone so you can actually join Dave Ramsey and George camel for a two night virtual event on investing a March 4th and 5th they're going to walk you through everything from setting up your 401k picking mutual funds even real estate investing so make sure to click the link below to get tickets or you can go to ramsy solutions.com events all right you guys remember to take control of your money and create a life you love
