How to Save Your First $100,000 FAST
It’s been said the first $100,000 is the hardest to accumulate in your portfolio. When starting out, it seemingly takes forever when annual gains are miniscule, totaling far less than you could earn by working. But once your portfolio gets to a certain size, it begins to snowball noticeably. This makes the next $100,000 come significantly quicker and as your money begins to compound, the first $1,000,000 will arrive much earlier than anticipated. Instead of checking your investments and feeling like no progress is being made, focus your time and effort in areas that will provide the best bang for your buck. When you follow the proper steps, you’ll be amazed at how fast your portfolio grows. This video offers 9 tips that will help you set aside your first $100,000 and listen carefully for one tip that will free up a huge chunk of your budget, you’ll be shocked at how much you can sock away….(read more)
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Saving $100,000 may seem like a daunting task, especially if you’re just starting out in your career. However, with the right strategies and mindset, it’s entirely possible to reach this milestone faster than you think. Here are some tips to help you save your first $100,000 fast.
1. Set a clear goal: The first step to saving $100,000 is to set a clear goal. Break it down into smaller, manageable targets, such as saving $10,000 in one year. Having specific, achievable goals will help you stay motivated and on track.
2. Create a budget: To save money effectively, you need to know where your money is going. Create a detailed budget that outlines your monthly income and expenses. This will help you identify areas where you can cut back and save more.
3. Cut unnecessary expenses: Take a hard look at your expenses and identify areas where you can cut back. This could mean eating out less, cancelling subscription services you don’t use, or finding cheaper alternatives for your everyday purchases.
4. Increase your income: In addition to cutting expenses, look for opportunities to increase your income. This could mean taking on a part-time job, freelancing, or finding ways to advance in your current career.
5. Save for emergencies: Before you start aggressively saving for your $100,000 goal, make sure you have an emergency fund in place. Aim to save at least three to six months’ worth of living expenses in case of unexpected events, such as a medical emergency or job loss.
6. Automate your savings: Set up automatic transfers from your checking account to your savings account each month. This will ensure that you consistently save a portion of your income without having to think about it.
7. Invest wisely: Once you’ve built up a solid emergency fund, consider investing your savings to help it grow faster. Look into low-cost index funds or exchange-traded funds (ETFs) that offer good returns over the long term.
8. Stay focused and disciplined: Saving $100,000 will require discipline and patience. There will be times when you’re tempted to splurge, but it’s crucial to stay focused on your goal and remind yourself of the long-term benefits of saving.
9. Track your progress: Keep track of your savings progress regularly. Celebrate each milestone you reach, whether it’s saving $10,000 or $50,000. Seeing your progress will motivate you to keep going.
10. Seek professional advice: If you’re struggling to make progress, consider seeking advice from a financial advisor. They can help you create a tailored savings plan and provide guidance on how to maximize your savings.
Saving $100,000 may seem like an overwhelming goal, but with the right strategies and mindset, it’s entirely possible to achieve. By setting clear goals, managing your expenses, and investing wisely, you can save your first $100,000 faster than you think. Stay focused, stay disciplined, and watch your savings grow.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Mrs. Catherine Gauthier.
Getting a head start by beginning to invest early is the most effective way to build wealth, with investment taking precedence. I've learned from last year's experience that starting early allowed me to create a better life through early investments this time around.
The 1% of rich people think of how to invest their money to increase their wealth during the recession. While 99% of struggling hard-luck people think of how to survive without food and daily necessities in the recession and the coming hyperinflation
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.
I've recently bought more things. Putting money away for a market downturn is also a bad idea. We can look at recessions and depressions from a variety of perspectives, we can't always expect to get large returns, and taking chances is better than doing nothing. In the end, you will achieve exceptional results by diversifying your portfolio and making informed decisions. My portfolio's raw earnings rose by $608k in just 5 months.
What is the best way to profit from the current market, meanwhile I'm still undecided about investing $400k in my stock portfolio to get some dvidends and minimize risk
This was exactly what I was looking for!
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.
Currently I'm just being smart and frugal with my money, I'm in the green 47% over the last 15 months and l've accumulated over $700K in pure profits from DCA’ing into stocks, ETFs, dividends and futures. However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait.
I concur entirely. The first $100k was the hardest, and I didn't really begin investing really until I was 30 in 2011. I'm 41 now, and I have a respectable $1.2M in savings. My only regret now that I know everything is that I didn't start when I was 25. Even while it might not seem like much, the extra five years are crucial, at least that's what my FA James Fletcher Brennan says
I disagree with number 9… 401k is a scam! You end up paying a lot of taxes when you’re retired and relying on that cash. I see it with my parents now, they’re almost afraid to take that money out because of the amount of taxes they have to pay. And being retired with no other income, they keep having to take out more money from their 401k to pay for the taxes that they incurred when taking money out of their 401k. It’s insane!
