Video není dostupné.
Omlouváme se.
How to Make Your First $10K In Net Worth (Step by Step)
Vložit
- čas přidán 14. 08. 2024
- Being under a $10k net worth can be a tough hole to get out of. Luckily, there are a few habits you can build and things you can do to slowly grow that net worth to have more of your money work for you. In this video, we go through 4 steps to moving beyond a $10k net worth that anyone can do!
FREE STOCKS:
🏆 Webull Deposit a Minimum of $500 and Get a Guaranteed $50 Free Stock: www.webull.com...
🏆 Webull UK: www.webull-uk....
💸 SoFi Checking & Savings: sofi.com/humphrey Get up to 4.40% APY, pay no account fees and earn $250 when you sign up and set up direct deposit. Terms apply.
👾 Join our free Discord Community: / discord
RESOURCES:
💵 Free Templates: beacons.ai/hum...
🐪 Hump Days Newsletter ➭ humpdays.subst...
▶️ See What I Invest In ➭ / humphreytalks
💳 My Favorite Credit Cards ➭ cardonomics.co...
👾 Discord Community: / discord
MY SOCIALS:
Secret Channel -- / @hug
Instagram -- / humphreytalks
Twitter -- / humphreytalks
TikTok -- / humphreytalks
Rickie (Editor) ➭ x.com/coldgame...
WHO AM I?
Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!
⏱️ Timestamps:
0:00 - Start Here
0:23 - Know Wher Your Money Goes
4:01 - Invest in Yourself
6:12 - Establish an Emergency Fund
8:28 - Eliminate High Interest Rate Debt
9:53 - Tips on Getting to $10k Faster
Thanks for watching this video guys! It's a new type of series...next video in this series will be steps to hit $50K in net worth so make sure you are subbed and tick the bell bro/broettes...TICK IT
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to my FA, my portolio is doing really great and im proud of the decisions i made last year.
Nice. People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.
Kristin Amber Landis is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
I wish to diversify my assets by investing in ETFs/index funds and stocks of corporations with stable cash flows. I received $400k from the selling of my condo in Mansfield. Do I need some sort of asset manager to achieve this?
Remember that investing in the market carries risks, and it’s important to do your own research and consult with a financial advisor before making any investment decisions.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 275 cash earning 5.25 interest, 685k in 401k, 120k cash account, 80k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed shortly.
I've been getting suggestions to use a market expert too, but where and how to find one has been challenging, Can i reach out to the one you use?
Sure, the popular Aileen Gertrude Tippy is the licensed advisor I use. Just research the name. You’d find necessary details on the web to set up an appointment..
Thank you for sharing, I must say, Aileen appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.
It's too bad most people didn't have these personal finance resources so easily accessible 20 years ago.
right! hopefully they do now
Ramsey has been on the air for 30 years
@@alexpietsch7997 IMO Ramsey is not NEARLY as realistic and helpful as Humphrey.. My personal finance class in High School taught the 'Ramsey method' and the only takeaway I can ever remember from him was to 'save up and pay in cash' like he did to get where he is.. That is not helpful or realistic considering the costs of college, housing, auto market, and cost of living as a whole has increased exponentially since then - Especially in comparison to wage growth throughout the same time.
That being said I've learned more from watching @humphrey over the course of one year than any personal finance I was taught in college and high school combined
@@alexpietsch7997Ramsey isn’t good financial advice imo, at least I personally don’t agree with a lot of his statements
The library?
I think you should always know where your money goes no matter how much money you have.
yep!
10k is the easy one (unless you’re in debt) 100k is the tough one
This series is going to be extremely helpful. I’m about to pay off all of my student debt and then plan on aggressively building my “nest”.
My wife and i figured out we increased our net worth by 100k in 4 years.
We went from -81k in 2020 to 26k last month.
40k of which was selling a condo and transitioning to renting in our long term town of residence.
Im really proud of the overtime and strict budget that built the other 60k, especially considering we had 2 kids in that timeframe
I am 29 and am at 70k I am saving aggressively to hit the 100k milestone
Same to myself.. although I'm 2 years younger
If you don’t mind me asking, did you have any student loans?
