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Chapters

00:00 Start Here
01:28 Make a low income for a long time
02:42 Make good decisions at an early age
05:54 Save all extra money
07:16 Create a savings plan
08:12 Be frugal
09:05 Take advantage of free money
10:10 Be more aggressive as income increases
11:16 See and seize opportunity
12:58 Invest
14:26 Looking at my own situation and making it work

In the past four years, I have gone from $0 to $100,000 in savings and I did it on very average incomes (no more than $55,000/year). In this video, I explain 10 things that helped me save my first $100,000.

1. Make a low income for a long time

The first thing that helped me save $100,000 was before I started making a high income, I was making a very low income for a very long time. Earning a low income forced me to learn the value of a dollar, how to stretch money, and how to budget. And because I had these skills, once I started making a higher income, I was able to save at a much quicker rate.

2. Make good decisions at an early age

Something that holds people back or helps people get ahead financially are the decisions they make between the ages 20 to 30. I made very good decisions in this phase of my life like not taking on student loans, avoiding consumer debt, and developing good financial habits. These decisions allowed me to focus on financial goals rather than financial burdens.

3. Save all extra money

In life there are moments when you receive extra money and one thing that helped me reach $100,000 much quicker was acting as if I never received this money and saving it. I was able to go from $5000 to $20000 in a matter of months because of this extra money.

4. Create a savings plan

My first adult income was $48,000/year and when I received this income, I had never made anything close to it before and I wanted to maximize my savings rate. So I sat down, wrote down my expenses, subtracted it from my income, and determined how much money I could save, which allowed me to save at a very steady pace.

5. Be frugal

I was able to save a lot of money despite having an average salary because I lived a frugal life and kept my expenses low. Frugal living is a great tool that allows you to save at a much quicker rate.

6. Take advantage of free money

Over 20% of my $100,000 was actually free money because a huge chuck of it was from my employer match. If you get a match for a 401k it is important to take advantage of it because it is free money.

7. Be more aggressive as income increases

The next adult salary I had was $72,000, which was a drastic raise from my past salary. And when I got this raise, I decided that I wasn't going to increase my quality of life and instead save 100% of the extra income, which allowed me to save at a much quicker pace.

8. See and seize opportunity

Getting the huge raise and starting to make $72,000 was a very unique opportunity in my life because I was on a contract and I knew once the contract ended that I would be making less money, which is why I was so aggressive with saving. Opportunities don't come around that often, but when they do it is important to see and seize them.

9. Invest

Over 80% of my money is invested in the stock market, which has passively grown my money over time. In order to reach $100,000 it is important to get that money to work for you by investing in the market.

10. Looking at my own situation and making it work

In this video, I explained how I saved my first $100,000 and my story is unique to me and many things might not apply in your own life. Instead of comparing your saving journey to others, it is important to look at your own situation, decide what's possible, and make it work.

**This video is intended for entertainment purposes only, none of it should be interpreted as financial advice. Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **