Once You Have An Extra $10K Do This (Step by Step)

so what I want to do is I want to prepare you on these videos guys on this on this YouTube channel to be good with your money longterm not just be good with your $10,000 today guys once you have an extra $110,000 what should you do let's talk about it guys once you have an extra $110,000 I want you to do this step by step and I want you to pay close attention because in the middle of the video I'm going to give you the most important thing that I think you should do with your

$10,000 now before the 10K rule really kicks off I want you to make sure you do a few things first point blank before we even get started first thing is this if you have a job and your job is giving you some type of 401k match or 403b match or whatever please get that match I don't want to leave this video without sharing with you the importance of making sure that you get the match it's almost like free money for you so go ahead and get the match if you don't know if your job offers

a match ask somebody and if your job doesn't offer a match still put about 3 or 4% of your money that you get open up a brokerage account anywhere and just put a tiny bit of amount in that brokerage account so you can be learning about investing learning about the stock market learning about ETFs index funds just a tiny percentage of it first and then the other thing to do before we jump in specifics about what to do with your $10,000 make sure you have some type of plan you've thought this thing out in terms

of what you want to do I don't care if it's a a napkin a piece of notebook paper or I don't care if it's even a spreadsheet whatever sort of map out what you want to do with the money and then also make sure you get wise counsel and when I say wise counsel I mean make sure you you get some advice or you hear from people who understand money and they understand or they're at where you want to go with money right in other words don't get advice about what to do with your $10,000

from your homies or your your broke friend or somebody that don't have money but want to tell you what to do with the money right so listen to the right podcast listen to the right YouTube channels what what have you read the right books whatever it could be also make sure that you put aside a little bit of money to help somebody else giving is like this principle that sort of gets lost in the whole financial and the wealth and the making money and having money discussion but I don't care if it's $5 of your

$110,000 or if it's $5,000 of your $110,000 make sure you put aside something to give and help somebody else somebody who needs the help somebody who's less fortunate than you right and then make sure that you're confident in what you do with the money your $10,000 make sure you understand that personal finance is personal what John Doe did over here and what Sally did over there don't have anything to do with what you're going to do with your $110,000 it's a personal decision what you do now specifically what to do with the $110,000 first things

first with $10,000 the 10K rule goes like this one consider using some or all of the money towards educating yourself towards getting better or becoming good or developing some type of higher paying skill that's going to pay you more money in the long run one of the main reasons people stay broke all their life is the fact that they have lowp paying skills so one of the most important things you can do with your $10,000 is to make sure you spend it getting a higher paying skill if you need to getting a skill that's going

to pay you more money in the long run it may take a year it may take two years it may take some college or some certifications it may take whatever those skills could be entrepreneurial skills those skills could be a lot of different things but you have to have skills that are valuable in order to make more money so that's one of the first and best things you can do with $10,000 right away remember this is an order step by step if you already got a high paying skill you can skip over this step if

you already did some of the things I talked about just a minute ago you can skip over all that but if you don't start there and work your way through these steps the second primary thing that you can do with $10,000 it's a part of the 10K rule is consider using the money to pay off some bad debt pay off debt on things going down in value when you're paying payments on something going down in value and maybe you're paying some interest you're losing money you might as well be riding down the street and throwing

money out the window when you have to pay on things going down in value take some of this money or all this money if you have a bunch of bad debt and pay off debt now third thing you want to do is consider using some of the money if you don't have one towards an emergency fund towards making sure that you have something when stuff hits the fan when something goes wrong you got money because listen the fact is things are going to go wrong there's going to be an emergency where you need $500 ,000

$3,000 there's going to be an emergency in your life I can almost guarantee that so you need to be making sure you're using money in the good times to prepare and pay for when you need money in the bad times cuz the bad times will be here at some point don't get caught out there thinking oh man I need to be investing this money but you ain't got no money in case you know you need a th000 bucks laying around somewhere you ain't got nothing you got to go pull from your your 401 k or

something like that because you have no money or you got to go down and get a payday loan at the strip mall down the street because you ain't got no money have an emergency money take 10 take this $10,000 a portion of it or all of it and put it towards an emergency fund now if you've done everything I talked about in this video now I want you to think about and this is the fourth thing this is the fourth piece step by step to the $10,000 rule if you have $110,000 you need to take

a portion or all of that money and invest it invest it in something going going up in value something that's appreciating an asset it could be real estate maybe you want to take the $110,000 or a portion of it and prepare to put money down on on a piece of real estate or maybe you have a piece of real estate you want to repair it or maintain it by doing some type of Maintenance that's necessary that's going to improve the real estate it could be stocks it could be bonds it could be stocks and bonds

inside of an ETF or an index fund you want to invest a portion of the money towards assets going up in value now full stop I want to I want to ask you a question did you notice what I did in the video did you notice the order that I just gave you in this video did you notice that in the first few minutes of the video I talked about everything else except investing there's a reason for that because when you're doing things step by step in order with your $10,000 I want you to think

