HOW A MILLENNIAL SAVED $100000 IN 2 YEARS (and how you can too!)


what’s up everyone it’s your girl Cherry
here at and today we’re going to discuss money how I saved 100k before turning 24
so depending on when I upload this video because I still need a edit it and stuff
and my birthday is in a couple of days I might be 24 when this video is released
but just keep in mind when I’m making this video I am still 23 proof I’m just
gonna show you today’s date which is September 8th and my birthday is on the
11th so as I’m filming this I am still at 23
so in this video I will show you exactly how I saved 100k before the age of 24 I
will also tell you exactly how long it took for me to save that amount of money
I know it is it is not like a large sum of money and compared just some like
drop shipping businesses or Amazon FBA and they probably earn like 100k
according to their videos they earn 100k every single month so come her to that
yeah my $100K does not seem like a lot but to me this is a start towards my
goal which is paying for a down payment here in LA so Before we jump into how
long it took for me to save a $100K let’s just discuss a little bit about my
background as in my work background so if you want to follow the same path you’ll
have a better sense of my background and how I got here so I was working since 16
I worked multiple jobs multiple internships I did work some like labor
intensive jobs such as being a waitress and I also worked some internships in
the finance and accounting industry sector and before I graduated college I
had two internships with two separate big four firms and I accepted the
full-time offer with one of them so right after I graduate college I had a
two-month break from my summer vacation last summer vacation before
starting full-time work and then I just jumped right into a full-time work at
that time I was 21 years old turning 22 and about my paid the internship was
paid some internships were not but the big 4 internship was paid and
then my first big 4 full-time job that was also paid my starting salary
was $59K so that is pretty much average around LA and Bay Area for starting
salary is pretty similar around this amount. Staff 1 usually get paid around the $60K mark. but when I first
started working I actually did not save a lot of money as a young college
student who got that shiny paycheck I actually started putting a lot of money
into my hobby which is buying designer bags and honestly this is something that
is still one of my weaknesses it is designer bags I bought a lot of designer
handbags but the good thing of that like the silver lining or a blessing in
disguise is designer bags especially the one that I like because I
only like the top-tier designer brands designer bags like these actually tend
to hold their value pretty well so I actually got to get a lot of my money back
from selling my bags and sometimes even making a profit because some of these
bags hold their value extremely well and are rare in the market so therefore I’m
able to make 30 percent profit margin on some of the bags that I sold now I don’t
buy as many desired bags anymore because as I develop my buying habits I start to
realize what bags suit me and I already felt that void in my life by having bags
in my collection that I believe are just super timeless super classy I can wear
it for a lifetime so that’s why I don’t buy designer bags anymore and then
instead I have a bigger goal of accumulating enough money for a down
payment here in LA for a single house or for a duplex you know for that cash flow
purposes and so want to talk about designer bags as holding their value and
even as like investments a lot of people are like yo what are you talking bags
are never investment they depreciate because they’re just material things
and material things are all bad while I agree that bags are not the same as
stocks I don’t agree that Vaz cannot hold their value because as long as
you’re buying into the very specific styles the very classy styles of these
top-notch brands these max do hold their value and some of them even go up in
value over time gap bags are not as liquid as dogs since you can’t just sell
them the mint you decide to sell them without taking on a loss but they are
still sellable you can still sell them and oftentimes you will get a majority
of your money back and even make a profit so to me bags are a less volatile
they are more predictable and they’re sale price and they’re also I can you to
me so I just wanted to clarify my overall like job history and purchase
history in order to explain my current situation so I did not start heavily
investing until like late 2018 when I quit my first full-time job which is my
big floor job and now I am at my current job I’m still at that same job my second
job and because of you know privacy purposes and confidential reasons I will
not reveal exactly which company I work for and what position I’m in but I’m
going to tell you what industry I’m in so I’m in the finance and accounting
industry still I’m working for the client side note no longer as an auditor
and it was not until I started my second job when it started heavily investing in
stock market and heavily investing into my retirement accounts and every reason
for this first of all as an auditor you have a lot of restriction in terms of
which stocks you can invest in because especially in big four big four
accounting firms tend to do a lot work for those big name companies like Disney
and Apple so if your accounting firm does some work for these big name
