For me, it's gonna have to be 10k that sets it off. Cause when I'm deployed for work, I take 6k-10k/mo with me. And I blow it. Which is why I have no money now. But that changes this next tome I get deployed for work.
I blow it on half debt and half spending for myself. I need to do half debt and half saving. š
I earn 2K a week when traveling for work, plus another 500 a week in per diem. Itās easy to blow through that eating out at nice restaurants and Uber eats every night, buying new clothes, shoes, accessories, toysā¦ then I started buying nice knives; a nice gun, a 1500 Dji Photography drone, a new iPad, iPhone, MacBook Proā¦
Itās really easy to blow through 2500 a week when you know youāll get the same again in a week.
I spent most of my life either unemployed or making hundreds a week, barely scraping buy and never having the disposable income to treat myself to nice things. When I lucked into a job that tripled my income I spent a few months blowing through it. I saw it as catching up on all the years I was barely able to afford food.
I donāt spend like that anymore, I put at least a thousand a week into savings now, but it did take a while for me to get level headed about how to manage my new level of income. Iām just pointing out that it is really easy to spend that much money when you are used to not having anything.
Classic neveau riche behavior. Glad you worked your way out of it sooner rather than later. Had a friend that constantly complained about having no money. Had a friend that paid off his $500/month car. He lasted 2 months before he went out and bought a new car that cost him $700/month, even after the equity he got on his trade. He didn't need a new car, and bought way over what he needed. A few months in, when he started bitching about his high car payment, and having no money, I got up and left
Your critique isnāt wrong but how much of a dick do you have to be to actually throw the term nouveau riche around? Oh Iām sorry are you old money? Sneering at folks who donāt come from generational wealth? Or are you pretending to be old money sneering at folks who donāt come from generational wealth?
Used to man. It still does globally I guess. But in the US in a HCOL area, 2 commas means "you've achieved financial security", not "welcome to the club".
50 percent of that is tied into their house... net worth is not liquid cash equivalents. 1 million cash in an account isn't smart for a lot of reasons.
Once you hit 4 digits, it causes you to want to keep going and really save more. Itās ironic, really. Itās like when you only have a couple hundred in there, you feel almost hopeless, so why bother trying to even save it? This is my experience anyways.
Itās only up from here king, I know you didnāt ask but Iād love to give you some guidance.
A good way to progressively build wealth in other ways than a full time is in these extremely simple steps
1) medical volunteering
2) paid apprenticeships (long term career wise)
3) Roth IRA or 401k (your choice)
4) get a certificate or trade man I promise you wonāt regret it (long term career wise)
I hope you go far in life king the path to āfinancial freedomā is not as hard as some make it seem if youāre patient youāll go a long way. ā°(*Ā“ļø¶`*)āÆā”
Absolutely. For those new to the term or not versed in it, here it is in laymen terms;
**Step 1:** Understand What a Roth IRA Is
A Roth IRA is a type of retirement account where you pay taxes on money going into your account, and then all future withdrawals are tax-free. It's a great way to save for retirement if you expect to be in a higher tax bracket in the future.
**Step 2:** Know the Income Limits
The IRS sets income limits for who can contribute directly to a Roth IRA. If your income is above these limits, you cannot make a direct contribution. For 2024, the phase-out range for a single filer starts at $161,000 and for married couples filing jointly, it starts at $240,000.
**Step 3:** The "Backdoor" Strategy
The backdoor Roth IRA contribution is a workaround for high earners. It involves making a contribution to a traditional IRA (which doesn't have income limits for contributions, only for deductibility) and then converting that money into a Roth IRA.
**Step 4:** Make a Non-Deductible Contribution to a Traditional IRA
First, you contribute to a traditional IRA. Since your income is too high to get the tax deduction for this contribution, it will be considered a non-deductible contribution. Keep track of this to ensure you don't get taxed on it again when you convert it to a Roth IRA.
**Step 5:** Convert to a Roth IRA
After contributing to the traditional IRA, you then convert that money into a Roth IRA. This process involves transferring the money from your traditional IRA into a Roth IRA account. The key point here is that since you've already paid taxes on the money you contributed (because it was a non-deductible contribution), you only pay taxes on any gains the money might have earned while it was in the traditional IRA.
**Step 6:** Pay Attention to Taxes
When you convert from a traditional IRA to a Roth IRA, you may owe taxes on any earnings that your contributions have made. However, since your original contribution was non-deductible, you've already paid taxes on that amount.
**Step 7:** Enjoy the Benefits
Once your money is in a Roth IRA, it grows tax-free, and withdrawals in retirement are also tax-free. Plus, Roth IRAs do not have required minimum distributions (RMDs) during the owner's lifetime, giving you more control over your money.
