How much money should you save and how can you actually save it, without living in a box. 🎁SOFI FREE $100🎁: In this video, I’m going to break down all the details to how to start savings small and large amount of money starting today. Yes, I said today. Only takes 3 simple steps, no need to build a system with quadratic formulas.
If you don’t have a powerful why: it’ll be like all those other times, and you started savings and them boom you wasted it all or an emergency popped up.
How much Money should you Save and How
3 actions steps
1. Where do you stand (self-audit)
Why? You cant begin to save until you know where you stand
How? Take a piece of paper and write down all your Expenses & Income
Tip: go on your bank statement and check all the transactions and that’s how you know
Next? Once you got that list circle all the necessities: Rent, Internet, food and electricity and so on
- Everything else that’s left write down the amount ( those are the things your paying for but definitely don’t need)
- Sacrifice ( take down all those bills, and you can start saving that money or putting it towards your CC or student loan debt if you have many
2. Set a Percentage to save
Why? Whenever you paid who gets paid first? ( its uncle, Sam) so whenever you get paid, you're going to tax yourself money to save
How? This tax amount can be no lower than 10% if you make 1k then take 100 and save it.
Tip: Yes I know you can do 50-90%, but you want to start low to build the habit
Next: Create a sperate Bank account to put this money into ( out of mind out of site)
EXP: For me, that account is Wealthfront, sofi and even some foreign accounts.
Recommendation after 66 days you'll have a habit built, so bump the amount up 20-50% depending on how comfortable your feelings
3. Multiply the savings ( Split the Accounts )
Points: Just by watching to this point in this video I know you can do this
Once you have savings dominated, start to use those savings to make more money.
Why? Having money in the savings just makes the banks rich
How? 3 Steps
- Split the savings into 3 sub-accounts ( Sofi lets you do this, link down below and you get 100 bucks when you sign up also)
Tutorial: Show them doing and calculating the percentages
- Emergencies: 10% Minimum Until you have 3-6 months worth of expenses ( then just stop)
- Long term Investing: 1 year or more, this for buying real estate getting into investments that require a lot of upfront cost. (20%-how much you want )
- Short term Investing: 1 year or less, these can be
a course to invest your income, (20% to how much you want)
going to college or trade school.
Testing out a business
( The goal is to increase your earning potential)
Final thoughts
You have to tax yourself first
* PRO TIP*
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