My Millionaire Payday Routine - How to make £1Mil from a £2k Salary

Legal Disclaimer: Improvements to your credit score are not guaranteed. Missing payments to Loqbox or other credit accounts may harm your score.

TIME STAMPS
SECTION 1. BUDGET - 00:35
01:24 l - The 50:30:20 Rule
04:23 - Tracking Your Budget
04:41 - Debt
06:00 - Growing Your Credit History

SECTION 2. SAVE - 08:20
08:31 - Pre-Savings Check List
08:52 - Pay Off Debt
09:38 - Emergency Fund

SECTION 3. BECOME A
MILLIONAIRE - 10:22
10:24 - Investing
11:52 - Which Platform?
12:34 - Millionaire Calculations
14:02 - Automation

XTILES 50/30/20 TEMPLATE

STEPCHANGE - Free Debt Advice

FREE FINANCIAL RESOURCES

SCRAP THE NOTES E BOOK

OTHER USEFUL VIDEOS
How I manifested my dream life

MY RECIPE BOOK

WHO AM I?
My name is Faye and I’m a Doctor working in the UK

MY EQUIPMENT

(affiliate links so I do make a % commission but it doesn’t cost you any extra)

WANT TO BE FRIENDS?
@fayebate - instagram

GET IN TOUCH?

Disclaimers: Opinions expressed are mine and not representative of any organisations I am associated with

[Mark-gfyw]

A good analogy that sums up how you should handle your finances is ‘there’s no point having a £10, 000 watch, if it is telling you when you need to be at work, or when your rent is due’

[RM-vzly]

I got a credit card years ago and got myself in debt, it’s only now years later I’m finally saving £1k a month and OUT of debt! It is the best feeling I can ever explain!! I spent many years ignoring my finances, so glad I got my head out of the sand and took my finances head on - great video thanks

[RobertReece-xp]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[anaymakan]

I'm a student, what really helped was opening a Monzo/ Starling/ Chase account. Really helped tracking spendings weekly and monthly while being able to move money aside for the 50:30:20 rule. Most people see the money from SFE come into their bank account. Think they're rich, lavish luxuries for 2 weeks then realise this money's got to last them for the term. Not saying don't enjoy your money but know what your in's and out's are first then determine if you can or cannot.

[Zero-Investing]

You might have a 2k salary, but you earn another 5k+ a month from YT, endorsements, and other income.

[xCiaraLouisexx]

The quality of your videos are now insane!! How you do this on top of working full time will always amaze me

[davidwhitton]

Me and my wife started like this many years ago long before all these finance channels were a thing. The advice is sound, we started at 60 20 20, after years of doing so we are now in a 20% living coste 10% spending money 70% saving investing. The first few years are tough as you dont seem to get very far, after about 8 years things start trucking along, now the investment side is flying and the compound intreast really starts coming in to play. The key is consistency, after a while it becomes easy. Anybody on this journey should never give up because it will be worth it in the end. Keep going.

[BabzTheGenie]

I literally prayed last night to become a better planner and finances is something I really want and need to get on top of…Well here’s my angel. Thank you so much for this information it’s priceless

[NurseMoneyGrowWealth]

I used the debt snowball method and finally debt free. 🎉 On my way to a million networth as a single mum. It can be done. 👏

[MuchDoAboutMillie]

I take my fun money out of my bank account as cash on payday, stops online shopping because you can’t pay cash online and adds an extra step of inconvenience to spending!

[MissSeaworld]

Don't think I know one single person who only spend 50% of their salary on needs. That's crazy. 60-70% at least, some 80%.

[Annaa.C]

Why is no one else discussing Girl Boss Hustle: Earn 10k from Home? If you want to change your financial game, this is the key

[brightside]

I’ve watched this a few times and honestly think it’s one of the best videos I’ve seen. Thank you Faye

[rebecca]

Literally need this video. I'm so depressed about losing my money so thank you faye! ❤

[berfinozgur]

Can’t wait for your buying flat in London video!! 💜

[kbaakash]

That's exactly what i do with my salary. But just a bit more aggressive here, being a budding engineer, I try to maximize my savings by doing a bit of overtime and reducing running expenses. Thereby, trying to maximize my monthly investment money. Since you're younger, go do a bit of research about analyzing companies, find good sectors, and build a portfolio of 50% index funds, and rest are safe bets in good companies for the next decade. I think this way you can reach your 100k within 5 years if you put at least a 1000 aside each month, and add more whenever the pay is higher.
Another thing that saves most money for me is cutting down on my commute expenses, I've got an ebike that i use to commute. Got it for 700, it's been a year, it's free for me now to use that, because I'd have paid north of 1300 by this time commuting if i didn't have the bike. So make smart sacrifices like this to keep expenses lower. Good luck investing, y'all.

[kierreshelton]

I actually watched the full video and it’s very informing. Never seen you before but I’ve liked and subscribed also. Was nice to see that YouTubers do actually have normal salaries. I think thats what drew me in.

[BDAKs]

If you’re investing in the S&P500, I wouldn’t say you should be prepared to lose all your money. If that went down to zero then we’ve got bigger problems on our hands than money 😂

[RobbieNixon-dw]

I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?

[KraaAZzzyy]

This advice is good for a person who is single. Not when you have kids and work as majority of the money goes to childcare. Childcare is very expensive if you are working. The system in the UK and the government is broken. Childcare should be free if you are working and giving back to the government with paying tax.