How to have
100k By 30
How To Save 100k By 30
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so today i was on google and i decided
to look up what is the average net worth
of a 30 year old i'm 28 years old i'm
almost there
and it was really interesting to find
that the average net worth
of a 30 year old is 7 000 and it made me
think
whether that number is true or not true
that i figured i'd share with you in
this video
how i've been able to save over a
hundred thousand dollars before 30. i'm
28 years old right now and i'm gonna
give you three tips today
that have helped me the most along my
journey in saving and investing as a
young professional my name is dane
camella i'm a corporate technology
professional
sharing videos on career personal
development and performance tips so if
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tip number one and this is going to be
the biggest tip that i think can help
you
get to saving a hundred thousand or even
more by the time you're 30
and that's going to be ownership
ownership and when i say ownership
i don't mean starting your own company
quitting your job
and trying to pursue becoming an
entrepreneur there's nothing wrong with
trying to become an entrepreneur but
when i mean
ownership i mean finding a career
a job an opportunity that gives you
ownership
in the company if you can go work for a
tech startup you get stock in the
company
if you can go work for a facebook a
linkedin a microsoft
these companies give you the ability to
buy stock
in the company at a discounted rate when
i was looking at my personal situation
how can i save more money how can i
invest more money to get me to my goals
i looked at how can i join a company
that gives me a piece
of the company that i'm actually working
for there's a lot of different ways you
can do this you can go
and talk to someone who you know who has
a company and maybe it's small maybe
they have five employees
and you're willing to work for that
person for free or for a
small sum to get a piece of the upside
of the business's success
you don't have to go work for a facebook
or a linkedin or a massive
fortune 100 or 500 company but if you do
decide to go down the route of working
for a company
the biggest thing i can say from my
advice and my experience
is it is so much better to work for a
company that gives you the ability
to have ownership in a company ownership
in the upside of the company
i know more than one person not just
from my experience alone
they were able to take a percent of
their paycheck and invest it in the
company stock at a discount
and when you do that you get to benefit
from the upside of the growth of the
company
is this going to be more predicated to
technology startups yes
but then look at all the companies that
are bigger fortune 500s fortune 1000
they not only have 401k programs which
we'll get into but they give you the
ability to buy
into the company and if you can buy into
the company and
reap the success of the company becoming
more profitable more successful
you are going to have a unfair advantage
if you will from someone who is just
working for
a job that gives them 15 an hour and
they don't give them any
upside of the business's success so tip
number one
ownership i'm not talking about owner
owning a property or anything like that
i'm strictly talking picking a
profession which you are going to spend
a
third of your life doing where you can
benefit outside of the
money that they pay you every two weeks
they will also pay you
for being a part of the company and
giving you the option to buy stock
in the company tip number two and
something that has helped me
so much on my journey as well is saving
a percent of your income and i know
you might have heard this many times but
when i say saving a percent of your
income
and someone who is ambitious and wanting
to get to a hundred thousand dollars
i mean saving 20 or more of your after
tax
income so everything that comes in
you're saving 20
or more the the faster you can get to 30
40 50
and i know that might seem like a
stretch but if you prioritize
you set up some things and you get
really strict with being able to do this
it's going to help you and the other
thing i would add on top of saving 20
or more is automating it so every time
you get that check it automatically
moves
to a high interest savings account that
you might have it moves to a charles
schwab a fidelity 401k
or an iowa ira that you have at that
moment
that is going to help you save so much
more and
there's a book out there by tony robbins
it's money master the game and there's a
story in there that's super
interesting and it was a story of a ups
driver and this goes
way back to i believe he retired in 1952
so he retired in 1952 with 70 million
dollars and
his salary was at its peak 14 000
a year i know you have to adjust for the
time but i think this story is a great
example of what compound interest in
saving a percent of your income
can provide for you so that person who
was a ups driver who retired with 70
million dollars was saving 20
of his 14 000 a year salary he took a
substantial amount
of his income and he invested it in what
i was just talking about before
in the first hit in ups stock and other
investments 401ks etc etc and he was
able to retire with 70 million i'm
talking about saving a hundred thousand
dollars by the time you're 30
not 70 million dollars but that just
goes to show you that if you can
force savings that you can force and
continue to
slowly make a little bit more
contributions to your 401k
you can slowly make maybe a little bit
more contributions to just your
high interest savings account it's going
to take you leaps and bounds
if you work for a company or you are
looking to work for a company
i would highly suggest finding a company
that gives you the ability to
invest in a 401k that matches you up to
one two
three four five percent that means if
you make a sixty thousand dollar a year
salary
and they're going to match you uh three
percent of your yearly salary
it will give you an additional eighteen
hundred dollars of free
money every single year so you invest
the eighteen hundred dollars if you were
saving that percent
uh to put towards your 401k the company
will match you an additional 1800
that is free money and i would i would
suggest to go above and beyond and save
more than
whatever your company is going to match
you because that's being put
into a investing account where you can
benefit from the market
if you look at the s p over the last 90
years
it's gone up i believe about 10 percent
so you're making that 10
every single year compounded and that
money turns into a lot
more money tip number three invest in
yourself
and yes i mean you invest in yourself
but when i say invest in yourself
i'm not talking about ooh i'm going to
go get that nice watch oh i need to
upgrade my car
oh i need to get a nicer house that's
not what i'm talking about i'm saying
investing in yourself
your personal development your
professional development your education
as a young professional so investing in
yourself
is something that i've done for the last
10 years of my life and i've spent
thousands and thousands and tens 10 000
plus dollars on my own personal
development
my own education from reading books from
getting more skills
so i can become more valuable in the
marketplace
your income if you've ever heard this
before your income is directly
proportionate
to the value that you bring to the
marketplace so if you can invest
the money you make a percent of the
money you make you know you're saving 20
you're saving 30 or saving 40 you're
getting
a lot of that money that you're making
saved if you can take a percent of it
one two
five ten percent of the money that you
earn
and invest it in your own self-education
it's going to give you
the chance to get more skills to become
more valuable
so you can go to your job you can go to
your boss your manager and ask them
hey i've done this can i get a raise can
i make
more money and that ability is gonna
give you
another better chance at getting to a
hundred thousand dollars
by the time you're 30. brian tracy
someone who was the first person i
started reading when i got into personal
development self-education
self-improvement
said that every one dollar that you
invest
in your personal development is going to
give you ten dollars
in return to that one dollar darren
hardy wrote about this in his book
compound effect he said
that has been the biggest thing that has
helped him in his career and this is
someone who makes millions and millions
of dollars a year
he doesn't even know how it's been
harder and harder for him to find ways
to invest that money
and i'm telling you if you start early
not only with investing
but you start early with investing in
yourself
reading books expanding your mind
expanding your education
your professional development it will
help you
increase your income to get you to that
goal of saving a hundred thousand
dollars a year
i have a question for you what is your
savings goal in 2020
leave a comment below i'd love to see
what you're trying to strive for
this year doesn't have to be a hundred
thousand dollars but i'd love to know
and before you go make sure to like and
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