how's it going today guys so today I'm
going to show you my guaranteed
three-step process that will result in
you going completely broke now there
anymore but I can almost promise you
with absolute certainty that if you guys
follow these three steps you yourself
can be broke now it's actually funny
because it seems like a lot of people
are already following this simple
three-step strategy because according to
a CNBC article 49 percent of Americans
are currently living paycheck to
paycheck so if you have a lot of money
and you're saying that I don't want all
this money I want to be in a stressful
situation where I don't have enough
money to pay my bills I want to be
paycheck to paycheck well the very first
thing you need to do is buy a car that
you can't afford but if you were trying
to determine whether or not you could
afford a car you would take 10% of your
annual take-home pay and that would be
the maximum annual car payment so let's
go ahead and do some math on this here
okay so the average salary in quarter 4
of 2016 for a person was forty-four
thousand one hundred forty eight dollars
now if you were finally single and you
had no tax deductions your take-home pay
would be thirty one thousand three
hundred sixty six dollars so using that
10% rule where your car payment should
be no more than 10 percent of your
take-home income you could realistically
afford a car payment of 261 thirty-eight
per month however that doesn't make a
lot of sense because for two hundred
sixty one dollars you're not going to be
able to buy a very nice car it's not
gonna be very fast it'll probably be a
used car and I'm guessing you guys want
something nicer you want a nice car so
that is why the average car payment is
five hundred three dollars per month
almost double what the average person
could realistically afford following
that 10% rule so let's say you're
somebody who wants to afford a $503
month car payment if you were following
that 10% rule you would need to have
five thousand thirty dollars a month of
take-home income in order to
realistically afford a monthly car
payment of five hundred three dollars
but as we can see from this example here
average take-home pay is far below that
but we're still gonna splurge we're
still gonna buy the new car because it's
just nice it's got leather seats so now
that you've managed to burn through five
hundred three dollars a month let's take
this a step further because most people
even if you bought a car you couldn't
afford you would still have a little bit
of money left over so let's see if we
can get rid of the rest of your money
the second thing you need to do is rent
for your entire life don't ever buy a
house spend your entire life renting
from somebody else so when you own your
home or when you own a piece of real
estate you are building up equity now
this is not the best way to save money
but do remember that a mortgage is sort
of a forced savings plan because you're
building up equity in an asset that's
going to be appreciating and at some
point after you pay off your home you
own an appreciating asset free and clear
but you're not going to do that because
you're trying to go broke so what you're
going to do is you're gonna rent for
your entire life and build up zero
dollars in equity over the course of
your entire life renters are literally
throwing away money every single month
and they're making their landlords rich
so how much is this really going to cost
you well according to an article by
well-kept wallet they analyzed what it
would cost to rent your entire life
versus owning a home for your entire
life and the cost between those two
things is just over half a million
dollars five hundred thousand dollars is
the cost difference of renting your
entire life versus owning a home that
you eventually pay off and then you live
for free but you're gonna rent you want
to go broke if you're watching this
video you're learning how to go broke
and this is what most people are doing
they are renting because they don't want
to buy a home now I do understand that a
lot of people do rent because they're
not going to stay in the area for a long
period of time and if that's the case it
does make sense to rent but most people
out there if you're gonna be in a
certain location for more than five
years you should buy a home unless
you're trying to go broke if you're
trying to go broke I think you should
rent for your entire life so at this
point we really have burned through a
lot of your money first of all you're
paying for a car you can't afford and
you're also throwing away hundreds if
not over a thousand dollars a month
every single month
you're making your landlord rich and in
the process you're building up zero
dollars in equity but some people would
still have a little bit of money left
over and if you're trying to go broke
you want to get rid of all of that money
so the third and final thing that you
need to do to follow my three-step
process of how to go broke is to buy the
things you feel you deserve with credit
cards so here's the thing as a kid we
would be visited by Santa Claus and he
would bring us all of these wonderful
gifts once a year but the good news is
Christmas doesn't have to come once a
year anymore thanks to our friends from
Discover and other credit card companies
because we can buy the things we want
and we don't have to pay for them today
so whatever you feel you deserve whether
or not you can afford it because it's
not about what you can afford it's about
what you really desire out of life and
if you desire something go grab yourself
a credit card and buy it for yourself
because you're trying to go broke so
what you need to do is buy the things
that you feel you deserve and treat
yourself to Christmas every single month
think about how happy you will be so
according to value penguin houses with a
zero dollar or a negative net worth on
average have ten thousand three hundred
eight dollars in credit card debt now
what is the interest rate paid on that
debt I'm gonna tell you right now value
penguin also analyzed interest rates on
credit cards and the average interest
rate is twenty point nine percent so
let's just go ahead and do some quick
math on that figure if you have ten
thousand three hundred eight dollars in
debt and you're paying the average of
twenty point nine percent interest
you're going to be paying two thousand
one hundred fifty four dollars each year
before you put one penny on the
principal that is all interest so that's
it guys you've basically learned how to
go broke in these three simple steps now
if you don't believe me let me show you
the numbers here now as we said before
if you are a single person and you have
no dependents your average take-home pay
is thirty one thousand three hundred
sixty six dollars in each month that
amounts to two thousand six hundred
thirteen dollars but the first thing you
did is you bought a car that you could
not afford so take five hundred three
dollars the average car payment off of
that the second thing you're going to do
is you're gonna rent for your
tire life you're gonna build up zero
dollars in equity and in the process
you're paying on average about a
thousand dollars to rent an apartment
for yourself now on top of that let's
say you're following the third rule of
how to go broke and you're buying things
you feel you deserve on credit cards if
you were paying just the interest on
this credit card on $10,000 without
putting one penny on principle you're
paying $180 a month in interest so if
you subtract those three things out that
leaves you with 930 dollars a month to
cover all of your expenses
congratulations you have gone broke
obviously this is not what you want to
do I just wanted to show you guys the
three things that people do that will
result in them going broke and I want
you guys to avoid making these three
mistakes anyways guys I wanted to thank
you for taking the time to watch this
video if you found this information to
be valuable and you know anybody else
who might be interested in this please
feel free to share this video with other
people if you enjoyed it please drop a
like and if you're a new to my channel
please consider subscribing to be
notified of future uploads and as always
I thank you for taking the time to watch
this video
you
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