The Money Expert: If You’re Living Paycheck to Paycheck, Please Watch This Video! | Anthony O'Neal

Here are the top 10 key takeaways from Anthony O'Neal's conversation with Lewis Howes about breaking free from paycheck-to-paycheck living and creating true financial freedom.

1. Credit score isn't wealth

Many people mistakenly equate high credit scores with financial success. Anthony explains that a good credit score simply indicates you're good at borrowing and repaying money, not that you're building wealth. He shares a personal story about dating where women would ask about his credit score, but never about his savings or investments.

This misconception leads people to focus on maintaining credit rather than building assets. Anthony emphasizes that you can't pass down a credit score as legacy to your children. True financial success comes from ownership and building wealth through investments, not through borrowing capacity.

2. Taking your seat at the table

Taking your seat at the table means having ownership and control over your life and finances. When you're in debt, other entities (banks, lenders) are controlling your decisions and sitting at the head of your table. This creates a form of bondage where your choices are limited by obligations.

Anthony stresses that ownership brings freedom - the freedom to make choices based on what you want to do rather than what you have to do. When you're debt-free, you control your time, resources, and future. This philosophy extends beyond finances to all aspects of life, creating authentic freedom.

3. Consumer debt-free living

Anthony advocates for being entirely consumer debt-free, meaning anything that isn't an appreciating asset should be paid for with cash. This approach gives you ownership of your possessions without the burden of payments and interest that reduce your freedom and options.

While he acknowledges that some debt like mortgages might be acceptable because real estate can appreciate, he emphasizes avoiding debt for depreciating assets or consumable goods. This strategy allows you to build wealth faster and maintain control over your finances. It also reduces stress and anxiety that typically accompany debt obligations.

4. The EARN method for financial freedom

Anthony shares his EARN method for achieving financial freedom: Evaluate where you are, Arrange your vision, Render a strategy, and Now act. The first step requires brutal honesty about your current financial situation by examining credit reports and bank statements. This creates awareness of spending patterns.

The second step involves creating a clear vision with 1-year, 3-year, and 5-year goals, supported by strong emotional reasons why you want to achieve them. The third step means finding a proven strategy rather than random advice. Finally, taking action is where many fail - they understand what to do but don't implement changes consistently enough to transform their situation.

5. Tracking and measuring your finances

You cannot manage what you don't measure. Anthony recommends reviewing the past three to six months of bank statements using different colored highlighters to categorize spending. This visual method helps identify problem areas and unnecessary expenses that drain resources.

This practice creates awareness of where money is actually going versus where you think it's going. Many people feel they don't know where their money went after getting paid, which indicates poor tracking. Regular measurement allows for intentional management, which is the foundation of financial success.

6. Creating additional income streams

Rather than getting a second job at minimum wage, Anthony encourages people to leverage their existing skills and knowledge to create side businesses. He shares a story about a teacher who started an SAT prep service instead of working at Walmart, eventually earning more from her side business than her teaching job.

This approach not only generates more income but also provides tax benefits and builds an asset. It creates options that traditional employment doesn't offer. By using existing expertise to solve problems for others, you can create income streams that require less time and provide greater returns than conventional second jobs.

7. Not everyone should be an entrepreneur

Despite popular advice online, Anthony believes entrepreneurship isn't for everyone. He advises having an entrepreneurial mindset without necessarily becoming a business owner. The common portrayal of entrepreneurship as working from beaches and flying private jets is misleading and sets unrealistic expectations.

Many people are better suited to being excellent team members rather than founders. Anthony notes that he works harder as an entrepreneur than he did in corporate jobs. Being effective in supporting roles can still lead to wealth and success without the additional pressures of running a business. Understanding your authentic strengths and preferences is more important than following trends.

8. Managing emotions for better financial decisions

Emotions often drive poor financial decisions. Anthony credits Lewis Howes for teaching him about the importance of having both a therapist and an emotional coach to help manage emotions rather than letting emotions manage him. This prevents impulsive spending triggered by emotional states.

When emotions run high, people often make financial choices they later regret. Examples include shopping when feeling bad or making large purchases to boost mood temporarily. Learning to feel emotions without immediately acting on them creates space for more rational financial decisions. This emotional regulation skill directly impacts financial outcomes.

9. Short-term sacrifice for long-term freedom

The discomfort of changing spending habits for 12-24 months is worth it for a lifetime of financial freedom. Anthony challenges people who resist temporary lifestyle adjustments by asking if they prefer living in financial anxiety permanently. The alternative to short-term discomfort is prolonged stress and limitation.

Most people have adjusted to an uncomfortable financial situation and made it seem normal. Breaking this pattern requires temporary discomfort that will feel challenging but leads to genuine freedom. Two years passes quickly, but the benefits of being debt-free last for decades. This mindset shift from short-term gratification to long-term thinking is essential for financial transformation.

10. Stewardship as a spiritual approach to money

Anthony views money through the lens of stewardship - managing resources that aren't truly yours. This perspective extends beyond finances to time, relationships, and all aspects of life. Good stewardship means using resources wisely to benefit not just yourself but others around you.

An abundance mindset means having so much that it overflows to family, community, and beyond. This contrasts with a scarcity mindset where every dollar earned must be spent immediately on oneself. By stewarding all resources well, financial abundance becomes more likely and more meaningful. This approach connects financial management to deeper purpose and legacy.