about investing as one of the last things you do with your $10,000 why is that why am I saying invest last when probably every other video that you watch about $10,000 is probably going to tell you to one of the first things you want to do is be investing I wanted to make sure up front that you understand the importance of getting the match at your job or at least putting a tiny little bit towards investing in the beginning because I wanted you to learn about investing but I didn't want you to jump in both

feet with fully investing your $10,000 until you had done all the other stuff first because I want you to have I want you to understand the importance of order the importance of doing things step by step and making sure that before you invest your money you do all those other little things with money that I mentioned first look if you don't get anything else out of this video I want you to get this out of the video the principle of order is what most people don't understand when it comes to life or money the reason

a lot of people struggle to succeed longterm with money is they do things out of order with money look let me get an example right if you walk into a gym a basketball gym and you want to play some basketball and you end up learning how to dunk really good you know dunk the ball really good really fancy behind the back behind the head you know windmill you do all these fancy dunks none of that matters when we get ready to play a basketball game because you haven't learned how to pass how to dribble or

how to shoot but you can dunk real well see it doesn't matter if you can dunk the ball really well if you don't have the basics and the fundamentals down you really can't play basketball and I don't want you on my team let me give you another example you go in the kitchen and you stir the pot real well you understand how to stir it in a circle and an opposite Circle and you know how to do figure rates when you're stirring the food in the pot right but guess what that don't mean you can

cook just cuz you can stir the pot real well and real fancy it don't mean that you can actually prepare a meal and cook something that I want to eat just because you have $10,000 that you can go invest right now doesn't mean that you're good with money so what I want to do is I want to prepare you on these videos guys on this on this YouTube channel I want to prepare you to be good with your money longterm not just be good with your $10,000 today and so when you have $10,000 today I

want you to take your time and do all the other things I said first in order step by step before you invest the money to grow the money right because just because you have $10,000 to invest it don't mean that you're going to be good with money or that you're going to have a lot of money it just means you have $10,000 to invest but I want you to be good with money long term so I want to show you that there's more to it than just taking your 10,000 and go investing and me telling

you what stocks and ETFs to invest in there's more to it so getting good with money requires you understand the order the proper order learning how to be disciplined with money first learning how to become educated about money money first learning who to listen to and who not to listen to that's a skill that you have to learn First Learning the value of being valuable and the value of having more skills so that money comes to you for the Long Haul not just this $10,000 this $10,000 is nothing I'm talking about you want money to

continually come to you how do you do that you learn how to become more valuable that's why one of the first things I said was develop higher paying skills s learning the principle of giving and helping other people with money when you help other people's cup run over and you put your cup right next to it if you be patient in due time your cup is going to run over too that's the principle of giving and helping other people also the right order of money in this $10,000 rule with this $110,000 is learning to be

a wise Steward over your money learning how to manage your money well right cuz if you don't learn how to manage money well by setting up a plan and some goals and some and writing down what you want to do with it if you don't learn how to manage it you're going to lose it anything you don't manage you lose so this $10,000 needs to be managed well that's part of the foundation before you go invest it making sure you understand the principle of management and becoming a wise Steward over your finances see here's what

I'm saying everybody wants to start with investing right everybody wants to grow that money hey teach me how to grow my $10,000 into $200 $100,000 but what's the sense in growing the money and having the money if you can't handle the money most people want to get more money but they don't want to get more discipline you got to get the discipline first in order step by step so that you can have it long term you got to perfect a craft that's going to get you that more money you don't want just 10,000 you want

100,000 you do things out of order you're going to get chaos you do things out of order you're going to get confusion you're going to get stress you're going to get anxiety you're going to get frustration when you do things out of order with money and I know this is a topic that is hardly ever talked about how to do things in the right order with money first make sure that you're getting the match at your job and if they're not offering the match make sure you're putting a little bit of money to the side

of your regular money not your $10,000 make sure you're putting a little bit of that in a brokerage account somewhere and then make sure you have a plan for your $10,000 make sure you're paying off debt with the $10,000 you're putting money towards your emergency fund with your $10,000 then after you've done all those basic things then you want to invest the money now how you invest that money the $10,000 is up to you and your plan with your money whether you want to invest it in the real estate or you want to invest it

in Nvidia paler vo SD whatever index QQQ whatever Index Fund or ETF you want to invest in that part is personal and it's going to be based on a lot of different things when do you plan to use the money how old are you what is your risk tolerance level what are your goals what is your core values and beliefs about businesses about individual stocks versus ETFs what is your knowledge level how much time do you have to put towards investing right all these things are going to be based on your individual preferences and remember

when you invest commit to consistency consider dollar cost averaging only invest in things you understand only invest or risk the amount of money that you can afford to lose divers your investment choices don't have all your money in one stock consider reinvesting the dividends if you own stocks or ETFs and then don't panic so there you have it guys that's what I would do with an extra $10,000 the 10K rule if you got any value out of this video smash that like button for me please share this video with someone you know and also drop

a comment I want to hear from you hey the best person who's going to take care of the old you is the young you take good care of yourself and take care of other people until the next video peace