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HOW TO SAVE YOUR FIRST $100,000:
-Break Down Your Exact Goal
No matter how much you want to save, give yourself a specific goal, decide on a deadline to reach that goal, break it down to the day, and THAT will give you immediate, actionable steps that you can work towards on a daily basis.
-Start Immediately
If you want the highest chance of coming out ahead long term, here’s the secret: You have the MOST MOMENTUM when you’re initially excited about the idea of trying something new. If you can capture this initial momentum – and parlay that into a habit over the next few weeks – you’ll be significantly more likely to reach your end goal.
-Budget Everything
All of you need to do is make a free account with any money-tracking platform, where they aggregate all of your accounts and credit cards into one interface – and from there, you can see exactly how much money is going in – and out – every single day, in real-time.
-Budget Optimization
Here, you can back on EVERYTHING you don’t absolutely need. That’s it. In addition to that, just calling and asking for a discount is all it takes to begin cutting down on your spending.
-Pay Yourself First
Even though this strategy won’t work if you’re barley making enough to stay afloat on basic necessities, it DOES work if you have a habit of spending extra money, just because it’s available.
-Increasing Your Income
I’m in the belief that your best opportunity is by taking on additional work at your existing job. See if you could work additional hours, add extra value to the company, undertake more responsibility, push for a promotion, negotiate your salary – all of these could be phenomenal ways to make more money, without completely switching jobs.
-Investing
Even though short term returns are fairly unpredictable, historically the SP500 has averaged about 8% per year over the last 100 years. This means – over time, your savings will begin to compound and grow, doing the heavy lifting for you.
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For business inquiries, you can reach me at grahamstephanbusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice.
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