How I Saved $100,000 By 24
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- เผยแพร่เมื่อ 6 ก.ค. 2024
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I was looking at my finances recently and I realized I saved over 100k. So, I want to look back at all the things I’ve done since I got my first ever job when I was 16 to see how I was able to do it. Hopefully from that, you’ll learn from my experience.
Also, something I forgot to mention in this video: I don’t have any student loan debt from my time studying mechanical engineering at the University of Waterloo. That’s because I was frugal with the money I made during my co-op/internships, so I could use it to pay for my university tuition. Plus, I applied to a ton of grants and bursaries that helped tremendously! Timestamps are as follows:
00:00 Intro
00:44 Car Finesse
02:41 Reduce House Expenses
03:25 Save on Big Expenses, Not Small
04:15 Reduce Food Expenses
04:49 Keeping My iPhone
05:57 No Alcohol/Drugs
06:32 Negotiating My Salary
07:25 Side Hustles
09:15 Make More Money
10:22 Beware of Lifestyle Creep
11:18 Never Buy Things on Sale
12:11 Look for Positive ROI
12:25 Use Credit Cards
13:02 The 2-Day Rule
13:18 Avoid After Pay
13:54 Never Live Paycheck to Paycheck
14:18 My Money Rules of Thumb
The Excel Doc Mentioned in the Video: docs.google.com/spreadsheets/...
My Engineering Notes to Prepare for Technical Interviews:
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Email: tamerhshaheen@gmail.com
ABOUT ME:
My name is Tamer Shaheen and I am a recent mechanical engineering graduate from the University of Waterloo, currently working as a Mechanical Design Engineer. I like to make videos about university/college, engineering, and personal development. Thank you so much for watching!
DUDE U deserve my respect for being this transparent
My man made me watch a commercial about chairs and I completely watched it. You deserve it bro.
The solidworks crashing part is so funnny 😂 such a good commercial
It really helps that Tamer had no loans to pay back. This contributed greatly.
The amount of scholarships and programs available for college students make it a lot more reachable than you think.
Unfortunately, student loans (at least in the US) are backed by the government so its super low risk for loan companies. Thus, they will make it as easy as possible for you to sign a way $20,000 a year at 6% APR. It is crazy how easy it is to get a student loan.
Applying for scholarships takes time and effort, and does not necessary require that you be the perfect A+, extracurricular student.
Even if you do end up graduating with debt, realistically, that should be no more than 60k of debt, otherwise you made a terrible decision attending that specific college. I attended community college for 2 years and saved over $12,000. As long as you pick a degree that if used correctly, can make you more money than the cost of the degree in a years time, you are fine.
@@JapanesePiano1 Same here. I also attended CC first. It is crazy how many students have to pay off loans.
@@JapanesePiano1 This is all true, but unfortunately, hindsight is 20/20 for a lot of people. The ease of student loan applications and the almost predatory practice of recruiting for education and financing it has taken a lot of people who had no idea when they first went to college. It's a *lot* to ask of a fresh high school graduate to fully grasp these kinds of concepts (and it's not exactly their fault, it's more just how teenage/etc development works, and these finance companies take way too much advantage of that), especially when the only (or primary) possible life choice represented to them after high school is going to college, as it is in many high schools. Kids really don't know what else to do.
masallah brother
He spent most of his internship money paying his education expenses while his peers were going out so…
Tamer you have no idea how much you literally influenced my journey as a mechatronics engineering student at the university of Waterloo. It was through your video that I learned I could ask for grants and not taking the loan from OSAP. I did that and I’m debt free so far (3rd year student). Always lived with roommates for the past 3 years even though I could be renting by myself. Have had the same iPhone 11 Pro since my first year in 2020. It’s surprising how little things, habits make great results. Thanks for sharing your experience.
hey how is it being a mechatronics student?
poor you, you have 3 years the same phone... buhu... spoiled
@@XzzVttll And I don't mind. As long as it's not broken why get rid of it?