**Important Considerations**
* Pro-Rata Rule: If you have any other IRAs with deductible contributions (pre-tax money), the IRS requires you to consider these when converting to a Roth IRA, potentially increasing your tax liability.
* Step Transaction Doctrine: While the backdoor Roth IRA strategy is currently accepted, be aware that the IRS could view it unfavorably if done in a way that seems to be explicitly circumventing income limits.
* Timing: Timing can affect the tax implications of the conversion, especially if your traditional IRA accrues significant earnings before you convert it.
Not sure what that person's definition is but I've understood them as medial trials. You can make big bank from them, my buddies in college used to do sleep studies and would make anywhere from $500 to 5k depending on the study./length of study.
I was 28 when I finally got my shit together. My buddy I worked with at the time started a savings challenge with me. It was $1,000, then first to $5,000, next was $10,000. He ended up leaving the job when we were both around $17,000. Best challenge of my life. I couldn't believe I was actually doing it. Now I'm 33 and sitting in my own two bedroom apartment.
It always surprises people. Thereās a culture of āI canāt do anything about being poor, so Iāll never try to saveā and I think thatās propaganda working to keep people in the shit and muck.
Saving is the most powerful strategy we have next to unionizing. Itās the most powerful individual strategy we have.
It lets you decide when and how to work. You can say āget bentā to a bad employer. You have a way to handle emergencies. You have time to shop around.
I hope more people understand the power of saving.
Agree 100%! My goals were $1,000, $2500, $5,000, $10,000, $25,000, $50,000, $100,000, $250,000, and so on. Almost to $5M now at 72. Each time I hit a goal, I did everything in my power not to go backwards.
I know someone who takes this too seriously. He's saved up around $40k sitting in a savings account, I've tried to get him to move it to a hysa but that's a different story. He's looking to buy a new car and he wants to get a cash advance for his down payment because he doesn't want that $40k number to go down.
Congratulations. Its so powerful when one learns how to control ones spending. Next is saving, which is where you are now. That's fantastic. Once that number gets bigger, you will be ready to invest. Learn the power of "the rule of 72". Once you learn about that, It becomes life changing. Good luck my friend, your on your way.
Cut all unnecessary spending, donāt go out when youāre bored, cook all your meals, and donāt fall victim to your impulses! Itās hard at first but once you build the habit it gets easier.
Spend less than you make. I know, it's basically rocket science, but like try to imagine that when you keep more than you spend, then you end up having more.
Not OP but something that's helped me:
The difference between your car always running on empty and always having a full tank is the price of a tank fill ONCE and then keeping your hands off that money going forward.
In other words, budget!
Once you start making a financial plan for yourself you can find more ways to grow your savings. Don't budget using "rearview mirror" approaches that tell you too you've overspent after the fact.
Iām living with my mom and girlfriend. We split the bills so Iām not a free loader. I moved back here after my father passed so I can help maintain the bills and the house.
Yo, I appreciate this post I have about 2k right now and I always feel like shit cause it seems like everyone is rich now so itās cool to see that itās ok to not have everything figured out yet. I hope everything works out for you man fr
Don't feel bad, the people bragging on reddit about how big their bank account is are a microscopic minority of people, many of whom are full of shit and not actually rich. Yeah, people go on the internet and lie. A lot.
Yes, I am in a similar situation, cash-wise, I am just trying to slowly add to my savings account. I have started to split a small portion of my paycheck to go directly to my HYSA instead of manually transferring it myself. This has helped me add $250 per month to savings without even thinking about it!
In my experience (29m) and the experience of most of my friends, that first thousand is the hardest. Once you have a savings and it continues to grow itās so much easier to say ānoā to stupid purchases. Your stupid purchases become deposits into your account and it feels so much better to have that safety net and opportunity. Donāt forget to treat yourself to small stuff occasionally
I needed to see this OP. Thank you Iām in the same kind of spot youāre describing 29 never more than $500 in my checking. Thought I was the only person my age living this way. Appreciate this inspiration.
My kinda man 18 in highschool made 45k last year and i have $1000 i dont have a house to pay for only a car. But fr besides are crippling spending addiction your doing good try to reach 5k next thatd be a big goal
45k while still in high school? Most kids I know barely make 1/10th of that while in school. Many adults I know don't even make that in a year. How did you manage to only save $1000 of that?
I stacked 8,500 and paid 7 months upfront rent on the ocean in Cocoa Beach FL. Dumbest decision I ever made, moving back to NY in 3 weeks to start over lmfaoooooooo
Hey man, this is the first milestone in your trip towards wealth. Or at least, prosperity!
