[Music] what's up guys George camel here and today we're talking about something that about half of you regrettably suck at yeah talking about the sword today saving okay now before you get your cinnamon in a swirl I have hard-hitting evidence that five out of 10 Americans right now have less than $1,000 in savings Now That's What I Call sucks we're screwed yep and if you're one of those people struggling to put away even 1,000 bucks reaching a number like a 100,000 probably feels as far-fetched as convincing Tom Cruz to face off in a foot race the man is fast but trust me saving 100,000 in cash is Mission possible and not just in some distant and Far Away future when you're yachting on the weekends with Val Kilmer you can accomplish this in just a handful of years or even faster and you'll find out how to get there by the end of this video but first help me help you by clicking those like And subscribe buttons to get us to the goal of 300,000 subscri subcribers if we reach 300,000 by Thanksgiving of 2024 I will jump up and down on this chair like Tom on Oprah Winfrey have you ever felt this way that is unless I pull something else in the process which is likely I have minor scoliosis I don't want to talk about it all right for starters let's set some ground rules Uncle George is all about saving money unless you're in debt because saving money while you're in debt would be like pouring cashew milk in a cup with a hole at the bottom creamy as it may be the strategy is not going to work for you the key here is to save $11,000 but then move on to debt payoff don't save any more until your debt is paid off using the debt snowball method once you got debt out of your life you want to go back and fully fund your emergency fund to 3 to 6 months of expenses then we can move on to other money goals because we have a financial Foundation under our feet so let's talk about this 100K in savings for fun Let's Pretend This is for a solid down payment on a great home with a fenc in yard and a spare bedroom you plan to dedicate wholly to the art of Lego now when it comes to a big savings goal like $100,000 there's a huge mistake a lot of people make that can sabotage their plan and that mistake is they don't have a plan I don't even have a plan and lucky for you that mistake is totally avoidable and what's more having a plan is the very thing that will help you accomplish your goal faster than you thought possible it's like the old adage goes how do you eat an elephant with rosemary a squeeze a lemon and of course one bite at a time so start your plan by breaking your $100,000 goal down into more palatable numbers here's what that might look like to get to 100,000 in 5 years you need to save $220,000 per year if you want to get there in 4 years you would need to save $25,000 per year or if 4 years feels too long for your Millennial attention span you can take it down to 3 years which means saving $33,000 per year and some change which I know still probably doesn't feel palatable but L we forget what The Truman Show Pulp Fiction and a bugs life once taught us perspective is everything and that's why we need to break our $33,000 a year number down even further and that starts to look like 2,700 a month for 36 months doesn't saving $ 2700 a month feel a lot more realistic than finding 100,000 willy-nilly yes definitely and side note here if you're doing the math I know that number comes out a little short but we're going to account for that a little bit later so now that we've broken things down the question is where the heck am I going to get an extra 2700 a month for the next 36 months well there are three places you can always count on finding money your couch cushions behind your uncle Greg's ear and of course your budget and because Greg can't fit more than a silver dollar back there I suggest starting with your budget and if you don't have a budget start by making one I know it sounds way too simple but firsttime users of the every dollar budgeting app immediately find an extra 350 bucks when they make their first budget so don't knock it Go download the every dollar app and get started now let's say you get your budget together and begin to do some trimming in order to find extra money you start cutting things like unnecessary subscriptions for example Paramount plus with Showtime that's 15 bucks your CrossFit gym membership I mean from the very first Thruster you knew it was only a matter of time that's an extra 185 bucks and let's say you scale way back on eating out which is easily 150 bucks a month look at that you've already found 350 bucks really easily that you can put towards that monthly $2,700 goal amazing but you know you can do so much more this is just the tip of the iceberg so you shop your insurance with an independent agent and realize you could save 40 bucks a month switching providers with the the same coverage that's 40 bucks right there then you remember you usually get a big th000 tax refund every year that you blow on a vacation to the slots and Tunica but not this year forget the my ties at the Gold Strike Casino Resort you're going all in on this goal so you adjust your tax withholdings which puts about 80 bucks back in your paycheck each month oh and because you're saving this 100K for a house down payment I'm okay if you pause investing in retirement for a couple of years and put that money toward your savings goal to help just make sure you get back to investing within 2 years because I don't want you to miss out on any more compound growth than that so let's say hypothetically you make $75,000 a year and you've been investing 15% well if you paused investing that would give you 930 bucks a month to put toward your goal so after trimming your spending and making some other budget