How To Save $10,000 ASAP (10 Ways To Start Today)

"this account right here checkins account which will be your spending money but then I want you to open up two other bank accounts Bank One Bank two most banks will do this completely free and they will allow you to do this automation that I'm going to show you right here now what you're going to do is this account right here is going to hold your savings money and this account right here is going to hold your investing I'm spelling this wrong investing money right here this way you know that the money in this bank account is supposed to be used to protect you against an emergency this is your savings right here this money is supposed to be used to go out and be invested somewhere you cannot use this money to go out and buy a TV you cannot use this money to go out and buy a car"

"how much money should go here how much money should you go here one of the things I like to talk about is a simple 751 1510 plan which says for every dollar that you earn from here and out 75 cents is the maximum that you can spend 15 cents is the minimum that you can invest 10 cents is the minimum that you can save as a way to start obviously your wealth is going to be built here we're focusing here but you need to have these types of automations in place"

"one of the things I like to talk about here is a 24-hour rule which is before you go out and start buying things now especially things you don't need I want you to give yourself 24 hours you walk in the mall you see this nice sweater you're on Amazon and you see this really nice watch that you want to buy instead of just hitting the add to your card button what I want you to do is take a pause give yourself 20 4 hours that we are not saying no I can't buy these things what you're saying is I'm just going to think about this thing before I purchase it and now when you sleep on it you can give yourself some time and some space to actually realize do you actually want and need this thing yes or no and if not you don't buy it and what you'll see is you'll be able to save out on a whole bunch of impulse buying of buying a whole lot of things that you didn't actually need and that you weren't actually going to use"

"right now there are a lot of banks paying upwards of 5% a year in interest on your savings it's always an interesting conversation when I meet High income people that have hundreds of thousands or close to a million dollars in the bank and they ask me what should I do with my money and I ask where is this money sitting and they say it's sitting in a Bank of America account earning 0.03% a year in interest and the first thing I say is well why don't you consider moving some of this money into a high yield savings account because it's FDIC insured it's a regular Bank the only difference is now instead of getting 0.03% you get 4 to 5% because 5% a year in interest interest on $10,000 is $40 sitting in your account extra a month 5% a year on $100,000 is an additional $400 sitting in your account every month just because you put your money into a high interest savings account"

"right now the average American is spending around $33,600 a year eating out at restaurants if you don't have any savings you can't afford to eat out at fancy restaurants right now and you can comfortably save at least half of the money at least half of the dollars that you're spending eating out by just making some food at home home"

"because one of the most accessible ways to have an additional $110,000 over the next 12 months is to ask your boss for a $10,000 raise but I'm going to give you a few tips here as an employer on how you can actually get that raise instead of being the person that keeps getting rejected or laid off or fired"

"if your company pays you $70,000 a year that means your company is investing $70,000 a year in you and they're going to want a return on that money which means they want to see you produce at least $140,000 worth of value so now if you want to make more money see how you can produce $200,000 worth of value for your company because that means you can take a percentage of the additional value that you provide"

"study what the competition is paying people like you at their companies and if you can find that they're paying people like you at other companies a higher rate this gives you some ammunition that way"

"Mr Mrs Boss I've been really loving what we're doing here at the company I love everything that we're doing I'm super passionate about what we're doing in fact I'm so passionate that off of work hours I've been studying how to be better I've been crafting my skills in fact I've also seen how we can add more value to company I've also seen how we can be more efficient I've also seen how we can get some more work done now one of the things that I've also realized is that you know cost of living has gone up and some of the competitors out there are paying people like me $10,000 more per year is there any way that you can bump up my salary to more money I don't want to go to another competitor I just have to look at my family's finances I would love to stay here and if you can also work to increase my salary I'm also going to work to do X Y and Z that way I can continue to produce more value for the company"

