Saving Your First $10K Challenge Step By Step
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- เผยแพร่เมื่อ 14 ก.ย. 2022
- I wish I knew along time ago, but the best to learn is not by going through things its by learning from other peoples mistakes. I saved 10k for the first time when I was in college on minimum wage and it took me about 6 months, it took me than 2 months to spend it all trash. I tell you I know what happens when you save without a purpose; I don’t doubt you’ll complete this challenge but it's important you know what to do after the challenge .
Don’t spend this money on sneakers, vacations, plastic surgery or new teeth or something like that. Use this money to level up, pay off debt, save for emergencies and start investing or save for a down payment on a home. I recommend you do one by one in that order.
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1. Why 10k
-10k is hard but it's not impossible
-And to be honest the amount of money doesn’t matter
-This money is not going to change your life, what is going to change your mind is what you have to do to get it, keep it and multiply it ( it’s the habits that you are going to build )
Personal Story:
-The first time it took me 6 months but the second time it took me very little time
-And today i can save 10k without working for it, because my passive income pays enough to make it
-That’s what's life changing
Ps. The average person only has 1000 so the minute you have 10k, you have 10k more than the average person
2. Lets talk about this Challenge Specifics
Fist you can do it with the envelope Challenge
-You buy 100 envelopes and you label them from 1-100 and you double the amount you put into them
-In 100 days approximately 3 months and 9 days you will have $10,100
-Obviously this method sounds cool, but I don’t like that much, because I think its to much to fast 10k in 3 month is like 3.3k in saving per month its to much money
-What I would do is just do the normal 100 envelopes and then do it again and in 6 months you’ll have the 10k
Or you can do it the way I did it (less envelopes and less headaches )
-figure out in how much time you want to do, no less than 3 month and no more than 12 months ( 3 months because it takes 66 days roughly to create a new habit circuits into your brain ) and this isn’t about the money its about the habits
-for example for me I picked 6 months, in 6 months I was getting paid bi-weekly so about 12 paychecks if you get weekly then obviously 24 paycheck and if monthly 6 paychecks
-dive the paycheck by the amount and boom ( 6 months bi-weekly I gotta save $833)
I have to be real with you guys
-when I saved this money I was working 2 jobs and a side hustle in college, this is a lot of money
-so don’t worry about the amount, if it’s too much just do 5k or 3k
-this is not about money it's about habit
3. Things you need to do
-First get a budget: this is Shelter, utilities, groceries and transpo
-Second: get a side hustle, learn to make extra money with your extra time
-Third: Sell all the things you don’t need ( this can go towards your savings )
Finally when you are don’t with this:
If you have debt pay it off
-If you don’t have an emergency account build it
-If you don’t have a retirement account copy mine
-If you don’t have saving for a house start it up
-If you want to have fun just get into the habit of using 5%of your paycheck for fun
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Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Not at all, having monitor edge my portfolio performance which has made a jaw dropping $473k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemingly unknown market. I must say it's the boldest decision I've taken since recently.
@@hasede-lg9hj I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
The advisor that guides me is Sharon Ann Meny, most likely the internet is where to find her basic info, just search her name. She's established.
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
Do you mind sharing info on the adviser who assisted you? I'm 39 now and would love to grow my stock portfolio and plan my retirement
Thanks for sharing this. I curiously searched for her full name and her website came up top search. I looked through her credentials and did my due diligence before contacting her. Once again many thanks
🤑😍
Can you explain how you did tht?
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?
I have "Helene Claire Johnson" as my investment advisor. She has a solid reputation in her field and is a true genius when it comes to diversified portfolios, which help portfolios be less vulnerable to market downturns. She may be a name you are already familiar with; a Newsweek piece helped me to do so. She's a Google-able person.
Thanks for the info, i found her website and sent a message hopefully she replies soon.
Counterpoint: $10k can absolutely change your life. 10k was the downpayment and closing costs on my home, which has appreciated by $100k.
The question is how to convert your salary into the investment funnel without double taxation. you pay taxes once it's earned, then buy stocks and get taxed again once you sell. Want to invest over 300k on the stock market, how do I achieve this?
