How I Saved $100k by 25 on Minimum Wage
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- Опубліковано 4 чер 2024
- Fun fact: If you were to save $100k by the time you were 25 years old and invest it into an S&P500 index fund, never touching it or adding to it again- it would be worth over $1M by the time you're 65!
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#personalfinance #savingmoney #frugalliving - Розваги
I have $2 in my bank and im absolutely broke. I have an autistic child im raising and i know my past decisions (impulsive spending and my adhd) and abusive childhood have lead me to this place. Im making the decision today to watch your videos and see how much i can save to change our lives (mine and my families). I dont have a job yet but I'm going to watch your videos and in 1 year let you know how I've done. Wish me luck 🙏
I believe in you!!! 💪
@@AccordingtoNicole thank you!! 😊 I am ready! ♡♡ you're my inspiration ❤
I'm cheering you on!
Good luck! You can do this!
My heart goes out to you, I wish you all the luck in the world! 💕🙏
I'm 23, went to college but graduated debt free, got a job a few months after college, blew all the money and then got fired, a few months of scraping by later I got another job with literally $0 in my bank account, now a little over a year later I've learned from myself and have saved up $20,000
Good on you.
Wonderful
If you live/can live with parent(s), that makes so much difference. Much respect to those who don't have the same opportunity pushing through without.
Exactly. It would be impossible for someone living on their own to do this on minimum wage.
Aa someone who is in the same position as her I have also 100k in the bank in just 6 years. It was only possible cos I was living with parents living rent free.
Gotta say its been unbearable though but I'm finally looking to buy my first house. Not sure how I managed to live with my dysfunctional family for this long tho....
I am so so happy this woman was able to make it the way she has. I truly believe she worked her ass off despite serious adversity. Its unfortunate some people run so far with that concept and are incapable nuance. Paid for rent to be able to save. Having even one parent for guidance. Etc. People don’t factor in other things like disability, the current economic state, local prices. There are just so many reasons beyond “laziness” that these rags to riches stories (im NOT counting her in this) are bullshit. Saving and self control is important but putting the onus on people to dredge through life while paying them disgusting low wages it’s just insane. Our time spent as people is something we will never get back constantly grinding just to be okay. Not to mention the homelessness outreach I do. Many of the people I talked to decent middle-class lives, worked their asses off for years, and it was just a matter of illness or their home got destroyed or some other tragedy. None of those people thought that would happen to them. Workers are dispensable.
So yeah, I’m pretty sick of the pull yourself up by your bootstraps crap. I love her tips, and I think they are valuable, but pulling yourself out of abject poverty is not nearly as easy for everybody and I wish people in general understood that.
@@deadroomeyes8965 "I wish people in general understood that." What problem does that solve? Would understanding change an impoverished person's situation at all? Why is anyone in poverty worried about what other people think about their situation? Life has situations where either you're going to do what you need to do in the moment or there will be repercussions. In that moment your rationale for not getting the job done, no matter how valid it might be, doesn't matter in the least. You either get it done or you suffer the consequences. No one claimed it's easy. Achieving financial success is arguably the hardest thing any of us will ever have to do and the temptation to screw it up will be the biggest temptation of your life.
You do have to pull yourself up because if you sit around having a pity party waiting on other people to do it for you you may end up waiting for quite a long time for help that realistically isn't coming.
@@anthonyfaucy2761 Thank your family for providing free room an board.
I’m 70 years old and I didn’t learn this financial thinking until I was 2018, 5 years ago and now I can’t stand the thought of debt. I have been debt free for over 3 years.
Awesome!
The fact you were allowed to live at home s a MAJOR factor.
Agreed. I tried to be as transparent as possible about that from the start.
That said, splitting a cheap rental with a few roommates wouldn’t have been much different since I was contributing about that amount at home anyways.
So even for people who can’t live at home, the opportunities still exist.
Did your parents kick you out?
