Here’s how to save 50% of your income (after taxes) and how to save your money fast so you can start investing
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How to save money fast? There are a few tips and tricks for how you can save your income that finally start to pay you dividends once you start investing. In order to generate passive income, we have to save money so that we can become millionaires.
Last year In 2019 GoBankingRates polled Americans to find out how much they ave in their savings account, and the results are getting worse and worse. 69% of people polled said they have less than $1,000 in savings which means they live paycheck to paycheck.
How can that be when the economy is booming and the stock market, the real estate market are all growing insanely high right now? According to this same survey when asked what the REASON was that people cited not being able to save is because the cost of living is keeping Americans down. Being a financial minimalist myself, I know life CAN be expensive, but it doesn’t HAVE to be expensive, and ultimately, I think that’s one big excuse that we tell ourselves. The REAL reason, is our inability to delay gratification.
I believe the true reason for our decline in savings is because we live in an on demand economy. Buying products and signing up to subscriptions is becoming as easy as a swipe of your finger and it’s done. The easier it is to make bad decisions, the more we’re going to make them. However, ultimately, the decision to be careless with money comes down to us. It’s a choice we all have to make, drive a Tesla but work until you’re old, or ride a bicycle and retire when you’re young.
When it comes to saving money fast, it’s more important to focus on the wins by increasing your income. Once you’re able to make $40k-$50k per year annual salary, then we can focus on saving. It makes no sense to save money on coffee if you’re not making much money.
I like to think of it in 3 general broad categories that we have to budget for. Food, travel, and housing.
When it comes to food, we’re very frugal and focus on cooking at home and making cheap meals. This saves us a ton of money.
When it comes to travel, Corrie and I drive a very cheap car that we just recently sold for $600. In order to really save a lot of money, I don’t own a car at all and instead I will bicycle wherever I I need to go.
For housing, we keep our costs low by house hacking as renters. We can save a ton of money by renting different parts of the house to each other. This is the single biggest expense you have to manage if you want to start building wealth and saving money fast.
Overall, focus on the big wins and you’ll be amazed at how quickly you can save six figures and start investing it. I did it in just 4 short years, and Corrie has managed to save $25,000 in just one year. Anything is possible as long as you start and conquer your need to spend money on material things.
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Do you have any saving tips for Corrie and I that we didn't mention? 😃
After all of the rambling and more useless rambling. How about you stay on topic. Ps don't care where you met your girlfriend either.
Honestly be careful of those impersonating/ pretending to be andrie…This is the reason why one need help from a good investor who will be able to share his wining strategy, I made $ 58k in Just 1 week
I am not in the US but these videos always shock me what the average salary is…I can not comprehend how I am earning half of the average, my essential expenses already being more than 50% of my income (not including food). I already giving up on a lot of things, penny pinching on every aspect of my life. These videos for people who actually do quite well and just had enough of spending mindlessly. For the ones like me stays the save few pennies on milk, use someone else's netflix and just go to the park instead of on holiday. And I am not even on minimum wage.
I am a viewer from China and I am working hard to save money 😀 we have about 250k USD (equivalent of RMB) saved now:D
She wasn’t yours
Y’all where roommates
She’s adorable man and look at you ahorrible
What happened to your girlfriend man
This guys fake smiles and mocking are killing me. Like idk if it's an act but it's in every video.
So two years later, I sitll find her super pretty, and learning a lot from them :).
This outro 🤣
In the uk you can rent a room in a crowded house for 700 pounds a month. 25k salary is good with a degree. The numbers you throw around wouldn't make sense in england
For me, buying some crypto every month became the new "instant gratification".
Does she invest any of that money or just savings?
She got a glow in her smile bro you got a great girl😇
<Thanks for watching and do not forget to hit the subscribe button…for honest advice and facts, pls contact above☝
Delayed gratification is the best way to become the Dragon Warrior – Master Oogway
Delayed gratification is the best way to become the Dragon Warrior – Master Oogway
Ive been watching a lot of investing/wealth building videos recently and his seem the most authentic and honest. This discussion laying out their real world lifestyle and not trying to sell some glamorous illusion is amazing. Thanks for all the great info and inspiration.
Your girl is adorable, is she single ?
Ask an Asian immigrant how they save money. It might seem a bit extreme, but some are very very doable.
She’s too attractive for him.
🙄How much does he make and SHE has to pay him? Lol break up with him please. He is rich!! She shouldn’t have to pay him a dime.
They magically had down payment money
I’m jealous. My gf is a burden and won’t leave.
Why are you saving money when the government is printing it faster than you can think? – Robert Kiyosaki
"Pick your Partner Carefully"
Ez step 1 live with your parents step 2 b single lol