Having an investment adviser is the best way to go about the stock market right now, I've been in touch with a coach for awhile now mostly and I made over $800K within a year
This is probably what I should do. Who is your advisor, please?
Lisa Angelique Abel is my Advis0r. She has since provided entry and exit points on the securities I concentrate on. If you want to check her out, you may do so online.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
There are only 2 guarantees in this world. "T AND D are it" So we try to do the best we can.
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Veronica Hoy.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
You trade with Veronica Hoy too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
Currently I'm just being smart and frugal with my money, I'm in the green 47% over the last 23 months and l've accumulated over $70K in pure profits from DCA’ing into stocks, ETFs, dividends and futures. However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look.
@@richardhudson1243 I completely agree. I have been consistent with my profit regardless of the market conditions. I got into the market early in 2019 and the constant downtrends and losses discouraged me, so I sold off. I got back in December 2020 and this time with guidance from an investment adviser who was recommended by a colleague
@@tatianastarcic Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
@@maiadazz It's best you do your due diligence, I have my portfolio overseen by ‘Laurel Dell Sroufe’ and her qualifications speak for itself. Most likely, the internet is where to find basic info, she has a noticeable page for consulting.
@@tatianastarcic excellent share, thank you! just copied and pasted her full name on my browser, at once came across her site and skimmed through credentials, she looks very distinguished
I completely agree. The first $10k was the toughest, and I didn't really start seriously investing until I was 30 back in 1998. Today, I'm 53 and have a decent $1.2M nest egg. After learning all of this, my only regret is not starting earlier when I was 25. It may not seem like much but those extra 5 years are the most important.
You seem knowledgeable… any recommendations ?
@@walter.dlawson2580 My FA’s method is to buy quality firms, anticipate to hold them regardless of what happens, pay up but not too much, keep track, sell only when necessary, and be ready to course correct, use this and you’d make half a mil in a year like I did
@@chrisanthony3560 I recently got into stocks, and I don't mind putting down a substantial investment; I'm seeking to create a portfolio like this. Do you work with novices like myself who are willing to invest, I would want to know. Can you recommend me if so?
I’m 39! Recently started investing in crypto. XRP and XLM for starters. Stocks are to slow for me 😂..
How can a poor person achieve this? I did not start saving until 40 because I thought I could not. My salary is very little compared to yours.
I started this challenge over a year ago . I now have over $30k and moved the30k in a Cd till my pre construction home is ready in January. Obviously I have my job, bonuses, and do landscaping on the side on the weekends. I like your videos bc I can relate by experience.
Thank you for saying you have a job and bonuses as well as a side hustle. Most people try to pass it off as if they just worked “super hard” on one income.
@@MB-xv7er oh I made sure to include those important details. I also don’t have a mortgage or rent as the family home I live in is paid off and I have no bills. Without these circumstances it would’ve taken longer but it’s still doable without a doubt. I recommend this challenge to everyone.
*audenspark* *will* *Definitely* *help* *you*
Just found you today! I subbed 👍🔔 and I Accept!!!!❤
What a CD and what will
Do for your money?
It took me 6 months to save $11,000 took some of it moved outta state for a fresh start. Then lived off of it for the rest of the year on top of my side hustles. I have not worked a W2 in 3 years rent and bills are paid. I definitely needed this video because I wanna save it all over again maybe $20,000 this time I also want to get into the air bnb business so lots of goals just need the money 💵
All the best with ur goals!
Inspiring forreal. And you can do it!
I’m about to leave cali go to Alabama ❤
What type of side hustle do you do?
@@tyesquivel7079 I’m a reseller on offer up I also sell on poshmark and I get paid from my TH-cam videos
>You may never know the value of that €1 you have until you go bankrupt, the bad experience I had last year really made me feel that our programs schools must contain more financial knowledge and education. It is never enough to have a good job, a huge salary and all the luxuries at your disposal. But saving money and investing wisely is never a bad idea,... I learned how to invest, no matter how little, but life really believed me in the long run. Thank you for the nice video, it's always interesting to watch your content >
Investing provides a means of allocating money in the but to generate income or profit in the future. By investing, individuals can set aside funds while going about their day-to-day business, allowing their money to work for them and reap the rewards of their labor in the future. It is important to invest wisely, make informed decisions and carefully consider the risks and potential returns associated with each investment opportunity.
