5 SIMPLE Steps To Save $100,000 (My Story)
The number one excuse why guys tell me they can't improve their style, I don't have
the cash.
My bank account balance is zero.
I'm broke.
Money.
Money.
Money.
Today's video is for you if you want to save up $1,000, $10,000, or even $100,000.
Five simple tips to save your money.
[Music] Now, the tips I'm giving you in today's
video worked for me.
In a relatively short amount of time, I was able to save up over $100,000.
And I know some of you guys are going to say, Antonio, well, you've got some huge advantages.
You got an MBA from Texas, you've got a million dollar company, so this came easy
to you, right?
Yeah, I've got some advantages now, it's a lot easier to save.
But, like many of you, I built myself up from pretty much nothing.
So, I grew up in a trailer park in West Texas.
I've gone through a bankruptcy.
My first business failed.
I've had to make those tough decisions.
Do I spend money on my business on Facebook ads or I do spend it on my mortgage and possibly
lose my home?
I've gone through highs, I've gone through low, but these five principles apply to you
if you're making $500, you're making $5,000, you're making $50,000 a month, this information
is going to help you save more.
Tip number one to saving up your first $100,000, you've got to get a grip.
You've got to face the reality of your current situation.
Most people, they don't even know how much they're in debt, how much they owe, what
the current situation is.
I think the analogy they use here is an ostrich with its head in the sand.
Basically, you think that if you ignore the current situation, it's somehow going to
go away.
And, I know this person because this was me.
Just over ten years ago, I was $100,000 in debt with various credit cards.
I didn't know the interest rates, I didn't know the exact amount, I still had student
loans, I know I have a little bit of money in my bank account.
I was barely holding on.
And, instead of dealing with the situation facing the truth, I kept putting off the inevitable
by doing credit card transfers moving things over to no interest here no interest there,
just moving between the banks.
And, oh, I went and started a company because I'd lost my job, so all of a sudden I lost
the income coming in thinking I'm going to go out there and become a millionaire simply
start my own company, see where this goes.
Within two years, I owe even more money and guess what?
I have no way to repay it.
Now, when I laid everything out, so that I could see it, I put it all into a single spreadsheet.
I have my checking account, my savings account.
I went through and looked at all my credit card debt, put it in there.
I put my home mortgage in there, my student loans.
Everything in one single sheet.
Now, what do I recommend that you put everything into a spreadsheet?
It's an option, but you got to manually update it, it can really become a pain in
the butt when you've got a ton of accounts.
I recommend Personal Capital.
Guys, I'm linking to it down in the description.
I am an affiliate, it's not sponsored.
But, this, I absolutely love their app because they've allowed me to gamify basically going
in and looking at all of my accounts.
I spoke with two guys at my Menfluential Conference where they heard me recommend this and they
absolutely love it because it is made being able to look at all of your accounts in one
place incredibly easy.
So, what's really cool about this is it calculates a total number of what your net
worth is and then actually compares your assets to your liabilities.
Basically, it makes it very easy if you've got money with different banks, if you've
got different credit cards, if you've got your student loans someplace.
Guys, it brings it all together and it puts all of the numbers.
I absolutely love this.
Again, Personal Capital, absolutely free.
I'm linking to it down in the description.
I absolutely love this app.
Go check it out.
So, the next step to saving up $100,000, have a realistic and detailed roadmap on how you're
going to get to this goal.
Here's an example of an unrealistic goal.
I'm going to save up $100,000 and how I'm going to do it, every year for the next five
years, I'm going to save $20,000.
So, why is that unrealistic?
Well, first off the saving pattern.
Most people don't save the same amount every year.
What happens when you start to save, you save usually smaller and then, those savings build
up and you continue to add more and more as you earn more.
The next thing that makes that first goal unrealistic is we didn't look at how much
can this person actually save.
So, the person we're talking about in this scenario makes less than $2,500 a month.
It's going to be very difficult to save almost 80% of your income for a goal that,
yes, you want to achieve it, but you're going to have to build up to it.
So, let's look at a more realistic plan.
The first thing we want to look at is your income, what is your take home pay after taxes?
So, let's say in this scenario, your take home pay is $2,453.45.
So, the yearly income here is $29,441.40.
This number is important because assuming zero expenses, this would be your max savings
amount per year.
So, to hit that savings goal of $20,000 a year, you've to live off $9,441.40.
Is that possible?
Well, let's look at your expenses.
Rent and utilities - $500.
Food - $300.
Student loans - $200.
Health and personal care - $100.
Clothing - $200.
Transportation - $150.
Entertainment and eating out - $400.
Phone and internet usage - $100.
Car and insurance - $400.
[0:05:02] So, with your income and your spending, you
have $103.45 that you can save every month.
So, at this point let's face reality.
At this current savings rate, you're only going to save up $12,000 this entire year.
So, the question now is how important is this savings goal to you?
If it's really important, you got to find a way to either make more money or decrease
your expenses.
So, in this situation, let's say you're going to do a little bit of both.
Okay, you live in the city, let's get rid of the car, you're going to lose the insurance,
you're going to eat out a bit less, so you're going to save about $500 there.
Guess what?
You're also going to start to work a bit more and pick up some of those side gigs and
make an extra $500 there.
So, what we just saw is an amazing swing of $1,000 and, now, you're able to save over
$1,100 a month.
So, now, your yearly savings goal is $13,241.40.
So, now, you've got a detailed plan.
The next tip, you've got to start to make the difficult decisions the hard choices you've
got to take action.
So, when you lay out your income you lay out your expenses, one of the tough things you
have to look at is are you actually earning the kind of money you want to.
For most people this answer is going to be no.
And part of that is the position you're in, who you work for, and the industry you've
chosen.