"pull out a piece of paper get a Google sheet get an Excel sheet and now we're going to take a look at your income and your expenses so now you take this piece of paper you take this Google sheet take this Excel sheet and what you're going to do on the top is first write down how much money you made last month and all the different sources of your income take out your pay stubs take a look at your bank statements you want to find all the different sources of your income and list them out right here how much much money made last month then below that we're going to put the expenses and you're going to do the same thing this is going to be a little tedious especially the first time we do this it's going to take a couple of hours the first couple of times to do this but then it's going to get a whole lot easier get your credit card statement your debit card statement your bank statements now you're going to write down all your expenses every single one line by line where every penny went you got to get down to the pennies you want to get nitty and greedy here because the reason why is now you're going to see number one where is all of your money going ideally you're going to categorize this by category so your restaurants your groceries your housing expenses but then you're also going to see number two how much money you're spending in each place and then three you're going to find out that you're spending money in places where you're not actually getting any value"

"you'll see that that cable bill that you have is now 33% more than what you originally thought you're paying you'll see that your internet bill is now two times more than what you originally signed up for and this is where now what I want you to do is be a little strategic and call up these utility companies and ask them to lower their bill because guess what they don't want to lose you as a good paying customer when you could go to a competitor and get a better deal so if you've been paying your bills on time you call them up and you say hey I was wondering why my bill is so expensive here's the key though you got to be nice these customer service reps are getting yelled at and cussed out all day and night long so if you're nice to them they'll be nice to your wallet ask them why is your bill so high nicely they'll give you whatever explanation they have and you say you know I've been looking around and I I would love to stay with you but I see that this company is charging a whole lot less is there anything that you can do and guess what most of the time they'll be willing to reduce the bill"

"that was very nice of you to reduce the bill but is there anything else that you can do you never accept the first price they give you this is negotiation 101 I don't care how much of a discount they give you you don't accept that once they try to negotiate against themselves this is where you now offer a price that's lower than what they asked for and see if you can bring this down a little bit more"

"the number one largest expense that people have besides taxes obviously there are ways for you to reduce your taxes but I'm going to avoid that for this video because that can get a little bit complicated but the largest expense for the average person around the world is your housing is there way for you to downsize your housing costs moving into a smaller home move went to a smaller apartment move went to a slightly cheaper apartment I know that can be a painful concept to understand but it's temporary that way you can save some more money because if you can save say a $500 a month to $11,000 a month depending on where you live that's an additional $500 to $1,000 every single month which is more than how much you'd save by never drinking a Starbucks again"

"the second largest expense is none other than your car now the average new car payment in America today is more than $700 a month but let's assume your car payment is only $500 a month and you might not think that it's that big of a deal but what if now instead of you taking the8th Grand to put it as a down payment on your car you take the8 Grand and you buy an $8,000 car if you take the8 Grand as a down payment and you buy an $88,000 car now you can save $500 a month now sure you're not driving a BMW you're not driving a brand new car but you get to save this $500 a month which again is many multiples more than what you would save if you never drank a Starbucks again"

"you got to pay for the service fee you got to pay for the delivery fee and you got to pay for the tip on top of your food I mean these fees add up like an additional 25% on your order and if you're talking about now how do I save $10,000 how do I save my first couple of thousand dollars you should not be paying an additional 25% just to buy your food"

"because right now the average credit card debt in America is charging more than 27% a year but there are some simple tricks that you can use to help pay down the credit card debt faster if you are committed to being financially smart and getting out of a bad financial situation one of the things that you can do is transfer your credit card balance to a 0% APR credit card where you might get six to 12 months of 0% APR time and now you can attack your credit card debt without any interest that way if you can pay down your credit card debt one year early that's a guaranteed 27% return on your money"

"companies and credit card companies have been making billions of dollars a year charging people late fees just for paying your bills a little late Banks also love it when you spend money you don't have not just because they get to charge you interest but because they get to charge you an overdraft fee because when you spend money out of your bank when you don't have it they get to slap on an over overdraft fee and this has been making Banks billions of dollars a year and these fees go directly to the bottom line of profits because there's really no cost to the bank they're not giving you any value all they're doing is just charging your fee because you're late"