How To Save Money: I Saved $100k In A Little Over 3 Years!
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- เผยแพร่เมื่อ 18 พ.ค. 2024
- PLEASE READ THIS: In this video I'm sharing the details of how I was able to save over $100,000 all without earning a six-figure salary in a little over 3 years including starting a side hustle to increase my income.
I'm sharing my story and what I did with the hopes that some of what I did to save might be useful to you on your own journey.
I talk about the details of my salary, my raises, my side hustle (which I started to earn more money), how I cut down on my expenses, where I put the money e.g. retirement savings, cash savings, etc in the video so please watch video in its entirety and if you'd like to check out the actual blog post for more detail the link is below.
I did not have any student loans, because my mother worked SUPER hard to be able to send me to college debt free. This was a "gift" from my mother that I have never and will never take for granted. She did not have to do that for me but she did (there are a million other things she could have done with her money including adding it to her retirement savings), and I intend to do the same for my own children in addition to taking care of my parents.
Now, as a financial educator, my goal is to share my own stories to help/motivate/encourage others while teaching financial wellness. My story is NOT for everyone and NOT everyone can relate to it, however, it's important to think about YOUR OWN personal situation to determine what can you do differently and what can you sacrifice to accomplish your own personal money goals whatever those goals might be.
I will also add that my story is NOT unique and me saving this money is NOT an exception. Just listen to the Dave Ramsey show or other popular finance podcasts or browse other savings stories on TH-cam.
It's all about what you do with what you have. There are a ton of people I know who made twice as much as me during the same time and barely saved anything and if they had student loans or other debt did not pay much towards their debts. I made the choice to take advantage of the opportunity I had, while I had it.
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I saved 10k a year every year in high school making minimum wage. If you put your mind to it, any goal is achivable
That's incredible! And yes! You are 100% right.
I agree. You just have to prioritize saving and do a budget and not operate outside of the budget.
KC Johnston Living rent free with family helps.
yes! It's a process!
KC Johnston Wish I had a friend like you in highschool to teach me something. Great Job👍
1. Self education... I adjusted my mindset.
2. I contributed more to my 401k retirement.
3. I saved 40-50% of my earnings monthly
4. I kept my expenses low.
5. I started a side hustle
🔥🔥🔥🔥🔥
Can you share your side hustle?
What was your side hustle ? Good for you ✌️
My mom put me through college paid in cash, dad bought me my first car as a 21st/graduation gift.. i got my first fulltime job, not making 40k but i was able to save 20k in 2 years.. now im going for my BA.. paying my own way. Thanks to God and my parents 🙌🏾🙌🏾
She's just disciplined and can deal with delayed gratification.
TheDtfamu89 Good for her!! ❤️
Absolutely! Delayed gratification is the key, it works!!!! I read about it in the book, The 5 Lessons A Millionaire Taught Me.
1) she had her parents... this is huge
2) she was able to stay at home
3) she did Not do this on a 40,000 a yr job.
4) no children during her sacrifices - Great strategy
5) obviously a great job - 401K, raises, bonuses- not the average job
But truly it was the way in which she was brought up
Key she was/is very disciplined - more than likely her target market with business ventures were friend of family and middle class.
Many variables not the norm but doable ... just may take more than 3 years.
Proud of her and hope more of us can have similar success
RAAWEL Letrice Ware she has twins remember?
Guess you looked over the part where she said she has twins.
Thats not excuse buddy
She only stayed home for 6mths
RAAWEL Letrice Ware iiiii
Very well done. If I show my husband this video, he'll be depressed the rest of the year. LOL! He often comments that we should be millionaires by now. I would ask how? Now I know it was possible. My husband and I have been working for over 26 years, and still haven't saved that much. We did manage to cash flow our daughter's bachelor's degree(one more semester to pay for) so she'll finish without student loan debt. But our biggest problem has been spending and not budgeting. I'm a spender, he's a saver. Going forward, I will do much better. So happy for you!
Dana Strachan That’s so awesome giving your daughter that head start! My husband and I came out of college with $80,000 of loans. Mine is paid off and we are working on his:)
Dana Strachan ...youre a great parent.
This is doable if you make consistent money and discipline yourself, mindset is 🔑
Dee F - consistent earnings is key! But even if your earnings are inconsistent and low, save and invest anyway. You may take a lot longer to save $100k, but you'll still be better off!
And ask parents to pay for your tuition? She had is lucky because of her up brining. And parents willing to pay for her degree. 😂😅🤣
This is one of the best videos I’ve seen. The key to wealth is compounding interest and the rule of 72. Start saving young. Keep it fun. Don’t try to impress your friends with fancy purchases. Splurge once in a while. A lady friend of mine started similar to you in her 20’s. She kept reading and learning, when opportunities came she took them. She went from being a homeless runaway to owning 16 apartment units at 40 yrs old. Nothing was ever given to her. She still drives a 2002 Toyota Tacoma.
