How To Save $10K FAST (Money Saving Tips)
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- čas přidán 15. 06. 2024
- The no BS way to save $10,000, I promise...
Chapters
00:00 The Necessary Skills
00:50 Don't Try To Get Rich Quick
01:47 The Saving Strategy
03:23 Consistency
05:53 Discipline
08:12 Patience
10:42 Sacrifice
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The truth about saving your first $10,000 is that it does not happen quickly. In order to save $10,000, you must have consistency, discipline, patience, and sacrifice. There is no other way around it. In this video, I share my strategy to save money and how to master each one of these skills.
1. The Saving Formula
People over complicate money and think in order to save money, you need a complex, detailed plan; however, saving money is actually very simple. My basic strategy to save money is (1) decide how much money you can see aside each paycheck, (2) separate the money by putting it in a savings account, and (3) continue to do that until you reach $10,000.
2. Mastering Consistency
Many people have trouble being consistent long term to reach a goal because they put unrealistic expectations on themselves. Many people approach goals in extreme ways and when it comes to money many people have trouble saving because they set an unrealistic amount to set aside each month. When wanting to save a large sum of money, many people are over ambitious and end up depriving themselves, which prevents them from being consistent. In order to be consistent with saving to reach $10,000, you must master consistency by being realistic.
3. Mastering Discipline
People often underestimate how much they can save because they live a wasteful life. They lack discipline on their small every day decisions that add up to thousands of dollars. In order to reach $10,000, you must see the importance of watching your small decisions. Each day we make many small decisions and if we focus on making the decisions right, then we can reach $10,000 much quicker. In order to be discipline to reach $10,000, you must master discipline by focusing on every financial decisions you make.
4. Mastering Patience
Get rich quick schemes are so appealing to people because they lack patience in life. And the reason people lack patience in life is because they get so caught up in the big picture. When you focus on the big picture, things seem unattainable; however, the key to having patience in life is by focusing on small wins. Instead of focusing on saving $10,000, if you focus on smaller goals, it will be easier to have patience in your journey. In order to have patience to reach $10,000, you must master patience by focusing on celebrating the small wins.
5. Mastering Sacrifice
The hard truth about saving money is that in order to have a good relationship with your personal finances, it involves sacrificing things in life. Reaching $10,000 involves developing a plan, being frugal, and following through with the plan. You have to do what most people don't want to do to reap the benefits of financial security. A huge part of sacrificing things in life is believing that it will pay off. In order to achieve the goal of $10,000, you must master sacrifice by knowing that your hard will will eventually pay off.
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![How I Saved $80K in Two Years [Saving Tips]](http://i.ytimg.com/vi/w03J9fC9PGU/mqdefault.jpg)
![How I Saved $80K in Two Years [Saving Tips]](/img/tr.png)
What's your weakest skill out of the four? Why?
Patience is definitely mine. I know for a matter of fact I constantly fixate on the bigger picture like you've said, I've caught myself getting frustrated when results don't happen immediately. Will definitely focus on the smaller wins going forward as I think I've done well in the other 3.
Patience/consistency
Sacrifice, then patience.
Sacrifice, because I'm not willing to do it.
Patience, big picture problems for sure.
I think also distancing yourself from toxic people helps reduce spending money
Yes especially family with eating, shopping. Lying addition. Very Toxic run away, block them whatever it takes to keep your money, and your peace of mind. (My sister, daughter sad but true)
@@leannlarue2227 Maybe you can help them see, capitalism is the real problem
@@evasanz3466 your right, we can only give them wisdom and advice but it's up to them if they want to change themselves
@@JD-de5mq They will only call you selfish and cheap.
But you will be good enough to pay the bill afterwards🤦♂️
how do I distance myself from myself? :(
I would say the quickest way to save money is get rid of debt and then use the money that was for debt for saving. Frugal living, investing and minimalism are all my tools to get to my journey. I'm a big fan of Austin, it's nice to watch videos on like minded people!