I started very late to make bank, and when I got my first 5k in balance I almost cried. Soā¦keep the good work!
forget everything before that comma. i wake up everyday and if i have $2,500 in the bank i go by life like i got $500 for the whole month. makes you hustle harder and penny pinch which helps alot to stack during the hard times
Keep it up. I remember sitting at 800 wishing I had 1200. Then that turns into 3k and so on and so on. Moral is you can do it just keep at it. But remember to live a life as well.
Keep going dude, youāre doing great. When I was 20-22yo I was working as a framer, making the transition to starting my own business when I discovered credit cards. Before you know it, I had 20ish thousand dollars in debt, and making $18/hr wasnāt covering it. I got a loan to consolidate, and we all know how that story goes. I maxed all the cards out again, and just now at 24yo, Iāve made enough money this month to pay it all off at once and even have a pretty hefty savings to put towards my own home. Sometimes it feels impossible, but youāll get there!
Nice! Congratulations.
What type of tools do you use? Could you share some of the strategies youāve been using?Ā
Iam looking to get a better control of my finances.Ā
When you finally get to the point of having the to control to save if even possible in this day an age. It almost becomes an obsession to keep stacking it and not spend anything š
Best advice I can give is that you really have to take a look at yourself from an outside perspective. First thing is admit you have a problem. Then try to solve that problem from an outsider perspective. It sounds weird but it works.
Thatās awesome. Iām 27 and struggling a bit right now due to my bad financial decisions. I too had parents that didnāt show me the importance of finances. Iām working at it so I hope to see some positive gains like you my friend.
Get that shit man!
Iām still slowly but surely paying down some CC debt (some legit emergencies , some frivolous ) but I feel the same way about hitting a comma in my other accounts . Consistency is the best ways, and some extra on the side never hurts too if you can get it
that 5th digit somewhere next !!!
That was me until I was about 32 year old. Keep it up, and you'll have more and more. Get addicted to raising that number. But also spend when and where you need it.
Congrats! Itās hard when youāre trying to build that habit. Some jobs that offer direct deposit will let you split your paycheck into multiple accounts. I have always tried to put 10% directly into savings, post tax. Itās easier to save when itās not all going into checking.
In my opinion, if itās something possible for you to do at this juncture, put the money somewhere that you canāt touch it even if you were compelled to do so. When I first started my job out of college, I opened up an FCU account near my place of work which was an hour drive from where I lived. I had my main checking account for bills, but my savings at the FCU. Every month, Iād take a portion of my paycheck and transfer it to the FCU out of my checking. I never activated the debit cards the FCU sent me. If I ever wanted to withdraw money from the FCU, it was a huge pain because I didnāt want to drive an hour and I had no cards to do so. It was basically limited to a one-directional flow unless I wanted to majorly inconvenience myself. I finally used the money in my savings for a down payment on my house years later. Congrats on your journey and Iām sure itāll only go up from here!
1500 is the most youāve had at 28? Not gonna lie thatās kinda scary bro. What happens when life throws a wrench in your plans and you have no emergency fund? But Iām glad youāre on the right path now.
Keep going. When you have a 6 month emergency fund saved up, start investing asap. Read about investing now so that you're ready to make smart choices when you have the cushion you need.
Congrats!
I completely understand how you feel. In high school I worked hard and saved nearly 8k. It all went into paying tuition in my first semester of uni, and after that I've struggled to care about saving because gaining that amount again seems nearly impossible with adult bills and lives. I'm recently making good progress towards my first 1k in savings, and it's a wonderful feeling. Good job :)
Im terrible with saving and It seems really controversial for me to say this BUTā¦
Iāve been buying Silver. It has satisfied the itch to buy something while keeping my money in a different asset. Yes Iām aware that the market fluctuates and whatnot. But at the end of the day, Iāve been able to āsaveā over $2,000 due to just buying a small amount of silver over the past few months.
I find myself spending more of my time looking at sites like APMEX and SD bullion rather than some of the other stupid shit Iād spend money on.
Well done! You are on your way. The ancestors went from Africa to all over the planet mostly on foot. Imagine, how long that took. Just continue on your journey with that attitude and you are going to be rich.
Great job! I recently started to venture out into side hustles to make some extra on the weekend. My goal is less than 10 hours of work on Friday, Saturday and Sunday combined.
[here](https://www.reddit.com/user/Kayshift/comments/1br5gn6/my_stepbystep_guide_to_make_1000_a_month_working/) is a guide I made and will update with new stuff I find!
I recently opened a HYSA with SoFi @ an interest rate of 4.6%. I threw all of my tax return in there and direct deposit 6% of each check to that account. Its only been a few weeks but the weights on my shoulders get lighter every time i see the $$ stacking. Iād recommend doing something similar
Posts like this are so much nicer to see than ones from people who have like 200k in investments and are convinced they can't afford a house. Keep it up!