For those commenting negatively - "she stayed with her parents for a little while, she doesn't have debts or kids, she got a bonus, etc.," yes that helps but that doesn't mean anything. The reason is that I know plenty of people who have no children, very little debt, they live at home with their parents or with a bunch of roommates to cut living costs, and they spend everything they make. These people are all ages. Also, one of the things most TH-camrs are famous for are "hauls." I don't care if it's a thrift store haul, a retail haul - it all means the same thing. Power-shop, overshop, show off, don't save or save very little. That's the culture we live in. I also know people who make six figures but have anemic savings and high debt because they take expensive vacations several times a year, eat out several times a week, overshop on holidays and run up credit card debt or have outrageous loans taken out against their house or car.
Also, for those who think you can't save with kids, key in "The Economides" they have five kids and they have no debt and plenty in savings. There's no excuse.
Everything you said! Thank you for watching!
Agreed.
Exactly. She was smart on how she spent her money and being disciplined have a lot to do with it. There's plenty of young people living with their parents but spending their money on expensive brand name items (shoes, purses, & more). Give her props on her intelligence, don't knock her down for her honesty.
Inspiring. Although I'm 59 yrs. Marriage ended after 35 yrs. No skills, I'm just getting by barley. No hand out. I opted out no alimony, just to be free. I want to set a goal for a home. Seems daunting, but miracles do happen. You have encouraged me to save. I only make $ 725.00 monthly. That's why I mentioned it will take a miracle. No money to save. But I'm thinking of side hussle to make money to save. Thank you.
How has it been going since you posted this comment ?.
God bless you, ill pray for you.
All the best to you..once you make a start..God will show you the way..also watch " Dave Ramsey" podcast on TH-cam its free...hope it helps
She has an excellent mindset. This woman is amazing.
Agreed! (:
So... Do you need a husband? Lol no but seriously good work. I and struggling to get my income up (started at 29k out of college) now making 43 base salary with bonus (probably around 31k after taxes). But I have 25k in retirement, 14k in investment account, house paid off and a nice savings account. Hard to find people who love saving. Keep up the good work!
Kejuan Lynette thanks. It has been a interesting road. I had two jobs to get my house paid off. It was crazy. I wouldn't have it any other way. I hope you are on your way up as well?
congrats! I'm inspired.
thecreoleson wow and I thought I was doing well. I’m 24, single, no kids with just under 50k liquid. Don’t know where to start. I know I want a house eventually... I want to save another 15k before I go house shopping though. #monorityminset. Oh and I graduate from college in May with zero dollars in consumer debt. :)
Nishka Anna-lee you are. I am 28. At 24 I still had about 25k left on my house and only about 10k in the bank. Maybe 4k in retirement. I may have had a net worth of just under 100k. Do you live in a high cost area? I found cities like Austin, Dallas, Charlotte, Nashville and Atlanta great cities for millennials to buy.
thecreoleson I live upstate NY the cost of living here is fairly reasonable. I pay 730 for a two bedroom house all inclusive (Rent). I however plan on relocating to some where warmer like Florida eventually well within the next two years. Wow you killed it man. I need to take a page out your book.👏🏾
It took me 6 years to the date! You're right. I think it's also all about mindset. 💜
Mish The Therapist I like your savings plan!!!!!!
Hi! I know this post is ancient lol but do you mind sharing your gains from your 401k to date..did you have major loss with the pandemic?
I am impressed. I expected this to be a video that you sold a house or something happened and that was the majority of the $100,000. But, no, you worked very hard and were diligent about your money. Congratulations, young lady.
thanks so much Susan. I appreciate you watching!
Instead of selling a house she got the money from her 401k. Aren't you paying attention. This woman did not scrape together this 100000 from just pinching pennies. She all kinds of short cuts. Living with her parents, side hustles, bonuses. Dont be silly
C C how is a 401k a shortcut? Anyone can open a 401k
C C no, I don’t know what you’re talking about. How is withdrawing money from HER 401k a shortcut? If it was her husbands, then yeah, I understand your point.
C C is everyone with an investment account taking shortcuts?
You are on your way to reach one million before you're 60 , and will retire multimillionaires! Congratulations!
Very true!
major kudos to you! I wish I would have taken my finances more seriously when I was younger...but alas, here I am today getting it together....lol
Good for you. I'm late at it too, and hun MANY of us are in the same boat when it comes to savings and building our portfolio. But, at least now, we have the tools and motivation to get started.
The Fun and Budget Act yes!