Nooooo, please continue counting the videos. I love it when you say the number of the video in the outro.
haha, okay.
So do i
I’m on a weight loss journey. It completely aligns with what you are saying. I’m losing weight because I’m making small sustainable changes. It’s not a fast process but I will get there. I’m also in process of challenging myself to save $2500. My 1st goal was $1000, now that I know I can save $1000, I just need to do that 1.5 more times and I’m there.
It’s amazing how health and wealth can be obtained using the same process.
All things are one!
Wonderfull! i wish you all the strength and consistency!
I was also thinking during the video that these points can be applied to health and weight loss!
Interesting you say this because I feel like since I've been on a weight loss health improvement journey that all of the sudden I want to start saving and I never thought about it before. Maybe it was the bad food effects on the brain keeping me from thinking clearly and realistically about finances.
@@preciosaangelbby Yes! They go hand-in-hand. Saving money is cutting back a little bit at a time. Losing weight is also cutting back a little bit at a time. Both saving money and losing weight require one to be aware of what they are spending and what they are eating.
Discipline is part of the other three, as well. If you have discipline, you have most of what you need, in my opinion.
Exactly!
I’m a dietitian and I must say I’m actually leaving the field because of lack of consistency from patients it’s so annoying they want a magic stick same thing as saving money get rich quick, and get fit quick
I'm sure u have reached some people...maybe not all but it only takes a few to be reached
Good video as always. I am saving up for a newer car. Decided a used car loan would easily cost 400 a month, so I started a car savings account. This week I hit 2500! Yes, its a 2 year plan. Saving up now to avoid paying interest later. Need to have a goal, realistic plan and stick with it.
It took five years for our first 10K and now it takes about two and a half years because we have lowered our expenses.
I saved 10k in 5months, despite minimum wage.
becous not paying for rent. for me need two years.
I garantee you didn't do it while paying for rent.
Well said in a world of instant gratification!
Great video once again. Some people with no self control. Self discipline, or into instance gratification spend every penny they make trying to buy happiness. Or get rich quick schemes. My sister, daughter especially. Then want hand outs of more money from me. Cut off toxic people who use you.
Yes, Austin. Nothing beats consistency. Consistency is the best path to achieving financial success and financial discipline is the key to creatjng wealth.
My channel also focus on assisting people secure their financial future.
Great video, Austin.
I hit $10k in early grade school. I had about $30k by the end of high school. This was 1980's dollars. Money is not my weakness, but keep up the good work on these videos.
What did you do in grade school to save 10K ? Just curious. I worked in a fast food restaurant in HS, and saved 2K for a down payment on a new car, and that was in 1978, when minimum wage was maybe $5/hr. 😆
@@debbiewalker273 he got rich parents. its not hard :)))
@@likeris2 I was kinda thinking that may be the case. His allowance $$ must have been waaay more than I got in grade school. I’m pretty sure you’re not allowed to be working a job in grade school. At least not in the U.S., unless he was maybe a child actor.
@Debbie Walker I just didn't buy anything. Birthday and Christmas gifts accumulated. I never really worked much as a kid. Frugality was alway the name of my game.
@@donaldswanson9647I worked at the age of 12 during summers and everyday we had off from school. and only made $200/week, so I probably made $3,000/yr. But I bought my own clothes and bikes with that money. You must of had some $2000-$3000 cash gifts every birthday and Christmas, to get to that point. Likely more if you spend a fraction of it.
Austin, your videos are well thought through and presented in an easy-to-understand way. I really look forward to them- thank you!
This came at the right time. This summer I’ll be starting to save this amount of money. Dividing it to small wins makes it more attainable to do. The fact that you did save that much at a young age at the time is inspiring. If you can do it then I can do it too. Maybe I’ll come back to this video a year later for an update 😅💪🏾👍🏾and so it begins
Thank you for being so upfront and honest. I have been working on doing this for a few years and it works.