It’s not. Ppl live at home and still have to pay for everything themselves. I saved more money being homeless than loving with parents. Stop being lazy and just work harder
An abusive family meant I couldn’t stay at my parents’ house. I had learned very little about money, and poor health made it hard to work for long. But - my life did turn around, and I now live in a beautiful house with a garden, together with my loving husband. I found a skill I could make money with so I can contribute. At 35 I thought I had no future, or just a future of grinding poverty. At 55 I have a house, savings and security. It’s never too late!
What is your skill? :)
I’m curious because I’m trying to find a way to make money out of my artistic skills.
@@Albondiga282 depending on what your artistic skill is I would say sell your art/services directly by starting and growing a platform on social media to do so and to connect with people/form a customer base. Being self employed is always your best bet, with any business.
@@Albondiga282 I’m a writer. I make money from poems, stories, and articles. First I get paid by selling them to a litmag or entering them in a free competition with a cash prize. Next they become part of a collection and I get royalties. Then I try to get paid for each one a third time by selling it to a litmag that accepts reprints. I work hard and treat it as a job!
You did good saving money and not going into debt for a college degree. So many young people go into debt for a worthless college degree.
100%
You say that yet how much more does the avg college grad make in their lifetime over those with a hs diploma?
College degrees are not worthless! Don't lie to kids. I paid for my degrees by going at night just 2 to 3 classes a quarter. I paid as I went and had NO Loans. I made much more money than I ever could have without a degree and ended up with a good retirement!
@@cherylradley1745 you are right. If you get a college degree you can get much better job and save much more and definitely you won’t be earning minimum wages.
It's totally not worthless. But it's also not for everybody.
You are wise beyond your years. Thank you for this. Sharing this with my 17 year old daughter.
Thanks so much!
Your mom did very good in stopping and having a conversation with you about money as well as get you in a mindset to learn how to delay gratification. That's not something a lot of parents don't do and just assume it's being taught in school or they themselves never knew this so never even considered that such a thing as money management existed outside of paying bills and debts.
Shout out to your mom, she taught you well and that lead to your entrepreneurship. Good content!
We are alot alike. I'm 35 with a paid off house and a paid off car, and no debt of any kind, as well as no intention of going into debt in the future. I have no expensive substance addictions. I have enough savings to buy my next car cash. And i have no degree, and don't make a whole lot of money. How you spend, is almost more important than how much you make. I'm not trying to brag, but i am admittedly proud of these things. You all can do it too, if it's what you want. This video is awesome, and full of so much good advice.
Well you must make an ok income otherwise how could you pay off a house and car? Whatever you bills they must cost less than you made to afford to buy access to other things beside just the basics.... At some point the math has to add up.....
I realy like your way of thinking about money. You are so switched on for a young person.
I like you grew up with parents who struggled. Unfortunately I due to circumstances beyond my control ended my working life with nothing. I am alcoholic, and a gambling addict. Now 33 years sober, and 4 years free of gambling. At the end I faced bankruptcy, and found a unit to rent. I had $20 a fortnight left after I paid rent, utilities etc, and budgeted $20 a week for food. $1 a meal. During covid I recieved a good amount more unemployment. Several months ago I managed to get disability pension. I now have saved enough to pay my own funeral. It can be done. Being frugal is key.
Great story, and your Mom seems to be a financial guru, the way she taught you how to manage a finite amount of money as a small kid. I only wish I had that kind of financial awareness, not only as a child, but even well into my adulthood.
She had a good mom
As a parent, I assure you, a good parent is not enough. A child must also have a ‘good’ brain…
This is so inspiring…maybe we actually all just waste most of our money and that’s why it’s hard to get ahead. There’s more things than ever to not buy! Congratulations on your beautiful home!
yes, wasting money and not living with your parents is mostly the case for everyone.
I worked in a bank for several years, and the majority of my "broke" clients weren't broke because of poor pay, they were broke because they couldn't tell the difference between "needs" and "wants."
Yeah this video helped me realize I’ve been spending too much on things I don’t need
@@augustek5382 can’t live with your parents forever 🤷🏽♂️
@@Dragon228833 yes, most of the people have to move out at 18.
