How To Save Money: I Saved $100k In A Little Over 3 Years!
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 YouTube.
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👍
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?
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?
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
She has an excellent mindset. This woman is amazing.
Agreed! (:
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
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’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 ?.
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. 😂😅🤣
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.
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 YouTubers 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.
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.
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.👏🏾
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 🙌🏾🙌🏾
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 YouTube its free…hope it helps
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.
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.
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 ✌️
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.