How to Save Your First $100,000

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9 ай бұрын

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Пікірлер: 196

@CB_4216 9 ай бұрын

I started back in 2020 with nothing. 100K took about 2 years. Currently at $162K. I didn't increase my income, just drastically reduced my expenses. Gazelle intense!

@CB_4216 9 ай бұрын

@@k-mart7475 64K per year. For 4 months earlier this year I was making a little more on a special assignment.

@ronnellmacklinJr 9 ай бұрын

Congratulations. Well done

@SuperCutensweet 9 ай бұрын

That’s amazing!

@tacos_are_life 9 ай бұрын

Wow that’s amazing and so inspiring to hear. Congratulations! Thanks so much for sharing! 😊👏🏼

@Chele-nm4qx 9 ай бұрын

2020 was my year also! That was an eye opener!

@missgui4400 9 ай бұрын

We’re at baby steps 6 and 7. We are paying extra in principal and saving aggressively but because of inflation, it is getting harder keeping the same budget monthly. We need to increase our income in order to adjust the budget.

@Marie.Me. 9 ай бұрын

Would like to start seeing/hearing more information for those who make below the "average" income but would like to still build wealth (but also have a family and cannot just go out and get a second job or have family that helps them out). I feel like this is a common place to be in and a lot of people feel stuck. We are on baby step 4 and it has been so hard to grow past that.

@sonialavoie1744 9 ай бұрын

Yes. I know !

@valkelly3054 9 ай бұрын

It’s ok to not build wealth in this season. You’re prioritizing your family. One day you will be able to work more and blast through the last steps. What you won’t be able to do is get the time back with your kids. Sometimes we have to embrace the season we’re in.

@tinyshedlife 9 ай бұрын

We are/were in the same boat. I found setting up extra bank accounts for goals was helpful. As long. As they are free to use and have no minimums etc. we put $20 here, or there into each fund. And we aren’t allowed to touch it. It starts to add up. Then I’ll transfer it to a big savings and start again. Or maybe things like tires. We have a fund for all car stuff. So when an expense pops up it forms hurt our monthly budget. It comes from the $20 I set aside every month. I even have one I put $8.50 in. It sounds silly but when kids need clothes I’ve got a little set aside.

@kitcatkit6240 3 ай бұрын

Honestly I was a SAHM for 7 years and it really affected our family financially. My advice is to not worry. Get thru the baby/elementary years then get aggressive when the kids are older and more independent.

@raquelocasio8588 Ай бұрын

If you can't get an additional job, maybe change jobs to get a higher salary?

@J2nD1991 7 ай бұрын

My wife just resigned from her job, but during the time she was working we were able to attack our mortgage with intensity freeing up pmi charges. It was a huge milestone for us, now that her income is off the table we have to re adjust the monthly budget, the 4 walls are no problem we just dont have that extra margin to reach all our desired goals at the time we had initially intended, which is fine. At this point we're content with the accomplishments we've made so far. She has the flexibility to be available for the children and this is one of the struggles we had going on while she worked. Everyone has different challenges, with different levels of difficulty, but all I can say is to stay committed, be content, set your goals, and keep pushing forward until those goals are met!

@tinyshedlife 9 ай бұрын

Y’all!! This really works! In 2019 we were all in with these baby steps. We decided to downsize to less than 1000 sqft, which allowed us to have no mortgage. For 6 months we lived in 240 sqft (2 adults and 4 kids). It was the funnest adventure ever. You have to make it fun to really make it work. Before the downsize we sold off everything that wouldn’t fit. Now we are working on saving up more money and hopefully being able to use that to start a farm. I’d love to see $100k in my bank account!

@emmafox6351 2 ай бұрын

Sounds damaging for the kids but good for you I guess

@ericar.6370 2 ай бұрын

@@emmafox6351ew Emma 😒

@livingunashamed4869 9 ай бұрын

Just invest early and often guys. $500 a month for 10yrs will get you there.

@ilovenoodles7483 2 ай бұрын

Having the extra $500 a month in order to invest is hard, even when you cut all your expenses down to absolute necessities.

@livingunashamed4869 2 ай бұрын

Yeah its not easy for most people but just investing $100 a month will go a long way just invest what you can. @@ilovenoodles7483

@tressalewis7004 9 ай бұрын

We are doing a low spend year. It’s trickier than it sounds but we are down to 28.2 K I can’t wait :-) so excited to be finishing step six …soon!❤

@danareynolds4069 9 ай бұрын

All of this takes YEARS & YEARS on the average US salary. Been following Dave Ramsey for over a decade and still working towards $100k in savings. I don’t count my home equity, it’s not available & if I sell or use it just have to start over but now without a place to live.

@sharonfleshman6961 9 ай бұрын

For a long time I have felt like the baby steps are mostly great but the media they put out seems to be geared for those with a higher income. Singles, lower incomes etc are left in the dust.