>
I strongly advise you against self trading, it's really dangerous and has brought many investors down, you need someone with the right strategies and expertise to do the work for you, I recommend Sherman Williams Trading expertise.
< In my role as a financial planner, I serve clients with varying income levels. But my goal is the same for everyone I know. I want to help wealthy families continue to build wealth while helping young families achieve their financial goals. Your investment creates a safe haven for the future and helps you through the economic crisis.. The best person i can ever recommend when it comes to cryptocurrency trading is Sherman Williams Trading
On a scale of 1 to 10, I'll give Sherman Williams Trading a 9 simply because no one is perfect when it comes to trading, but when it comes to making a profit...Trust me, it will always be at your service. It really amazes me how I went from an average life to earning $56,500 a week. all thanks to Sherman Williams Trading.. I don't know how he does it but he makes it possible, I believe in him.
As an avid investor, I frequently ponder how successful investors get millions of dollars from their investments because I see some people content with their strong portfolios. I have over $545K in equity from the sale of my house, but I'm not sure what to do with it. Should I invest in stocks now or should I wait for a better opportunity?
In fact, a lot of people downplay the need of advisors until their own emotions become unbearable. I sought for licensed consultants a few summers ago after a drawn-out divorce and needed a push to keep my firm afloat. I located the most qualified person. With her help, my reserve has grown from $275k to $850k, even with inflation.
I need help rebuilding my portfolio and coming up with more effective strategies because of the big drops. where can find this coach.
NYCOLE CHRISTINA VANNATA is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Maybe Invest in an s&p 500 index fund. I use charles schwab. Swppx.
Have been doing the challenge since January. I did the 12-month saving and now I am 3 months away from 10,000 dollars.
Congratulations 🎊
*audenspark* *will* *Definitely* *help* *you*
Sarah 🎉 good job
At the beginning of 2022 it was hard to save $10,000 . Then afterwards I set a new goal of $30 grand. Now it’s January 2023 and I should have 40 grand in a few days. Probably will spend a grand on home improvements, owing taxes,etc but would like to build it up again 👍
So when you do the envelope challenge do you insert money everyday or just when you get paid
I NEEDED THIS. I keep reaching 2k in one month but things keep popping up so I end up spending it. Today, I’m restarting. 10k is my first goal. Let’s get it! 🎉
I got. 10k took me a while tbh
@@Tayyfloww it’s crazy how it’s so achievable yet minor things keep popping up and pushing me back from getting to the goal 😂🫣
@@KourttneyL we in this together gorgeous 😂💯🤙🏽
you got this! most important part is the habits you are building .... eventually things won't keep coming up. Just a test to see how bad you want it. Let's build that dream...
Same I get over 2k something pops up
The best thing I ever did for myself was move to a small rural town. Since I work from home, I can live anywhere as long as it has decent internet. I bought a 3 bedroom house for under $40,000 and, because it costs so much less to live here, I was able to pay off the house in 4 yrs. Now I only have utilities to worry about and that's less than $300/mth. Saving $10,000 is a breeze now. If only remote work had been available when I was in my 20s. I'd be a 55 year old millionaire by now. All you 20 year olds with remote work options, appreciate you're able to do this now. Get out of the cities, find a low cost yet perfectly liveable home, and get yourselves out of the debt cycle!
THATS AWESOME.. What state are you in? I work remotely also.. looking to move to a more small town. Currently in DE...
@@karramiranda7421 I'm in ND. Please note that SD has no state income tax while having a similar economy to ND. Winters in both states can be brutal, but DE isn't that lovely either.
I accept the challenge! I'm 22 and have plans on changing my life for the better now. I'm tired of money only going to bills & food so i'm going to take initiative and begin changing some habits.
Update
"Don't get no plastic surgery bro" this line had me dead haha
Lol 😂
That's a double negative, so I am supposed to get plastic surgery?
Badkhencorp is young. Holding almost anything mentioned here is a good hold because the VHS or Beta will only show in time. I want to hold them early. Its sad that most dont think of these things as good future holds instead of being out of the market and bottom hunting. Are we the adopters or are we scavengers? surely one of these layer ones will become the standard and i dont want to sell any of them too early.