Keep grinding smart luv
you this was her story and situation and discipline and I applaud her for a truly awesome accomplishment. she remarks over and over that it took focus and determination. ..she says she even made mistakes...the young lady has it together and is trying to show others it can be done. instead of crying that the video is misleading why not glean the good points stressed and adapt them to your situation? start saving 5 dollars a week...then 10...don't have 5? do 2 dollars or 50 cents...start somewhere. So let's not put someone down for achieving something we've not YET accomplished but work toward our own successes so we can in turn ENCOURAGE others...and make your own video one day. May the Lord bless you.
you have the right idea start somewhere and build from there good positive attutide good luck.
$100K is really a fantastics goal...I achieved (finally!) this a couple years back. It's a goal, that once achieved, allows you to take a step back and re-evaluate future plans, and it opens new doors. Most importantly, it changes your way of thinking. I'm willing to bet that CGF will hit $1Mil in the next three years (if not sooner).
Bill Carson I agree! She is well on her way!
I wasn't looking for a money saving ... video but I loved this
DelphineWifeofPhilip Mum me too
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I'm glad this was on my recommended list. God must be trying to tell me something.
Tisha W. Confirmation bias! Look it up!
u commented 3 years ago.....did u get the message ???
How has it been going ?. Are you stacking money as well ?.
I'm left struck with thousands of dollars disappearing from my 401k due to soaring inflation. Where can I safeguard and grow $500k cash for next 4 years at no risk? my goal is to retire early and afford my lifestyle after retirement.
investing is for everyone, not just for retirees, although people tend to think about it more as they get older. I think you're better off discussing with a proper advisor to help create a basket of securities in order to achieve your growth goals
When it comes to situations like this, it's ideal to engage in various options using an advisor, and I can attest to success of the basket approach seeing my portfolio grow from $350k to almost $1m in barely 3 years, by far my best financial milestone.
@@velayuthman wow massive gains! my partner recently hinted on going same direction.. what did you invest in, and who is your investment advisr please, if you dont mind me asking? in dire need of asset allocation
Can't divulge much 'Monica Selena Park' deserves credit for my investing success as one of the finest financial planners out there, you should be able to locate her online if you are internet-savvy.
I just googled her up out of curiosity 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 caII.
I totally agree with you! I was able to pay off $130;000 worth of consumer debt using these techniques. I didn’t make six figures, have a 401K and I’m single. I now also have over six months living expenses saved and I pay myself 10% first. I did this and was also able to eat very healthy, organic food as well as take good-quality supplements because my health is the most important thing to me. It can be done if you want it bad enough. It’s about learning to manage a small amount of money first. People some how find the money to pay their utilities because they don’t want to get their electricity or water cut off so they can find a way to pay themselves 10%! I also learned to say no and not worry about what other people think.
Guys, all she is saying is that she worked a plan. Low expenses and Worked extra job and Saved it all. She got her hustle on. Nothing Magical. Good Video: Has heart.
yup no magic involved :)
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u saved me time watching the whole video thanks
I’ve been working for ten years and just got healthcare and a 401k for the first time. Your three year story of salary is what I’ve just earned and they shorted me 10k. Still, single with a child I’m living at home, raising my credit rating, putting all their expenses on my credit card for points, participating in their transportation and phone plan and learning how to invest money on my own. I hope to be at 100k in three years by living off 20k a year and not spending my tax returns at all. I need a side hustle. I just don’t know what to do, but I think I have some ideas.
Congrats! You are on the right track. Don't listen to the Nay Sayers. If you save your tax returns and side hustle income long enough, you may be able to buy a home cash.
I would love a "how to save while a student" video. This video in itself was very helpful and applicable but something that deals with the restrictions students face would be great to see and hear your opinions on (ex. Not making anywhere near $40,000).
lol idk how its possible to save anything when youre spending 20k a year on schooling
You probably just wait until you begin your career...
Bola, you're story is inspiring! Thanks for being brave and putting it out there. I had no idea how lucrative of a side hustle photography is! I was able to save $25,000 in under 2 years on an entry-level salary. Which I'm darned proud of!
Very good and patient bless u
That's great.
That’s AWESOME!!!👏🏾🎊
🙌🏾💖
You are an inspiration! I'm also a very frugal person so I appreciate what you've done. In my opinion, you must have made your mom more than proud and if I were her, I'd be happy to take care of college for a child like you. Smart, hard- working and willing to sacrifice for what you want. You GO girl!
