what's up you guys it's grahe here so I'm not going to waste any of your time here's exactly how you can save your first $100,000 step by step for free in a way that anyone could follow even if you're starting off with nothing how well most people don't realize that there are six easy steps that you could begin working on immediately if you want to FastTrack the amount of money that you're able to make and save and if it sounds hard to believe you're going to want to see this because the numbers don't lie and
I promise these next 15 minutes could quite literally change your life so here's how you could start right now for the cost of absolutely nothing as long as you hit the like button and subscribe if you haven't done that already seriously I'll give you everything you need to know and then it's just up to you to follow through with it so thanks so much and also big thank you to s for sponsoring this video but more on that later all right so to start I've learned that when it comes to reaching any Financial Milestone it
really helps to break down exactly how much you want to get and in what time frame otherwise if you just tell yourself it would be cool to have $100,000 as fast as possible there's no end date the goal is indefinite and that could take you as long as a few months or 50 years this is why it's really helpful to have a realistic timeline that you could actually stick with and in terms of what I recommend for purposes of this video Let's assume you want to save $100,000 over the next 3 years which would break
down as follows $2,777 saved every month $641 saved every week $91 saved every day $3.79 saved every hour you get the idea a now I know this might initially sound overwhelming or completely unrealistic but keep watching because I have a few shortcuts that you could use to speed up the process dramatically and no it doesn't involve mean coins or potential jail time not to mention you could adjust the timeline for whatever suits your needs it could be 4 years 5 years 6 years the choice is yours like let's be honest saving $100,000 right now might
be an impossible task but all of a sudden saving $45 a day over 5 years earning 8% in the stock market could just be the difference of not going out to eat at Rainforest Cafe tonight and ordering a drink so in order to actually stick with this and make sure you're entire Financial life doesn't become a waste because all of garden brought back they're never ending possible once you've decided on an amount and a timeline it's time to go on to step two start immediately I know this one sounds super common sense but I can't
tell you how many people I've seen come up with a realistic Financial goal get super excited about starting and then absolutely nothing happens happens I know it's not intentional and no one goes into it with a mindset of failing but it's really easy to say hey you know what I got some expenses coming up and it's just a bad time to start I'll wait until that's done or hey my friend's birthday party is coming up and we've had these plans for months so I'm going to wait until after that honestly whatever the reason I've seen
enough to know that you're only hurting yourself if you don't get started immediately and the other thing I've realized I hate to say it is this the type of person person who delays is usually the typee of person who never gets around to it ever until eventually it's too late and they're forced to because they don't have any other options that's why if you want the highest chance of coming out successful longterm here's the secret you have the most momentum when you're initially excited about the idea of starting something new and then that excitement begins
to wear off over time so if you could capture that initial excitement and then parlay that into a habit that lasts at least a few weeks you're going to be that much more likely to stick with it longterm and actually reach your goal so once you've decided on an amount you want to save and a timeline for getting that done it's time to go on to step three which is where the magic happens budgeting all you need to do is make a free account on any money tracking platform where they aggregate all of your accounts
and credit cards into one interface and then you could see exactly how much money is going into and out of your account on a daily basis in real time the benefit here is that by seeing exactly where all of your money is going you're going to be able to better pinpoint the random miscellaneous expenses that just add up over time that you never really needed for instance did you know that the average American spends $18,000 a year on non-essential discretionary purchases and by the way that's just the very beginning the average American spends $1,100 a
year on coffee $120 a month on clothing $300 a month eating out $50 a month on alcohol and $32 a month on unused subscriptions that alone is worth about $600 a month that you could use towards reaching your goal and that's without even going into all the other life hacks that we're about to cover so in terms of how to do this and how to take it to the next level let's talk about the next step budget optimization with this all you have to do is track your spending over the next 30 days and then
cut back on anything you don't absolutely need that's it in terms of what to look for one study found that 10 items were the easiest to cut back on and that would be eating out alcohol credit card interest clothes electricity cigarettes heating or air conditioning UNR returned items convenience and the lottery just think about that almost all of those items are purely discretionary in areas that you directly control like making food at home instead of going to noou don't order a drink or instead buy it from the grocery store at 1/4 the cost and then
just sneak it through with a gatorade bottle make sure not to pay interest on your credit cards so that you don't give money to American Express all of these little things quickly begin to add up and pretty soon you're able to save hundreds of dollars a month without giving it much thought however at the same time I get it you have to live life too and what fun is human existence if you can't go out to eat with your friends every now and then so if you don't want to cut back but you still want