I owe the Amex 2k.. went through a bad break up and went out for a few months. Now I am sick in school with no money, thankfully I have very providing parents covering my living expenses/car/gas. I love hearing y’all’s experiences. Let’s stop unnecessarily spending money, let’s start doing the most with our time. Wishing you all the absolute best
Honestly… well done. I wish I had the self control to save more money. I suffer from very bad depression and anxiety. I have hated every job I’ve ever had and so end up consuming short term pleasures to get meaningless Dopamine hits.
Relatable. But my solution has been to maximize my savings so I can minimize the number of years I'm stuck doing shit I don't want to do.
I'm 49 and own a condo. I'm 100% debt free. No mortgage, no car loan, no consumer debt.
I did something similar. I did go to a local university and worked part-time through college. I lived at home until I was 25 and moved out with $30k. Minimum wage in the US at the time was much lower. I think my first job (clerical work at a credit card company) only paid $5.25. It was awful but it was enough to pay for tuition at the time.
I lived at home for 2 years after graduating and saved money. I paid for my incidentals but my mom allowed me to not pay rent. That helped tremendously.
That $30k has saved me so much stress and money over the years. I've never worried about where my next meal is coming from or if I'd be able to pay a mortgage or car payment. I've never been forced into making a poor money decision because I couldn't afford to pay for necessary repairs, etc.
Do you know how good your videos are? They are so good, that even a german guy watches them :) Me!
Very interesting thoughts.
Will you tell us more about your own business in the future?
All the best from Germany
Markus
Wow. I grew up basically in the same financial situation. What is amazing is my sister became the person who had to spend every dime she had and I became the saver and the budgeter just like you!
Your story growing up is spot on to how I grew up! I was really careful with how I spent any money I got as a kid because it just was not a thing to go to a store and get whatever I wanted.
Now in my early 30s I find myself spending more then I would won’t to. Your video reminded me of my younger frugal self haha 😂
I am excited to save again and not just spend because I can. I would like to pay off the used car I had to buy because my old car died.
Dang, you are going to hit it big. Speaking is definitely your thing. Time to become a motivational speaker for high schools this story would be so great for high school kids.
Love your channel Nicole! Your mom taught you well but you were obviously a very quick study. My Dad taught me a valuable lesson when I was in middle school; I wanted a new 10 speed bike (well NEEDED a new bike to get to and from work but *I* wanted a 10 speed bike). So Dad told me what he was prepared to spend on a bike for me and I pitched that he lend me the extra money. He said he would but that he’d be charging me interest because nowhere could you borrow money for nothing. He then showed me what the bike would ACTUALLY cost me (the impact of the interest). We drew up a repayment plan and I had to pay him on the same date every month until the debt was gone. It taught me a lot…..
Your mom deserves a lot of credit. Also, when I was in high school, yeah I didn’t WANT to get a low paying job and work all the time like my friends, but I had to. You don’t seem to care a lot about experiences and social life, but my parents told me that if I wanted anything (like clothing, or money for the movies or whatever) I had to get a job and pay for it myself. I started working when I was 14. I was never a great student and I honestly didn’t have plans for college, but my parents told me that I HAD to go to college. And, that any time I spent living at home past high school graduation, I had to pay rent and pay for my own groceries. You’re very lucky your mom didn’t make you pay very much toward rent or for other home expenses. After living at home for a year from 18-19 I was miserable and I had to get out. I couldn’t afford to rent a place so what did I do? I applied to college to get away from home. I didn’t understand college loans (because I was a lackluster student I didn’t get any scholarships) or debt so I financed my entire education through loans. College was a waste, which we agree on. IMO unless you’re planning on becoming a medical professional, engineer, etc college is a waste. I have $70,000 in college debt. I’m doing *ok* financially but there is no way I’d be able to save as much money as you did with your circumstances. I can’t afford to buy a house in my city and my rent is more than 50% of my monthly income.
Why don’t you move? There are jobs in all the cities but rent is $1K or even lower when you’re single and don’t need whole house.
Time will fly and if you can’t afford housing now, when are you going to?!?
lol what a failure
I think the main problem is that parents think they are done raising their kids once they turn 18. In my country parents are financially responsible for their kids until they turn older than 21. That's often the age when people in my country graduate college, depending on what type of education they are older.