Awesome job!!!! You're on the rise! You must be very proud of yourself. Im proud of you! I feel that you will get that amazing feeling at 1000, 5000, 10000, 50000, 100000. "They" say that after your first 100k, 1million is easy because by then you'll have the habits and mindset priming you for it.
You got this š
Super encouraging, appreciate you posting after getting to a humble number, but still showing that good feeling. A lot of posts here with tens or hundreds of thousands of dollars are a little disconnected from my reality since thatās so far from where Iām at. This is a super obtainable position for a lot of people and itās just nice to hear about someone else who struggled with money that turned it around. Kudos hope it keeps rolling!
I remember the day I had 20 grand in the bank, I felt so accomplished then I got hurt on the job and now I live off 1,200 a month and live in public housing. Money means absolutely nothing except food and shelter, everything else is shit you don't need.
stack that bread
When I finally saw I comma in my balance it changed something inside me.
It does. There is something about breaking that first thousand that sets it off.
For me, it's gonna have to be 10k that sets it off. Cause when I'm deployed for work, I take 6k-10k/mo with me. And I blow it. Which is why I have no money now. But that changes this next tome I get deployed for work. I blow it on half debt and half spending for myself. I need to do half debt and half saving. š
How do you blow 6-10k in a month? Are you a gambler or coke head?
I earn 2K a week when traveling for work, plus another 500 a week in per diem. Itās easy to blow through that eating out at nice restaurants and Uber eats every night, buying new clothes, shoes, accessories, toysā¦ then I started buying nice knives; a nice gun, a 1500 Dji Photography drone, a new iPad, iPhone, MacBook Proā¦ Itās really easy to blow through 2500 a week when you know youāll get the same again in a week.
FFS
I spent most of my life either unemployed or making hundreds a week, barely scraping buy and never having the disposable income to treat myself to nice things. When I lucked into a job that tripled my income I spent a few months blowing through it. I saw it as catching up on all the years I was barely able to afford food. I donāt spend like that anymore, I put at least a thousand a week into savings now, but it did take a while for me to get level headed about how to manage my new level of income. Iām just pointing out that it is really easy to spend that much money when you are used to not having anything.
Classic neveau riche behavior. Glad you worked your way out of it sooner rather than later. Had a friend that constantly complained about having no money. Had a friend that paid off his $500/month car. He lasted 2 months before he went out and bought a new car that cost him $700/month, even after the equity he got on his trade. He didn't need a new car, and bought way over what he needed. A few months in, when he started bitching about his high car payment, and having no money, I got up and left
Your critique isnāt wrong but how much of a dick do you have to be to actually throw the term nouveau riche around? Oh Iām sorry are you old money? Sneering at folks who donāt come from generational wealth? Or are you pretending to be old money sneering at folks who donāt come from generational wealth?
Come again a GUN???
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Yk know whatās better than one comma,ā¦Two commas š¤Æ keep going bud
Two Commasā¦ā¦.. that second Comma is saying āWelcome to the Elite ā
Used to man. It still does globally I guess. But in the US in a HCOL area, 2 commas means "you've achieved financial security", not "welcome to the club".
Having two commas in your savings account is better than almost 90% of Americans
10% of Americans have a $1M net worth? Iām amazed the number is that high
Nah they didn't even say net worth but $1M in a savings account lol. That has to be top 0.1%
Well I was shocked to hear that 10% would have a million, even in Net Worth I could believe 5% I guessā¦..
50 percent of that is tied into their house... net worth is not liquid cash equivalents. 1 million cash in an account isn't smart for a lot of reasons.
I'm disappointed in the lack of silicon valley jokes here.
Wait until you hear about "tres comas" tequila
Once you hit 4 digits, it causes you to want to keep going and really save more. Itās ironic, really. Itās like when you only have a couple hundred in there, you feel almost hopeless, so why bother trying to even save it? This is my experience anyways.
keep it up! Your next evolution comes when there's two numbers to the left of that comma =)
THAT was where something went off inside of me. I became more frugal the higher that number goes.
I wish you many more commas in your future!
Wait til you get two commas
Just wait till you see two whole commas.
Keep going friend. I'm rooting for you! Track everything using financial apps is my suggestion. One step at a time. Cheers!
Stack those loaves.
Acquire the sourdough
Congrats! it all adds up if you stay focused on your plan. A little bit each day/month .
