HOW TO SAVE YOUR FIRST $100K 💸 without missing out on life!
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- čas přidán 27. 07. 2024
- Friends,
✨ After making my Net Worth video, I wanted to breakdown my easy steps to getting to your first $100,000 without needing to be super frugal or restrictive with money. I am super passionate about using psychology to make sure you can achieve this goal as easily as possible. I hope you enjoy the video!
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✨Time Stamps:
00:00 - Intro
03:46 - Tip 1: Mindset Shift
05:54 - Tip 2: Understanding compound interest
09:18 - Tip 3: Pay off high interest debt
12:34 - Tip 4: Keep fixed costs low
14:36 - Tip 5: Face your numbers & budget
16:27 - Tip 6: Automate
18:04 - Tip 7: Build trust in yourself
20:12 - Tip 8: Invest extra money
21:12 - Tip 9: Consider large purchases
22:50 - Tip 10: Use tax advantage accounts
23:44 - Tip 11: Make more money
27:01 - Tip 12: Have Fun
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I am 27 and I have an extremely low income from a casual job while I’m finishing my studies. Most of my wage goes to childcare expenses.I manage to invest $65 per month which is certainly better than nothing. I am due to graduate this time next year and my income will just about triple. It’s a short term struggle for long term benefit. Thank you for being realistic. While money is important, we need to LIVE as well.
Wow Stella! Thats amazing you are still prioritizing investing while paying childcare and studying. Definitely, the short term struggle will all be worth it. 💕
We’re so proud of you Stella ❤❤❤❤
I think you're doing excellent. No worries, you're definitely gonna make it. 👍🏻 You're still very young. When I was 27, I didn't make a lot of money either. That's quite normal.
For me, the first 15-20k were the hardest…It really took hard work to develop the right mindset and habits in order to build the saving and investing “muscles”. Then on to 100k took the most TIME, but it was easier, if that makes sense. From 100k to 250k even easier because it starts to feel like you have a “partner” that’s helping you. I’m 30 now and my NW is just over 700k. I can definitely say that from 250k to 700k has felt pretty much like on autopilot!
So great to hear it just keeps getting easier!! I totally agree, the worst is that first bit where you feel like you'll never make it to 100K! Congrats on your success!!
How long did it take you? and how exactly was 250k to 700k autopilot?
I started saving and investing since I was 22, I was fortunate enough to have found a great paying job right out of college and always tried saving around 30-40% of my pay. That plus the appreciation of my home I purchased in 2021, which makes up about 150k of my total nw . The remaining balance is comprised of my retirement accounts, savings, vehicle, individual brokerage acct, etc
But to answer your question on autopilot, I was already used to living on about 60% of my pay so just continuing to do that + my house’s appreciation and my investments’s growth has just done it on its own
@@VBoo459watch the CZcams channel ‘Passive income investing’ you will have an idea how compound interest work.
I can’t until I’m at 100k net worth 🥲 growing up low income (like 20k annually) so seeing the numbers I do-this is so crazy to me. Sometimes I want to self-sabotage because it’s so foreign to me and feels unreal, but I know I need to bite my tongue and push through. It’s soooo close. I think I’ll reach it by October!
Wow congrats Lynn! That is very honest! I understand the self sabatage mentality. Keep crushing it! I am so excited for you!
You're smart, I was a financial idiot in my 20s. Now I'm 30, and only this year did I learn to save even though I've had a high salary for the last 5 years. Silly me. I feel behind lol. My goal is hopefully to have saved £100k (128kUSD) in 4 years! I'm starting a No Buy in August, wish me luck please!
Thank you for your comment! There’s always time to turn things around, and you are still very young in the grand scheme of life! Lots of time to catch up. Wishing you all the best on your journey to 100k!
I can relate. I wish I knew about investing in my 20s, but I was never taught about it, despite obtaining two Bachelor’s Degrees! What is wrong with our education system? I just started investing at age 30 and the way I look at it is better late than never.