Love your ideas and upbeat personality. I went through All of this when I was 21 and went through all of this when no one around to help but I was a saver like you and grew up with a grandmother born in 1895. I learned many things from her. Now thanks to you and others on youyube there are so many good ways to learn to save. And yes, this old dog is always learning from you and others. I am 56 years old and do many of the things you have done. Pat yourself on the back for doing so great, so young in life. You parents must be so proud. hugs and hugs to the twins. From one female to another. : )
Amazing video! I honestly don’t know how I came across it but I am glad I watched it! I started listening to Dave Ramsey last year and my entire mindset regarding money changed. Since I paid off everything minus my car, started buying stock and saved my bonus this year. I honestly can’t even tell you where my bonus and tax refund went last year 😳. As Dave would say “I made to much money to be broke!” Thanks to you my new goal is to save $100k within the next 3 years! I have $80k more to go! Thank you so much for the inspiration 🙏🏼 🙌🏼
I don't have a car note and I am going to do what I can to keep it that way for a while. :-)
Natural Vegan Mama
It's great that you don't have a car note. Some people use the excuse or truly believe that when their car reaches a certain mileage point, it's time to turn it it for another car with less miles. The amount of money you spend every single month on a new or newer car is not worth it. Take good care of your car, keep it aligned at Firestone with a lifetime alignment, keep oil changed. When it goes in for something, have it "gone through" but get 2nd or third opinions w/o telling the 2nd & 3rd parties what the first one said. Ask how long the bad tire might last before having to replace it but don't take a silly chance with your life or the inconvenience of having a blown tire on your way to work or in a downpour. Don't try to "keep up with the Jones's.
I hope that you never take a car loan . Those things depreciate way to fast .
Step one: get a good job
Mish
Apply apply apply and whether you'll get the job is more like it. I'm tired of hearing clients say they cant find work.
@@Mrs.T305 not true, one has to have the skills to apply for this jobs
@@cmac2295
Please don't tell me "not true" I do social work. Of course the clients would need to have the skills...some don't and some do. And the ones who do, still have a hard time finding work, especially if they don't speak Spanish here. My experiences are based on my job history and demographics!!
@@Mrs.T305i would love some help finding a good job that pays wells. i have applied so many of them but no luck
Actually, step one is get a job, period.
Bola, you are amazing!! What an inspiration!!! Obviously your Mom must have had a great influence on the values that were instilled in you. To have paid cash for your college was a prime example. I'm sure your Mom must be SOOO proud of you as you should be too!! I am a fan of Dave Ramsey, but I don't follow ALL his advise (such as not having credit cards.) He would probably say YOU are WELL on your way to creating the financially independant life you deserve!!! You are AWESOME!!! 💖💖💖💖💖💖💖
Thank you so much. I appreciate your kind words and you watching!
Even though i don’t know you i still am very proud of you Thank you !
Congrats! You discovered confidence in yourself is 90%! I rose to the top of my (legal) profession with a high school diploma, to my own business based on practical experience and "professionalism" (presentation based on proven experience and how I presented myself!). The "gate is narrow and few will find it!" Unfortunately, the definition of this Bible quote is limited by the particular "preacher" people rely on! Know the scriptures by studying them yourself and applying them to your OWN life! Great video and advice!
KODoch48
Just for this singular comment I subscribed to you, even though you don't have content yet. Waiting for your content, anytime.
this is one of, if not the most one, realistic videos about saving. The starting point was ideal (good salary + 6 months of almost full saving), that amount you saved made you visualizing a small treasure and when you have it you really enjoy seeing it growing, slow and steady. You developed your skills and you got raises, made a passion a source of additional income. No crazy expenses. Yes it is completely doable, if not in 3 years possibly in 4 or 5 also for a person with a 9-17 job but with a strong will and determination. Thanks for sharing
Well done CGF, a few things I like in particular:
Paying into your short term (Hustles and handbags) and long term (investments + 401) game.
Positive decision making. Or as I call it, prioritising and the power of no.
Controlling your overheads.
In my early working life I listened closely to the (free) advise of my elders, pushed for opportunities and worked hard while others played. I am forever grateful for these years as I learnt the value of a dollar and appreciate my successes and those of others.
Well done CGF and keep at it, it only gets easier.
"Do what you can with what you have." This was very informational! I needed this. Thank you for sharing!☺️
Most of us who graduated college after the recession knows how hard it is to find a job making over 30k. Which makes it a lot more difficult when bills and student loans come into play. With that being said, I worked through College, at 27 bought my first house, I still don't make over 30k, i want to go back to school I follow Dave Ramsey and I am financially savvy but 100k in 3 years is out of reach for my generation
No it's not. Change your mindset. If you can't wrap your mind around it. Then do a smaller amount. Do monthly savings challenges. Automate your savings. Do no spend/low spend money savings months.
Thank you for sharing! Keep up this important work! I enjoyed listening and learning 💚
Don't get married. Don't have kids. Don't borrow any money!