to save money then I highly recommend you try out the strategy that I like to call how could I get the same thing but cheaper take car insurance for example be honest when's the last time you shopped around with maybe 30 minutes worth of work I guarantee that you could find almost identical coverage for the exact same policy at a lower price from there take a look at your internet and cell phone bill again there are so many ways you could start saving money here and I'll give you a recent example a few months ago
I traveled out of the country and my cell phone carrier literally wanted me to upgrade my entire plan at over $100 a month to be able to include international data so instead I use a sponsor of today's video s downloaded their eim in less than a minute and was able to use high-speed data for a fraction of the price I guess if that sounds confusing basically all you need to know is this most cell phone carriers will limit usage or charge you a premium anytime you travel out of the country but one way around this
is by using a virtual eim which provides you with an internet connection wherever you go and without having to stand in line to get a physical SIM card all you have to do is download the s app select which country you're visiting pick a plan in over 180 countries that best fits your needs and unless than a minute you're done and you've saved a lot of money even better but you only need to install an eim once this allows you to travel freely without having to install a new eim for every single country plus all
s eim plans are compatible for both Android and iOS devices they have 24/7 support and you can get a full refund if your device is not eim compatible so if you're planning on traveling and you'd like to potentially save a lot of money you could get an exclusive 15% discount on s data plans when you go to s.com and use the code gram at checkout or the link is down below in the description to get get started today enjoy anyway you could apply this thinking towards anything that you plan on spending money on and sometimes
just calling and asking for a discount is enough to start seeing some pretty substantial savings like just call your internet and see if they'll give you a discount or a promotion on Services go and use credit card sign up bonuses to pay for free flights instead of you paying for it outright yourself in cash the options are Limitless separate from that it's also incredibly important to realize that when it comes to saving money that's going to have the highest Roi from just about anything we talk about in this video even more so than earning more
money let me explain anytime you go and make an extra dollar you're going to have expenses with that dollar like travel to and from work wear and tear in your car insurance gas and then most importantly taxes which means at the end of the day you probably only have about 75 cents left over to put that in context if you were to go and spend $50 at a restaurant tonight you'd have to go and make $67 before tax to be able to pay for it but if instead you skip the meal entirely you'll have $50
left over in your pocket to do with whatever you want with money you already have although this is really just the very beginning because there's another money-saving strategy that people really like and it works incredibly well and that's what's known as paying yourself first see normally most people get in the habit of receiving a paycheck spending some of that towards bills allocating a little towards fun and then saving whatever is left over if there is anything and it's a bit like an afterthought but paying yourself first flips this around entirely instead of spending and saving
what's left over you take an automatic amount off the top to save and invest and then you're free to spend whatever is left over after that now even though this strategy won't work if you're barely making enough to stay afloat on basic necessities it will work if you're in the habit of spending whatever money is left over because it's available and for most people I have a feeling this will have a significantly higher Roi than just about anything else we could talk about in the video why well when you really get down to it most
people in America don't have an income problem they have a spending problem and that's evidenced by the fact that 35% of people making $50,000 a year are living paycheck to paycheck but that's not the surprising part guess how many people are living paycheck to paycheck making $200,000 a year seriously if it's 35% at $50,000 a year surely somebody making four times more has to be a lot less right wrong a recent study found that the same 35% of people making $200,000 a year also live paycheck to paycheck and the most likely income bracket to live
paycheck to paycheck makes $100,000 a year at 51% this means for most people their expenses simply go up as they make more money and the savings rate doesn't change the person making 50,000 spends 50,000 the person making 100,000 spends 100,000 ,000 the person making 200,000 spends 200,000 they keep spending more and have to earn more just to be able to spend more this is what's known as lifestyle inflation and it sneaks up very quickly if you don't make a constant effort to consistently save the difference so automate your savings have it moved out before you
even have a chance to think about it regardless of how much money you make and now you're going to have a lot more money left over every single month all right so now that we got that out of the way there are six more strategies that you could use to begin saving up to $100,000 over these next few years and the first is housing according to the consumer expenditure survey housing takes up the largest portion of the average budget so if you could find a way to reduce this you're set I know this one is
easier said than done but perhaps you'd be able to rent out an extra bedroom that you're not using for 800 bucks a month or maybe ask your landlord for a reduction in rent if you renewed your lease or maybe when your lease is up you could move to a less expensive area if you own a home like I mentioned earlier look into shopping around your home insurance rates you could also contest your property tax valuation if you think the value is a bit too high don't turn down your AC as much lower your water consumption
there are plenty of options here that should be able to save you at least $20 a day extra the second way to save money is through transportation did you realize the average car payment these days is $756 a month yeah it's absolutely ridiculous but that means it's also a good opportunity to save some money personally my recommendation here is that unless you need a really nice nice car for professional use go and buy yourself the cheapest most affordable good on gas reliable car that you could possibly find and then just drive it until it doesn't
