7 Places Your Money Needs To Go (Save Money Fast)

💸 SoFi Checking & Savings: Get up to 4.20% APY, pay no account fees and earn $250

This is how you save money fast with these 7 Steps when you get paid. There are 7 buckets where I want to see money flow through.

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Timestamps:
0:00 - Intro
0:25 - Step 1
1:25 - Step 2
2:28 - Step 3
3:51 - Step 4
5:18 - Opportunity Cost Tradeoff
7:58 - Step 5
10:05 - Step 6
11:30 - Step 7

PS: I am not a Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel

[humphrey]

What is up guys!! Hope you enjoy this video. Make sure you're subscribed! Getting close to 1M :)

[joesphcu]

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.

[lenderzconstable]

At 40, I wish I could go back to when I was 18. I would have never quit pursuing video production, wouldn’t have gone to college and taken on debt, and I would have done a YouTube channel in the hey day. And I would have done the things in this video. I would have gotten married. Yeah I would have done a million things differently. But you can’t go back. No you can’t go back. You can only move forward. In my cas It is hard to do but the best thing to do is pick up the broken pieces and make the most of them.

[SpencerJohnsonOfficial]

Automating my finances has been one of the biggest keys in helping me not only stay out of debt but save money without even thinking about it. This video is super valuable... great work Humphrey!

[KieranWalsh-bnmt]

In Australia, Superannuation is a compulsory payment made by employers. Salaries are usually referred to as a yearly amount + super, which currently is 10.5%. IE. if you have a salary of 50K, the total package of your salary is 55, 250. You can then make additional contributions to your super which has certain tax advantages.

[ginac]

This is fantastic, it’s helpful to show a step-by-step plan of what to do with your money each payday. The flow chart is brilliant!

[handlealreadytaken]

For the last 20+ years I have used first Microsoft Money and now Quicken to budget my money at least 90 days out. I find that covers pretty much any cyclical purchase and gives me a good idea of how much I will have saved over the next 3 months.

[kimberlychin]

I love your videos so much! The way you talk about personal finance, budgeting, investing, etc. is very inclusive. Some people in the youtube finance space are so out of touch with the average person.

[nicolasbenson]

Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $260K for sometime now, my major challenge is not knowing the best entry and exit strategies... I would greatly appreciate any suggestions.

[poojaghosh]

The way you explain is phenomenal. Much needed. Thank you!

[Nerdificationing]

In Australia Superannuation is compulsory/automatically paid out at a rate of 10.5% (slowly being increased to 12%). Great system!

[mikehenderson]

What a clear, concise explanation of a complicated topic! I enjoyed your straightforward style so much, I couldn’t wait to like and subscribe to the channel! Keep up the great work — these videos will help a lot of people with their financial planning!

[laportafrank]

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement of about $750k. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?

[sharroncampbell]

I love your videos. Unfortunately, it's been a while since I visited I am experiencing one of the most challenging phases of my life... Lost a fortune investing in emerging companies... Hopeful, for a turnaround.

[DannyBoy]

Decent solid advice, but I was taught be careful w/ CC payments so that you can pay the 100% of the sum. The moment you don't, the company has you on the interest. Gotta keep that up.

[Grubbadub]

My priorities is a little different
1. Necessities. Rent, food, healthcare...things to live.
2. Safety net, 3 months of expenses
3. As much towards debts as I can (Not just minimum payment)
4. HSA
5. 401K and any other investments

[DroolingNoob]

For my student loans I been combining both avalanche and snow ball method. I payed my high interest private loans first, took me about half a year of big commitment as it had a very high interest rate, and now with the remainder of my loans since they are much smaller and have very low interest rate I am paying off the smaller ones first just to reduce monthly payments as much as possible this allowing me to save more efficiently and not feel burdened.

[faith-ukxs]

I like that you translate financial terms considering all continents.

[ridingismymedicine]

It's pretty simple anno 2023. Just have your bank set up in such a way (most banks have apps in which you can do this) that, say. 10% is sent to your personal savings after your monthly salary comes in, another 10% into your emergency fund and for example, a part into the joint checking account between you and your partner. That way, groceries, nights out etc. are paid from the joint account, you're both saving, and the money you have left in your own account is yours to do whatever you please. That's how we set it up and it works - savings are building up over time and it's done before you even see that you have new money in your account.

[MIchaelGuzman]

I realize that it can be a wise way to keep investing during times of volatility to build wealth. I've heard testimonies from people who have accumulated over $80, 000 during this red period. What measures can I take to ensure this?