Ki Ki Brown
Amen! You really run the risk of losing it with a partner. We always think we know the person, that's why we marry them. Look at the divorce rate, 50/50. That doesn't even begin to talk about how unhappy the 50% of remaining married people are. Many people remain married because they have children, they don't want to be "divorced", they are afraid of the unknown, don't feel financially stable enough, don't want to be alone...If you get married, be sure to have a pre-nup if necessary or put your savings in an area by itself and keep proof that you had it before marriage. Don't talk about the money or it will be a target. Don't let anyone bully you. Don't even talk about your money with family like siblings because they might want to borrow and not pay back. Let them make their own money that they were going to get to supposedly pay you back! Yes, people are always surprised when a family member rooks them because they, themselves would never think to do such an awful thing.
Don’t drink, don’t travel, don’t pay for entertainment. Yawn.
But you can still do these things and save money lol
Hahahahahaha funny
So inspirational! I never knew of a difference between a “charge” card and a “credit” card!!! Thanks for sharing. 🙂
The best money saving tip is making your own tea or drink at home. It saves money a lot.
All good advice. But if your paycheck was $1400 or $1500 and you saved 40% or 50% how were you paying your $900 mortgage, $300 car note and other household bills? You must've used your side hustle to pay some of those expenses and save simultaneously. My take away from this: honestly assessing your finances, get into a discipline mindset, create a plan, make sacrifices, save save & save! Congratulations and I appreciate you sharing.
S He
Yup
That's what she spent the other 50% on.
Promoted and bonuses definitely help you get to the 100k. Your right having the right mind set. It will help people save but expenses are a challenge.
Great job. I find that even with a 2 income its can be hard to save and lower expenses if both partiers are not thrifty. Because its so hard to tell another adult not to spend too much money on certain non important expenses when you both are working.
Omgosh yasssssss!!! Wooosahhhh... smh. 😊
So true...thats why I always tell single ppl (who seek advice)...make sure your mate option has the same mindset and like minded future goals
stayforevertrue I’m having the same problem! It’s weird telling another adult that they aren’t doing the most with their money.
Yes!! One is a saver and one is a hardcore spender. One has all the saved money and one is flat broke all the time. Then when an emergency arrives for the spender the saver has to help out. It’s super annoying.
I don't subscribe to many channels, but I did to this one. Folks don't know how hard it is to have a regular job and also to have a side hustle.
Cardion Don facts
I played off my student loans and it requires discipline. I am definitely taking the tips and going to check it out. In order to save more money you got to have a 401k, savings, plus side hustle, and cut unnessary expenses. Group economics works if you live with family It helps for single folks and single moms.
I'm sharing my story and what I did with the hopes that some of what I did to save might be useful to you on your own journey. I talk about the details of my salary, my raises, my side hustle (which I started to earn more money), how I cut down on my expenses, where I put the money e.g. retirement savings, cash savings etc in the video so please watch video in it's entirety and if you'd like check out the actual blog post for more detail the link is below. I did not have any student loans, because my mother worked SUPER hard to be able to send me to college debt free. This was a "gift" from my mother that I have never and will never taken for granted. She did not have to do that for me but she did (there are a million other things she could have done with her money including adding it to her retirement savings), and I intend to do the same for my own children in addition to taking care of my parents.
Now, as a financial educator, my goal is to share my own stories to help/motivate/encourage others while teaching financial wellness. My story is NOT for everyone and NOT everyone can relate to it, however, it's important to think about YOUR OWN personal situation to determine what can you do differently and what can you sacrifice to accomplish your own personal money goals whatever those goals might be.
I will also add that my story is NOT unique and me saving this money is NOT an exception. Just listen to the Dave Ramsey show or other popular finance podcasts or browse other savings stories on TH-cam.
It's all about what you do with what you have. There are a ton of people I know who made twice as much as me during the same time and barely saved anything and if they had student loans or other debt did not pay much towards their debts. I made the choice to take advantage of the opportunity I had, while I had it.
Congrats. I hope you realize how rare that is. I'll be lucky to save enough to buy food.
SuperPhdiva I’m on the Dave Ramsey plan, and weirdly enough, budgeting has allowed me to see all of the extra money I could have been putting to debt all along
Stephanie Hill, I have budgeted severely and I'm lucky if I have a penny left over at the end of the month. #singlemom #nochildsupport
I feel like she’s pretending she did this all on her own yet she had help from her mother who paid her college tuition and her mom didn’t charge her when she moved back in after college. I live at home and still get charged rent. I would love to have made her salary after graduating college but don’t nor do I own a home. It’s not as easy as she’s pretending it to be.
Luck was not involved..sheer discipline plus mindset right
Melissa Bell she was very honest about the areas she had going for herself..or we would not know.
Your amazing I subbed.... But I'm a single older mom (56) and can not find those high paying jobs like when I lived in the Bay Area. I'm struggling every month and I have a side hustle too :(, I'm so proud of you darlin
Thank you so much!
