How I Saved $80K in Two Years [Saving Tips]

Video Description

10 Steps to How I Saved $80,000 In the past two years, I have been able to save $80,000 without receiving inheritance, without a six figure income, and without investing in a risky investment. I saved $80,000 by saving one single dollar at a time. In this video, I discuss how I saved $80,000 in two short years. 1. Decide you want to own your life You can either use money to buy tangible things like a house or sports car, or you can use money to buy intangible things like freedom and options. I believe that saving becomes more meaningful when you decide you want the intangible things in life. I decided to save money because I am after the intangible rewards of money. 2. Learn how to manage $100 first It doesn't matter how much money you have if you do not know how to manage the money. I think that it is a curse to get a bunch of money at once without knowing how to manage it because then it becomes very overwhelming and it is very likely that you will blow the money. Learn how to manage small amounts of money before you manage large amounts of money. Saving is a process and you will respect and manage money better when you start small. 3. Keep your living expenses low It is much easier to not spend $1 than to make $1. I think the easiest way to make money is by not spending it. If you set out to save money and take the time to find better deals that can lower you life expenses, then you will be able to save more money. The deals are out there, but you have to take the time to look for them. 4. Create a healthy balance of life You will not be consistent with saving money if you do not create a healthy balance of life. We live in a world of extremes where you either save all of your money or spend all of your money, but extremes are not sustainable. Creating a healthy balance of life where you balance saving and spending is a surefire way to keep you net worth growing consistently. 5. Live an intentional life Many people live their lives unintentionally, which leads them to waste a lot of money. Living intentionally involves going against society, which can be difficult. It involves you to budget, track your expenses, and make decisions every day to question society. You cannot, however, afford to live life unintentionally because that consumes all of your money. 6. Set aside a specific amount of money Once you lower your life expenses and start having extra money, you need to determine a specific amount of money to set aside each month to save, put in a savings or investment account, and be patient and consistent. Money is very simple. In order to increase your net worth all you have to do is be consistent and patient. 7. Get your money to start working for you Once you begin having some extra money, you need to find ways to start getting your money to work for you. Investing in index funds is the simplest way to begin growing your money. There are many other ways to grow your money through investing over time, but your money will not be growing if it is just sitting in a savings account. 8. Become your own bank It is much better to ask yourself for money instead of asking other people. When you have money and want to make a big purchase, you should be your own bank and use your own money instead of borrowing it from other people. When you become your own bank, you make better financial decisions because it is your own money. 9. Don't let money change you Just because you have more money doesn't mean that you should start to spend more money. There is nothing wrong with increasing your spending, but just remember that the more you spend, the quicker your money is going to go. Despite how much money you have, you should still make conscious choices with your money because money can leave very quickly. 10. Saving never stops No matter how much money you have, you should always be saving because you will need money for the rest of your life. There will never come a point where you should stop saving or stop managing your money. The point of money is to give you options and when you have options, you can use your money for more important things in life.