Im 29 and i have 3k saved, only really started 2 months ago. Wish i started sooner.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
Their
...services are very genius and experienced in the market for over a decade and counting, they changed my life from a poor plumber to a better and middle class family man with 2kids.
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
The fact is $10k is not life-changing by any means but what it does is shift your mentality. Saving $10k is easy at any salary level when you learn it. First 10k might be hard but once you learn it, the next one could be half or less than half the time.
You're a trailblazer in your field! 🚀 - "The only thing that stands between you and your goal is the story you keep telling yourself about why you can't achieve it.."
Thank you, Humphrey! Looking forward to the next video 😊
I increased my savings rate to over 50% with a $63k salary just by tracking expenses and carefully deciding how I wanted to spend. Now I have saved enough to quit my job and take some time to build my own channel. Cannot stress enough how much tracking income and expenses and being intentional with spending is LIFE CHANGING! Great video Humphrey! No shock there ;)
liking this new series idea! looking forward to seeing how strategy changes as you go up and up. thanks humphrey!
More to come!
You are doing a great service by educating young folks. These concepts are sadly missing from the modern zeitgeist.
Great information!!
you're the man Humph!
I have never invested and am only vaguely familiar with the idea, I have zero debt, 24k in cash in the bank, and I save around 1k per month. I am aware that currently my money is losing value but idk what to do with it.
I saw you walking in J town today but I was too embarrassed to say hello! lol thank you for all your videos they've helped me a lot. Didn't know you were local to me!
I feel like I'm the opposite with cash, where as I can't spend it fast enough and with my credit cards I actually think about the purchase first 😅.
One thing I'll add about 401ks and high yield savings accounts is the key is to automate and put that money as far away from you as possible. If you find yourself still living comfortably without that money, ratchet it up slowly. This may drive your HR dept at work insane but 🤷. I made changes like 10 times last year before I found my comfort zone where I was saving a decent amount and still had enough going to my primary checking for my needs.
Great info, even better golf swing!
Thanks 👍 hahah
Thanks for the content !
Really sucks that these comment sections are filled with bot comment's promoting financial advisors/ mentors. Can never find useful information down here. 😔
Can you do a video on 100K net worth ?
$50K is next
Then $100 or 250k
@@humphreyneed this video, so I will appreciate it greatly :)
@@humphrey let's go !
What are your thoughts on CDs like the 360 from capital one?
The library is amazing. I live in a small city and even our library has so many resources. I was debating on buying a new printer to use for printing order records for my side hustle. Instead of paying $100 for a printer and $10 on paper i can Instead use the library to print over 500 orders! I do about 10 sales a month. So I'm in the black for another 4 years!😂
In canada many in the public are pushing fir highschools to teach finance courses that are mandatory
Move back into your parents' place. Saves thousands per month.
yep - 300K NW by doing this for me. This is the real answer.
Yeah, if your parents consent.
I know folks who have a 3 or 6 bedroom homes & rent out the additional ones they're not using. It's a win-win situation because renters' money goes towards mortgage, and not some corporate coffers, while things stay fixed because your home is the landlord's personal home, too. Plus the rent is usually exponentially lower than apts or other properties that focus almost exclusively on profits. It's not Mom's spaghetti, but there's a chance _they_ have a mom who might consider you when they bring over or come over and cook their own spaghetti. 😄
TLDR: I feel like the biggest problem is the Lack Of Budgeting, which causes the High Monthly Bills.
Personally, I am a firm believer that many people are not doing well financially because of spending habits.
Humphrey, I feel like many people I know live an inflated lifestyle.
Based on the data, "High Monthly Bills" make up 49.43% of the reason why respondents are living pay check to paycheck.
Wouldn't you say that many people may have found themselves at a "Lack of Budget and Financial Planning" by signing themselves up for the "High Monthly Bills"?