I have switched to Roth for saving for the future. I would rather pay the taxes now when I can afford it and have pure cash at retirement!
The first 100k is the most difficult one because it's looked at from a 1k perspective which means you need to 100x. That's waaay more difficult than 10x that 100k to 1M. Have a million dollars..Got it.. The best strategy that I understand is Voo for most of my por… Read more
Fristly, make more than $100k net salary
I am still watching the video but just had to post this right now. #7…. its just not good investment advice to tell people to "earn more", no matter how it is worded. I will paraphrase #7 –
"Have more money so that you have more money"
I reached my first 100k when I was 25. One of the reasons I mad it so fast was because I did NOT put any money into a 401k. That money is going to be taxed eventually anyway and I'm not going to spend that much when I'm old. I'm fully confident that social security, a part time job, inheritance, and income from assets that I make from investing at an early age rather then putting it all in a 401k will be sufficient enough for me when I'm old.
“$100,000 in one year,” the thumbnails are always deceiving. Reminder to self to disregard thumbnails, and read the title instead.
how can i save 100k in a year i just make 300k a year problem solved thanks for the video.
That is quite impossible with a gross income of 25k € lol
Loving these videos. I have been interested in the markets and investing since I was 12 years old. I’ve always loved the idea of having your money work for you. Building wealth is a discipline and a lifestyle.
Once I was able to pay off my condo, my entire financial picture changed. That's the reason the second 100K takes a fraction of the time to build.
avoid living above ur means and do whatever y have to do. includes unethical things like selling marijuana
What about taxes
What's the best stocks are shares ? Great video thanks
Thanks bud for keepin us financially Educated! Regardless of how bad it gets on the economy, I still make over $22,000 every single week.
It's worth adding that value stocks (especially small cap value stocks) outperform growth stocks in the long run.
The only thing I’m going to say is with number 6 do not reinvest all of your money diversify your portfolio with a couple not a lot but a couple of different dividend paying stocks preferably 4-5 and reinvest the one that pays you the most and for the rest of them take the money in cash and let the dividends build your account up
And once the value of that stock is above your dollar cost average stop reinvesting because if you keep reinvesting and the cost of that stock is higher and your stock is in profit that is then going to boost your dollar cost average so then once the stock fall and enters a bear market you are going to lose basically all the money that you earned from dividends if not a significant amount
Only reinvest if that particular stock is below where you entered not above
The toughest part of saving up your first $100k is having a real job. The problem for many is that real jobs are drying up and/or are precarious and a layoff is always possible.
Nesym sydet tyky strehno vehen pred pezia. Koja mie potrebna 1 godina 6 meşeci
Sə postignav za 2022 godina no nedobiv za moeto znane niwto ni za Koplikacia ako postoj newto pratete go vo komercialna baka za danho Vrboski od prilep Severna Makedonija na katihka tamy mise sete dosia
This was a wonderful and very much needed piece! Young people must understand that saving is not enough. It's a good start, but given the way the economy is going, you have to do better. Investing that saved money is a must and diversifying your investments so you have multiple streams is key. Of course, you have to be well informed on where you put your money or better still, get an expert to handle it for you (that way, you save time and minimize risks). Made my first million this way earlier this year from investing my savings something as casual as stocks. Goodluck!
i am stuck at 25000$ still gathering stocks pouring money but doesn't go up..
i am so so depressed lol
I need the money to become a pilot!
If your going to use someone else's quotes at least put their name in there. Specifically the beginning quote about the first 100k being the hardest..which was first said by Charlie Munger
Sell drugs
The ER on FXAIX is .015%, not .09%.
Your just telling people what's already on google.. nothing new
Just buy an SP500 index fund with the lowest expense ratio. I just turned 40 and my portfolio have grown to $563,000. It’s possible. Start early start now!
Easy, have you just tried making 100k a year? You'll save that 100k easily
first 100 K is the Hardest
Fidelity’s S&P index fund (FXAIX) does NOT charge a 0.09% expense ratio… wtf!? FXAIX has a 0.015% expense ratio, which is competitively low! Where are you getting that number?
If you think your income is low, the only way you can increase your income is to update yourself with high income skills. Then you can get paid more … a fellow creator !!!
Personally I rather make it easier on myself to invest enough to make $5k a month then flip it to $10k a month three months later then $20k finally flip it to $40k to $80k then make it $20k more in order to make $100k a month or a year either way works for me.