The truth is how hard you work doesn't always have a direct correlation with how much money
you make and certain industries make a lot more than other industries.
So, if you work at a nonprofit, if you're a teacher, if you work for the government,
it's probably safe to say that for the number of hours you put in, you're not going to
get as much monetary reward as if you work as a lawyer or if you work as a consultant
or if you work in banking.
You're also going to find a wide range of incomes within a single company and it doesn't
always have to do with experience.
Oftentimes, sales people earn a lot of money because they're so close to the money and
they bring so much into the company and the company views them as very valuable.
So, what does this mean for you?
Well, maybe you want to change positions, maybe you want to change careers, maybe you
want to go back and get that training that's going to enable you to get that promotion
so you can level up your income.
And for those of you that are entrepreneurial-minded, go often start your own company.
This may seem really risky, but I can tell you the rewards and the benefits I absolutely
love being a business owner, being able to choose which hours I work, how to set up my
company, and how to basically control – I control my own workspace, I control what I
pay myself, and that's pretty cool.
Now, on the other side of the equation, we've got expenses.
And, yes, you can go through and make cuts here.
The key here is not to let them creep back up and to make sure the cuts that you make,
you actually stick to.
Now, me personally, how have I kept my expenses down?
Well, first up, I've got a family of six.
So, eating out gets very expensive, so we always eat at home.
Next up, I don't drink alcohol.
I really don't like the effects of it, but also, it just simply cost a lot of money.
And, let's talk about my truck.
I've had the same Chevy Silverado for over twenty years.
I absolutely love it.
It's paid for, it still runs great.
Yeah, it's not the best-looking truck, but guess what?
I don't spend money on it.
And, my house, I've got a small modest home in a small town in Central Wisconsin.
My mortgage just over $600 a month.
Yeah, we've got one bathroom for six people, but we make it work and we keep those expenses
low.
The next step to saving up $100,000 is to automate your savings and pay yourself just
like you would pay any of the other bills out there because you pay your phone bill,
otherwise they'll shut it off.
You pay your mortgage, otherwise they'll take away your house.
When you go the grocery store, you have to pay for it.
So, you need to pay into those savings and treat it like any other bill because if you
don't guess what?
You're always going to find a way to spend more money.
And when you automate, that money goes out, you don't even see it, it just disappears
it goes into that account and you don't have to think about it.
I can't stress this enough, setting up automatic withdrawals and paying yourself first.
So, I've got about twenty savings accounts.
Basically, I have money go into each of these savings accounts saving towards different
goals and the money goes in there every single week.
And, again, guys, with Personal Capital which I'm linking to down in the description,
I'm able to see it all right here.
So, again, for me it's a whole gamification thing, just going in I check this and I'm
almost addicted to it, but I figure this a pretty good thing.
And I can just see everything grow, I can move money around.
I enjoy this.
This is a lot of fun.
Now, this next tip to setting up $100,000 sounds kind of funny, but you've got to
protect yourself from yourself.
Now, I talked about having all these savings accounts.
The reason I use savings accounts is it's difficult to pull the money out.
I actually have set it up, so I have to go to the bank, I don't have any way to withdraw
it except actually going to the bank or calling them.
So, my checking account, very easy to pull out the money, but I don't want to be easily
pulling out that money because then I'm going to use it in a case or in a situation
where I shouldn't be.
So, you want to make sure that you've got things set up, so it's difficult for you
to touch the money that you're saving.
Now, another way to set this up is I've got an accountability partner, basically,
my financial manager.
So, I've talked specifically with Matt, I've told him, hey, these are my goals,
I'm not touching this.
So, he helps me put the money in places in the United States, we have what are called
IRAs Roth IRAs where you can put money.
What I like about this is you can't touch it without getting penalized.
It's difficult to pull this money out, unless you really need it.
And another tip is to have an emergency fund.
A credit card is not an emergency fund.
You want to have enough money set aside that you could live off this money for a few months
if you're going to lose your job, if something bad were to happen.
And, when you've got the emergency fund, you're not going to go raid those other
accounts.
Now, this next tip to super charging your savings is really important because when you're
getting started this can be really frustrating and that is it's the habit that matters
not how much you're saving.
So, in our earlier scenario, we had that gent saving just over $13,000 a year, but let's
say realistically over the next year, he only saves $12,000.
Now, some of you guys are going to say, well, that sucks, he's $88,000 from where he wants
to be, he's behind.
But, that's not how the way it works because assuming that he gets a better job, one that
pays him a bit more and he continuous to have these habits, guess what?
The year after this, he's saving $18,000 and the next year $24,000 and then the next
year $36,000 and then the year after that $48,000.
And at year five, this guy had shot past his goal, he saved $138,000 not including interest.
Now, the process is relatively simple, but it's not easy, so you do have to put in
the work, you have to take action, but it's doable.
And, whether you're making $300 a month, $3,000 a month, or $30,000 a month, these
principles apply.
Gentlemen, I could tell you from experience, taking control of your financial destiny feels
amazing.
And, guys, it's not easy, but it is simple if you trust and you follow the process.
Guys, if you like this video, you're going to absolutely love this next one, five tips
to make an extra thousand dollars in the next week.
Go check it out right here.
This video got over a million views.
I'm very proud of it.
I go into a lot of detail, a lot of great information if you want to learn how to make
extra money on the side.
What about this video right here, what being broke taught me, twenty one lessons I wish
I would have known twenty years ago.
I had a lot of fun with this video.
Kind of went back in time.
The lessons I would have given myself if I could teach myself about how to make money,
how to save money, how to not make stupid money mistakes.
Gents, all these videos and more I'm linking to down in the description.
See you in the next video.
[0:12:19] End of Audio
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