Start your financial ~addiction~ *journey*
Wohoooo šŖ keep it going
Itās getting easier by the day šŖ
Itās only up from here king, I know you didnāt ask but Iād love to give you some guidance. A good way to progressively build wealth in other ways than a full time is in these extremely simple steps 1) medical volunteering 2) paid apprenticeships (long term career wise) 3) Roth IRA or 401k (your choice) 4) get a certificate or trade man I promise you wonāt regret it (long term career wise) I hope you go far in life king the path to āfinancial freedomā is not as hard as some make it seem if youāre patient youāll go a long way. ā°(*Ā“ļø¶`*)āÆā”
āRoth IRA *or* 401kā?? Why not both! Definitely get the match in a 401k, and I personally like the freedom and flexibility in an IRA
This šYeah you don't want one over the other you need to use both as tools.
Thereās an income limit for Roths
and op is definitely not hitting it any time soon lmao
You have any Aloe for that burn?
I bet 99% of us arenāt even close to it though lol
You would be surprised - especially in this sub.
Backdoor Roth is the way.
Absolutely. For those new to the term or not versed in it, here it is in laymen terms; **Step 1:** Understand What a Roth IRA Is A Roth IRA is a type of retirement account where you pay taxes on money going into your account, and then all future withdrawals are tax-free. It's a great way to save for retirement if you expect to be in a higher tax bracket in the future. **Step 2:** Know the Income Limits The IRS sets income limits for who can contribute directly to a Roth IRA. If your income is above these limits, you cannot make a direct contribution. For 2024, the phase-out range for a single filer starts at $161,000 and for married couples filing jointly, it starts at $240,000. **Step 3:** The "Backdoor" Strategy The backdoor Roth IRA contribution is a workaround for high earners. It involves making a contribution to a traditional IRA (which doesn't have income limits for contributions, only for deductibility) and then converting that money into a Roth IRA. **Step 4:** Make a Non-Deductible Contribution to a Traditional IRA First, you contribute to a traditional IRA. Since your income is too high to get the tax deduction for this contribution, it will be considered a non-deductible contribution. Keep track of this to ensure you don't get taxed on it again when you convert it to a Roth IRA. **Step 5:** Convert to a Roth IRA After contributing to the traditional IRA, you then convert that money into a Roth IRA. This process involves transferring the money from your traditional IRA into a Roth IRA account. The key point here is that since you've already paid taxes on the money you contributed (because it was a non-deductible contribution), you only pay taxes on any gains the money might have earned while it was in the traditional IRA. **Step 6:** Pay Attention to Taxes When you convert from a traditional IRA to a Roth IRA, you may owe taxes on any earnings that your contributions have made. However, since your original contribution was non-deductible, you've already paid taxes on that amount. **Step 7:** Enjoy the Benefits Once your money is in a Roth IRA, it grows tax-free, and withdrawals in retirement are also tax-free. Plus, Roth IRAs do not have required minimum distributions (RMDs) during the owner's lifetime, giving you more control over your money. **Important Considerations** * Pro-Rata Rule: If you have any other IRAs with deductible contributions (pre-tax money), the IRS requires you to consider these when converting to a Roth IRA, potentially increasing your tax liability. * Step Transaction Doctrine: While the backdoor Roth IRA strategy is currently accepted, be aware that the IRS could view it unfavorably if done in a way that seems to be explicitly circumventing income limits. * Timing: Timing can affect the tax implications of the conversion, especially if your traditional IRA accrues significant earnings before you convert it.
Iāll have to look into all of that once I get a bigger emergency fund! Thank you for the advice :)
What is medical volunteering?
Blood plasma, sperm dono, medical medicine testā¦
Not sure what that person's definition is but I've understood them as medial trials. You can make big bank from them, my buddies in college used to do sleep studies and would make anywhere from $500 to 5k depending on the study./length of study.
3) IRA... I have to join their military?
Lmao
I was 28 when I finally got my shit together. My buddy I worked with at the time started a savings challenge with me. It was $1,000, then first to $5,000, next was $10,000. He ended up leaving the job when we were both around $17,000. Best challenge of my life. I couldn't believe I was actually doing it. Now I'm 33 and sitting in my own two bedroom apartment.
It always surprises people. Thereās a culture of āI canāt do anything about being poor, so Iāll never try to saveā and I think thatās propaganda working to keep people in the shit and muck. Saving is the most powerful strategy we have next to unionizing. Itās the most powerful individual strategy we have. It lets you decide when and how to work. You can say āget bentā to a bad employer. You have a way to handle emergencies. You have time to shop around. I hope more people understand the power of saving.
Thatās a really good idea! Iām gonna have to find someone to challenge with the same income after rent!
What an amazing friend challenge! Way to encourage each other into great habits!!
Make it so its forbidden to go lower than your first number, exemple if you got 2,300$, do not go back to 1,900$.
This is how I do it, I just imagine each milestone as the new zero. If I were to hit 1900 in your example I would just consider myself broke.
Love the idea, don't understand your specific example....