@@philippezevenberg1332 I'm enjoying my journey. It's a bit similar to the mechanical engineering program.
Good thinking mate@@Baraka_SYP
So hyped to see you post... amazing video as per usual!
That 2 day rule, Ima say is what I use also. Whenever I decide I want to buy something somewhat expensive, I legit take days to process it out if I really want to buy it. This works. I saved money doing this for sure.
Tamer thank you for this video akhi it’s great that you saved 100k by now just don’t forget zakat
Keep up the consistent content Tamer. Always informative as usual!!
This is actually a great video. Saving 50% of your income may be hard at some level but at least 25-30% should be good.
Ay my boy improved the ad acting😂 ! I really liked it keep it up brother .👍🏽👍🏽the smile was the cherry on top 😂
Great video, keep it up!
great video bro!
Solid advices bro
dude this is very helpful
I have a feeling ill know and agree with all this info but imma watch anyways cause u tha goat
Dude crushing it! I saved 140k by 30. I have an iPhone 11 and the paint is falling off my car. Increasing your net-worth ain't pretty but I sure do sleep well at night.
Woah, new video!
May Allah grant you as much or more of the value you bring to people in your videos.❤️
Thank you from an Engineering student all the way from Qatar University.😅
man i wish there was a channel like these for architecture
start one, im sure theres many others like you
I love tamer so much omg
thank u and i hope one day i meet u . your brother from Egypt
How do you note and calculate your finances?
Been using my phone since 4 years. It's in perfect shape and I can use it even longer.
We need a video about how to prepare to a job interviews as a mechanical engineers
Bro would love to know if you’re part of the credit churning community, and if so, which cards you have
tamer never dissapoint
Another good way to save money when it comes to phones is to buy from Apple's refurbished store. They offer the same warranty as they do for their brand new iPhones and it costs a bit less. They're refurbished by apple so the products on the store have been repaired to essentially new condition
Nice video. Can you make a video on finding jobs/internships for students with no experience. Thank you in advance 🙏
Do side projects or join project based clubs.
Also go to career fairs. The career fairs are better for you when you have less experience. Just talk to them and they can refer you to positions and it’s a lot easier than you think.
Also try contacting relatives or family friends that may work in a place similar to what you want to do.
Hey Tamer, what’s a reasonable percentage of your current salary to negotiate for a raise as a new grad mechanical engineer in the Bay Area? Love your video especially the insight to focus on minimizing your largest expenses first
Tamer!!! what kind of savings account do you have?
You're one my inspirations for taking the pain of not understanding math thanks!
The shade on solidworks😂
Yesterday, I got my first job as a mechanical design engineer as a fresh mechanical engineer.
One of my main sources of inspiration is you, Tamer.
Keep up the good work.
Good luck bud
你好，我是中国一名拥有多年工作经验的机械工程师，欢迎沟通交流😃
Dayumm, im 22 still in school feeling behind 🤦🏾♂️
Well done, now try tat in Singapore
Another common Tamer W
Personally, I think that if you pay with cash you will likely spend less overall because it is less convenient than credit cards. Even if you are a great budgeter the convenience can make it easier to spend, I still primarily use a credit card but do believe my overall spending would be less with cash.
In terms of a house although an investment property is great also consider the change of use from going from personal to commercial property. If you want to move back in and convert it to a residential property again you will need to pay capital gains taxes on the increased value of the house from the assessed fair market value. So you may need to plan for a big tax liability if you are going to rent it out legally and report the earnings legally.
housing stays under 20%, im not sure many people living in the real world can replicate this.
6:26 LOL😂😂😂
Hi tamer
Is the MacBook Air M1 suitable for a mechanical engineer? What are you using now from a laptop?
I believe windows is better bc it has more access to software that engineers use, but do you’re own research
@@benhorton1943 What is the type of Windows? My budget is $900 to buy a laptop.
