10 Steps To Save Your First $1,000 ASAP

"you want to have at least $2,000 saved up but in order to have $2,000 you got to have your first $1,000 saved up you need to put aside at least $11,000 that we have some Financial cushion to protect you against life's emergencies"

"The difference between a broke person and a rich person when it comes to spending money is a broke person says oh I can make the $50 a month payment so I can afford to buy that cell phone a wealthy person says I can afford to buy that $1,000 phone so I can actually afford it it's two very different things being able to make the monthly payments is not being able to afford it"

"we live in a culture today where financing things is very normal in fact paying outright cash for something like a phone or a car is considered abnormal because the majority of people are now financing everything in their lives and now thanks to buy now pay later or as I like to call it broke now broke later it has become even easier for you to finance things like your clothes and even your groceries"

"so now if you don't want to be like the majority of people who are broke who don't have $11,000 saved up you can keep doing what the majority of people do and that means for one you have to stop buying things that you cannot afford that means you have to stop financing things in order to buy them and that means you're going to have to make some sacrifices that means number one maybe you don't get to buy all the stuff that you thought you can afford and number two when you go to actually buy the stuff maybe you don't buy the newest and nicest thing if you want to buy a phone okay maybe you can't afford a $1,000 phone maybe you have to go out and purchase a $200 used phone"

"Banks love it they love it when you are financially stupid and the reason why is because if you're financially stupid you're going to go and spend money that you don't have now if you spend money you don't have not only are you going to have to pay interest on that we talked about that point number one but then number two is you're going to have to pay overdraft fees and you're going to have to pay other penalties and fines which are free money for banks"

"if you do accidentally overspend on your bank account what I want you to do is call up the bank and tell them hey I accidentally overspent I'm sorry it won't happen again I've had a good record with you can you please wave my overdraft fee a lot of people are paying overdraft fees when you can just ask for it to get waved and guess what most banks will wave your first overdraft fee for you sometimes even the second so just ask the worst that can say is no"

"if you are paying money to cash your checks stop doing that open up a bank account and the reason why I bring this up is I used to guess teach in Detroit public schools and these high schoolers who were hardworking kids many of them were working jobs and they did not have a bank account which meant they were getting paid with the physical check then they would take this physical check to a liquor store to cash the check and then the liquor store owner would charge them a 1 to 10% fee to cash that check"

"these fees compound and if you look at how much these fees actually cost on an annual basis it is more than what your credit card is costing you in fact sometimes it's multiples of what your credit card is costing you in APR"

"so what I want you to do is get in schedule with your bills look at what you got to pay put it in your Google Calender if you need to put a sticky note on it put it on your forehead put it on your fridge I don't care where you put it just pay your bills on time"

"if you make a mistake because I've made mistakes as well with late fees you better call them up and tell them hey I'm sorry this has never happened before can you please wave my late fee a little tip here when you're talking to customer service reps is be nice because if you're aggressive and angry and upset with them they're going to be aggressive and angry and upset with you and they're not going to be very nice to your wallet"

"if you do not have $1,000 saved up is you got to stop eating out now I want you to understand this the goal isn't for you to not eat out and eat restaurants and eat Starbucks for the rest of your life but there is a time and place to make that sacrifice if you do not have $1,000 in your bank account you should not be seeing the inside of a restaurant you should not be walking outside of Starbucks unless you're going there just to hang out with somebody else and not eat"

"no more shopping that means no more going to the mall no more going to Macy's no more going to amazon.com block that website if you need to do not go out and spend money because right now again you are in a financial danger zone this means you got to keep as much money in your pocket as possible that way you can save up this $1,000 and then the $2,000"

"if you go somewhere and you see something that you feel like you really want something that you feel like you really need but you're not sure yet one thing that you can do to stop those impulse purchases is follow what I like to call the 24-hour rule which is give yourself 24 hours to decide if you really need it"

"there are are a whole bunch of extensions on the internet that are free Chrome extensions free Google extensions that if you download them they will automatically find coupons when you're shopping online and it's the same thing when you go to stores there are platforms there are apps out there"

"you do have the ability to negotiate especially the prices of some of your utility bills things like your internet bill things like your phone bill things like your cable bill many times these service companies are going to keep increasing the price of your bill year after year after year and they just hope that you keep blindly paying the fees but many times you can save 10 15 sometimes 30% on your bills by just calling up these companies"

"what ends up happening is if you keep all of your money in One bank account is it's very easy to accidentally spend your savings money you go to the store you see that sale on a TV you see that sale on a new handbag or whatever it is that you want to buy and then you realize oh I got $1,500 in my bank account I can afford or can purchase this thing but this is where you want to make sure you keep that money set separate"

"the nice thing about today at the time we were recording is that you had a lot of high interest savings accounts that are paying three four 5% a year in interest on your savings so what you can do right now is look for a savings account ideally a highin savings account open that up and now as you start finding this extra cash put this money there and don't touch it unless you absolutely need it"

"the most accessible way to do that is just by putting in some extra work if you're working a job see if you can put in some extra hours see what you got to do to get a raise see what you got to do to get a promotion see what you got to do to get a bonus ask your boss say boss listen I have this financial struggle I'm going through I'm not asking you for a handout but I want to put in some extra work that way I can get this extra ,000 is there something that I can do to make a little bit of extra money"

"the best return on investment that you can make right now is to cancel your Netflix subscription and it's not so you can save those $15 a month it's so so you can save those 2 to three hours a day of time that you're watching TV"

"if you can convert those 2 to three hours a day and the reason why I say two to three hours a day is because the average American is watching almost 3 hours of Television a day if you can convert those almost 3 hours of TV time a day to learning time or building time this is going to allow you to not only earn more but build more wealth because you can use this time to read books use this time to watch classes use this time to listen to educational podcasts"

"the reality is most people who earn and more end up broke because they don't know what to do with their money but now if you can start working on the financial education you start reading the right Financial education start absorbing the right Financial education now as you earn more you're going to be able to leverage those earnings to build you even more wealth"