Susan Velez You should look up Dave Ramsey, I’m doing his method now and it helps
Stephanie Hill I am doing him he is amazing. It is just very hard, 15 year old daughter, two jobs, I'm 56 and exhausted
Susan Velez I don’t blame you!! It’s definitely hard, but I know you can do it. You succeeding will let others out there in a similar circumstance know that they can do it also. I have faith that you’re going to rock it!! I’m determined to make my debt free scream and to hear yours😄😄😄
Awesome! Great video! Keep up the good work you are doing! I see some people are complaining, about how its not possible and you had luck. But you explained in PLENTY detail how you accomplished this goal. My goal is similar to have $100k by age 25, I'm 30% there, but it takes sacrafice. You can't eat out, and hang out and impulse 24/7. Delayed gratification, hard work ethic, and consistency are keys to personal financial freedom.
Thanks for the video!
As a 22 year old college senior graduating soon I am soooo happy I found this I learned so much thank you!
Women seem to better at saving than Men. You work hard and save. Kudos to you.
Alot of the issues with saving is having a family doesnt leave much money to save. A single person wit no kids is easy.
As a recent college grad looking to start my career, you truly inspired me! I would say I’m a natural saver as well. Keep up the awesome work :)
This comments below annoy me. Take what you can learn from the video and leave the rest. People often get jealous when I tell them I have no students loans and never had. The reason is because of sacrifice which a lot of people don’t want to do. I was a manicurist at 14 years old. I scrubbed a lot of feet to pay for college. I ddnt move out until I was 21/22 years old. I partied where I could get in free. I shopped sales. My first few years of college I had a junk car later on I purchased a nicer car. I didn’t take out any credit cards and the only bills I had I paid in full. So I not only have no student debt but I also don’t have debit period. I have a good credit score.
I said all this to say. I listened when I was a kid. I watched when I was a kid. I learned from other people’s mistakes and did the opposite. I had a friend in high school who’s Mom made great money but had student loans and because of this they lived paycheck to paycheck. I had an uncle that when he turned 18 got his first credit card and went crazy. I have an auntie who stayed w my grandparents until she was 32 yrs. old and got her masters degree. She’s doing major things now. She didn’t party and she didn’t crazy shop. Now she’s living a life that only people dream of. Those are just a few examples but I have tons of good or bad behavior when it comes to life choices.
So I learned early that when I have to do it I’m going to do it my way. I don’t believe in working at a job I hate to pay bills. I wanted a full life on my terms.
So you can do it to. Don’t hate on someone Bcuz they made different choice then you and it worked for them. Learn from her!!
Thanks for sharing
Thank you for this good advice and for being a good role model. Thanks too for admitting your mistake with the handbags and for getting back on the right track.
Did you live with your parents? That's how I've been able to save 15k in 2 years. It makes a difference when your not paying rent or a mortgage. I work minimum wage.
I lived at home for the first 6 months and saved for my down payment
Clever Girl Finance
Live at home until your parents aren't here anymore and you will have a house and will have saved a ton more. I don't mean any disrespect whatsoever. Or, live there until you can afford to buy an inexpensive house, perhaps a tiny house 🏡 Instead of going into debt =)
Smikeyyy21 It doesn't matter on you living with your parents. It's all about how you spend your money. I know a lot of your people who spend a lot of money on unnecessary things just because they have money to spend and I know single mom savings a lot of money eventhough they have a lot of bills. I know nursing assistant who has more money save than a doctor. You just have to be disciplined with your money and spend it wisely. Don't spend money on what you want but spend it on what you need. You need to pay your bill but you don't need a brand new car with expensive name brand bags and shoes. If cut one things off and make some sacrifices where its needed, I guarantee you can easily make $5,000 in a year.
I'm single and independent with lots of bills and I was able to save $11,432 just last year alone on top of my mortgage, utility bills, car bills, food and I was only making $15/hr. When I go to my bank, they treat me extra special because I have a lot of money save in my bank account and they think I have a high profession. If I can do it, you can do it too.
Great advise. Wish I could have seen this when I graduated, but will just start now. You are an excellent communicator btw. Thanks for sharing.
The most amount I ever saved unfortunately was only $3,000. However, today I made up my mind to start this journey again.
Great pointers! The main take away is to live on less than you make, regardless of what that amount is. A true budget and frugalism is the only way you'll be able to create any sort of life for yourself that will allow you to generate the money you need to create options. No money = no choices.
Wow just found your channel.. this was very helpful! Thanks for sharing
I just ran across this video by accident. I'm super excited. I'll be listening to ALL YOUR VIDEOS. Thanks for sharing!!
