How I saved my first $100,000 by 27 (My strategy) + How long does it take?
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- Опубліковано 10 вер 2024
- I Hope you enjoyed watching how I saved my first $100,000 by 27! The quote “Wealth is the money you don’t spend” is by Morgan Housel 😊
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Disclaimer: I am not a financial advisor and this is not financial advice. I am just sharing my own financial journey! This video is not sponsored. Some links may be affiliate links, which means I might earn a small commission if you purchase through the links. I appreciate your support!
Hey everyone! I forgot to mention that I am 38 years old, I reached this goal at age 27! For some reason I assumed you guys know this from my previous videos :) I will post a current net worth video soon!
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37 and almost there 96K as of the moment, wish I was the same mindset 10yrs ago like you 😢
That's amazing! Your'e on the right path just continue like this you still have many yeras till retirement :)
96k is great keep going! well done :)
Follow the 50% Needs, 40% saving, 10% wants rule if you are serious about wealth.
Once you hit your first $100k, you can reduce to 20% saving, 30% wants and coast.
Yes! Thats a great saving rate!
Congrats on getting to that milestone so quickly, normally it take 7 years of hard work and saving to get there!
Thank you so much! It definitely took a lot of discipline!
as a 23 year old who also lives at home, this was a great video! do you have any advice for what i should do with my income? should i really save all of it? my only expense is gas. i don't have a 401k from my work as i work part time. would investing independently be a good idea?
also! i think you should do another finance tips video, especially for young girls like me, i think it would do well! its getting more popular to buy less, and save more. something like what to do with your finances in your early 20s! OR your investing journey/how to invest in your early 20s with not much disposable income? that would be interesting :) just some ideas~ thank you!
Thank you for stopping by! I'm glad this video resonated with you :)
First of all, amazing that you are wanting to start saving so early at age 23! Since your only expense is gas, you have an opportunity to start building a financial foundation! You should save an amount you feel comfortable with, if you feel that you are missing out on having fun then of course adjust your monthly savings rate. I also didn't start off with a 401k. I can't give financial advice but I can tell you what I did:
1. Analyze my spending and determine the amount I can save every month
2. Open a high yeild savings acount
3. Open a brokerage account (Fidelity, Vangard, Charles schwab etc)
4. I didn't have a Roth IRA at the time, but I would have opened one if I could go back in time (open Roth IRA at same brokerage you opened a brokerage account)
4. Set a meeting with a banker regarding Roth IRA for him to explain to you about a Roth IRA (Get educated)
5. You can ask the banker for an example of tickers for low cost index funds (example VOO), how to buy and how to automate it, you will be investing the money you put in your brokerage account/Roth IRA (You can only take out Roth IRA contributions after 5 years)
6. Decide you are investing for long term (retirement) and will not sell in a market crash, at all costs, you are dollar cost averaging (and the market will crash at some point, but you are investing long term)
7. Start saving (fund your high yield savings account 3-6 months of living expenses, fund Roth IRA, fund brokerage account.....Start building habits, even if it's a small amount of money and educating yourself
This is off the top of my head
Thank you for your support, I will add this to my list of video ideas :)
delay having kids for as long as possible, use that time to build your net-worth. No one has any idea what they are getting themselves into when they have kids - as wonderful as they are, they will create problems regularly and the occasional disaster. Having assets to apply to solutions is critically important
Watch financial audit!
I hope you have a great weekend, Gal!❤
Same to you! 🤗
You too!
What is your advice if we were to save for a house within 2 years? Should that go into our HYSA instead of a brokerage?
That is tricky since 2 years is a very short time for investing in the stock market, you can't time the market and there is always a chance you might lose a little money if the market goes down at the same time you want to purchase a house. I would personally put it in a HYSA or money market fund. The only way I would put it in the stock market is if I am really flexible on the timeline for buying a house (delay purchasing for a few years if the stock market goes down)...
Great content
Thank you! So glad to hear!
You're not lucky you didn't have student loans. You are smart and were mindful and picked a school you could afford. Please tell everyone that so we can stop this student loan insanity.
It's sad that so many young people sign these loans while not understanding what they are getting into.
in Italy we have a lot of taxes, but saving is a question of mind and will even with salaries lower than €2000. My wife and I reached the first 100k by deciding to live with the necessary and rejecting the superfluous, we now have a 7 year old son, we have paid off the debt for the house and we are building a future of serenity. If you are interested, we show our budget (income, expenses, savings) every month. See you soon. ❤️
Hi, thank you for sharing your story, it's amazing that you and your wife have prioritized mindful spending to achive such an impressive milestone 🤗
Shockingly I'm at the same phase of my life and I'm on track to hit 100k at the end of this year.. so at 27.5 years old
That's amazing! Keep up the great work and best of luck hitting that milestone by the end of the year!
This is a Great video, Thank you!
Thank you! Glad to hear!
You are such an inspiration 💕
Thank you! 🤗🤗
Excellent! No flex but I did this at age 26. Everyone has their own journey. Get it done no matter the age!
lol nice! Exactly! 😀
Congrats!!
Thank you!
Yesssirr
You are smart and extremely beautifullll , always with an amazing outfit❤❤❤
Thank you so much!!
Nice video
Thank you! Happy Friday!
Gal is beautiful!
Aww thanks! 😊
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