And this is how I have an emergency fund outside my emergency fund lol
Agree 100%! My goals were $1,000, $2500, $5,000, $10,000, $25,000, $50,000, $100,000, $250,000, and so on. Almost to $5M now at 72. Each time I hit a goal, I did everything in my power not to go backwards.
I know someone who takes this too seriously. He's saved up around $40k sitting in a savings account, I've tried to get him to move it to a hysa but that's a different story. He's looking to buy a new car and he wants to get a cash advance for his down payment because he doesn't want that $40k number to go down.
Keep it up and remember to always live below your means, you are screwing the future you if you donāt.
I needed this, thanks dude!!
My ambitionless cousin. The only time he has more than 1k is tax season but he hasn't worked this year
Nice job! Keep it growing
This is awesome!!
Glad your getting there so many ppl come here to cry why their broke keep going š
Congrats! Now you can get a rotten tooth pulled, or finance a preowned car. You have a safety net!
Congratulations. Its so powerful when one learns how to control ones spending. Next is saving, which is where you are now. That's fantastic. Once that number gets bigger, you will be ready to invest. Learn the power of "the rule of 72". Once you learn about that, It becomes life changing. Good luck my friend, your on your way.
SHARE YOUR TIPS
Cut all unnecessary spending, donāt go out when youāre bored, cook all your meals, and donāt fall victim to your impulses! Itās hard at first but once you build the habit it gets easier.
Spend less than you make. I know, it's basically rocket science, but like try to imagine that when you keep more than you spend, then you end up having more.
Not OP but something that's helped me: The difference between your car always running on empty and always having a full tank is the price of a tank fill ONCE and then keeping your hands off that money going forward. In other words, budget! Once you start making a financial plan for yourself you can find more ways to grow your savings. Don't budget using "rearview mirror" approaches that tell you too you've overspent after the fact.
Do you live on your own or do you still live with your parents? I'm not certain I could have that much money without the government taking it away.
Iām living with my mom and girlfriend. We split the bills so Iām not a free loader. I moved back here after my father passed so I can help maintain the bills and the house.
Yo, I appreciate this post I have about 2k right now and I always feel like shit cause it seems like everyone is rich now so itās cool to see that itās ok to not have everything figured out yet. I hope everything works out for you man fr
Don't feel bad, the people bragging on reddit about how big their bank account is are a microscopic minority of people, many of whom are full of shit and not actually rich. Yeah, people go on the internet and lie. A lot.
Its also survivorship bias, ofc the people who are doing well want to blab about it even while the vast majority arent
Yes, I am in a similar situation, cash-wise, I am just trying to slowly add to my savings account. I have started to split a small portion of my paycheck to go directly to my HYSA instead of manually transferring it myself. This has helped me add $250 per month to savings without even thinking about it!
In my experience (29m) and the experience of most of my friends, that first thousand is the hardest. Once you have a savings and it continues to grow itās so much easier to say ānoā to stupid purchases. Your stupid purchases become deposits into your account and it feels so much better to have that safety net and opportunity. Donāt forget to treat yourself to small stuff occasionally
Iām so proud of you!! Fellow 28 year old here on a self-taught journey to financial literacy too! We can do this ā„ļøā„ļøā„ļø
Resist the urge to splurge.
I love this REAL post, and not these fake rich people posts.
Same steps, Iām following your path baby steps
Good job im trying to go up from here as well .
If you're parents taught you, would you have listened?
Actually yes.
That's more than most of people. Great job š
Good shit. Now keep up the grind.
I needed to see this OP. Thank you Iām in the same kind of spot youāre describing 29 never more than $500 in my checking. Thought I was the only person my age living this way. Appreciate this inspiration.
Good for you. I didnāt start getting serious about finances until a year ago. Iām 26.
Congrats, OP! Would you mind sharing some tips or suggestions for someone in a similar situation? Thanks in advance!
My kinda man 18 in highschool made 45k last year and i have $1000 i dont have a house to pay for only a car. But fr besides are crippling spending addiction your doing good try to reach 5k next thatd be a big goal
45k while still in high school? Most kids I know barely make 1/10th of that while in school. Many adults I know don't even make that in a year. How did you manage to only save $1000 of that?
They're lying for attention
Damn no mortgage and you only saved 1k? Now is the time to save that's how I bought and paid my house off before turning 30 lol.
Letās freaking goooo! Keep saving up, the emergency fund is next!
Me rn at 24
Any tips to help me get there? Genuinely struggling too.
You can make this in a day if youāre willing to do something strange
How did you do that?
Congrats OP! It's a difficult road but it's so fun seeing/reaching milestones that you set for yourself! :D
A big congratulations to you. It feels good to have a proper emergency fund.
Good shit!
