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In this video, I’ll show you have I was able to save $100k by age 25. I share with you all my financial tips and tricks so that you can save $100,000 in 5 years, 4 years or even 3 years. You’ll definitely have all the tools you’ll need to save $100k before 33.
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In todays video, I’ll be sharing with you the financial tips I used so I could save $100,000 by the time I turned 25 years old. Working a normal 9 to 5 job.
When I max out my 401k through my employer, my employer matches my contributions which is even more money saved.
But that’s about $1400 each month that I don’t see. It’s taken out of my paycheck before I even have the chance to spend it. And really the main reason I can do this is because I keep my housing cost so low.
Minimizing my housing costs saves me about $1500 a month which is $18,000 a year
When I was a freshman in college, my parents gave me their family car for me to be able to drive back and forth between school and home. But my junior year of college I got in a car accident and that car got totaled. For graduation they graciously gave me a car that I still have today.
Driving to work would cost me $15 each way and taking public transportation costs me about $5. And this is because my employer participates in whats called smart benefits which means I can allocate pre tax dollars to be used on certain transportation expenses like the metro.
But I’m definitely not driving the nicest car on the lot and I’m not looking to buy a new car every few years. Even if I did need to buy my own car, it would be an affordable safe card.
Because If you think about it, if you buy a $20k car with 5 year loan, that’s over $4k you’re paying every year towards a car.
By utilizing public transportation and not having an astronomical car payment, I save a little more than $400 every month which is $5k every year
graduated from a public in state school with an engineering degree. now my parents did pay for my tuition but by choosing to go to an instate school, I saved them a lot of money.
I’m never trying to keep up with the Joneses. I’ve figured out that the richest people in the world, you would never guess at how much money they have because they’re not spending it on designer this or that, they’re keeping their money where their money will work for them.
Always going through my stuff and selling things I don’t need. I usually keep all the money I’ve made from selling things in a separate savings account and use that money to pay for travel whenever I go somewhere.
Lump sums to savings
when you have money saved, you’ll find that in emergencies, you can take advantage of a lot of things because you have money and others don’t. For example, right now we’re living through the coronavirus pandemic and with my CHASE SAPPHIRE RESERVE grocery points.
CHOOSE YOUR FRIENDS CAREFULLY you are an average of the 5 people you spend the most time with
But even with saving on little purchases, you can save the most money on your largest expenses. For me, that’s housing, transportation and education. And those are the areas where I saved that I feel had the biggest impact on my saving journey.
been able to be more generous because I’m in control of my money