companies you will have a conflict of interest and you will not be able to
invest in these companies because it may appear as you have insider information
that to trade these companies stocks whether or not that is the
case really doesn’t matter because people just want to play it safe
in the finance industry in the county industry
so therefore auditors are often restricted in terms of trading stocks so
that’s why I haven’t started a trading heavily in stocks until I quit my big
for a job and start at my current job so part of the reason why I have 100k saved
up and invested it’s because I started investing heavily in the stock market
another course also because of pay raises because you do get paid more
after you quit big for the big four name does give you a lot of authority and it
does add a lot of value to your resume so after discussing my background let’s
talk about what are your action stops since taking action is the number one
thing to accumulating well so number one is that you should invest in stock
market as early as you can and for me I kind of regret not investing early
enough but partially that is also because of my auditor job and I couldn’t
really invest in the stock market so I really recommend that you go to my info
box after watching this video and just click on that Robinhood link because I
understand the fear of putting in your own money because there’s a lot of like
myths and rumors about the stock market being really scary almost like a monster
eating up all your money like I understand that fear I went through the
same thing as an accountant as an auditor I like pretty risk-averse and so
initially when I heard about the stock market I was like oh really am I really
putting my money into this but you can actually get a free stock with Robin
Hood and that is what is so great about Robin Hood and it is also commissioned
free so whenever you’re trading stocks be sure to do Commission free do no fees
or low fees whenever you can Robin Hood is a great platform with Commission of
free training and when finance is also a great platform it’s more complex in my
opinion higher learning curve but it also has no Commission and there is also
Fidel which actually charges the $5 fee for
trading stuffs and there’s also Charles Schwab which also charges a $5 fee for
trading stocks so just keep those fees in mind because especially if you’re
trading in smaller volumes like a couple hundred or a couple of thousand dollars
these fees these five-dollar fees can really add up and eat away your profits
so what I did when I first start investing was I use my friends Robin
Hood link I’ve got my free stop and I just watch a bunch of stocks within the
app to get familiar with that and then after like I don’t know at least two
months when I eventually felt comfortable in investing my own money I
started putting in my own money you don’t have to rush this process but you
just have to get the ball rolling because if you procrastinate and you
push this to further and further and further trust me you’re never gonna get
it done and the second action step is that you should get a high-yield savings
account for a longest time I had my thing as account with Bank of America
and their savings rate was like 0.02 percent it was a super low rate but I
had no idea there is something called a high-yield savings account so for I
think five years of my life five years of having a savings account I was
earning next to no interest and of course with inflation
I was actually losing money just from me a pudding of my money and a low yield
savings account and so thankfully after washing gram Stefan I learned about
high-yield things account and my very first high-yield savings account was
from a discovered I still use them I don’t have most of my money and you
discover anymore because I’ve discovered wealthfront
which has an even higher interest rate an even higher APY I believe it’s
currently 2.32 but whatever bank that you choose whatever financial
institution that you choose just be sure that you put your money into a
high-yield savings account so you don’t risk losing your money due to inflation
and in addition to earning those interest you also want to put majority
of your paycheck whatever you can’t like the max of what you can put those into
your savings account before anything else so that you can actually save your
money like what they say if it’s out of sight
you don’t even think about it and so you don’t even touch those money and you
don’t really feel the effects of that so this is what I did I pawned over half of
my paycheck into my savings account first before anything else because doing
it this way I will fight the urge to spend more money than I should and since
there is usually a sex transaction limit on savings account I tend to spend
within what’s in my checking account and not even look at my savings account when
I need to spend money so this is one major thing that helped me a lot in
terms of saving money and number three is retirement counts so the first
retirement account that I had was 401k with fidelity and the only reason why I
had it is because my employers set it up for me and I only have to do I think
sign a couple of documents it’s really no biggie
super simple but for the longest time that was the only retirement account
that I had I knew there were other options out there I knew about Roth IRA
I knew about IRA but I just felt so overwhelmed with so many options I
really did not know what to choose like some people say Roth IRA is better