Thank you for the bit on consistency
Awesome video bro, thanks👍🏾
i love how realistic your videos are
Great points, especially the part about consistency is being realistic.
Wow, this video really hits the nail on the head when it comes to saving money! The advice about having a realistic plan that emphasizes consistency over deprivation is so important. It's true that saving small amounts consistently is much more effective than sporadically saving large sums.
So true!
@@ElAgustin 🙌🏻 congrats on 50k my friend!
On point video as always, thank you!
I love the way you see life in general, I reckon you're extremely inteligent. These tips can be profitable for all goals in life, not only for saving money. Keep up with your work ❤
Thank you so much for the knowledge.
Excellent vid again Austin, thanks, discipline and patience, the two keys for life even if they are a constant struggle!
Appreciate the effort you put in your videos! Very very helpful and informative 😊 I would say that being patient is the most difficult since it is so hard to keep going when you don't see results quickly.
Thank you, Agustin!
Outstanding, Austin... Thanks!
We are both on social security, with some interest and dividends coming in, and without bills,we save at least a $1:000 per month.
Very useful video. I will put the advice into practice. Thank you
Thank you for the great presentation !!
Great words of wisdom. Thank you so much for sharing.
less than 2 minutes in and i already fwu 👍🏾
Very inspiring video. Thanks.
I love this! Thank you 🙏 I’m going to totally use this advice ❤God bless you 😇
So much simple wisdom in this video. The major takeaway that I keep trying to drum into my kids is that saving £1,000 is the result of 1,000 × £1 decisions and not one big savings event.
I like your honesty!
I love how soft spoken and motivational this guy is and then he hit us with a, “if anyone tells you otherwise they’re full of SHIT!” Lmao 😂
9:20 Focusing on the smaller wins is the perfect advice for me personally. I've had trouble saving money because of being too ambitious at the beginning as you pointed out at 4:00 and then losing steam very quickly. Thank you Agustin for this timely tutorial for saving money through patience and consistency.
Ok, just subbed now) this channel really amazing🗻
Very good video. Thank you.
Saving it is great, I was raised like that. But thats all i was told,. just save it, not what to do with it. So for years, all I did was having it no risk GICs at interest rates that werent keeping up with inflation. So its more than saving, its to be smart with the money you save so it builds.
Love this one
Great video ❤😊
Happy Friday, Mr. Austin Williams! A huge wave from Nova Scotia from your 64-year-old fan.
I really enjoyed this video. This is what I've been doing:
1. I got my bank to automatically take a certain amount from my account each month and purchase units of a mutual fund and it's amazing to see my automatic savings increase month after month. The minimum amount is $50 a month allowable. The bank looks after it all without me doing a thing. Very slowly I earn interest which automatically buys more units of the mutual fund.
Set this up and forget about it.
2. Each evening any penny amount in my chequing account is transferred to another saving account. The amount can be anywhere from .01 to .99. So an average of $15 a month (or almost $200 a year). So simple but so wonderful.
Patience is key. Your videos are wonderful, Mr. Austin Williams.
Thanks, David!
Thank you for this video! Great advice that is applicable to many areas of life. I just graduated with a business degree and am about to start my first “real job” after months of job hunting. I want to make sure that I don’t get blinded and obsessed. Consistency is key 🔑
This really helps
Great video, Austin and really appreciate the honesty.
True man, there was a quote that went something like, he who has patience can acquire all he wants.
Not only is knowledge applied is power but knowledge applied is profit - Jim Kwik
This is excellent 😊.
Austin, I wanted the save 10K fast version ! 😆 You pulled the ‘ol bait & switch, but I know what you mean about the algorithms. Another awesome video, keep up the good work ! 😃
Love it , you should tour colleges
I saved about $10k in about 3 years by setting up a mutual fund. I was paying a solid amount of money per month and then I pulled it out and used it as a down payment for my new car. I had a goal and I made it work. My plan now is to save up money again to keep as an emergency fund and then maybe start a house fund.