You're not alone dear..🤝 am here.. I was stupid even in my 30s also 😢now in late 30s my eyes opened.. So..its ok..
I’m same like you at 36 started investing for us folks in 30’s we must invest more than saving. The compound interest work wonders.
Currently sitting at 98k, savings/ investment. Started investing in 2019.I was 33yo only small amount coz I wasn’t working. I was receiving government assistance as single parent /carer to my son whilst pursuing tertiary education.Finished university in 2021 and started workin but only average salary. I’m so excited to reach 100k..
The first 100k is the hardest. Finding the perfect balance is so important :) Your videos are so insightful ☺
I so agree!! Feels like such a long haul. Yes exactly, balance is so key to getting there sustainably! Thank you so much 💕🫶🏼
100k seems impossible but I’m out here grinding !! Watching your vids while working OT rn, thank you for continuing to inspire me!
Ahh I know! It feels insurmountable at first, but keep trekking on! It will get easier and easier as you approach. So glad I could be of some help 🫶🏼
It is not impossible at all. Just make habit of saving and investing. I’m not there yet..but getting close. I’m on a low income /works part time and before that.I was only on government assistance . We can do it..
Thank you so much for this video. I'm in my 20s and am struggling to find a balance between living frugal and enjoying my young life without many strings attached. I loved seeing this video as it helped me hearing a different voice in this.
The last 1-2min or so are CRITICAL! I hope ppl were really listening. Great tips here, thanks Gabby!💕
Thanks Symmone! I agree :) I appreciate the comment!
3:27 good for you girl and thank you so much for your transparency! 😊 I’m starting at ~$43,900 gross ($21/hr) out of college. I made the mistake of not negotiating, next time! ❤❤
Great video! Those are all such important tips. 😊 I think the "start early" and "automate" points are especially important! Looking forward to your next video. 💕
So true!! Even if you dont have much to contribute it still makes a huge impact with time. Thanks girl!! 💕
Thank you for this! Im trying to figure out how to grow my money and i also have no debt! So yhis was super motivational and i think you should make a video about investing, if you dont already have 1! New sub here lol.
I just want to say thank you so much for helping me get my priorities straight when it comes to finance. Ever since i started watching your videos i stopped wasting money like its free lol everything you advise is also sooooo good!!!!
Aw thats so nice to hear Gracie!! Thats amazing! Keep up the great work, I am cheering you on!
I am 24 and started to study again so I am Not able to work that much. This motivated me to Save every bit that I can !
@@juliaraatz6229 soon you’ll have more income to work with, but it’s great your motivated to save even when you don’t have the income
That was really motivating. I got through different times in life. Sometimes I had more and sometimes I had less. But the most important thing is that I used my budget plan since I was 15 years old and I always know until this day if I can afford something or not.
So glad to hear it! Yes that is so true, life moves in waves. That’s so cool to hear you’ve been budgeting for so long!!
Just barely finish the intro and you made feel so motivated 🤓 ready to take some notes now
Aw that is so great to hear! I hope you enjoyed 🙏🏻
thank you for this! these are such digestible and easy to follow tips! im half way there at 31, so fingers crossed for a quick jump to 100k 😮💨🥳
You are so welcome! And thank you for your comment. You've got this! I am hoping for a quick 100K for you!!
17:45 So true about automated investing tricks you into thinking you make less!! Normally I'd have $700 a week coming in and after investing it's $550 a week. It's much easier when the choice is made for you so we're not tempted to buy things we don't need
Totally agree!! It's such a great trick for battling lifestyle inflation. And you get used to the lower amount! Thanks for the comment 💕
lotta great points! great video gabby
Thank you!! Glad you found the video helpful :)
It's been amazingly helpful! 🙏
As a 24 year old, December 2023 college graduate, I really needed this video. Thank you so much!