I just found your channel and blog and I’m so impressed! Thank you for making amazing educational content 🙌 looking forward to watching more
some people can't live with their parents
xoxXOXO l she doesn’t
Congratulations, you killed it! ...you are an anomaly though. You were saving about 50 percent of your income year after year. I think the national average is about 10 percent or less. Did you know that if you continue to save and invest at your 100K every 3 years rate, if the market keeps averaging what it did over the last ten years, your net worth would be 5 million dollars in 30 years.
Pssshhhh but who the hell can work 30 years without getting sick, injured or dying lol. Plus I doubt this boom we're experiencing is going to last much longer.
Dijon Edwards, no one can work 30 years without getting sick. Some will get injured and some will die. But if you do not die, you can consistently make increasing income. My Dad did and so am I(17 years in). Not sure what you are doing, but you need to change your outlook to a positive one or for sure, YOU won't. While the rest of us will. Also, the market is cyclical but with dividends and inflationary growth you can acheive 8-12 percent gain averages if you know what you are doing. It requires research though. Good luck.
Re-listening to this AWESOME vid, as I fill my 'clips' for the week & plan this week's meals!! BIG THANK you for sharing!! ❤😊
Wonderful information. I was a saver when younger and something happened. Now I have no savings, but I will start again. Bless
I think it is great that your parents set you up for success. 😁
i am 27,single, living with parents, have 113k in savings , 21k in CD's. Staying away from investment BS. 👍 No Mortgage and bills is key to success. 🥳🥳
Outstanding. I am debt free as well. I have a job and run my business. My job i put $1000 per month into my thrift savings plan.
i don"t have a vehicle note and now i"m working on paying my home off. It can be done and its all about your mind set. I don"t own a credit card or anything like that. I think everyone should educate themselves on how to be debt free. I salute you. Positive flow.
Thanks for sharing your path. I had a career change in my 20’s. Just before moving to another state for naturopathic medical school, I was able to stash $10,000 in about 6-8 months…wish I’d been more frugal with that money! 🤨 I’d encourage you youngsters who can stat with your parents a little longer beyond college to do so then INVEST the savings! Even if you don’t add to it later, most trends over the long run show significant gains from compounded interest.
thanks for the knowledge and sharing it.
I like how this was so realistic...a lot of videos are like how I save 100k in 6 months by making 1,000 a year(I know I'm overdoing it, but)...with no real tips...
This is great advice! Even if your wages are low and inconsistent, you can profit from doing this.
I would like to add that people with massive debts should save anyway. If they do, eventually their assets will be greater than their liabilities.
Are you investing your savings in a mutual fund? At 7% average annual growth, you will have a million dollars in 16 years. Put that in a coupon bond that pays 5%, and you can retire with a $50,000 annual income!
I'm proud of you! Congratulations! Your doing a great job.
I have a bachelor's degree in HR making 26,000.00 a year 😣😣😣
Proof that it's not about how much you make but how much you save
Saving money was not my priority since i wasn’t fully employed yet and regarded it more for personal growth, travel, and food. Once i start working, i know i will be more serious about saving. Loved this video
I got here some how but you know what i think? You're one great girl and i love you. Thank you so so much for these tips. I just subbed.
See you at the top!
YAY!
100k is not the top please stop.
Hemant Jagrup You miss the point. it's a START! smh
Hemant Jagrup Limited mindset.
@@wintertarzanjagrup2527 Go to hell. You are just jealous. You are not even near the top so shut up.
If I could figure out how to save $33,333.33 in one year and do it 3 years in a row I could also save a $100,000 in 3 years. I make $28,000 a year and it takes $27,600 a year to run my house. My wife works part time because we have a two-year-old daughter that she takes care of. She doesn't make much. I work 50 plus hours a week. $18 dollars an hour. So I have to more than double my income. I have a couple side businesses that I do after work and on weekends, but it's up-and-down with all that.
So now the problem is not saving but increasing your income. Your wife has plenty to do with your daughter.
Perhaps there is a certificate you can earn to help you earn more?
Etc.
My parents moved to the USA many years ago with no English and 5$ in their pocket. You can do it with the right mentality :)
And they had 4 kids... :)
Maybe your wife could quit her job and start a small home daycare with 3 other children?
18*50.is enough and her part time. You need to down size and maybe your business is putting money out instead of bringing money in I always believed two is better than 1 I am a single mother of three and making 42/yr and still manage
Eric Black I feel you! My husband and I started with a budget app and that helped. We didn’t realize how much we were spending on little things (I use Every Dollar free app). We started only shopping at thrift stores and doing meal planning. That cut down our spending by half! It takes a team effort but we saved $20,000 in 2 years.
Well, you are awesome. I love to see people act smart and succeed. I have to say that with your full-time job and side hustle you were making 6 figures but regardless it was well done. I'm going to try harder. I'm afraid of investing as people always lose a bunch every recession but I'm going to have to do something more. I just had a few things come up this month (new tires, registration renewal, car repair, and dental work) and my savings account shrunk. It bummed me out. I'm glad I had it there to use obviously but still. I want more and you've convinced me I can do better.
