The no BS way to save $10,000, I promise...
Chapters
00:00 The Necessary Skills
00:50 Don't Try To Get Rich Quick
01:47 The Saving Strategy
03:23 Consistency
05:53 Discipline
08:12 Patience
10:42 Sacrifice
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The truth about saving your first $10,000 is that it does not happen quickly. In order to save $10,000, you must have consistency, discipline, patience, and sacrifice. There is no other way around it. In this video, I share my strategy to save money and how to master each one of these skills.
1. The Saving Formula
People over complicate money and think in order to save money, you need a complex, detailed plan; however, saving money is actually very simple. My basic strategy to save money is (1) decide how much money you can see aside each paycheck, (2) separate the money by putting it in a savings account, and (3) continue to do that until you reach $10,000.
2. Mastering Consistency
Many people have trouble being consistent long term to reach a goal because they put unrealistic expectations on themselves. Many people approach goals in extreme ways and when it comes to money many people have trouble saving because they set an unrealistic amount to set aside each month. When wanting to save a large sum of money, many people are over ambitious and end up depriving themselves, which prevents them from being consistent. In order to be consistent with saving to reach $10,000, you must master consistency by being realistic.
3. Mastering Discipline
People often underestimate how much they can save because they live a wasteful life. They lack discipline on their small every day decisions that add up to thousands of dollars. In order to reach $10,000, you must see the importance of watching your small decisions. Each day we make many small decisions and if we focus on making the decisions right, then we can reach $10,000 much quicker. In order to be discipline to reach $10,000, you must master discipline by focusing on every financial decisions you make.
4. Mastering Patience
Get rich quick schemes are so appealing to people because they lack patience in life. And the reason people lack patience in life is because they get so caught up in the big picture. When you focus on the big picture, things seem unattainable; however, the key to having patience in life is by focusing on small wins. Instead of focusing on saving $10,000, if you focus on smaller goals, it will be easier to have patience in your journey. In order to have patience to reach $10,000, you must master patience by focusing on celebrating the small wins.
5. Mastering Sacrifice
The hard truth about saving money is that in order to have a good relationship with your personal finances, it involves sacrificing things in life. Reaching $10,000 involves developing a plan, being frugal, and following through with the plan. You have to do what most people don't want to do to reap the benefits of financial security. A huge part of sacrificing things in life is believing that it will pay off. In order to achieve the goal of $10,000, you must master sacrifice by knowing that your hard will will eventually pay off.
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