Take the ‘maybe’ out of that plan.
Gregory Roberts novels spotted in the background. Great reads.
How many times did he say: " You have to Master -Consistency , -Patience , -Sacrifice , -Discipline.🤣🤣
Mans tells it like it is💯🗣️
You’re right going to extremes is a sure way to completely give up or go to the other extreme from deprivation to overindulgence 😅
Lately I've been focusing on Sacrifice which has always been a challenge for me but I'm finding is also most rewarding. I mull it over in my mind until I can make a firm affirmation about it. The future me will inevitably thank me. Good for moments of weakness.
YES.
Progress report on your 30 day challenge. Midway through, I don't miss the consumerism. It has not been difficult. It doesn't seem like a sacrifice. As a background, I've been on my FIRE journey for 7 and one half years. I have been losing steam in the last 6 mos and have fallen off for a couple of weeks at a time. To admit I'm exhausted would be accurate. This 30 day challenge feels like I'm back on track.
Good video!!
In addition, I would add for those young people who can live with family until you have $50K in savings, doing so will help you get a comfortable start in the next phase of your life. And when it's time to get engaged and marry, make sure its to someone who appreciates the value of money.
Could not have said it better. If u marry a spend thrift , it could be an issue. I have been divorced for 20 yrs and for sure will check this out when I meet someone I wish to marry. I have accumulated a mass of assets and not willing to have some knuckle head come in and mow it down like a tractor.
Bedankt
Thanks!!! You're too kind!
Can happen if no unexpected medocal bills that year😮
It worries me, it really does. Conversation at work today revolved around how colleagues could not afford the final payments on their flashy cars so would either have to give the vehicle back, take out a loan to cover the difference or use the original car as a down payment for another 3 to 5 years of monthly payments for another flashy car in the hope that at the end of the next contract they could afford that final payment. Guess which one they were going for.
My goal this year is to cut our family grocery expense by half. I'm finding it is not that hard (and kind of fun) by focusing intentionally on what I'm buying and avoiding waste. I estimate the savings will be nearly $5000 for the year, and we are not suffering any deprivation on the food front. Gracias por tus videos.
When you were 21, was the minimum wage 8 usd / hour? Omg! I live in Hungary, and the minimum wage is 1350 huf / hour = 3,7 usd / hour! In 2023 August I am so lucky, that at the age of 18 I have a 2000 huf / hour salary = 5.58 usd / hour.
Im happy you had the chance for a higher salary, but im sure that the costs of living in the U.S. are higher.
Step 1. Make more than 10,000 in a year 😂
Greetings from a Mexican living in South America making around 8, 000usd per year haha
Unfortunately yes...
Is this possible for someone in their 60's?
Of course!
That’s how I did it! I started with 500 money challenges did a couple of 1,000 then move to the 5,000 in 100 days this year alone I will be close to the 20,000 and I work a low income job
السلام عليكم HOW ARE YOU
@2:25 that's gonna be my resolution for 2024. saving $100 per month, but it's only possible because my incomes are gonna be increased from $100 per month.
Save my first 10K in 6 months. Take a lot of hard work, back pain😂, sacrifice and patient.
Sacrifice
Saving 10.000 dollars is smart,
Saving 5 Troy Ounce Gold is super smart😊
Im actually Saving (:
This is actually a good plan for becoming a CZcamsr. 😁
I was thinking the same when writing it.
The get-rich-quick concept seems particularly American, though I suspect it transcends national boundaries. People are more susceptible to it in uncertain times, and a lot of people use it here on CZcams to make money at others' expense. I think we're hard-wired as humans to take the easy way (or what seems like it): it saves energy. Not taking the easy way require discipline. There was a famous Stanford University study about delayed gratification in children, the Marshmallow Experiment, that showed that some children were better at self-mastery than others. I think it was also predictive: children who were able to delay gratification had better life outcomes. But self-mastery requires all the things you mention: consistency, discipline, etc. I think of these things like muscles that have to be strengthened over time and then maintained. Clearly this is easier for some than for others, perhaps depending on their upbringing, genetics, early life experiences, who knows? It raises the question of why saving money should require rejecting so many of the messages we receive about money and how to get rich overnight (think state lotteries and legalized gambling). Excellent job as always!