I was about to say how did you save 100k on 40k in three years but with the details. It makes more sense now. Congrats on the 100k. Bc I started on with a 35k salary and a year I saved 10k
New Subscriber :) Wow! That is impressive! Congrats!!!!! It gives me hope that saving that amount of money is possible in such a short amount of time! Thanks for sharing :)
Yes, I absolutely love this! I saved $100K as well and I just love how you are sharing your journey!
I'm so glad I saw this next to a CNN Money video! I've been thinking about how much I needed to see a woman who was teaching other women about personal finance. I've been trying to learn, but there's so much that I don't understand. Thank you :)
Thank you, I'm going to try! I'm not a saver but a spender , not proud of it because I've been very anxious because I have not saved my money.
I had managed to save $200,000 in my 401 but when the market crashed after the 911 attack, my 401 dropped in half. Than lost the other half in the market crash of 2007. My advice, be Careful!
Donna E did you sell after the crashes? you should’ve made your money back (and then some) by now if you rode them out
Oh wow that is sad and actually a fear of mines. What happens when you reach retirement age and there's s big crash. You just lose everything! Makes no sense and makes you not want to invest but you know you need it in your later years.
I am not sure how I ended up here, but this is really awesome. What is your degree in? Did you work in your field when you graduated?
Thanks for sharing.. I'm back on track finally after years. I listen to Dave Ramsey everyday now so that I retrain my mind but will look up your books you shared. Thanks Suga..
Discipline. I can't stress that word enough. Whenever you are saving money you have to take that money off of the top 1st! Do not pay bills and spend 1st! Have the money taken out of your direct deposit and transferred directly into your savings automatically! Then forget about that money as if you never had it to begin with.
If you try to save after you have paid bills and spent on miscellaneous things it won't happen.
If you cannot save 40 or 50 percent ( because for many that's a stretch) then try 35 or 30 percent.
That side hustle advice is the truth. I really love that idea . Although this isn't a new idea, this intelligent young woman truly gave us an idea of how to apply it in a more practical way. There are so many of us that think we can't do it. That is a self defeating mindset. Get rid of it now! Everything starts with your mentality. It's possible if we have the discipline and dedication.
Thanks for this informative and inspiring video. 😁👏🏾👏🏾👏🏾👏🏾
40k is a lot of money.... ask England hahahahha
is not
Yes when it’s 💷 it’s still more than my current salary but this plan is doable!
DelphineWifeofPhilip Mum Amen!!!!
DelphineWifeofPhilip Mum yes i agree in the UK it's classed as a lot
DelphineWifeofPhilip Mum Certainly more than the average full time salary in the UK...even for graduates.
Strategy and mindset. Yes!!! If you can do it, I can do it! Smart women finish rich - yes!!! Thank you!
Thank you for sharing this... I need help and this helps me believe I can do this...with or without 6 figures.
Good onto you. It's taken me about 10 years!
I'm curious, what state do you live in? Because in NYC you can't rent a closet for $900 let alone get a mortgage. Also utilities seem really low. Also, do you socialize and have friends? Because, generally speaking eating out/ hanging out cost money. Also birthday celebrations, babies, weddings etc. How much of the 100k was cash vs what you made in your 401k interest/ earnings and employer contribution (not your contribution).
She states in the video that she hung out with friends at each other's homes and doesn't drink. Socializing and dropping too much money is an excuse people use. There is plenty of fun free or expensive ways to socialize. Also who says you have to break the bank on other people's celebrations or holidays? Change the mindset and stop giving a hoot about what others think lol. You can get gifts that dont cost a fortune, and if your money is super tight, just BE present for an event. If others judge you for not going into debt over them get new people!
Not sure if she stated where she lived but when I was making 125k living in San Francisco but still was feeling broke bc I was wrapped up in a certain lifestyle that I thought I had to live up to...I woke the hell up and moved! Sold a bunch of material items I really didn't need in the first place, and moved to where I would like, an area fit my personality and other aspects of lifestyle. Making a bit less money but being able to save and invest more gives a peace of mind and sense of freedom I hadn't known before.
Faithful Jess
Your last sentence is a good question..and it places a huge role in this equation
You are right.....
you have to prioriize if your going to keep partying etc..... you'll never say, so obviously this woman did some priorortizing, she weeded out the things she could do with out and began to save, this is not rocket science.
Excellent! Thank you. And congrats on that side hustle too
Great video. While they 401's last, max contributions to an employer matching 401k is spot on good advice. When you get a raise, up your contributions because you won't miss the additional money from the raise.
I am so Proud of you, girl! You are an Inspiration!