I sat and worked out that if I really, REALLY didn't buy anything other than shelter, utilities, groceries and transportation, it would take me.... 5 months to save up to 10k!
BUT, that didn't account for living life or sudden financial issues, so realistically I'm setting my goal to be 6-12 months to 10K, especially as I know I'll be changing jobs soon and that will cause financial disruptions. Great video!
Your doing amazing!!
Thank you for helping others with this.
I’m going to start today
I accept the challenge!
You should do a new video about Badkhencorp ! I really like you’re mellow delivery and you seem like you’re very knowledgeable. I watch lots of influencers and you always seem very calculated and know exactly what you’re talking about and understand it. You’re better at explaining complicated things simply, than any other person on youtube keep it up brother!
I accept !! My wife and I are already doing the $833 per month (10k/year) after seeing this I’m going to try and double it to $1667 to reach 10k/6months !!! Appreciate the content it’s very educational!!
I love you videos because you keep it real. You talk about real challenges and make things realistic. Also who could go wrong using biblical principles. God bless you
Accept 🎉 I’m ready to stop living paycheck to paycheck. My boyfriend isn’t wanting to do this challenge, but I take care of the finances. I’ll do what I want to do.
I accept the challenge... I am so happy and grateful that I saved $10,000 dollars in 6 months to take my family to Florida May 2023.
Did you go?
Saving 10k just to spend it all on a trip is foolish
@kievonJSmoothSoul my money bixtch we travel for the experience and memories... always broke kniqqaz got something to say. 🤣🤣🤣
I plan to start the 100 envelope challenge soon. I sent this video to my son as well. He just turned 21 & so far he's doing good 👍🏾 I just want my children to do even better than I have!
I accept, Ive always not been great at budgeting but building habit like these and challenging ourselves to be more precise with money will pay later on! Good video and good luck savers!
Thank you for sharing this simple and straight forward way to save. I will definitely be following your channel!
I see a lot of scammers in these comments! These so called investment bankers be careful people
I’m in the process of saving $10000 in 100 days using the envelope challenge. It will work out well for me because my month income is sufficient. I am also cutting back on my unnecessary spending. I plan to invest it back into my business...I don't have any debt to clear off.
Is the business turning a profit ?
@@TommyBryson yes definitely.
@@GrowWithNiki what do you do for business if you don’t mind me asking?
@@SpicyMang0s nah your not getting easy handouts nice try
@@SpicyMang0s I know you asked him but a good business is car detailing what I do is brings in a good amount of money if you do it efficiently. Any questions you got ask me, no problem giving you free knowledge 👍
I'm a waiter and summer has amazing tips, but winter... not so much. I appreciate your take on this simple saving challenge. I'm going to start tonight with my tips!
New here,but your video is very inspiring. Starting the 100 envelope challenge today as of 6/22 for 6month. 🙌thank you,You got u a new sub! Keep doing what your doing.........very inspiring
I accept the challenge! As a 22 year old who is struggling with finances, budgeting and savings, I understand that NOW is the time to make the necessary changes in habits to have a comfortable and stable life going forward. I’m gonna save the 10k in 3 months using the envelope method and use it to; pay off my personal loan, buy an engagement ring to propose to my girlfriend of 4 years, start and emergency fund for us, and start to invest in stocks to create passive income
Congrats to your oncoming goals that you will achieve! 21 and I’m in the same boat 🙏🏽
you got this
Dude, you're 22. Don't get married until 28, or more. Make sure your wife looks at money the same way as you. Otherwise, you'll be an employee in your relationship.
😂😂😂😂😂😂😂
Good luck!!!
I accept the challenge! This challenge is new to me. Everything about this challenge is new to me (especially the dollar amount & the time frame given). 10K in 6 months is the challenge I chose. I need to challenge myself at building solid habits which will ultimately lead to financial freedom for me.
This is my first time watching your content & I will subscribe to your channel because this video is an instant classic.
Bro this video is AMAZING. Life saver. Wishing you happiness
I accept this challenge. As a 19 year old who is trying to save up for a new truck, I didn't know how to save up money or where to start. I have always been a spender more than a saver and I have been trying to change that and get in the habit of saving instead of spending. I didnt know how or where to start until I watched this video. Now I know what I can do and start this challenge. I will beat this challenge for the first time and then I will beat this challenge again but at a higher goal!