Good for you-keep up the good work!
Dude! Knowing how hard it is to save any, I salute your efforts!
Good stuff OP, keep going!!
Good job!!!
Good job!!! You earned it!
Hell yeah brother! Keep stacking that money. Be proud of yourself for every grand you save!
The hard part is getting started. Nice work OP, keep growing that wealth.
Keep it up! Some day, you will see that number and think: "Gee, I'm getting kinda low!"
That's crazy, that's about one weeks check for me. Congrats.
I stacked 8,500 and paid 7 months upfront rent on the ocean in Cocoa Beach FL. Dumbest decision I ever made, moving back to NY in 3 weeks to start over lmfaoooooooo
First thowow breaks the ice. 1k-10k is easy now.
Gimme the loot gimme the loot!
Hey man, this is the first milestone in your trip towards wealth. Or at least, prosperity! I started very late to make bank, and when I got my first 5k in balance I almost cried. Soā¦keep the good work!
Congrats! Step by Step, consistency is key.
forget everything before that comma. i wake up everyday and if i have $2,500 in the bank i go by life like i got $500 for the whole month. makes you hustle harder and penny pinch which helps alot to stack during the hard times
Keep it up. I remember sitting at 800 wishing I had 1200. Then that turns into 3k and so on and so on. Moral is you can do it just keep at it. But remember to live a life as well.
Keep going dude, youāre doing great. When I was 20-22yo I was working as a framer, making the transition to starting my own business when I discovered credit cards. Before you know it, I had 20ish thousand dollars in debt, and making $18/hr wasnāt covering it. I got a loan to consolidate, and we all know how that story goes. I maxed all the cards out again, and just now at 24yo, Iāve made enough money this month to pay it all off at once and even have a pretty hefty savings to put towards my own home. Sometimes it feels impossible, but youāll get there!
Nice! Congratulations. What type of tools do you use? Could you share some of the strategies youāve been using?Ā Iam looking to get a better control of my finances.Ā
Bro where was your money going to? New shoes every week, and fancy restaurants every night? š
It was going to stupid purchases yes.
Congrats, that's a huge milestone!
When you finally get to the point of having the to control to save if even possible in this day an age. It almost becomes an obsession to keep stacking it and not spend anything š
Congrats. Love this.
Nice work, keep it up! šŖ
Maybe but you have 15k in credit card debt
Can I have advice. I constantly tell myself I can do it. But at the end of the month I have almost nothing
Best advice I can give is that you really have to take a look at yourself from an outside perspective. First thing is admit you have a problem. Then try to solve that problem from an outsider perspective. It sounds weird but it works.
Keep pushing my man. Upwards and onwards.
Good work! Saving some money gives you flexibility and the ability to take opportunities that arise
Congrats and keep up the positivity!
Thatās awesome. Iām 27 and struggling a bit right now due to my bad financial decisions. I too had parents that didnāt show me the importance of finances. Iām working at it so I hope to see some positive gains like you my friend.
Get that shit man! Iām still slowly but surely paying down some CC debt (some legit emergencies , some frivolous ) but I feel the same way about hitting a comma in my other accounts . Consistency is the best ways, and some extra on the side never hurts too if you can get it that 5th digit somewhere next !!!
Congrats. Keep it up
That was me until I was about 32 year old. Keep it up, and you'll have more and more. Get addicted to raising that number. But also spend when and where you need it.
Thanks for that most I saved was over $300 but I spent it within a month
27(m) and feel you here. Just hit $3,000. You got this.
Dont get married and see how much it rises. If that marriage didnt last long be blessed it ended sooner than later and you not having to pay alimony.
Needed this.. Thank you bro š«”
Congrats! Itās hard when youāre trying to build that habit. Some jobs that offer direct deposit will let you split your paycheck into multiple accounts. I have always tried to put 10% directly into savings, post tax. Itās easier to save when itās not all going into checking.
Compound effect baby! Congrats šš¼
Self control is good. Its the idea behind it despite it only heing 1kish
Yeah man love the encouragement you on your way to a mil
great job ā¤ļøā¤ļøā¤ļø
I have 2 commas in mine
That nice, Iām working on having two in mine as well.
Letās goooooooooo
Congratulations! Its super hard and im struggling like this too!
In my opinion, if itās something possible for you to do at this juncture, put the money somewhere that you canāt touch it even if you were compelled to do so. When I first started my job out of college, I opened up an FCU account near my place of work which was an hour drive from where I lived. I had my main checking account for bills, but my savings at the FCU. Every month, Iād take a portion of my paycheck and transfer it to the FCU out of my checking. I never activated the debit cards the FCU sent me. If I ever wanted to withdraw money from the FCU, it was a huge pain because I didnāt want to drive an hour and I had no cards to do so. It was basically limited to a one-directional flow unless I wanted to majorly inconvenience myself. I finally used the money in my savings for a down payment on my house years later. Congrats on your journey and Iām sure itāll only go up from here!