Love your videos! Also it really is crazy how fast investment growth is after hitting 100k compared to beforehand! Similar to you I'm 30 and it took me about 4 years to hit that number. Since then its nearly doubled in just over a year! People need to keep grinding because it really does get easier.
Also I like that you include the psychology of dealing with money as well and not just the numbers. Its so important to build up good habits!
Thank you so much! 🙏🏻 So crazy how fast things pick up from $100k! I always thought people were over exaggerating but it is so true. And thank you, I completely agree. It's all about building habits and routines!
With considering large purchases I use the 24 hour rule it helps with impulse purchases. Shit helps
Great tips, love watching your videos!🥰
Thank you!! So nice to hear you are enjoying my videos 🩵
Gabby, your segment on wanting to live on your own but realizing that that is just not going to be a reality in a HCOL area. I am outside Toronto and would love to have an apartment completely to myself, but I am coming to the realization that that will not be possible if I still want to save and invest at least 30% of my income. Your experience has given me some relief in knowing that I am not the only one in this situation.
Hi Olivia! I’m so glad that resonated with you! Toronto seems to be in the same boat as us over here in Vancouver. I totally feel you! And I’m actually so happy with my decision to forgo living alone. Would I have liked to do both ideally, yes. But I’m happy I chose the financial security path.
love this video, you said and explained everything very clearly
Thank you!! So glad it was helpful!
@@GabbyPeterson17absolutely
I just discovered you! And I love it! Great to watch someone who lives in the same city as me 🩵 can't wait to watch your other videos! Happy summer ☀️
I have a tax-free account that was at $96K in Jan 2023. I just checked this morning and it's at $170k! I've only made $14k in contributions ($7k/year which is a max room for the account) so the rest is just growth.
That’s so cool!! That’s amazing growth! Crazy how fast things pick up at that 100k mark! Congrats 🎉
Is there a reason why you chose traditional instead of Roth ?
@@MissTopDJ007 The TFSA is kinda like Roth. You contribute after tax dollars.
Beautiful hair. 💕💕
Thank you so much!! 💕
I paid off my student loan debt and never felt happier. I didn’t want to rely on politics because you never know who could be elected.
I also worked a lot in my teens and invested my first 10k before college. Definitely working towards 100k. Thank you so much for the video, it really helps.
moving from a 3br suburban place that we rent to our condo in the city. ❤
Investing in this channel at 4.7k subscribers. Very undervalued!
I’m a brain injury survivor 2011 from a long boarding/ snowboarding incident (wear a helmet), started from the bottom now I’m here, now I’m 30 and it’s time where I focus on myself and love all your videos! Can you please send us all your favorite apps on computer/phone please? Thanks for everything you do and this is only the beginning! ❤ #disabilitypride #s/otoallstrokesurvivors #weareone #positivevibes #loveispurpose
Wow! I can’t imagine what that must be like, I am glad to hear you are on the come up after healing. Wishing you all the best 💕
20:02 casually acknowledging/pointing out how jacked the US healthcare system is.
Hey Gabby! Your videos are not only informative, but engaging and encouraging, I appreciate how you explained each step! I’m re-inspired to continue building net worth in my late twenties, while balancing value categories. One question I had (sorry if I missed this), does your first 100k include retirement accounts or is it just an individual brokerage you can access before retirement age? Thank you❤
100k in total investable assets
Hi Alexis! Thank you so much for your comment, that is so great to hear. Glad you are reinspired on your net worth journey! Yes any investment at all is definitely included, I also included my emergency and sinking funds in my total! So around 70-80k was investments and the rest savings!
Hi Gabby, can you make a video about tax advantage accounts ?? I need more details. 🌼
Do you have any suggestions on tax deferred accounts? Thank you for the video! My first time finding your channel ❤
Hi! It will depend on your country, I would do some basic googling on what tax free or tax advantaged accounts are available to you
Everyone’s saying invest I need a step by step how to and into what companies 😭😭
Totally fair! I recommend finding low cost index funds that target indexes like the S&P or target retirement index funds ( google target date index funds for the year you plan on retiring) and start there! These will grow with the general economy and are low cost to you! I am also not a financial advisor though so take this with a grain of salt ☺️
Where do you put your investment per month?