run anymore on top of that check your mileage to make sure you're not paying more money to your insurance premiums than you need to which could be overpriced to begin with and just by scaling back and shopping around you should be able to save an extra5 to $20 or more a day especially if you sell your expensive car and buy a cheaper one to get rid of the payment entirely third we got to talk about taxes it's reported that here in the United States the average single worker paid 29.9% of their income to taxes in
2023 meaning almost onethird of the entire working year is spent earning just enough to be able to pay the IRS that's depressing this means it's more important than ever to at least have a basic understanding of how the tax code works and what's designed to help you keep the most money back in your account as possible from my experience hiring a good accountant who knows what they're doing could easily be the best money ever spent and in those cases you could save an extra few hundred to few thousand every single month depending on how much
money you're making fourth we have food one study found that the average person spends $6,600 a year in this category or $550 a month and $300 a month of that is eating out now I'm not just going to sit here from behind the screen and berate you for spending money at restaurants even though that would be a good thing to do but instead I'm going to take a more reasonable approach Ro if you're dining out eating out at a restaurant or getting food delivery at least don't do that out of laziness like if you go
and buy a $20 meal from work every day because you don't feel like going and bringing food from home stop doing that that's a huge money waster but if you're idea of a good time is going out once a week with friends or family then by all means do it if you budget for it by doing this even if you're able to save just an extra $5 a day that'll quickly begin to add up and those habits will begin to form elsewhere now fifth we got to talk about debt repayment it said that the average
credit card balance was $723 in 2024 and at an average interest rate of 24.2 6% that's $146 a month wasted with money that just goes straight to the credit card companies so instead take the approach of cutting back as much as you can and then taking that extra money and paying down the credit card with the highest interest rate First Once the debts paid off you'll have the entire amount left over to invest in whatever you want but until you get to that point paying down debt should be your number one priority especially if it's
costing you 24% a year and finally six we have apparel look Americans are spending on average $133 a month on clothing if this sounds like you I would go and look at your closet and realistically determine how many of those clothes do you actually still wear if I were you I'd probably guess that you have the same few things that you end up wearing 90% of the time and everything else just sits there that means you probably don't need to shop as much as you do and if anything it's worth it to cut back substantially
so just right there you would be able to save an average of 43 to $150 a day based on your current spending income and tax bracket just by budgeting cutting back and being very cognizant than you're spending but what if I told you in addition to this there's another way that you could start saving a lot of money well thankfully there is by increasing your income now even though some people might recommend side hustles I'm in the belief that your best opportunity to day right now is by taking on additional work at your existing job
see if you could work additional hours take on more responsibility VI for a job promotion negotiate your current salary add value to the company all of these are fantastic options to increase your income without even switching jobs of course not everybody wants to work more hours and take on more responsibility which is why second the next best opportunity is by switching jobs in fact it's found that job Hoppers make an average 35 % more money over 3 years so if you're making $60,000 a year now there's a scenario out there where you could be making
$81,000 over the next few years and saving the difference and lastly you could always look at a part-time job on the side this doesn't need to be glamorous it doesn't have to pay you an exorbitant amount but if you have some free time after hours evenings weekends or nights it could be worth it to see what's available in your area even if you're able to earn $15 an hour after tax it would just take an average of 2 hours a day every single week to be able to put away an extra $10,000 a year for
doing nothing differently and I promise as you begin to get more skilled you should be able to make substantially more than this over time and finally in terms of actually saving $100,000 there's one more trick that speeds up the process a lot and that is by investing even though I'll be the first to admit that short-term returns are fairly unpredictable historically the S&P 500 has averaged 8% over the last 100 years which means if you want to save $100,000 over 3 years that'll require $2,450 a month invested for the next 36 months and there you
go $100,000 however if you push your time frame to 4 years theoretically you could reach that with $1,716 a month or $57 a day at 5 Years it'll take you $1,368 a month or $48 a day and at 6 years just $1,058 a month or $35 a day will help help you reach that goal from there if you're able to save the goal of $100,000 saved as Charlie Munger says your net worth Will begin to explode as your investment returns compound and begin to grow without you doing any further work like just consider that $100,000
invested earning an average of 8% over 30 years will turn into a million dollar yes I know this might be difficult to stick with it's not meant to be easy but it is meant to be possible and the entire point is that a lot of these steps start small and begin to build as long as you begin today and hit the like button and subscribe if you haven't done that already so thank you so much for watching and again big thank you to s for sponsoring this video their information is down below in the description
I really appreciate it hope this helps and until next time