What your parents did was basically setting you up for failure. People who come from a priveleged background (parents who pay for college, health insurance, etc.) don't understand how lucky they are.
@@irinab7524 I don’t have a whole house. I have a 1 bedroom apartment. I can’t afford to rent a house. I live in a large city which also comes with pros that you won’t get in other places. I can walk everywhere so I don’t have a car, which is just another expense. I’m young and there’s a ton to do. I would be bored in the suburbs. There are a lot of job opportunities here whereas in smaller cities there aren’t as many.
Keep watching these & similar videos. You will be inspired. You can do it!
Keep on making these videos. Your raw honesty is really great. I'd love a video about contentment and why we are all so addicted to buying shit
There’s a certain amount of grace I’ve learned to show myself over the student loan decisions I made. When it comes down to it, I studied extremely hard and made the best decisions I could with the information I had at the time. I was extremely conscientious, but boy oh boy, anxiety issues made college zero fun socially & a bit of a nightmare day-to-day. Studied what I loved to the point that I hated it and watched my chosen field burning the most talented people I knew totally out. Absorbed credit card debt by jumping ship after graduation & finding a nothing job in an expensive coastal city, but now? After a wake-up call, I’m throwing thousands at CC debt and budgeting like a fiend. Spending responsibly & SO GRATEFUL that I was able to settle in a place that’s expensive but truly brings me peace. I love my neighborhood & moderate-income job, plus keep costs down by living with one or more lovely roommates at a time. When you find balance you can happily get to work DEMOLISHING debt.
Congratulations on finding a neighborhood and job you love!
Great Job!!! You'll be a millionaire soon!!! Congrats and keep up the good work!!!
Each to his own but when i was this age (90s) i was advised to save but i decided to blow everything on having a good time. However, i also had a decent job (i could have saved a bit with some effort and sacrifice but it would not have been easy) and i knew that if i built good work experience at the same time as having a good time partying, in the end my work experience would pay dividends. When you are earning very little, its hardly worth saving...when you have a good income that's when to save, because you can really stack those notes. You are only young once. Enjoy it. Get serious in mid-late 20s but make sure you build work experience during the preceding years when you are partying. Do not bum around, that would be bad. What this woman is advising is a very conservative way of living in your 20s, but if you don't have skills that will pay dividends in the future - its probably sensible.
I totally agree with you on finding cheap housing, if it's possible to eliminate the biggest cash flow killer, you have more of your income to save, and invest...also agree with keeping some type of income source...I bought a home back in 2008 when the housing market crashed to it's knees, I tell you in certain areas of the country deals, deals everywhere, I don't think that will ever happen again but if it does that is an awesome time to get a house, mine cost 92k and it's completely paid for now I can save even more money 💰 🤑
I really really wish I would have had your kind of insight at your age ... But even if I am over 60 you inspire me to check ✅ what is important to have and what not to !!! sometimes I even regret having spent so much on things I only used once or twice and then just discarding or donating uff , and as the aging process kicks in it's important to have only what is extremely useful because my memory can only handle a certain amount of thoughts and the body slows down the rest consumes valuable energy ... When my parents passed away 12 years ago I rememember that the cleaning / decluttering ( my parents kept most of their things ) was exhausting due to so much we had to donate and I really have kept in mind that I do not want anyone to have to do that with my things , your videos are a helpful tool for me ... I admire how you really are so authentic and interesting ... I have been watching minimalist videos for over 10 years and yours are so enjoyable . Thank you for sharing !!!!
When my older daughter was taking piano lessons at the age of 10, she used to come home and teach her little sister aged 8 what the teacher had taught her. I had no idea that she was doing this for several months. She liked sharing and teaching her little sister and although she wasn't perfect, she knew more than her younger sister. Plus it gave her extra practice.
Loved this one!👏
You're a gem! Thanks Nicole!
This was pretty inspiring! Gotta use this moving forward
I sorta already knew this but the way you explained it just made it click. Thank you!! I’ll be subscribing and watching your other videos.
