How I Saved $250k for a House Deposit by 27! - (1 Million Dollar House)
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- čas přidán 21. 08. 2024
- I did a few simple things to save $250k for a $1M house deposit by 27 and you can do them too!
The biggest two keys to saving a house deposit quickly, even on a million dollar home is increasing your SAVINGS + YOUR EARNINGS
From a very young age I saved as much as I could until I realized that it wasn't enough, I had to earn more money too. So in this video I go through all of the things I did through my years to save more and most importantly, earn more...VERY easily! And you can do it too...
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Disclaimer:
The information in this video is general information only and should not be taken as constituting professional advice.
I am not a financial adviser and you should seek independent, licensed, financial advice to make sure the actions you plan to take suit your individual circumstances.
I am not responsible for the financial decisions that you make, only you are
This is goals man! 🔥 great work 👌🏼
💪🏼 Hopefully some inspiration for everyone...there’s nothing special about me
You have so much potential to become an outstanding CZcamsr. It's been a while since we heard from you, my man!! Excellent editing skills and I love the way you present the content. 🔥
Thanks so much Jacob! Yeah, CZcams is tough and I’ve needed a break. I really appreciate the kind words and I’ll be back at some stage for sure with some more videos!
@@dansplained42 🙏🔥 Looking forward to it!
Great advice Dan. Short term pain for long term gain
100%
Your parents are very wise people... But you are the smart one for listening and learning from their life experience. Well done. Great advice and another excellent video 👍
It’s always best to listen to people who have achieved what you are setting out to achieve! Thanks for the comment
More sage advice. You the man Dan!
Studies show that 99% of Dan’s are not actually ‘the man’ (Dan The Man et al 2020)😉😂
Interested in your take on debt recycling?? or do you think it is worth investing excess cash into other investments (index funds) while interest rates are so low
If you can afford a house and have enough built up equity, while interest rates are so low it is a great way to build your wealth faster. However, I like this only for safe investments (relatively safe compared to individual stocks) like index funds. If interest rates go up significantly, this strategy becomes less appealing. As long as you believe that the investments will outperform bank interest rates, it’s a winner
Awesome very impressive
What kind of jobs did you do if you don't mind me asking? I'm 17 and looking for one in the UK but it's really hard. Did you have a good education?
Hi mate, great to hear you are taking control and chasing that dream. I worked in child care when I turned 18, I worked in retail for a year (both mentioned in the video) and when I turned 21 (after University) I started working full time in sales. I still do that now. When I was 17, I did lots of side jobs to grow my money faster and faster and invested it. Things like mowing lawns, washing cars and any off jobs I could think of. And yes, I was lucky to have a great education, but that didn’t compare to what I learned from my parents about finance. Read good books on finance and that will teach you the difference between how the average person and the wealthy person think. THAT will change your life. Start with Rich Dad, Poor Dad. You don’t need a lot of money to make a lot of money. And when you do eventually find a job, that’s gonna make getting wealthy even easier if you do the right things with your money. Long answer, but I really hope it helps!
@@dansplained42 thank you man! Got any book suggestions?
Start with Rich Dad, Poor Dad for sure! It will help you understand how the poor think, how the middle class think and how the wealthy/rich think. It is verrrry easy to read and understand and could change the whole game for you. I read it in one day - I’d say you could have it read in 1-2 days...pretty worthwhile investment in your future if you ask me 👌🏼
@@dansplained42 thanks for the help bro
No worries bro, make sure you check in when you land yourself a job man so I can hear that you’re kicking butt!
So you withdraw money from your index funds by selling off and depositing for house.. doesnt that defeat purpose of investing in stock market
Not if your goal is to buy a house. I still continue investing every 2 weeks into the market
@@dansplained42 understood.. like you said better than what bank accounts are offering. You would have to sell portions of you etf investment or dividends either reinvested or left aside to make up 250k. And you pretty much lose your cost basis after selling portion.
@@dansplained42 but well done in saving 250k.. I never had the guts to go ask my boss for payrise.. specially during covid many businesses r struggling, asking for that will be tough ask.. I do like the idea of side hustle.. keep up great content..
Next couple weeks going to be interesting in the stock market.
Some possible topic future,
Percentage portfolio weights invested
Low cost value and small cap etfs
Emerging market etfs
Thanks for the feedback mate. And there is nothing wrong with selling stock to use the money for another purpose. Otherwise, what’s the point of investing? Especially if you use the money for another investment
Did you say your parents paid for your house? So no rent or mortgage while you worked 2 jobs?
No, I didn’t say that. I said they cut me off at 18, which forced me to go and work hard to earn some money