I didn't know how to expeess this excruciating feeling when you showed short video about sales with girls but you really nailed it with your description 'mind hurt' 😂
Here for knowledge
nice bro.. im at 200k, 24 as well.. guelph engineering ✅
What are your thoughts on overemployment in engineering?
😂😂 if you are at a tech start up, good luck bro😂 they keep you hella busy
Hey man, nice video, can I talk to you about some business if you don’t mind
6:24 Thanks Tamer, now I am manually breathing -_-
You constantly spoke about saving.
But I think you should invest your extra cash in something because it will pay off hugely in few years
in israel you almost can't keep anything because everything so expensive compare to the salery
I saved a lot living in my mom's basement literally. Don't mind people making fun of you because you save money living with mom and dad while being young, I can assure you they don't have the money you will have. I have a premium line of credit, a credit score through the roof and some cash saved. and the most important thing, no debt. Just work as much as you can while you're young and when you're old enough buy a house. I didn't even have a car back in the day and I could save a ton using the public bus service.
You should probably also mention it’s better to invest your money into shares rather than bank accounts coz they generally increase in value more than a banks interest rate
No.
@@jehovanahblahoua771 yes. Unless you like loosing money
Oh word
I like that you said that cigarettes are forbidden in the religion. Love from your Muslim brother
use that $100,000 buy the tech stock you believe working in future , you can double it in few years
Legit
I don't make any money but I think it would be better to make some long term investments eg: a 500$ a month from the savings to stock market or any form investment with great and stable returns as it would better help fight the inflation and it would slowly help generate a secondary income as well
That can be a side hustle
Only if you make enough that investing 500 is reasonable/you’re okay with potentially losing that money. Definitely prioritize more stable investments. At first it’s probably better to take advantage from any 401k matching your employer *may* offer and put some of your income into a separate savings acc so you can better budget for whatever you need while still having access to your money in an emergency.
I would disagree with afterpay here. If you have good credit and are financially responsible then afterpay can be a great tool since it's interest free and I know this because I use it. For example, if I'm buying something that's $400, instead of paying $400 cash right away why not $100 every 2 weeks for 2 months? This way you're only spending $100 off that paycheck from that week and use the rest of the money for investing, saving, paying other debts, etc. At the end of the day you're not paying more but you can pay in smaller chunks. Of course, never do this if you have to pay interest and also never buy stuff just to buy it because you're paying lower prices but if it's something you need then this tool can help. I've used it for a year now and never paid any interest. Just my 2 cents.
mine is 7-day rule lol…
Dude paying 32% tax is crazy
All of these are basic knowledge for people, its wild that some people dont intrinsically know this
That's legit the only time i've ever laughed at an Andrew Tate clip lmao
How to get to $1M... invest as soon as you can and keep doing it
Bro is gonna invest a 100k in tesla get 10 000 000 by the next decade and become a multi millionaire 💀💀💀
BREATHE AIR 😂😂
11:30 Those are jokes lol
of course everyone, the girls included, knows it’s justification for consuming not real logic
6:23 Ah yes because Andrew Tate is the most morally upstanding person to take advise from. 🙄
;)
W for putting tate in the video.
engineer with an iphone lol
5:20 this dude always with Bad and toxic energy 🤮.
For what? Stop being such a android baby
@@squirrel9760 I got an iPhone 14 last year. But it's Trash Going back to Android. Apple scamming people. Even the cheapest Android does more than an iPhone.
ah hell nah andrew tate
congrats you lived like a bug, didnt spend your money, didnt raise your life standard, for what ?
Was it really necessary to include a sex trafficker in your video though?
This is not a way to live a life lol whats the point of saving when your not spending it not saying you shouldn't be saving but living like your poor with a high income salary what even was the point of all that hardwork in college.
Looks like you’ve got a long way to learn personal finance, buddy.
It's kind of counterproductive to preach saving money and not spend on useless stuff, and yet y preaching to buy a chair lol oxymoron
King advice 👑
- Fellow Mech E c/o ‘21