You are so together i am loving your teachings...
At 20:31 w/the 'thumbs up' - is a picture of a very wise lioness - Queen of HER jungle! Great job and so well done Nicole! 👍
This video helped me to realize I’ve been spending too much on things I really don’t need. I’m gonna try to save more from now on. Glad ur video was recommended to me. Thanks Nicole!
Awesome. I hear you vocalizing so many of my own thoughts. But you took it to an even higher level. Great job, seriously
You are refreshing. Your videos is informative without the fluff.
Thank you so much for making these videos
I have a tip. I get orange juice from the bar if I'm in a venue that serves alcohol. That way no one knows what it is, and it's much more hydrating than soda/pop/Coke.
Something I recently realized is that social media was showing me things I wanted WAY too often, and I found myself giving in more to online shopping as a result.
Great videos, don’t stop!
Hi from Los Cabos Mexico 🇲🇽
So awesome and inspiring! Keep making these amazing videos!
You are wise beyond your years! Inspiring! Where I live minimum wage is only 7.25 an hour!
It’s around that where I live too.
Wow, what an inspiring story and such great advice! Thanks for sharing it.
Thank you for this... just found your channel and I love it!!
The goal is to buy a house in two years with my husband, starting now to live frugally, budget, no spending and have everything cook at home thankfully my husband likes to cook. Finally, hustle working overtime and throw everything to savings. Love your story and thank you for sharing!
Thanks for sharing this story. Very inspiring. It doesn't take making a lot of money; it takes making a little money but knowing what to do with it.
First video of yours~! Amazinggg
Wow your videos are so good and inspiring. That is the reason you have grown so many subscribers.
Way to go congratulations
Wow! Such a great accomplishment for a young person! Well done!
Love your videos, thank you!
Thanks for watching!
I find this video inspiring. This encourages me to keep going.
I have to say, you are HILARIOUS (in a good way) which is why I've subscribed. I love your no BS approach and you have so many good nuggets too. Thanks!
Loved the video and your mindsets that you shared. I’m trying to change my mindset and it’s very motivating to see that even with minimum wage, saving $100k is possible. Some of these comments though are ridiculous… projecting and not even watching the video fully before making insinuations.. ugh
Very impressive Nicole!
Your story is so inspiring! Thanks for sharing. It sounds like your mom helped you with financial success.
Okay, I just shared this with my kids and advised them to subscribe. Super smart. TY
Great & honest video Nicole........I am motivated by your videos
In my minimalist video searches, one of your videos came up so I watched it. You remind me a lot of my son. He's more on the extreme side of minimalism (aka: he chose to have literally nothing but some utensils, a pan or two, a pillow and blanket and a few clothes and I think that was it. He said that everything he owns could fit in his car which is a Jetta so its small. He's in the Marines now so he doesn't need much so that was a blessing in disguise. Your stories are great and you are funny too. I caught myself laughing a few times. I'm about to be 56 for context when I say, I WAS the complete opposite as you when I was growing up. Once I found Dave Ramsey and started doing that, I made sure I was making him do it with me while he was a young age. I'm sure that's part of why he saves a lot now too plus I told him numerous times DON'T BE LIKE YOUR MOTHER when it comes to finances! 😀
You are great! Many people make close to the minimum wage (like me) and need to hear this. Thank you!!!
Great video ❤
Very motivating. I needed to watch this. Thanks so much my dear ❤😊
Good for You! 🎉
amost at 50k nicole! i've been binging ur videos for the past week after dinner as my "dinner video" - it's relaxing and keeps me motivated
This was a great video, with some amazing learning and lessons in that everyone can benefit from! Thank your sharing ❤😊😊
Good job!! I had a similar life experience so I can relate to you. Anyways, keep it up you have a great future ahead of you!! 🙂
Well done! 💜
Its not hard to save £100k on minimum wage as long as you don't waste money renting. Live with your parents for a few years and its definitely possible. The problem is too many people trap themselves in consumerism and debt then cry and complain that life ain't fair
I LOVE the spending tracker app!!! Thanks so much for the info you share to help us. Love all your content! Stay well❤
Good for you. I did similar and then way beyond that. I had a goal & was never going hungry again. Seeing the saved $$$ increasing almost becomes beyond a habit to a compulsion with a great life to follow & never having to work for someone again unless I want to to learn new things.