adjustments you found yourself about $1,400 a month to put toward your $2,700 a month goal and let's be honest it wasn't that hard super easy barely an inconvenience and now you're halfway there and all you need is an additional 1,300 bucks and because you've done pretty much all you can do to spend less it's time to look at how you can make more now obviously one place to go is your full-time job and talk to your employer about what a growth plan would look like and how you can be making more money over time but let's say you're happy to stay in the zone at AutoZone where you're getting paid fairly 75,000 bucks plus you get a discount on blinker fluid Big Win okay now that's actually a sweet deal and in that case I'd suggest finding a side hustle or two to come up with the extra dough now even if you're new to the side hustle game it's it's easy to get started and it's a really common thing to do in fact two in five Americans have a side hustle and on average they make $810 per month doing them so finding a side hustle that will make you 1,300 is extremely possible and that's a part of my story I did a bunch of side hustles when I was getting out of debt when I was saving up for a house and even when I was paying off my mortgage things like driving for Uber designing websites marketing Consulting I even considered being Reba McIntyre's Cabana Boy for a summer but eventually she blocked my emails world [Music] and the trick to all of this is try to find things that you're good at and things that you enjoy if possible and there are so many other side hustes out there and you could clean houses tutor kids flip lawnmowers fix computers proof read content manage someone's Social Media accounts take family photos sell sourdough freelance design babysit house dogit sit cats sit even Turtle sit I've seen it done it's pretty boring turtle turtle tur so let's say you decide to take your passion for a dust free odometer combine that with a discount at AutoZone and you start an atome car detailing side hustle if you charge 200 bucks per car which by the way is a fair market Price you would need to detail seven cars a month to make that 1,300 bucks which is basically a couple Saturdays of work and before you know it a handful of Lexi later that's plural for Lexus you just reached your $2,700 a month goal so to recap to come up with that 2,700 you found about 1,400 by cutting back expenses and then you found a way to make an extra 1300 by working a few extra days a month but remember when I said 2700 a month for 36 months will come up a sco shy of that 100K goal about 2,800 short to be exact well you're going to make that money by storing your 100,000 of savings in a high yield savings account that earns you right now about 5% like the one offered by our sponsor of today's episode Laurel Road using a high yield savings account is one of my favorite tricks to making your savings work harder for you I mean you're basically making money while you sleep with these things and that's why I love what online Bank Laurel Road has to offer not only will your account balance earn 5% apy but there's a ton of other great perks no minimum balance required to open your account your deposits are FDIC insured and there's no monthly maintenance fees that you can only assume other Banks use to maintain the Shrubbery it's time your money started making money so go to Laurel road.com George or click the link in the description to get started and open your account today and while you're down there clicking around you'll see another link for another sponsor of today's show delete me now I'm not the first one to tell you the internet can be a risky place you click a link you buy gu Yeti inspired t-shirt next thing you know bada bing bada boom some cyber Thief has all of your private information your address your card number not to mention your very personal and clever password take me to flavor town but all the A's are an at symbol that one's on me that's why I use and recommend delete me they remove your info from data broker websites all across the internet plus to make life even easier delete me will send you a simple report showing exactly what they did and with with my special code you can join delete me on a one-year plan for less than 9 bucks a month so get some cyber Peace of Mind by going to join delet me.com George today or just click the link in the description now back to our 100K goal before you come at me with things like but George 3 years is going to take forever no it's not going to take forever it's going to take 3 years he's got me there and being intentional for 3 years is going to get you to 100K way faster than hoping you wander your way into it with some wishful thinking plus is it really that long I mean there's boxes in your trunk that you were going to drop off at Goodwill that have been back there way longer than 3 years and there's entire ecosystems growing in there it's disgusting oh no not this again Zach cover your mouth don't breathe it in bottom line your season of sacrifice will pass and after 3 years would you rather be wealthier and have an incredible down payment for your new house or would you rather hang on to a lifestyle that's unsustainable and be nowhere near that Lego room where you can proudly display a replica of the Lincoln Memorial so this video is all about how to get to 100 in savings and this is the prequel baby cuz in the sequel in this next video I show you how your net worth explodes once you get to 100K so be sure to check that out next let me know in the comments what you're currently saving for and don't forget to share this with a friend who might need some tips as he gets serious about saving for that sauna Renault in his master bath as always thanks for watching we'll see you next time