Casinos are always an interesting thing. There's a casino town nearby called Cripple Creek, and it's so weird to drive though because you see all these older people looking stressed out and depressed because they've probably lost so much in the casino. The concept of casinos is weird because it's very clear that you lose, but people still go thinking they'll be the exception.
I suck at patience
You’re right there is no easy fix. Simple what comes in verses what goes out. I follow Ramsey and the debt free scream. If you income is 6 figures paying your debt down is much easier than if you make 50$k You can cut back but you still need it coming in
I can do extream and be consistent. no problem for me. and I do this more then 10 Years. I cut everything: friends, alkohol, smoking, dating, restorans, caffe's, cars, buses. I am walking 10km to job it cost me zero £££. this is how I am saving money. no BS.
Don't stop counting videos
Bro I had to screen record this bihh ASAP this game don’t know how angry I was
Saved 11k in two years with my job 401k match. Idk if I’m on good pace. The rest I put what I can in my S&P stock and Roth IRA
I wish I could quit vaping thc and save all my money 😢 any tips?
a psychologist
5 minutes of pleasure vs hours of regret every time you do it, decide if that five minutes is worth all the regret.
Also, how will you feel 1-5 years from now
👍
Hello 👋
I save all My 2 passive incomes amount yearly ( No touch)
I would love it if you posted your bank account and credit card spending so we can see if you practice what you're preaching.
I wish I had cared earlier. My adult life has been hard and chaotic: 1st Decade was severe trauma, 2nd Decade was complete emotional shut-down from the trauma, 3rd Decade was doing everything wrong, 4th Decade was simplifying, fixing mistakes and crawling out of debt. I'm now nearing 50 and freaking out that I have zero savings and zero plans for when I hit 'retirement' (I'm currently surviving on disability but my benefits decrease when I hit 65). I have 15 years, and I feel it's too late now. Still planning to start a savings but time is clearly not on my side.
Great video but you shouldn’t lie in the title though. I could say I have “10 000 satisfied costumers” on my website to get calls from people interested in my course but if they do call and I say “Nah, that was just me lying to rein you guys in” I’m gonna end up with a pretty ticked off (would be) costumer.
If I save 25 a month it would take me 33 years to save that 10k I’m not sure 🤔 good principles thou always love your vids ✌️👍🏼
Hello 👋
Saving Investing is the only way to success.
10.000 in one year is perfectly possible.
When you made 1st. $5000. Did you live at home?
Right before I graduated high school...so yes.
I work two jobs.and now ,in three mos.i saved 3k ..exited ,wish i will save. Ten k in a year
Jus sell dope folks
I saved 25000 a year
👍🇺🇸
Life is about Saving Investing from your hard money 💰
Why saving 10k is slow.
Make 100 dollars spend 40 dollars on gas. Make 100 dollars Spend 60 dollars on food. Make 100 dollars spend 50 dollars on cell service.
I invest 5% monthly (approximately). My husband's employer invests 6% of his check. I save 5% weekly and put it in Yotta. The rest goes into weekly bills including the mortgage. I set aside $300 aside for that weekly. I pay the mortgage +$100. That $300 is extra. Once every few months I pay an extra $500 on the mortgage. Our one bill is flying down. The schooling debt I tap monthly, as well. I will tell you that money I set aside is growing like weeds. I have an estimate on what we have and it's close to $10,000. My husband's retirement is well over $10,000.😆 His coworkers are struggling with their finances. We aren't. We have a plan.
Congratulations you are doing great. Keep going and you will achieve all you want.
@@TheCelmapThank you. We know we will. My parents always said keep your nose to the grindstone. I suppose that we have.