Do This Once You Save $1000 | 8 STEPS



Follow these 8 steps once you save $1000 in your checking account

► My Stock Portfolio + Stock Tracker: https://www.patreon.com/andreijikh
► Get 3 Free Stocks on WeBull (Deposit $100 and get 2 stocks valued up to $1600): https://act.webull.com/kol-us/share.html?hl=en&inviteCode=QhhB1aDNwEDP
► Get up to a $250 in Digital Currency: https://blockfi.com/andrei
► ROBINHOOD (Get 1 Stock When You Sign Up): https://robinhood.c3me6x.net/c/1980551/671816/10402
► Open A Roth IRA: https://m1finance.8bxp97.net/c/1980551/696710/10646
► How I Store My Digital Currency: https://shop.ledger.com/pages/ledger-nano-x?r=535643c13ab0
► FREE Discord: https://discord.gg/Hff86m9
► Follow Me On Instagram: https://www.instagram.com/andreijikh/

I started one dollar at a time but money didn’t make any sense to me until I started to realize it’s true purpose. And that purpose is to buy me the ultimate luxury that money can buy which is time. Funny how we spend most of our lives converting our time into money, but then converting money back into time. This is where passive income comes in and there’s lots of different ways of building that passive income from real estate, the stock market, dividends, online businesses, but ultimately the goal is to make money while you sleep. Before we can reach that point, we need to do a few other things first which is what this video is about to prepare you for.

Step 1: Figure out how much money you need. Using the Bureau of Labor Statistics (https://www.bls.gov/news.release/cesan.nr0.htm), people ages 65 and older are spending on average – roughly $50,860 per year, or $4,238.33 per month in retirement. This means if we were to use the standard 4% retirement rule, then we can work backwards to figure out $50,860 divided by .04 is $1,271,500 which is how much money people need invested pay for a relatively safe 30 year retirement (this is assuming no social security income).

Step 2: Now that you know the full amount most people need ($1.27m pre social security, and roughly $827,000 with social security), compare that to your current spending levels by adding up the big 3 (housing, food, travel). Add up monthly expenses, multiply by 12, and multiply that result by 25. This is your current retirement number, if it’s below step 1, you’re on track, if it’s above, you will need to eventually cut back on spending and save more money.

Step 3: Smash the like button.

Step 4: Side: Step 4: Calculate your savings rate. This one is thanks to Mr. Money Mustache. If you can save 10%, which is what the average person saves, it’s going to take you 51 years to retire, so let’s not do that and try to be better than average. If you can bump that up to 30%, you’ll get there in 28 years. Not bad, but not as good as 50% which is what I aim for, and that’s only 17 years. You can do this on a $50,000 a year income (I did this for 6 years). If you can reach 65% then it will only take you 10.5 years to retire, but you’ll have to make a much higher salary closer to six figures to do that.

Step 5: Get rid of unsecured debt. I did this for my dad using a HELOC loan. If you don’t own a house, you can transfer your balance from one credit card to another using the 0% APR introductory offers for 18 months (Citi Double Cash card) until you pay off your principle.

Step 6: Create an Emergency Fund. This one is optional. you don’t need one if you have liquid assets, meaning, investments you can easily sell and convert into cash. Otherwise have at least 3 to 6 months enough to cover your basics. I’ve been converting a part of my cash reserves into digital currencies because the interest it pays on those accounts is up to 8.5% per year which is more than the stock market. The downside, is that you are not going to be FDIC insured and you could lose your savings if they went out of business unlike a bank which would give you up to $250,000 savings back if it failed.

Step 7: Open up a Roth IRA and start contributing to it. If you can, max it out. Put in $100 of the $1,000 to start because I promise the earlier you can start contributing to this one, the more it will grow into, and the more you’ll keep for yourself because investments in this account grow tax free when you withdraw from it later in life. You can open your account with M1 finance like I did, or Robinhood, or even WeBull.

Step 8: With all the money you have left assuming you took care of the other priorities, invest in yourself and/or digital currencies. Step is about taking calculated risks with the remainder of your savings. This is especially important if you’re young and you want. to start investing.

*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

source

What do you think?

Comments

Leave a Reply
  1. When you said "Because the real answer is this…" An ad was placed right after you did "this" and the ad started with a woman saying "Bitcoin".

    No cap.

  2. N•i•c•e
    M•A•K•E•<>a<>
    N•O•T•E•<>to•M•y•<>T•r•a•d••
    P•r•o•f•e••s•s•i•o•n•a•l• ……. …. .

    W•H•A•T•S•A•P•P
    + •1•9•7•3•8•6•9•0•7•9
    I•n•v•e•s•t•<>in<>C•r•y•p••t•o<>A•N•D<>E•T•H….. .. …. .

    T•o•<>G•e•t<>M•o•r•e••<>T•i•p•s<>&< >E•n•l•i•g•h••t•e•n•m•e•n•t<☝️☝️ on<>D•i•g••i•t•a•l<>a•s•s•e•t•s.. …
    T•r•a•d•e<>G•u•i•d•a•n•c•e<>… . … . .

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

[Udemy Course] "High Integrity" Content That Also Makes Money!

How To Get Traffic to Your Website in 2021 (For Beginners)