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How I Saved 100k in 4 Years Without A Job (LOW INCOME)
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Here's how I saved $100,000 (100k) in 4 years without a job and on low income.I accomplished this in working only freelance jobs and making between $19-50k a year in Los Angeles. I also share my advice on how to save money fast on low income as well as the strategies I used to quickly save $100k.
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$100k is the first major landmark or benchmark where your investing can start making significant gains. Think of it this way..... if you average 10% a year and have 10k saved you will only make 1k per year or less than $100 per month. While this is great, it's not going to make much of a difference in your lifestyle or ability to save. If you have $100k at 10%, now you are making an extra $10k per year which is almost $1k per month
SO... let's talk about how I managed to save $100,000 and how you can do the same things
1. BUDGETING
If you fail to plan you are planning to fail. While this seems like a no brainer step, it's amazing how many people simply don't have a proper budget in place for their finances. There are really 3 things you need to focus on
HOUSING COST - this is by far the largest expense you will have. Most of our budget goes to this category especially if you live in expensive cities like New York, Los Angeles, San Francisco, Miami, Seattle, Chicago, etc. Your housing budget should be no more than 25-33% of your monthly income. Or roughly one weeks pay check to just a little over.
If you housing cost is over 25-33% then i would highly recommend either getting a roommate, move in with your parents, rent out an extra room if you have it, downsize to a less nice place, etc. While this may be inconvenient, it is only temporary. Once we get some money saved up and invested and building passive income we can start upping our lifestyle a little more.
FOOD - this can also be a major expense especially is you are prone to eating out a lot. When i'm looking at creating a better budget I always look at this area because it's one that is much easier to adjust based on your habits. My suggestion is to go through 3-6 months worth of expenses and calculate what you average each month with food. From there set a goal for spending a certain percentage less. It can be 10% less, 20% or even just a certain amount you want to stay at.
I challenged myself to eat on $5 a day. To do this I would breakdown cost per meal and would do $1 for breakfast, $1-2 for lunch, $2-3 for dinner
CAR EXPENSES - - Automobile expenses are another category that can really add up. Most people spend around $400-500 per month on their car. This doesn't include gas, insurance, parking, maintenance and repairs etc. Cars eat up a huge portion of your income and so it's important in the beginning to not have much money going towards your car. If you are struggling to save money and have a new car i would recommend getting a used vehicle and finding other ways of cutting down your car expense
BUDGETING TIP: PAY YOURSELF FIRST
If saving isn't in your budget you will end up with more month than the end of the money. Be sure to determine an amount you want to save per month ( 10% of your income, 15%, 20%) and make sure that is the first expense your income goes towards. From there you need to keep your lifestyle within the rest of the budget
2. AUTOMATE SAVINGS
Be sure to automate a certain amount every month into a separate account that you can't touch to ensure that you are saving and don't spend that money on items that aren't 100% necessary
3. INCREASE INCOME
After about 2.5 years I managed to save 40k and made my first investment property purchase. This allowed me to pocket extra money each month and increase my income
In addition I also started increasing my income at work. I moved up to management positions with the freelance work that I did and my income started reaching towards $40-50k per year instead of $30-40k. This increase income helped a lot
MY BIGGEST REGRET / MISTAKES
My biggest regret / mistake is that I didn't focus more on earning more money. A lot of my effort and focus was on budgeting and staying frugal which was great, but it kept me in a scarcity mindset. Had I focused on how to double my income, I would've made much more progress and would have also been able to live a little nicer at the same time.
#howtosavemoney
#myfirst100k
#moneysavingtips
#moneysavingstrategies
#savemoneyfast
How To Save Money: I Saved 100k By 27 WITHOUT A REAL JOB | Tricks To Save A LOT Of Money FAST
How to invest
I saved 100k by 27
Money saving tips
Join my FREE Facebook Coaching Group:
FOLLOW ME for other FREE Life and Finance Coaching
FB: @shaunsurgenercoaching
IG: @shaunsurgener
LinkedIN: @shaunsurgener
FREE ROBINHOOD STOCK: BUILD THAT WEALTH!!!
How the $10,000 Student Loan Forgiveness Works
$60 Million Bel Aire Mansion TOUR!!
$100k is the first major landmark or benchmark where your investing can start making significant gains. Think of it this way..... if you average 10% a year and have 10k saved you will only make 1k per year or less than $100 per month. While this is great, it's not going to make much of a difference in your lifestyle or ability to save. If you have $100k at 10%, now you are making an extra $10k per year which is almost $1k per month
SO... let's talk about how I managed to save $100,000 and how you can do the same things
1. BUDGETING
If you fail to plan you are planning to fail. While this seems like a no brainer step, it's amazing how many people simply don't have a proper budget in place for their finances. There are really 3 things you need to focus on
HOUSING COST - this is by far the largest expense you will have. Most of our budget goes to this category especially if you live in expensive cities like New York, Los Angeles, San Francisco, Miami, Seattle, Chicago, etc. Your housing budget should be no more than 25-33% of your monthly income. Or roughly one weeks pay check to just a little over.
If you housing cost is over 25-33% then i would highly recommend either getting a roommate, move in with your parents, rent out an extra room if you have it, downsize to a less nice place, etc. While this may be inconvenient, it is only temporary. Once we get some money saved up and invested and building passive income we can start upping our lifestyle a little more.
FOOD - this can also be a major expense especially is you are prone to eating out a lot. When i'm looking at creating a better budget I always look at this area because it's one that is much easier to adjust based on your habits. My suggestion is to go through 3-6 months worth of expenses and calculate what you average each month with food. From there set a goal for spending a certain percentage less. It can be 10% less, 20% or even just a certain amount you want to stay at.
I challenged myself to eat on $5 a day. To do this I would breakdown cost per meal and would do $1 for breakfast, $1-2 for lunch, $2-3 for dinner
CAR EXPENSES - - Automobile expenses are another category that can really add up. Most people spend around $400-500 per month on their car. This doesn't include gas, insurance, parking, maintenance and repairs etc. Cars eat up a huge portion of your income and so it's important in the beginning to not have much money going towards your car. If you are struggling to save money and have a new car i would recommend getting a used vehicle and finding other ways of cutting down your car expense
BUDGETING TIP: PAY YOURSELF FIRST
If saving isn't in your budget you will end up with more month than the end of the money. Be sure to determine an amount you want to save per month ( 10% of your income, 15%, 20%) and make sure that is the first expense your income goes towards. From there you need to keep your lifestyle within the rest of the budget
2. AUTOMATE SAVINGS
Be sure to automate a certain amount every month into a separate account that you can't touch to ensure that you are saving and don't spend that money on items that aren't 100% necessary
3. INCREASE INCOME
After about 2.5 years I managed to save 40k and made my first investment property purchase. This allowed me to pocket extra money each month and increase my income
In addition I also started increasing my income at work. I moved up to management positions with the freelance work that I did and my income started reaching towards $40-50k per year instead of $30-40k. This increase income helped a lot
MY BIGGEST REGRET / MISTAKES
My biggest regret / mistake is that I didn't focus more on earning more money. A lot of my effort and focus was on budgeting and staying frugal which was great, but it kept me in a scarcity mindset. Had I focused on how to double my income, I would've made much more progress and would have also been able to live a little nicer at the same time.
#howtosavemoney
#myfirst100k
#moneysavingtips
#moneysavingstrategies
#savemoneyfast
How To Save Money: I Saved 100k By 27 WITHOUT A REAL JOB | Tricks To Save A LOT Of Money FAST
How to invest
I saved 100k by 27
Money saving tips
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