Let's discuss how I saved $9,000 in one year on low income $19k. These are 9 ways that will help you save money fast. I saved over $100k in 4 years on a low income using these strategies. These money saving tips will work if you are on low income, no job, or even if you make great money.
These 9 different savings strategies helped me save $9k only making $19k my first year moving to LA which then turned into saving $100,000 in just over 4 years on low income and eventually investing in rental properties and creating passive income
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00:00 Intro
1:16 Identify Savings Target and Break It Down
2:38 48 Hr Rule
4:01 Setup and Automate A Wealth Tax
5:16 How Much Time Does It Cost?
6:00 Would You Rather Get Paid?
6:48 Get A Spending Buddy / 1% Rule
7:49 Determine Opportunity Cost
8:39 Cash Only Diet
TIP #1. IDENTIFY SAVINGS TARGET AND BREAK IT DOWN
What is your current savings goal? 1k, 5k, 10k? Be sure to identify your target break it down to make it easier. Look at $750 per month or $24.66 rule (per day)
TIP #2 48 HOUR RULE
There are 4 main brain chemicals that are linked to impulse spending or buying. In other words spending money that wasn't planned. Dopamine, Serotonin, Endorphins, Adrenaline
I always followed the 48 rule which states that you must wait a minimum of 48 hours before making a purchase to see if you still want it.
TIP #3 SETUP AND AUTOMATE A WEALTH TAX
When faced with a decision to spend money on an enticing new toy or item or to save and invest we are typically biased towards our present selves, so we're likely to make the choice that will benefit us most in that moment.
This is called present bias.
TIP #4 HOW MUCH TIME DOES IT COST?
However when you begin to look at items in regards to your time, which is very limited, and you don't ever get it back, it can take on a much different meaning.
TIP #5 WOULD YOU RATHER GET PAID?
If someone paid you to NOT buy the item, would you accept?
TIP #6 GET A SPENDING BUDDY
Find an accountability partner and every purchase over 1% of your gross income needs to be approved by them. Sse 48 rule and the 1% rule
TIP #7 DETERMINE OPPORTUNITY COST
Let's say instead of buying that $1,100 iphone, you invest it an SP500 index fund or etf that averages a 10% return and you just let it grow for the next 30 years. How much do you think that $1,100 is worth now? That $1,100 would be almost $22,000.
TIP #8 CASH ONLY DIET
People spend more money when using credit cards than cash
TIP #9 DON'T MAKE A BUDGET
Instead of trying to figure out how to say no to that $5 Starbucks coffee you love so much, spend the time to learn how to earn an extra $100-$500 per week. I talk about side hustles on my channel all the time. Side hustles you can do on your phone, creative side hustles, and ways to make up to $500 per day.
❎ These videos are simply for entertainment purposes only and should not be considered financial advice. You (and only you) are responsible for any investment losses or gains.