@Johanneslol11 3 ай бұрын

This is 100% something that will take a loooooong time to reach. I am not in America but some of these steps can be applied here. I am busy paying of my student loan now. As soon as that is gone I can start investing more. My retirement account is already done before I even see my salary.

@cornflowertoile3026 Ай бұрын

Exactly, as she says, if you bring home $4000 a month & you spend $4000 a month on expenses, how exactly do you save up $24,000!

@egr3071 9 ай бұрын

I’m 60% of the way there. Having $100k saved is going to be huge coming from a low income background. Not sure what to invest in once I get there.

@Dividendsmattertoo 9 ай бұрын

A good dividend etf

@arh1234 9 ай бұрын

If it's in a 401k or Roth IRA, consider a target date retirement fund. Just make sure it has "index" in the name so you know you get low fees. It's a great starting point in tax-advantaged accounts.

@otgenius 9 ай бұрын

If its cash, real estate

@jantubaman 4 ай бұрын

@@Dividendsmattertoo or a total market etf

@danawmass6944 4 ай бұрын

Index fund index fund index fund

@lindadorman2869 9 ай бұрын

Please include medical expenses in the "four walls". Most people have to pay out-of-pocket for eye exams, glasses/contact lenses, dental care, medications, etc...that are not optional, nor are they covered by insurance. In many cases, these costs are fixed and there's no way to cut back either.

@donaldlyons17 9 ай бұрын

Yeah you tell her. I don't think she has some of those same problems because her expenses are less than her income so she seems to have options.

@brg2743 9 ай бұрын

Was so thankful my new glasses were mostly paid for by insurance. Don't know how people do it without it. So blessed.

@rebaparker3714 9 ай бұрын

Dave recommends getting insurance or something like shared medical costs -they advertise for something like Christian healthcare ministries

@lucascofell4680 9 ай бұрын

How is this a “how to save your first $100k” video?? This is just going over the baby steps.

@zonafortier 9 ай бұрын

Almost halfway there! Im 20 and the goal is 25, but I think I could get it by 22 or 23!

@DoctorFlynn 9 ай бұрын

I love all Ramsey videos no matter who puts them out don’t get me wrong, but I wonder how many times I’ve clicked on various videos thinking, “Here’s some new information or even fun different information,” only to be told about the baby steps again for 10 minutes. I understand the fact that they work, but it’s just restated over and over again in all of these videos and in a way clickbaited at this point!

@Nisa-gm5wg 9 ай бұрын

You are so right

@leahmcdermott4189 9 ай бұрын

Honestly! I clicked on this video excited to see what Rach was gonna say just for her to go through the Baby Steps which I already know inside out and can recite in my sleep 🙄. Boring! Major clickbait 😭

@hopewolff2216 9 ай бұрын

Can you share the link for the episode on the money market information? Thank you

@donaldlyons17 9 ай бұрын

That is the problem with the whole group... They don't know how to make money except sell other people stuff and spend less than they make....

@missymyers7043 3 ай бұрын

This is assuming you know where your money is coming from. When you and your spouse are both self-employed and never know when the next paycheck is coming. We have no debt and have a 1 year emergency fund, rent and no investments…however it is an income issue not a spending issue. 60 and 66 yrs…trying to start a new career is a challenge as well.

@allisonmodaff5635 9 ай бұрын

I love your top! That color looks great on you. Love the show!

@mikeynoels7210 3 ай бұрын

This was really a video about the baby steps

@tkc8810 7 ай бұрын

Thank you for this show, this platform needs more positive people and content.

@jonsmith9728 6 ай бұрын

the $100K concept came from charlie munger, buffet's right hand man, the idea is that the first $100K is the most difficult to achieve but after that, due to compound interest and dividends, the rest is alot easier

@mikeynoels7210 3 ай бұрын

Agreed, Munger will be missed. Same logic applies to the first million

@Simon-je7ko 9 ай бұрын

It's the first time I understand it this way. Now it's another way to look at it. So I just have to pay up for my house. That's it. It's like a complete package. A combo. Nice!

@Tashas_Travels 9 ай бұрын

I'm on baby step 3 , my goal is to save 6-12 months of living expenses then i start baby step 4 for myself & 5 for my 10 year old daughter who's still in primary school now and will finish school in about 9yrs from now.

@whitneyfullerton4897 9 ай бұрын

I have well over 100k but going to put it towards my first house soon😆

@yaxa0601 4 ай бұрын

Thank you!

@heathervenkat1414 9 ай бұрын

Can't wait til I'm on BS7!

@marz9586 3 ай бұрын

To be fair, your first $100k isn't all gonna be liquid and on hand. Most of it is gonna be locked up in retirement accounts and investments. You'll technically only have about a quarter of that amount readily available.