How to Save $1 000 000 by Age 30

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So how do you save a million dollars by the age 30 I already made a video about how you can actually be a millionaire by the age 30 that's a different video this is how you can save a million dollars by the age 30 so this was inspired by an article that I saw it gave some tips I'm adding some of my own here but I'm going to give you just some information about how you can actually become a millionaire by the age 30 or have a million dollars in savings by the age 30 so anyways let's get started here the number one thing this is a requirement this is not like for a lot of you watching this a lot of your middle-class or very young people middle-class young people may be making somewhere between 20 to 50 thousand dollars a year for the vast majority of people watching so the number one thing that you have to do if you're one of those people is find a side hustle this was given in the newspaper and I hundred percent agree with this it's think about the simple bath fifty thousand dollars a year you make if you're young you're 20 years old after 10 years if you save every penny and don't have any living expenses and don't pay taxes you can only have a maximum earnings potential of $500,000 so the thing that you need to do first is find some sort of side hustle and sometimes it's multiple I remember the guy in the article he had follow the team similar path as me he started out with some side businesses and he was working a consulting job it was actually weird he had like a really really really similar career path to me in fact I might contact him actually but yeah so he had a few side businesses and he had a consulting main job and then eventually side businesses were earning more than his main job so he could have main job and then his income from his side businesses just started going up and up and up and up like way up so you're going to need a side business in order for you to have a million dollars by the age thirty this is a requirement so think about what it is whether it's online whether it's selling cookies door-to-door whether it's I don't know what it is whatever it is for you whatever is easiest for you you have to do it so that's number one although this arrow is a little bit big here so we're going to number two number two is oh yeah so save extra cash every day find a way to save extra cash every day so in the article what this guy was saying was just find a way to save fifty dollars a day from age 20 to 30 and that's what he did he did 50 dollars a day from the age 20 to 30 just whether it's cutting out expenses adding income whatever maybe and that let him have $200,000 in extra cash where he could do whatever he wanted with it so it was $250 a day over the course of ten years is $200,000 so then he recommends here's what he did with that just from doing $50 a day he invested invested extra cash so luckily for him he started investing in 2009 so the stock market and real estate was you know isn't a pooper it was in the poop tank it was lowest it's been it was in what a decade up until then everything crashed and so just because he invested essentially two hundred thousand dollars over the past decade he said that that was responsible I think he woves his number here it was somewhere between five and six hundred thousand dollars for him so think about that if you were to invest that 500 EUR to invest that two hundred thousand dollars then $50 a day over the course of ten years and you get a raid River return somewhere between six and 15 percent which is pretty much what happened over the past decade in the United States then for him that took his 200k - I have that written down here so it's that took his 200k to have a five hundred twenty K that was the number just by doing that just by putting his money in the stock market so if you aren't comfortable with the stock market I do have that program you can check it out shameless plug I know but it's just if you do it in a safe way which is what I recommend you can get that kind of return in the long run over the course of a decade so going to move on here to number four number four which was big for him which was grid jous monthly monthly expenditures expenses whatever whatever that where it is so this kind of ties into number two here about saving but saving can also I guess I should have mentioned savings also like putting money in your 401k or when the money is automatically taken out of your paycheck if you're an employee that's counter saving too but reduce monthly expenses so this is like what he did was he downsized his house that was one of the downsides is rent payments he was paying rent at the time so he said that he was living in a $1,500 nice apartment and he downsized to a 700 or $800 kind of shitbox apartment so that's what he did and maybe you guys can do that too maybe you guys are living in a $1,500 a month apartment I mean I was living in a this was three two years ago two or three years ago I was living in an apartment where it was about 1,000 I think it was about a thousand dollars a month but says no I got a deal on it that's right I got a deal it was like 850 a month everything included expenses is a modern nice new apartment so I guess I didn't really need to downsize and I didn't because it was a super nice I was making a lot of money from that apartment to look online so that's what I did I have made hundred fifty dollars single apartment and maybe you guys can do that too maybe you guys can find one in your area maybe you're living with $1,000 a month apartment right now and you can find one five floors down for 950 where 900 maybe you can find them on five streets down for maybe you save $200 a month do something like that downsize reduce monthly expenses so I guess yeah another thing he did was he cut out cable I recommend that too because if you're a young person you're on the internet a lot you don't need cable a lot of I know it's packaged a lot I know those cable companies get you right and in Canada we pretty much have to telecommunication companies I mean that there's more but there's two main ones there's Rogers and then there's Bell and they try to hook you up with everything at once they try to hook you up with cable phone Internet all in one and they try to make you like look you're saving money by getting cable and you're not you're not so just cut out cable cut out a home phone if you don't you don't even need that you have a cell phone grab those two things in so cutting out cable was big for him and I recommend everyday investments I made a completely separate video on this though every day investment so for me mine I've talked about mine is the batteries that double-a batteries rechargeable batteries so that saves me time and saves me money because I never ever again have to go buy double-a batteries ever I just get returnable or chargeable ones after I finished with them plug them right back into the wall sure it's going to cost you me a few cents of electricity to charge them but it's not going to cost a dollar or two per battery like you normally would at Walmart or convenience store or whatever so what's your everyday investment I say like coffee makers are a lot instead of going to Starbucks get your own coffee maker unless you're getting like a pumpkin spice latte like a lot of white girls out there do that every single white girl here in my area pumpkin spice latte whenever that's in season oh that's all they get every day and that's what how much are those five to eight dollars pumpkin spice lattes just go home and make your own coffee just go home and make your own coffee get your caffeine and sugar that way don't get a latte so yeah coffee maker thermostats rechargeable batteries you know things like that programmable thermostat I should have mentioned that that's a big money saver for people if you own your own house but I guess most people watching this are young and probably don't so we're going to move on here number five number five oh yeah remember oh rember remember your goals so maybe you take these first four things you do those first four things you get a side hustle that makes you a few hundred dollars a month extra you start you know saving money off of every paycheck you start investing your extra cash and you start reducing your monthly expenses and then you start to see the money in your bank account start to pile up oh I have an extra $500 this month new $1000 ooh now of a sudden that ten grand in the bank $20,000 what do I do now let's go ahead and buy that car No remember your goals if you want to be a millionaire by the age thirty so they are actually the example that this guy gave him the article was that so this is what happened to him he started saving up thousands of dollars and he wanted to pay his breaking point actually what he wanted to buy $300 bag for his laptop and he's like you know what I've done too much I need to start cutting more and so he started remembering his goals he wanted to be a millionaire by the age thirty to you and so every morning where you think that you're in it you're doing really well and maybe you could buy that little extra thing you could buy that little extra you can start buying that latte again from Starbucks because you're doing so well no you can't you can't unless your side business starts really taking off making you hundreds of thousands of dollars then like that that's a different story but in most cases it's not so just make sure you remember your goals you remember why you're doing this you remember why you cut up cable you're you remember why you started your side hustle to get financially free to become a millionaire by the age thirty to have a million dollars in savings by the age thirty and I think that's what this video is about it's about making sure that you remember to do these things each and every day even when things are going good or bad just remember what your purpose is you want to be wealthy you want to be financially free trust me it's good it's really really nice being financially free and I want that for you guys so I'm going to wrap this video up I'd like to thank you very much for watching do you have anything that I left out here anything that I left out do you guys have your own tips write it in the comments I'd like to hear from you anyway so I'd like to thank you very much for watching you're all very beautiful people see you guys in the next video you .

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