some people said IRAs are better and all these terms are so confusing and so my
advice to you is that don’t even get too hung up about the actual math just know
that if you have a retirement account if you put money into your retirement
account it’s always better than not taking any action just always remember
that always keep that in mind and don’t worry about whether or not this is the
best option for you just know that if you start right now
it’s always earlier then if you start later and the earlier you start the
better it is because compound interest will work in your favor so don’t even
worry about like researching extensively on different retirement accounts of
course if you’re interested I also have a video specifically it for retirement
accounts that you can watch and learn all about 401 K Roth IRA Roth 401k and
ir8 but honestly don’t get too hung up on
specifics the math because the most important
thing is just to start the most important thing is just to open one and
put your money in and start investing and start getting those compound
interest rolling so after watching this video please just go to Vanguard or
fidelity and set up your Roth IRA account seriously you will thank me
later and this leads me to my next point and that light is driven by emotions not
just math equations yes you can do the math all you want but life is not just
about the math because human beings they’re not a hundred percent logical
sometimes we make decisions based on emotions actually a lot of the times our
decisions are based on emotions emotions are a big part of personal finance so
before you even do the math and calculate how long does it take for you
to save up a hundred K or any other amount that you want to save you should
really ask yourself this question why though are you just wanting to save a
hundred K so you can show off to your friends that you have saved 100 K before
24 or do you want to save a million because you want to tell people that
you’re a millionaire where where is this coming from
what is the reason is it just driven by ego or is there a goal that you want to
accomplish so this is so important when I was still working my big four
accounting job I have no goal in mind so I did not even think about saving more
because why would I want to save more I had no point to save more I was living
fine at that time and a luxury apartment with a pool and library and computers I
never use and I was I was fine but it was not until I had a goal in mind when
I wanted to buy my own place here in LA then I started investing aggressively
and heavily and saving aggressively and heavily I needed that goal in mind I
have to think about what is the feeling of having my own place how much joy does
that bring me because saving money in and of itself is really not that fun it
really doesn’t give me that much joy but the thought of what comes afterwards and
what I can accomplish with those money that I saved that is my true motivator
and that is what keeps me moving with my goal so by now you can probably go how
long took for me to save 100k it took me
around two years and I want to say I only start reaching for this goal around
ten months ago when I started my current job so there is absolutely nothing
should be fearful about it think about me I am only 24 this is only my second
job it’s only been 2 years and I can save out 100k which means you can chew
and by just watching this video you will learn a lot about the mistakes that I
made which you will be able to avoid and you can invest earlier and thus today
and you can open your retirement account today and you can start saving more
today and so there is nothing to be fearful about saving money is not as
hard as you think as long as you have a goal in mind let me guess why you’re
here you’re here because you care about money you’re here because you want to
improve your financial status and upgrade your net worth
you’re here because during over achiever and you want to do better than all your
peers you come to right place in order to serve my cord viewers more I am
launching a course that will help you navigate all the complicated money
situations from budgeting saving investing and retiring all automated and
guilt-free I don’t know about you but I am personally not a day trader and I
hate to waste hours every single day closely monitoring the stock market and
having a mini heart attack every time one of the stocks go down by 20% and
yeah that happens quite a lot I’d rather spend my life doing something that I
love like making these YouTube videos and admiring pretty handbags this course
is not for those who enjoy day trading this course is not for those who dream
of overnight success and overnight wealth this course is not for those who
don’t care about money this course is not for those who are not willing to
invest in themselves both timewise and monetarily and now that we get those out
of the way let’s talk about how to join the course right now since I am
filtering everyone who is not a good fit for the course I am having a short
application for everyone who’s interested this way I
can filter out who is not a good fit and only serve those who will 100% benefit
from my course if you are at all interested in improving your financial
situation and increasing your net worth please give it a shot I look forward to
your application thank you so much for watching if you enjoyed this video
please give me a thumbs up and subscribe for more videos like this and I’ll see
you in my next personal finance video

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