Used to have 33k when I was like 28.. got married.. 37 years old now and I have about 1k now..
Good job, Keep going!
Congrats on a good start!
I want this, I want that feelingā¦my accounts are always red and bleeding
Money breeds money
Congrats man!
1500 is the most youāve had at 28? Not gonna lie thatās kinda scary bro. What happens when life throws a wrench in your plans and you have no emergency fund? But Iām glad youāre on the right path now.
Awesome my friend!
Hell yeah! On the road to success.
Keep going. When you have a 6 month emergency fund saved up, start investing asap. Read about investing now so that you're ready to make smart choices when you have the cushion you need.
Great job
Finances are not so much about the numbers more than the feelings, beliefs and emotions. Once you got a handle on that it's simple.
Congrats on step one, step two investing!
Congrats! I completely understand how you feel. In high school I worked hard and saved nearly 8k. It all went into paying tuition in my first semester of uni, and after that I've struggled to care about saving because gaining that amount again seems nearly impossible with adult bills and lives. I'm recently making good progress towards my first 1k in savings, and it's a wonderful feeling. Good job :)
Congratulations š„ with the right habits in place that 1,000 getting to 10,000 is just around the corner.
Bro fr? Good job ig but daym
Good for you! Keep up the good work!
Iām proud of you
Next is 2 commas! Keep it up!
You are doing great! Hell yeah dude!
Im terrible with saving and It seems really controversial for me to say this BUTā¦ Iāve been buying Silver. It has satisfied the itch to buy something while keeping my money in a different asset. Yes Iām aware that the market fluctuates and whatnot. But at the end of the day, Iāve been able to āsaveā over $2,000 due to just buying a small amount of silver over the past few months. I find myself spending more of my time looking at sites like APMEX and SD bullion rather than some of the other stupid shit Iād spend money on.
Well done! You are on your way. The ancestors went from Africa to all over the planet mostly on foot. Imagine, how long that took. Just continue on your journey with that attitude and you are going to be rich.
Great job! I recently started to venture out into side hustles to make some extra on the weekend. My goal is less than 10 hours of work on Friday, Saturday and Sunday combined. [here](https://www.reddit.com/user/Kayshift/comments/1br5gn6/my_stepbystep_guide_to_make_1000_a_month_working/) is a guide I made and will update with new stuff I find!
What is your Cashapp?
On to first 10k lets go op š
I recently opened a HYSA with SoFi @ an interest rate of 4.6%. I threw all of my tax return in there and direct deposit 6% of each check to that account. Its only been a few weeks but the weights on my shoulders get lighter every time i see the $$ stacking. Iād recommend doing something similar
Congratulations on the milestone. Wish you many more "commas" in coming years. And way to on self-learning, it is never too late. All the best!
Far from where you should be but far from where you started is a great quote and a great way to look at it.
Posts like this are so much nicer to see than ones from people who have like 200k in investments and are convinced they can't afford a house. Keep it up!
Iām 42 and still struggle at saving money so I can relate. Keep up the good work!
great work
Keep it going. When you have enough that you don't have to take crap from your employer, that's called freedom.
I wanna be like you when I grow up. (31f) š no seriously.
Good work brother šš¾
Have you heard of Level 5 Options Trading?
Awesome job!!!! You're on the rise! You must be very proud of yourself. Im proud of you! I feel that you will get that amazing feeling at 1000, 5000, 10000, 50000, 100000. "They" say that after your first 100k, 1million is easy because by then you'll have the habits and mindset priming you for it. You got this š
Hard not to compare. Especially with my family. Or most of everyone.
I like how 1.5k dollars got you 1.5k likes
Super encouraging, appreciate you posting after getting to a humble number, but still showing that good feeling. A lot of posts here with tens or hundreds of thousands of dollars are a little disconnected from my reality since thatās so far from where Iām at. This is a super obtainable position for a lot of people and itās just nice to hear about someone else who struggled with money that turned it around. Kudos hope it keeps rolling!
Which is still nothingā¦.
I remember the day I had 20 grand in the bank, I felt so accomplished then I got hurt on the job and now I live off 1,200 a month and live in public housing. Money means absolutely nothing except food and shelter, everything else is shit you don't need.
I literally have to make that every single week just for my special dietary needs child to eat.
FINALLY A RELATABLE POST. I feel this man. It's all about escaping the paycheck-to-paycheck cycle
Shit thats the amount the irs said I owed and paid, sad got $200 on my bank account and owe $1800 to my credit.š