Update
I accept this challenge. You’ve broken this down in a way that makes the financial literacy in life easier to relate to and absorb.
I ACCEPT the challenge Tommy. Gonna aim for $10K between 8-12 months.
I really enjoyed this video. Thank you so much!!!
New viewer 😍 First & Foremost I just wanted to say you are very handsome !! ❤️ I appreciate you for being so open with your financial journey. That is what is needed.. REALness 👏🏾 Also I agree it’s the steps after you save that’s the most important 🔥 I took a look at the overview of your courses and that is definitely something I would love to invest in !! Super excited to check the rest of your channel out 😊 New subscriber !!
Definitely dropped valuable financial information and I’m going to accept this challenge and give myself 6-12 months, my goal is to reach it before then , but like you said to get in the habit of putting extra money aside , is the KEY .. thanks 👍🏽
My gosh your amazing ❤ so realistic and the break downs make it so easy to understand. Love your channel
Just came across your channel, and i am very glad I did! Great content bro!
This video answers all the questions I have basically on how to create a habit and a lifestyle for saving money! Great stuff! 💯🤑
I'm new here, and I really enjoyed this video! I have been looking for a breakdown on this challenge and you did it perfectly. Thank you!! I accept your challenge and I'm saving for a down-payment on a house for my family and I!!
There is more downside coming because current economic conditions can not and will not sustain any meaningful long term bull run for the near future. It's not me being bearish for the sake of being bearish. It's looking at the overall picture and there's really nothing overly positive going on right now.
For now i won't be holding rather just trade and earn those short term profits until the market gets stable again
Over time, the Crypto market has shown to be beneficial and rewarding, but it all relies on your investing strategy. If you invest incorrectly, you may wind up with losses, which no one wants.
We actually WANT a bit more of a retraction. Would allow us to burn more with less $$ invested and gives the retail investors a chance to both get in and get more.
When you invest, you are buying a day that you everyone don't have to work. I pray reading this becomes successful
Envelope challenge is what I'll try. Thank you!
Love the Weekly Challenge. Thanks. I’m giving it a Go!!
I accept the challenge sir. Your videos are awesome 👏🏽
Success and abundance to you sir.
Accepting this challenge to better myself. I’ve always struggled with money but hopefully this helps me 🙏🏾
I Accept the challenge. Thank you , I’m always down for improvements
fire bro, def learned appreciate you.
I’m excited to implement these goals in my financial journey! I have been in the past not very good at saving and thinking long term,because I simply wasn’t taught, but your great job of explaining and motivation has inspired me to the challenge. I have to pay off 2 CC debts and an auto loan off first. But I’m up for the challenge! Thanks for your help!
Try not to apply for any more debt neither. Some people have more than they can handle. C.C. interest eats your could be savings up. Think...you come first. Pay yourself & don't touch that savings until you've reached your goal. Sacrifice & discipline is key. Slow down your spending. Get rid of all things you don't need. You don't have to keep up with the Jones. Watch your reward grow. Sit back & relax. You can do it. Let me know 6 months from now ok!
MsShilady, thanks for your liking my reply to you. Here's a tip, keep your credit card spending at least 10%. They won't charge you any interest $50.00 or less. If an emergency occurs, that's a different issue, I understand, we all experience them. Let your credit grow itself, whether you have to ask them or its automatic, like on a capital one card. The more credit you have, the more buying power you' ll have later on. The key is to use less credit, so that your utilization status won't lower your credit score. Pay off the balance easier every month & they can't make money off you. 0 balance = no interest charged. See! Keep up the good work.
00
You're welcome.
@@karlsmith2451 😁thank you!!
I'm honestly trying to save 20k before I move out own my own so this video definitely helped appreciate it Tom
Thanks Tommy,
I started saving because of you and its worth the viewing to anyone who wants to start saving!!!
Awesome advice! I’m determined to be debt free by the end of or before next year(hopefully), then I can start working on the 10k challenge
I just found you. Very smart young guy. Speaking from conviction and experience giving folks a plan. You deserve subs
Thanks 🙏
Great idea👍. Please continue more of these videos to keep us motivated!
