I wish I knew along time ago, but the best to learn is not by going through things its by learning from other peoples mistakes. I saved 10k for the first time when I was in college on minimum wage and it took me about 6 months, it took me than 2 months to spend it all trash. I tell you I know what happens when you save without a purpose; I don’t doubt you’ll complete this challenge but it's important you know what to do after the challenge .
Don’t spend this money on sneakers, vacations, plastic surgery or new teeth or something like that. Use this money to level up, pay off debt, save for emergencies and start investing or save for a down payment on a home. I recommend you do one by one in that order.
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1. Why 10k
-10k is hard but it's not impossible
-And to be honest the amount of money doesn’t matter
-This money is not going to change your life, what is going to change your mind is what you have to do to get it, keep it and multiply it ( it’s the habits that you are going to build )
Personal Story:
-The first time it took me 6 months but the second time it took me very little time
-And today i can save 10k without working for it, because my passive income pays enough to make it
-That’s what's life changing
Ps. The average person only has 1000 so the minute you have 10k, you have 10k more than the average person
2. Lets talk about this Challenge Specifics
Fist you can do it with the envelope Challenge
-You buy 100 envelopes and you label them from 1-100 and you double the amount you put into them
-In 100 days approximately 3 months and 9 days you will have $10,100
-Obviously this method sounds cool, but I don’t like that much, because I think its to much to fast 10k in 3 month is like 3.3k in saving per month its to much money
-What I would do is just do the normal 100 envelopes and then do it again and in 6 months you’ll have the 10k
Or you can do it the way I did it (less envelopes and less headaches )
-figure out in how much time you want to do, no less than 3 month and no more than 12 months ( 3 months because it takes 66 days roughly to create a new habit circuits into your brain ) and this isn’t about the money its about the habits
-for example for me I picked 6 months, in 6 months I was getting paid bi-weekly so about 12 paychecks if you get weekly then obviously 24 paycheck and if monthly 6 paychecks
-dive the paycheck by the amount and boom ( 6 months bi-weekly I gotta save $833)
I have to be real with you guys
-when I saved this money I was working 2 jobs and a side hustle in college, this is a lot of money
-so don’t worry about the amount, if it’s too much just do 5k or 3k
-this is not about money it's about habit
3. Things you need to do
-First get a budget: this is Shelter, utilities, groceries and transpo
-Second: get a side hustle, learn to make extra money with your extra time
-Third: Sell all the things you don’t need ( this can go towards your savings )
Finally when you are don’t with this:
If you have debt pay it off
-If you don’t have an emergency account build it
-If you don’t have a retirement account copy mine
-If you don’t have saving for a house start it up
-If you want to have fun just get into the habit of using 5%of your paycheck for fun
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.