My problem is knowing WHERE to invest. Do I hire a financial advisor? Any advice? Recommendation on a high yield savings account?
I want my own home too but ummm I live in California 😂😂😂 so maybe I should stay put with my mom as long as I can.
Hey Gabby , really nice video ! I was wondering if I could help you with more Quality Editing in your videos and also make a highly engaging Thumbnail and also help you with the overall youtube strategy and growth ! Pls let me know what you think ?
Hi u said 92000$ in cad or was it usd also either way great content 👍 keep it up
Hi! I am in Canada so all will be in CAD! Thank you for your comment :)
I am 29 and achieved my first 100k 2 years ago and I will achieve 200k this year, it took 10 years to achieve 100k and 2 years and half to achieve 200k 🎉
@@ingridrodriguespereira1534 that’s amazing!!! Congrats on your success. Crazy how fast it doubles 👀
With the interest earned, are yourl paying tax on that which slows down the growth
Yes I would need to pay tax on gains but only in a non-reg account or other account that is taxed. My tax free account will be un-taxed
Ramit sethi really changed my psychology with money
Completely agree! He has it figured out. I love his thoughts on personal finance
How do I start ? Download fidelity and open a Roth IRA? I have 1000 I can invest now
Could you please list an amazon affiliate link with the microphone you use? Would love to purchase this for myself and support you via commission. Thank you! :)
Hi Avery! Apologies on the delay. Yes of course here is the link. I have the DJI Mic 2's!
amzn.to/4bImqxt
i make $300 a week 😂 but i don’t have any bills should i invest 100% of my income or make more money first
I think it’s always a great time to invest! You could split your income up into, investments, savings and if you wanted some money for personal spending/ enjoyment. But if you wanted to be a financial wizard you could invest it all
Hi.
Hi! 👋🏼
I always hear to invest your money. And you said stocks but I do not understand that at all. It’s scary and I don’t know where to start
I have a How to Invest video that may help clear up some questions! If you go to my finance playlist you can find it there 💕
@@GabbyPeterson17 thanks so much! Brand new to your channel, already love ❤️
What no intro?
Just a mini one today!
@@GabbyPeterson17fair enough, it’s clear you put a lot of work into the intros and j quite enjoy them
Coming from a poor background... you have no idea getting a job that is NOT Minimum wage means..the fact that you say you started at 50k is mind blowing....thats considered rich already! Im over here just trying go save 10k this year... unfortunately life happens.. so 6k this year.
@@syang1390 completely understand! We’re all going to have different launching points. And the lower the income the harder it is to have that extra buffer to save and invest, so congrats for saving $6k! That’s incredible
Yeah, sounds like someone makes plenty compared to expenses.... Don't understand why people don't understand can't have money and save money so there is really no way to save 100K and not miss out of stuff.... The money to do stuff can't also be saved!!! WTF THAT SOUNDS LIKE CR*P TO ME!!!!!!
30s is still young, just so you know lol
Super insightful video Gabby, thanks for sharing!! You have really inspired me to invest. I love to save, but now it’s time to shift the mindset and not be so scared of investing lol. Automated investing was exactly what I needed, it’s set up and I’m on month 3! 🫶🏼🫶🏼
Thank you so much Kate! That is so cool to hear, I am glad you took that first step towards investing more! Its a scary shift from saving to investing, but definitely worth it 💕
@@GabbyPeterson17 Thank you Gabby! Feeling inspired to keep up with my investing goals and work out a plan to still save but find a good balance between the two 💕
I love this video! I’m a little more than halfway to 100k in my investment accounts!
P.s How old are you? 🫶🏻💕
Thanks Amanda! Congrats on being halfway, the worst is behind you!! I am 29!