I’m accepting this challenge too! I’m working two jobs right now to start saving towards a financial future!
“ACCEPT” Thanks my brother✨🙏🏽
I remember watching a similar video of yours about this a while back and I started following your advice (on low income while paying a mortgage I might add) and I now have close to 15,000 in just a few months saved in the bank! I started with the envelope method and then moved everything to a bank account that I do not touch and still add to. Thank you so much for sharing your advice! I can't speak for others, but your advice helped me tremendously! 😃
@Hoshiko Akari did you do the 100's days challenge and for how long? You say low income, anything under 40k is low income. I to have my 10k before I saw this video. I just save all my stimulus checks, what little tax refund I got, but took me 3 years to do it. I want to save another 10k, but I'm retired now. Can't afford to put 1000's away for a month, I'm a renter.
*audenspark* *will* *Definitely* *help* *you*
@@josephinedavis2851 correct. I was making 35,000 a year. As far which challenge it was, I don't recall a challenge, it was just a video he had made on how to do the envelope method and a light bulb went off in my head. I set up several different envelopes and labeled them. One for groceries, one for fun, one for emergencies, and one just for savings. Once my fun money was gone, that was it. Once my grocery money was gone,that was it. And what I mean by that is, is those envelopes were cash I pulled that were my allowance for those things. It helped me to become more mindful of my spending and once I got that down, I was able to put more and more into the savings envelope (which has since evolved into a savings checking accounting now that I've mastered the discipline to keep adding to rather than spend.) It took me a few months but I did succeed at getting to 10,000 in saving alot faster than I thought. 😃 It does take practice and alot of self-disipline has to be mastered to do it though. So don't go in thinking it will be easy, because then you'll throw in the towel the first mistake you make.
Tommy is alot better at breaking this down and explaining it than I am,of course.
11:22 this part spoke to me, i managed to get out of my bad habit of buying materialistic things when I can’t afford them and this channel is helping me change my mindset
Step by step, and glad it’s helping 😎
I accept this challenge!
I was doing so well in the beginning of 2023 to pay off all my debts and start saving
Made it all the way to almost 5k then some expenses hit and I lost my Rhythm but it’s time to hop back on
Super Idea! Thanks for helping and teaching “how to.” This is so important. Most don’t understand a need v. want. You explain in a simple, yet doable manner. Keep your eyes on your race, not the Jones’s. 👍🏽
Thank you Tommy! I now have a plan for saving!
TOMMY I ACCEPT THE CHALLENGE Feeling Thankful I listened to this entire video… it has confirmed I need to stop overspending and align myself with a knowledgeable mentor & financial advisor like yourself. I believe I could’ve already been a millionaire had it not been for my overspending. I like that you mentioned “SELL” bc my mindset has already shifted in that direction… Planning to recoup most of the $$$ spent on “Things” … A ROI 😊
BTW I’m 50+ Very Optimist Thankful & Grateful… Hoping to speak to you soon 🙏🏽SUBSCRIBED✌🏽
Thank you for helping us.
Accepted! Thank you!
I accept the challenge. I’m gonna do it in 6 months. I got a newborn coming in late april 🙏🏾
The habit of saving is a great tool that has helped me build substantial passive income through investing and on my way to build wealth. All I can say is that nothing beats expertise in finance.
Of course, I did lose some money sometime this year when I started out investing myself. But with help it's been a swell experience. I just wish I had this knowledge before delving into the market.
Hello Eleanor. I'm got it in mind to make some money on the side too but I'm green to investing and I need help. How did you do it?
@@Willycheng590 Levi has exceeded my expectations just two months into working with him as my fiduciary overseeing my investments in stocks, and bonds. You can get across to him
Leviclemans(a)Gmai
Lcom...Is he taking commissions for trades? Yes, I’m I still making money in the process? Hell yes!
@@McPhersonz It wasn't difficult to get through to him. You're kind.
I Accept The Challenge Bro! I’ve been looking for a good saving method like save 5s and 20s but I like this challenge ! Great Way To Build A Saving Habit!💯
Step by step 😎 bro
Accept!! Love the straight forward and reasonable advice. Im starting to hustle hustle hustle to rack up my savings!!
