Investing Your First 10k Challenge Step By Step

My grandma always said, it's not about who has the most money, it's about who does the most with what they have. And I didn’t understand until later in life, I saw people that made double or triple what I made but didn’t have anywhere the amount of money that I invested by being frugal.

So in this video, I’m going to teach what I did to invest my first 10k which is also the same thing that I did to invest my first almost 300k ( the rules change ).

Just so you know, I don’t do anything fancy with my investments, I like keeping things simple, and the investments I make are for the long-term, I don’t take much risk and make around 10-12% annual from these investments (nothing crazy its all boring but it works )

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1. Lifestyle Junk

-The first challenge is to look for money to invest in your current lifestyle

-I did this very simple rule whenever I wanted to see what a bill was really costing me

-I would find out how much it would cost me annually, and then how much it cost me to make enough from stocks to support the bills and then I would decide if it was worth it or not



For example:

-Let's say I was spending $20 a week on haircuts, aka $80 a month and $960 a year

-Then you multiply it by 25 and it gives you $24,000 invested to make enough to cover the bill

-So once you do this math you become a lot more aware of the money you spend



And you can save thousands

-By becoming debt free

-By cutting down on bills

-And just being more frugal ( which means you’ll need invest less )



2. Take it from the Main Check

-My life changed when I decided that part of all I made was mine to keep

-I started out with 10% I think it was back them

-Then I increase it from 10-20%



So the when I get paid:

-The first account that I send money to is my investing account

-Its like taxing myself for the future

-And if you make $4000 a months, that’s 400 a month

-And to get to 10k if you invest 10%,, it’ll take a little over 2 years



But its just a start

-30 years of investing like that

-Will give you balance 875k



3. Create a Check for it (side check )

-A lot of people try to get a side hustle to help them pay a bill

-But what if you just a side job to help you invest

-Imagine you used one check to live and then you had another side hustle and you invested 100% of that money



For example:

-At one point I had 2 businesses and 1 job, my job provided me with cost of living and capital for my business

-But my business provided with money to make more money

-Eventually those business replaced that job and were able to provide for me and also keep growing and investing



Remember:

-The stock market is one method for investing and growing your income

-But there are other forms of investing, real estate, career or even started a business

-The goal would be to start with borrowed money so you don’t go crazy in debt

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

Видео Investing Your First 10k Challenge Step By Step канала TommyBryson