I am the extreme opposite of you, but your videos make me want to get control of my life. I remember before graduating high school, I told myself I would never own a credit card because I didn't want to get myself into debt. I felt like I was on the right path at first, but eventually I gave in to instant gratification culture and went all in. Now I have mountains of debt and have some serious goals that require me to be more responsible, but I am struggling. I'm going to start by keeping a closer eye on what I am spending with the tracker app you mentioned. Thank you for sharing the way you handle your money. It's inspiring!
You got it figured out!! Passing along your wisdom to my 17 year old son. Wish me luck! 🤞🏼😄
Wow this is so amazing. For a young lady, to have this type of accomplishment. Your mom taught you well. 😊❤🥰
i really love your channel, this is what i aspire to do with my money
I stumbled on your channel and have watched a bunch. There's something so different, refreshing, practical. And direct. With a sense of humor. What editing software do you use?
Sharing this video with my 14 year old daughter, thank you.
I'm sharing this video with my granddaughter. Ty
You’re amazing!
I loved this entire video. So many takeaways for me
What an inspiration you are. Wise beyond your years. You are an old soul, a good thing, living at a very high vibration! Thank you!❤❤❤❤
I'm 25 and saving is my focus now. This stranger is proud of you! Congragulations.
You're awesome & very inspiring!!~
Good for you !!!! 👏🏻👏🏻👏🏻👏🏻that is impressive
So glad I found this channel.
Great job!!!!
I need to absorb your money mindedness! Great vid :)
Great video , thank you for sharing your story.
You have a great personality as well.
Great video.
New sub! You are amazing!
Thanks for this! I got so burnt out trying to save and be financially okay that I keep falling off the being financially stable train, but hearing this again and to be laser focused on the goal is what I needed to hear.
I'm working on being able to put a nice sized down payment on a house. The housing market is looking like trash right now, and I'm about 3k in debt so I have some cleaning up and saving to do.
Wow! Way to go saving a bunch of money instead of spending your money on useless junk. Your channel is refreshing in this consumer driven world. Thank you!
Very refreshing I agree!
Good job figuring out so much so young!
Good old fashioned values of hard work, self-discipline, frugality, maturity and common sense are what makes Nicole stand out - head and shoulders - above 99.9% of people her age and younger. She’s no snowflake! She has grit and knows how to FOCUS and set goals. Hell, she’s doing things more sensibly than 90% of the entire North American population - myself included - and I’m twice her age.
I have massive…..MASSIVE….respect for this young lady. 🫡
Parents - you need to be sharing her videos with your children. Give them something USEFUL and beneficial to stare at on their smartphones. Some of it might actually sink in. 👍🏻
Four points that might be helpful:
1) It's a lot easier to build your money when you're in profit than it is to save your way out of debt. This is why overdraughts/credit cards etc. charge interest.
2) Aside from necessities, the vast majority of things you buy are crap.
3) You'll save a lot more putting aside small amounts regularly than large amounts rarely.
4) Discipline is always a means to an end. It's never an end in itself.
You are amazing I did a similar type of thing when I was young. I paid myself first every month and was religeous about that part of my finance. I always ask this question even today when I can more than afford to purchase things and it is this "do I want or do I need" want is something you crave but can do without need is something you have to have like food. Lots of great advice and habits for anyone to follow to get ahead finacially and stay out of debt permanently.
What an amazing accomplishment! Love your mindset. I wish that I had got into finance at a younger age but I am glad I eventually found it. Your channel is very inspirational. Thank you!
We didn’t have much money either when I was younger. I was mortgage free by the time I was 25 and have always been financially secure. I live reasonably well but have zero interest in spending hundreds on handbags and shoes like some people do. I’m always looking for bargains and started cash stuffing recently cause I like saving haha. Love your videos. I need to try and live more minimally. I’m a work in progress