Thank you for always informing us with some good info !!🥰❤️ challenge accepted!
Got you
Tommy, Another helpful video. Here is something I would appreciate your thoughts on: I wonder if the distribution of the $10K depends on the person's age & the state of the stock market? I am new to investing. However, it seems like many stocks are currently much cheaper than in past & some seasoned investors think the markets could fall lower. Therefore, a senior citizen (like me) just getting into investing might need to do things differently than younger folks like you. It seems like this is the time to be saving as much $ as possible to invest into our most highly convicted stocks and/or ETF's or index funds. Thank you.
Thanks for the advice
Got you 😎
Definitely gonna try this
For the algorithm, and great video and I accept the challenge
😎thanks and yes !
I accept. I had 10k once but I didn’t have the lessons that came with it. I like to lean, and I want to test myself. I spent it all when I had it but now I’m like where did it all go… so yeah I think this will be good for me for my long lasting run in this marathon.
@Jackson Mateo whose that or what is that?
Good advice. I’m doing a variation of your ideas in order to build wealth/slash debt
Great info good..habits are everything!
Big time factor
I'm doing this challenge already and this video just gave me more motivation and knowledge
Thanks Tommy
Thanks for sharing awesome tips! I'm financially free and currently growing a solid retirement plan. it takes a positive and consistency to learn new things, unlearn the old habits is important to get a mentor/coach to lead you all the way.its great to start young too!
You're right everyone one loves making extra money because right now having a 9-5 is not a dream any longer
Yes I'm happy to be able to earn an extra income by investing, I earn about 5k and more a month or 3 weeks
@Sara Griffinn I started during the covid pandemic and I put some money from my salary to invest. I have a professional who guides me in building a good investment portfolio
I'm interested too I've been looking for a correct way to get started investing, any recommendations for a good professional guide
I work with Rachel Blanc; she provides excellent, reasonably priced service. She's amazing, and I recommend her to anyone at any time.
You are able to conduct your own research.
I accept!
Good stuff Bro'Bro!
I accept🤞🏾🤞🏾I’m going to do it!!
This was all very informative! Maybe in the future you can go over strategies for taxes? There has to be ways to get away from capital gains on node profits yes its through *Daily web earn*
That would be $833.333333333.00 for people who work 12 months, but people who work 10 months a year, it would be 500.00 a month.
Amazing advice Tommy thanks I accept the challenge
Got you and you got this
Appreciate this video, brother
I accept this challenge! 💪🏼
I accept, I have $1,549 dollars left on debt and plan on having this all paid off Dec 16th. I will then start the $10k challenge. I'll report back in 3-6m. Paid off a good amount this year. Took some time but I'm in track to be debt free for 2022 and save heavy and invest in 2023 👌🏽👌🏽👌🏽👌🏽
So glad someone liked this post, I'm at 5600 In savings since Feb, should be at 8K by end of this month amd 10 by end of April! I'll update
Update, I'm up to 8100 end of march, so I'll hit 10k late April 🤌🏾
Done. 10K saved in 3 months.
@@ceescornerezz bro keep goin💪🏾
Thanks for sharing that information 🙏
Great tips bro!
Another option for the envelope method is to number the 1 to 100 like you said but every time you have any extra cash you put it in the envelope once you reach 100 dollars in an envelope you seal it and put it away so on and so forth that is what I am going to start to do hopefully I will have 10k in 8-12 months
Great video the envelope challenge does work 👍
I accept the challenge. Great video
I accept the challenge, thanks for the great advice
It’s takes a lot. My wife works technically three jobs. Paraprofessional/Teacher - Side hustle & Day care teacher in the summer. I work two jobs, I make 23.88 on one and the other I make $18.50. Both are night shift so I can be able to take my daughter to the doctor and such. We are restless every night and day, but we’re doing this so we can live comfortably and my daughter to have a nice home and k ow we came up by working our butts off.
I need to knock out this CC debt before I start saving. Will definitely come back to the video when I’ve paid them off.
Save while paying off the capital on the debt (not interest)
Needed this! I accept!
Let’s goooo
All your points are valid, plain and simple. Everyone should be doing these things. Selling what you don't need is a good way to get quick money. 😅