Saving Your First $10K Challenge Step By Step

I wish I knew along time ago, but the best to learn is not by going through things its by learning from other peoples mistakes. I saved 10k for the first time when I was in college on minimum wage and it took me about 6 months, it took me than 2 months to spend it all trash. I tell you I know what happens when you save without a purpose; I don’t doubt you’ll complete this challenge but it's important you know what to do after the challenge .

Don’t spend this money on sneakers, vacations, plastic surgery or new teeth or something like that. Use this money to level up, pay off debt, save for emergencies and start investing or save for a down payment on a home. I recommend you do one by one in that order.

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1. Why 10k

-10k is hard but it's not impossible

-And to be honest the amount of money doesn’t matter

-This money is not going to change your life, what is going to change your mind is what you have to do to get it, keep it and multiply it ( it’s the habits that you are going to build )



Personal Story:

-The first time it took me 6 months but the second time it took me very little time

-And today i can save 10k without working for it, because my passive income pays enough to make it

-That’s what's life changing



Ps. The average person only has 1000 so the minute you have 10k, you have 10k more than the average person



2. Lets talk about this Challenge Specifics



Fist you can do it with the envelope Challenge

-You buy 100 envelopes and you label them from 1-100 and you double the amount you put into them

-In 100 days approximately 3 months and 9 days you will have $10,100

-Obviously this method sounds cool, but I don’t like that much, because I think its to much to fast 10k in 3 month is like 3.3k in saving per month its to much money

-What I would do is just do the normal 100 envelopes and then do it again and in 6 months you’ll have the 10k



Or you can do it the way I did it (less envelopes and less headaches )

-figure out in how much time you want to do, no less than 3 month and no more than 12 months ( 3 months because it takes 66 days roughly to create a new habit circuits into your brain ) and this isn’t about the money its about the habits

-for example for me I picked 6 months, in 6 months I was getting paid bi-weekly so about 12 paychecks if you get weekly then obviously 24 paycheck and if monthly 6 paychecks

-dive the paycheck by the amount and boom ( 6 months bi-weekly I gotta save $833)



I have to be real with you guys

-when I saved this money I was working 2 jobs and a side hustle in college, this is a lot of money

-so don’t worry about the amount, if it’s too much just do 5k or 3k

-this is not about money it's about habit



3. Things you need to do

-First get a budget: this is Shelter, utilities, groceries and transpo

-Second: get a side hustle, learn to make extra money with your extra time

-Third: Sell all the things you don’t need ( this can go towards your savings )



Finally when you are don’t with this:

-If you have debt- pay it off

-If you don’t have an emergency account build it

-If you don’t have a retirement account copy mine

-If you don’t have saving for a house start it up

-If you want to have fun just get into the habit of using 5%of your paycheck for fun

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

[TommyBryson]

Here is a sheet to help you save $10, 000 in 3 months.


Info on the Sheet:
1. It's Free
2. Just save a number on the list each day for 12 weeks

[lawerencemiller]

I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.

[joesphcu]

The question is how to convert your salary into the investment funnel without double taxation. you pay taxes once it's earned, then buy stocks and get taxed again once you sell. Want to invest over 300k on the stock market, how do I achieve this?

[stephaniestella]

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[EMSpdx]

Counterpoint: $10k can absolutely change your life. 10k was the downpayment and closing costs on my home, which has appreciated by $100k.

[Sergio-gmgv]

I started this challenge over a year ago . I now have over $30k and moved the30k in a Cd till my pre construction home is ready in January. Obviously I have my job, bonuses, and do landscaping on the side on the weekends. I like your videos bc I can relate by experience.

[CICBeautyTV]

It took me 6 months to save $11, 000 took some of it moved outta state for a fresh start. Then lived off of it for the rest of the year on top of my side hustles. I have not worked a W2 in 3 years rent and bills are paid. I definitely needed this video because I wanna save it all over again maybe $20, 000 this time I also want to get into the air bnb business so lots of goals just need the money 💵

[chrisanthony]

I completely agree. The first $10k was the toughest, and I didn't really start seriously investing until I was 30 back in 1998. Today, I'm 53 and have a decent $1.2M nest egg. After learning all of this, my only regret is not starting earlier when I was 25. It may not seem like much but those extra 5 years are the most important.

[JanAlston-kdyl]

As an avid investor, I frequently ponder how successful investors get millions of dollars from their investments because I see some people content with their strong portfolios. I have over $545K in equity from the sale of my house, but I'm not sure what to do with it. Should I invest in stocks now or should I wait for a better opportunity?

[KourttneyL]

I NEEDED THIS. I keep reaching 2k in one month but things keep popping up so I end up spending it. Today, I’m restarting. 10k is my first goal. Let’s get it! 🎉

[sarahfrancis]

Have been doing the challenge since January. I did the 12-month saving and now I am 3 months away from 10, 000 dollars.

[endiliel]

The best thing I ever did for myself was move to a small rural town. Since I work from home, I can live anywhere as long as it has decent internet. I bought a 3 bedroom house for under $40, 000 and, because it costs so much less to live here, I was able to pay off the house in 4 yrs. Now I only have utilities to worry about and that's less than $300/mth. Saving $10, 000 is a breeze now. If only remote work had been available when I was in my 20s. I'd be a 55 year old millionaire by now. All you 20 year olds with remote work options, appreciate you're able to do this now. Get out of the cities, find a low cost yet perfectly liveable home, and get yourselves out of the debt cycle!

[kk_G]

<>>You may never know the value of that €1 you have until you go bankrupt, the bad experience I had last year really made me feel that our programs schools must contain more financial knowledge and education. It is never enough to have a good job, a huge salary and all the luxuries at your disposal. But saving money and investing wisely is never a bad idea, ... I learned how to invest, no matter how little, but life really believed me in the long run. Thank you for the nice video, it's always interesting to watch your content > <>

[bitemedia]

"Don't get no plastic surgery bro" this line had me dead haha

[mzimsosupadope]

I plan to start the 100 envelope challenge soon. I sent this video to my son as well. He just turned 21 & so far he's doing good 👍🏾 I just want my children to do even better than I have!

[soozidarling]

I sat and worked out that if I really, REALLY didn't buy anything other than shelter, utilities, groceries and transportation, it would take me.... 5 months to save up to 10k!

BUT, that didn't account for living life or sudden financial issues, so realistically I'm setting my goal to be 6-12 months to 10K, especially as I know I'll be changing jobs soon and that will cause financial disruptions. Great video!

[NemaViews]

I accept the challenge! I'm 22 and have plans on changing my life for the better now. I'm tired of money only going to bills & food so i'm going to take initiative and begin changing some habits.

[lauriemilner]

You should do a new video about Badkhencorp ! I really like you’re mellow delivery and you seem like you’re very knowledgeable. I watch lots of influencers and you always seem very calculated and know exactly what you’re talking about and understand it. You’re better at explaining complicated things simply, than any other person on youtube keep it up brother!

[aintnopresident]

I accept the challenge! This challenge is new to me. Everything about this challenge is new to me (especially the dollar amount & the time frame given). 10K in 6 months is the challenge I chose. I need to challenge myself at building solid habits which will ultimately lead to financial freedom for me.
This is my first time watching your content & I will subscribe to your channel because this video is an instant classic.

[scottev]

I'm a waiter and summer has amazing tips, but winter... not so much. I appreciate your take on this simple saving challenge. I'm going to start tonight with my tips!