7 Places Your Money Needs To Go (Save Money Fast)

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A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can take advantage of compound interest and potentially grow your retirement savings to about $3M over time?

STRONG DISAGREE. Step one is essentials. Debt repayment comes after staying alive. Logically. I don’t need debt or a credit score to survive. I need food and housing. :0

Should i get a checking account that gains interest or just remain with the one that doesnt? Any tips for a savings account? I'm trying to figure these things out. Also, why get these accounts if they tax the interest you earn

For those looking for a high yield saving account, Sofi is great, but only if you have direct deposit. If you do not do direct deposit when you get paid, I highly recommend Discover’s high yield saving account. Their rate is very similar and they do not require direct deposit

Im 22 years old. Ive been working part time since i was 16 and i dont have a penny saved. I lived paycheck to paycheck. I just got my first big boy job and I want to do it right. I know i have issues with spending so i want to make separate accounts and really make my budget super organized.

Great video ! One bit of advice, you gotta give yourself something. An example would be $100 a week as spending money. If you don’t do this you’ll lose your mind

love this video! helps me a lot and opens my eyes! love the channel and can;t wait to watch the next one!

Solid bro.

Up till now I have not been able to understand the money dynamics, I’m really bad at spending and investing, I really need professional help

Taking early notes from Warren as to the importance of sound asset diversification and risk management It can’t be overstated. <I’ve been trying to grow my portfolio of $300K for sometime now, I would greatly appreciate any other suggestions.

I didn't become financially independent until I was in my mid 40s, in addition to owning a second house making money on a monthly basis through passive income, and I've also met some of my goals. I really hope this motivates someone to know that it doesn't matter if you don't have any of these things yet; no matter your age, you can start today. Investing can help you change your future! By participating in the financial market, I took a significant decision.

So, form the start, you are taking your mortgage, rent, food etc. As givens. You're missing the step where you decide how much you can afford in the first place. Don't live in a mansion when you're on minimum income or below. Budget first.

I'm not assuming I'm starting from scratch. I am hahaha

I use the Avalanche Method to pay off my student loans. I started with a $150K balance at the beginning of the pandemic and I’m now at $42K. It has been a long journey but I can see the light at the end of the tunnel!

Got to step 2 and i have no more money, great advice!!!

nice video but I feel you forgot the most important part of the 401K.... its pretax money, it changes the numbers drastically especially if you are on the higher end of the tax rate.

All this would have been helpful to know 30 years ago 🙌 I have Zero funds left after step 2 and that does not even include food. Been selling Plasma the last few months just to get an extra $500 a month to eat. I've been living paycheck to paycheck for the last 30+ years and has all been fine until the credit card companies started to wage garnish before I even get paid. Making about $60k a year and I have $45 left for the entire month to use for food and any other "fun" activities 🙄 At least I got divorced and have no whinny kids saying "why we always broke" 😊 I'm not worried tho, been living in an RV for the past 6 years and it is the best thing ever ❤ Good luck out there 👍💰

Wouldn't paying the minimum on your car payments, credit card etc just end up costing you more in the long run due to their interest?

It's pretty simple anno 2023. Just have your bank set up in such a way (most banks have apps in which you can do this) that, say. 10% is sent to your personal savings after your monthly salary comes in, another 10% into your emergency fund and for example, a part into the joint checking account between you and your partner. That way, groceries, nights out etc. are paid from the joint account, you're both saving, and the money you have left in your own account is yours to do whatever you please. That's how we set it up and it works - savings are building up over time and it's done before you even see that you have new money in your account.

I'm 26 and never really watched finance videos before. I thought I was behind the ball, and after watching this video I have actually done all this prior, Soni think I was thaught well by my dad when I was younger lol

I handle my money movement really easy (Germoney):
100 % Earning
- 50 % 1 ETF
- 10 % Saving
- 40 % Spending
= still 100% satisfaction with my money

This video even the title is similar to Nate O'Brien's video 4 years ago.

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement of about $750k. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?

What do you think of Sofi now? They seem to be having trouble. Thanks

Rich Dad Poor Dad says pay yourself first!

I'm not even kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it, Investing is a long-term game, so I try to focus on the long term.

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly

Right now, I’m trying to get into law school, so I’ve been using an online savings account as my emergency fund for school. So far I’ve been doing good with it, and because it’s an online savings account there’s less temptation to pull money from it because it does take a bit longer for the money to transfer.

Thank you for this awesome video

I realize that it can be a wise way to keep investing during times of volatility to build wealth. I've heard testimonies from people who have accumulated over $80,000 during this red period. What measures can I take to ensure this?

@Humphrey, I have both a Roth IRA and a 403b.... I save about 15% of my income in these accounts. I am partial to wanting to max out my Roth first and then using the rest for the 403b....any thoughts on this strategy?

Point 1, where he speaks on missing a credit card payment, I have heard of requesting a credit report offset or update request you can make with the reporting agency.

What do you think about Velocity banking, Cash value life insurance, and First Lien HELOC 's ? Thanks Humphrey

WILDVESTCORPS PAGE has hedged me while I'm content with $12,000 a week..

Snowball ,Roth account, how to pay off bill, and if you don’t get to step 7…………………….get a part time job

Snowball ,Roth accounts ,how to pay off bills, and if you don’t get to step

Seven then get a part time job

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

Who else is watching this video jobless?

I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments

Huh??? I paid myself first into my saving…all my bills payments come after

Step one and two are out of order. People should definitely buy food before paying the credit card bill.

Great tips!

UFB, an online only bank, is currently paying 4.81% on savings accounts.

I have fallen in the rabbit hole of watching wvery video you've made. 😅

I feel like I'm irresponsible, but restrained at the same time. I put 30 % of my repulsive walmart-style lack of salary into a high yield savings with capital one(4.15% apy atm, pretty good), some money for bills aside, and then the rest of the money I put in the category of the wild wild west of money, meaning anything goes. I should stop spending my money like that because that's less money to store in my savings the night before the next payday. So, poor spending habits with my remaining money, but for saving 367 dollars per paycheck, and getting my bills paid, I can honestly forgive my poor spending habits because if I ran out of my leftover money, then I'm just broke. I will never take money out of my savings unless it's to borrow against it, to which it's only for emergencies. Maximum 4%, and at 1150.63(I just recently started saving 30%), meaning I have 46.02 for emergencies, but that goes up every paycheck. 10 bucks or so. It has to go back in, no question, and anything above 4%, I charge myself $1 for every 5 I pull out above 4%.

step 1, pay yourself first...always! Put it into a diversified portfolio that cover Retirement/Growth/Income/Savings you figure out the percentages. That is always the first step. Necessity is the mother of invention...Now you have pressure to cut expenses, stop impulse spending, create/follow a budget, finding ways to save a penny here and there, cut out luxuries and etc... Now its necessary to figure it out or come up short, forcing you to get find a side hustle, or get creative and figure out how to create passive income stream to improve your cashflow.

I have funds in tax free vanguard (cheap global index funds) one for car, house loan downpayment (faster), one for home repairs (roof etc), one for freedom (FIRE), And one for emergencies. From my income to these every month. No need for loaning for car or roof repairs. I am my own bank.

I'm learning so much from you. Thank you!!!! 🎉