5.5 Steps To Save $1,000 In 30 Days
Published: 2023-10-02
Status:
Available
|
Analyzed
Published: 2023-10-02
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
It is cheaper to have only cable and internet compared to a bundle including phone service.
"it was cheaper for me to stop paying for my phone and just have cable and internet"
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Calling utility providers and asking for a lower price can result in monthly savings of approximately $35.
"I save like 35 a month just because I called and asked"
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Subscription-based companies often gradually increase monthly rates without explicit notification.
"a lot of these subscription-based companies will do is they will just keep slowly raising your monthly rates"
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Reviewing bills for 15 minutes can lead to monthly savings without lifestyle sacrifices.
"this doesn't mean you have to sacrifice anything this is a quick and easy way for you to save a little bit of money every single month by just spending 15 minutes going through your bills"
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Being nice to customer service representatives can lead to bill price reductions, as companies prefer to offer discounts over losing customers.
"ask about your bill and see if there's anything that they can do to reduce the price of your bill but the key here I'm going to give you the real secret to succeeding here is I want you to be nice"
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Competitor pricing and introductory offers can be used as leverage to negotiate lower bills.
"if you see that the competitors are charging less or they have some sort of introductory offer you can use that as leverage to get a lower bill"
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Implementing a 24-hour rule for purchases can help avoid impulse buys.
"follow the 24-hour rule if you go to the mall you find a sweater that you like and now you want to buy it and you see that it's 70 bucks well before you go out and buy the sweater just give yourself 24 hours to think about it"
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Spending an hour reviewing past financial statements (income, credit card, debit card, bank statements) can significantly alter spending habits.
"spend an hour doing this because this will immediately change the way that you spend your money and you won't need any guidance to tell you how to do it go and take your previous month's incomes and your credit card statements and your debit card statements and your bank statements and lay them out"
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Analyzing past spending to identify where money went allows for targeted reduction in those categories to increase savings.
"now all of a sudden you can see where all your money is going and now if you want to have more money this month all you got to do is stop spending money where your money went last month"
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Strategies to reduce restaurant spending include eating at home beforehand, drinking water only, or eating only an appetizer.
"before you go out to eat at a restaurant eat dinner at home that we're not so hungry there maybe just drink water there maybe only eat an appetizer there that we don't have to eat an appetizer get a drink and get a meal and get a dessert eat before you go there"
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Watching movies at home instead of in theaters can save money, especially if already subscribed to streaming services like Netflix.
"don't go out and watch movies in the theater watch them at home because you're already paying for Netflix"
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Selling an expensive financed car and purchasing a cheaper car with cash can eliminate monthly payments and associated costs, saving significant amounts of money.
"get rid of the car get something cheaper something you can afford with cash instead of paying 700 a month on a fifty thousand dollar car how about you take the eight thousand dollars that you put down and use the eight thousand dollars to go out and buy a car with cash"
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Eliminating a $700 monthly car payment allows for reinvesting that money to build wealth.
"now you don't have to worry about the 700 monthly payment and you can take the 700 and put it back in your pocket every single month and now you can take the 700 and work to invest that money that will actually make you wealthy"
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To build wealth through investments, it's crucial to stop money from leaving unnecessarily and instead allocate it to investments.
"you got to stop letting all your money leave and they're going to use that money to buy Investments but you can't buy any Investments when all their money is going out to make somebody else Rich"
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There are an infinite number of ways to earn more money in today's economy.
"in today's economy there is an infinite a truly infinite number of ways that you can earn more money"
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Freelancing platforms like Fiverr and Upwork offer opportunities to earn money by providing services to businesses.
"there are websites on the internet like fiverr.com and upwork.com where you can go and just offer some of your services and potentially get paid to help other businesses make more money"
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The initial step of earning the first $100 is the most challenging due to the need to figure out all aspects of offering a service and finding a client.
"Making the first 100 is harder than making the first ten thousand dollars because the first 100 requires you to fix figure everything out"
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Once the first $100 is earned, scaling that process can lead to earning $10,000.
"once you figure out how to make a hundred dollars not all you got to do is keep doing what you just did to scale it up to ten thousand dollars"
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Persistence in seeking clients will eventually lead to someone willing to pay for services.
"if you stay persistent eventually you will find somebody who's willing to pay you some money"
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Leveraging initial clients for testimonials and referrals can help in acquiring more clients and increasing income.
"use them to get a testimonial use them to get a referral use them to get more money"
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A willingness to try, hustle, learn, and persist through failure, using various resources like books and videos, is key to earning more money.
"if you have that will need to try if you have the willing to hustle if you have the willing to learn you're going to do whatever it takes whether it's reading books watching YouTube videos listening to podcasts and trying things and you're going to be willing to fail and you just got to keep coming back getting up trying trying"
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Earning money can be scaled by repeating the process of earning $100, then $1,000, then $10,000, and so on.
"now it's just a matter of repeating that 10 times to get your first thousand then repeat that 10 more times and now you got ten thousand then you repeat that 10 more times well now you had a hundred thousand dollars and now you just keep scaling"
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For frequently used items, purchasing in larger quantities with a lower unit price is more cost-effective in the long run.
"if I know that I will occasionally use Claritin so I will eventually go through those 100 pills and now on the display it has the unit price per Claritin now if I know I'm gonna use all of the pills in this little case in this little bottle it makes sense for me to pay the lowest price per unit"
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Paying attention to unit prices and opting for the lowest unit price, even if it means a higher upfront cost, can lead to long-term savings.
"take a look at the unit price of things that you buy because a lot of stores now are required to put that unit price of an item on the display that way now if you're going to use something pay the lower unit price even that that means you have to pay a little bit more money now it's going to save your money in the long term"
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Avoiding ATM fees can lead to significant savings over time.
"stop paying for ATM fees that four dollar fee every time you go to pull cash out of the ATM will start to add up"
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Overdraft fees are costly and can be avoided by managing bank account balances carefully.
"stop paying overdraft fees Banks love it when you spend all of your money because now you got to pay 35 dollars in a bank account where you don't have any money to begin with"
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Requesting a waiver for a first-time late fee or overdraft fee from the bank or company is often successful.
"stop paying these fees stop paying the late fees and if you do get a late fee for one time if you do get an overdraft be the first time go out talk to the banker talk to the company tell them hey I'm so sorry I got this late fee this has never happened before it's not going to happen again can you please give me a waiver this first time"
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High-yield savings accounts can offer interest rates of 4-5%, significantly higher than traditional savings accounts paying 0.05%.
"if a money is sitting in a savings account and is paying you 0.05 percent in interest well what you could do is just look for a high interest savings account which you know the interest rates change month to month by the time I'm recording this video you have higher savings accounts that are paying four percent sometimes even close to five percent in interest"
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Moving money to a high-interest savings account allows for earning more interest without additional effort.
"now you're earning more interest on your savings by doing nothing except moving your money to a high interest savings account"
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Becoming wealthy requires active management of money through smart usage, investment, and growth, not just positive thinking.
"if you want to become wealthy there are things you have to do with your money it's not just your thoughts you got to make money you got to use your money smartly you gotta invest this money you gotta grow this money if you want to become wealthy"
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