Example: How necessary was it to take on that $600 car payment to gets one back and forth from the job they work at? Did one HAVE to sign themselves up for that expensive monthly car bill or wouldn't it have been more wise to buy a cheaper, slightly-more aged vehicle that fits better in the monthly budget?
I understand that in America, we are in the Land of the Free, I am a big fan in indulging in whatever you find valuable. This being said, if you value cars and you want to spend $800 a month for a car payment, go right ahead! But be weary of how much of your monthly income you will be spending on it, and shift your financial priorities to make it work!
What do you all think? Humphrey?
My net worth ballooned from 2019-2021 then is sliding down ever since. It might be the 1100 Nio shares.
The stock market has totally taken off. You should have gained a lot since then... you gotta get diversified.
Does the rate change over time in a high yield savings account, like it does in a money market account?
Yes. My Capital One account has dropped 0.1% since I started a year or two ago.
i know exactly where my money is going.. and there's nothing i can do about it..
I am 26 and live in a post USSR country and have a net worth of 60k$.
I have been saving up since 21, even though my salary was 5k$ a year. It has increased a lot in the past 5 years, with serveral promotions and new jobs.
I have 2 jobs now and I am netting 32k$ a year.
Have a fully paid off car and I am planning on paying off my mortgage by the time I am 27!
You can do it guys!
Perfect video, thank you so much.
For those who live in USA, the Apple saving account has also a 4.40% APY. It is very nice and easy to used directly in your Iphone.
Is the emergency fund included in the networth?
Humphrey should your first $10k be mostly liquid like savings accounts. Then the rest should be retirement and investments?
Orr.... you could set your paycheck to deposit a percentage from your employer straight into your high yield account, then put the rest into your main checking account. That way, it's just like the 401k where you can't worry about it because it's preset.
Can you make videos based on pensions?
Where do u keep your 30% cash at? High yield savings account?
Just got terminated from my job, back to square one it seems
I'm sorry....... I feel this I had so many friends that got laid off.... its so scary; I wish you luck!
Yea I wish you luck. Don't give up!
That's where having an emergency fund of 6 months of expenses would've been a smart move
@@willmahan4161 yah, this job would’ve got me there half the time but I guess not
Hi, are we talking about 10k in savings (actual money) or networth? We are in debt, not much saved, but our apartment pushes the networth on the plus side.
Side hustle to make an extra $25 a month. When it's raining, go to Aldi and return the carts people leave out. Keep the quarters. BOOM
What about if I wanted to pay bills for two months straight basically double paying
There are some local businesses I shop, and they actually give me and anyone for that matter a discount for paying in cash.....Imagine that lol
@HumphreyYang8 where we going?
Humphrey i’m 18 years old have about 11k invested i save most of my paycheck (out of 1000 a week i save 850) i need help tracking my expenses, making more money, and the emotional and psychological part of money
I feel like I’ve watch this video 100 times by now
that means youre killing it
...and most high yield savings accounts ONLY allow about 6 withdrawals per year to help you NOT touch it and let your emergency savings grow!
It was no more than 6 per month by law (not bank rules). But now banks can make certain expections depending on their company policy.
I disagree in paying in cash. We can get cashback from our monthly bills, groceries and the rent
Now do 100k pls
U got it?
Ope my net worth is 11k, not watching the vid anymore…
Jk love your videos!
Legend! Lol
Wtf. median household income is like $70k, people are only saving $2500 per year?? Wow
I cant believe how is it possible for a US person not to have moer than 10k saved
If you can do all these side Hustle, then you're no longer a low income earlier.
avoid low income... got it lol simple as that
👀
Why don't you delete these spam bot comments on your videos? So annoying
bro, we try, but they keep popping up
First
woohoo
I am 33 years old and save 10% of my income into cash and 40-50% to my individual brokerage. I max out my 401k and Roth IRA each year as well. It takes alot of discipline to achive money goals.
Woo 2hr mark!
Could you ever do a video on credit unions? I live in a very large US city and we have many credit unions. People keep telling me how good they are for credit cards and even mortgages, but I'd love to get your opinion first!
@pussin boots gem 💎
okay..
@@humphrey 😂