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  • Have you ever lost money

  • Probably yes

  • And it didn't feel great.

  • But how would you feel if you have lost 30 billion dollars?

  • That's an insane amount of money.

  • Even the vast majority of billionaires don't have that kind of wealth.

  • 1 billion dollars is enough to make you and your entire family super-wealthy, 30 billion

  • dollars would make you one of the most influational people on earth, that's more than the GDP

  • of some countries

  • But guess what, that's exactly how much Mark Zuckerburg lost in the last market correction.

  • Now poor Mark Zuckerburg is not even on the list of the top 10 richest people in the world

  • and is worth just 84 billion dollars.

  • The question is - how much did you lose in the last market correction?

  • It doesn't really matter if you are a long-term investor because corrections happen all the

  • time.

  • They are part of the process.

  • What actually matters is saving your first 100K dollars.

  • While investing in yourself, going to school, learning are all important, what makes you

  • truly financially free is the size of your investment portfolio.

  • The problem with investing is that all you can get is an average of 10 percent annually.

  • For most people, that's peanuts because most people are ready to invest a few thousand

  • dollars a year at best.

  • 10 percent on a thousand dollars a year is just 100 dollars.

  • No one is going to take that seriously

  • But 10 percent on a million dollars, that's 100K dollars, more money than most people

  • make in an entire year.

  • So the challenge is to get to that point where your investments can earn enough on their

  • own.

  • A million dollars is not a joke, especially when most people earn around $50K and live

  • paycheck to paycheck.

  • But 100K dollars is realistic for most people.

  • That's the moment when your investments earn enough to keep growing on their own

  • If you save 100K dollars by the time you are 30, without investing a single dime, your

  • $100K will turn into 2 million dollars before you retire.

  • However, saving your first 100K dollars is the hardest part, because the moment you achieve

  • it, the rest gets easier.

  • At the same time, I want to point out that it really depends on where you are.

  • 100k in California is very different from Alabama and in Thailand, 100k is much different

  • from the US.

  • But for the sake of simplification, we are going to use the 100K benchmark.

  • The main question is - how do you save your first 100K dollars?

  • There are multiple ways to do that, but it all depends on how much you are ready to sacrifice

  • You can live on a super tight budget for a couple of years and save more than 70 percent

  • of your income, or you can be a bit relaxed and live a bit more comfortably, but it will

  • take twice or trice longer.

  • The moment you clarify that for yourself, here are 5 ways you can follow to save your

  • first 100K dollars.

  • But before we do that, make sure to give this video a thumbs up and subscribe.

  • Real estate.

  • This is probably one of the best w ays to do that.

  • The point isn't to end up with 100K in cash but to have 100K worth of assets because,

  • at the end of the day, inflation is going to devalue your cash anyway, while if it's

  • an asset, it will at least catch up with inflation.

  • The biggest obstacle is the downpayment, but that's about it

  • Like or not, having a roof over your head is a must, and if you don't have a place of

  • your own, you will most likely rent one.

  • So instead, why not take a mortgage and keep building your equity over time.

  • Of course, a house has its own set of problems, but as home prices rise, rents prices do rise

  • as well, and even if you leave that place, it can be turned into a source of cash flow.

  • This is, of course, not the best option for everyone because if you live in Vancouver,

  • for example, where the average home price is over a million dollars, your downpayment

  • alone would be 200K dollars which for most people is not an option.

  • If you could take advantage of super-low mortgage rates in the last 2 years, then good for you.

  • If you haven't, it's an option to consider if you can find a good deal in the market.

  • Owning a house has its set of problems, but it's also one of the best ways to build wealth

  • 2.

  • Be first in any industry

  • Here is how any new technology works.

  • Whenever a new tech comes up.

  • It's only popular among enthusiasts.

  • People who are really deep into it.

  • It actually takes a few years before it turns mainstream if it's good enough.

  • If it's not, then it will just disappear as most innovations do.

  • But before most people figure out how it works, the enthusiasts make most of the money out

  • of it.

  • Take the example of NFT.

  • They started getting popular in 2020, but they have been around since 2015.

  • Cryptocurrencies are another example.

  • They have been popular since 2017, but bitcoin was created in 2009 after the real estate

  • crash.

  • Appstore is another example.

  • When Apple introduced iPhone in 2007, it created the Appstore the following year.

  • Whoever saw the potential of AppStore created apps that instantly became multi-billion-dollar

  • companies such as Whatsapp.

  • The point is to take a look at new emerging technologies, understand them, and the moment

  • they turn mainstream, you can make make a fortune.

  • 3.

  • side hustle I know that side hustles are not known for

  • making a fortune but not in the age of the internet.

  • There are people who make 6 figures a year on Fiverr.

  • Of course, they are a minority, but the fact is, freelancing jobs are becoming ever more

  • popular.

  • Hiring someone full-time is not a joke.

  • Do you know how muc h taxes you have to pay per employee?

  • Insurance alone will cost you a fortune if you are a small business.

  • That's why more and more small businesses are turning to freelancers.

  • While you might not be making 6 figure writing blogs, for example.

  • You can make a few extra hundred if not thousands of dollars every month if you push yourself

  • hard enough.

  • Find out what you are good at, whether it's writing, editing, researching, designing,

  • whatever can be done remotely, and spend your free time freelancing.

  • Any income you get from freelancing should directly either go to your savings account

  • or brokerage, where you can invest it in some assets such as vanguard investment funds.

  • 4.

  • Consulting

  • We live in an age where everything can be googled, literally everything.

  • But at the same time, a lot of people prefer someone to teach them and answer all of their

  • questions instantly instead of them putting the time to search for everything themselves.

  • Take NFTs, for example, anyone who is getting into this industry can find everything they

  • need on the internet, but businesses are still paying a lot of money to young teenagers who

  • have spent countless hours reading about NFTs.

  • It could be anything else.

  • If you love math, you can teach kids math.

  • There are so many rich parents who want their kids to excel in school.

  • And it's not a difficult job.

  • Once you get used to it, you just keep doing the same thing over and over.

  • The most important part is that you shouldn't spend that money on yourself.

  • It should be either invested or saved.

  • 5.

  • extreme frugality

  • If you can't follow any of the options above, then your only hope is extremely frugality

  • for a few years.

  • To be honest, this is what I did when I started my journey to financial freedom.

  • I didn't have many skills.

  • I was just building a business, so what I did was limit my expenses to the extreme.

  • After a few years of saving, I stopped but I also saved enough to invest.

  • I don't recommend this method because, at the end of the day, there is a limit to how

  • frugal you can go.

  • There is a point where you can't go lower because you need a roof over your head and

  • food on the table.

  • 100K is a lot of money, but in the grand scheme of things, it's not.

  • It's not going to make you rich but it will bring you to the position where you can start

  • building your wealth.

  • Where you can stop worrying and be confident that no matter what, your little tree is growing

  • even without your contributions.

  • If you have enjoyed this video, give it a thumbs-up, and if you are new around here,

  • subscribe and turn on your notifications.

  • Thanks for watching and until next time.

Have you ever lost money

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5 Ways To Save Your First $100K

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    Summer に公開 2021 年 12 月 20 日
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