How We Saved $100,000 in Two Years With an Ordinary Income (5 Steps)

We saved $100,000 in two years with an ordinary income. Here are 5 ways we did it.

• Our Budget Template (free): http://www.mikeandbrit.com/budget
• Our Debt Payoff Organizer: https://www.mikeandbrit.com/debt-organizer
• Grab a free stock with Robinhood: https://join.robinhood.com/michaem27270
•Gear We Use for Our YouTube Videos: https://www.amazon.com/shop/mikethemathman?listId=2F90KJ814LCXF
•Instagram: https://www.instagram.com/itsmikeandbrit

ONE: We operated our finances on a strict written budget. A budget is just a spending plan. It helps you be intentional with your money. Without a budget, we would be almost in complete darkness when it comes to our finances. We wouldn’t know how much money we were earning or how much we were spending. If you’re spending more than you’re earning, that’s a problem.

TWO: We cut every expense from our budget that we didn't absolutely need. With the exception of having a category for fun money. In our opinion, saving money isn’t so much about how much you can make (although that is part of it); it’s more so how much money you can keep, after you make it. That’s what was going to allow us to save as much as possible. We didn’t want to “look” like we were wealthy. Keeping up with the Jones’s so to speak. Because that was going to hinder us from keeping our money. We cut out everything we were spending money on every month that we didn’t need to spend money on, and saved that money instead. For example, subscriptions, memberships we weren't using, eating out a lot, buying clothes we didn’t need, etc. We also conserved water, power, and gasoline as much as we could to cut down on our utilities and gas bill.

THREE: We adapted to the changing work environment in 2020. Mike lost 80% of his income during 2020 with everything going on in the world. There's a concept in business that says if you don't adapt to changing circumstances in the market, you run the risk of going out of business. We definitely didn't want to sit on our hands when the rest of the world was shifting to an environment of working from home. We took this opportunity to start something online of our own. This YouTube channel is part of that.

FOUR: We recognized something very important: saving money did not need to be our long term goal. Financial freedom needed to be. This is when some big changes started happening in our lives financially because we shifted focus from saving money simply for the sake of having extra cash around, to saving money so we could buy things that went up in value over time. Otherwise known as assets.

Saving money is a very good thing and definitely has it's place in personal finance, but in our opinion, once you reach a certain savings level, there's not much point in saving more. We realized that saving money would only get us so far if that's all we did. It wasn't going to bring us to financial freedom. Saving money was just too slow of a process to accumulate wealth. Plus our money wasn’t working for us. The only things our savings did in our savings account is offer a little peace of mind and earn a few dollars of interest. Which are both good, but again, wasn’t going to bring us to financial freedom.

As soon as we got to a place financially where we had a strong emergency fund in savings, but could then start making our money work for us instead of us working for it all the time, that’s what we did.

FIVE: We started buying things that went up in value, instead of things that went down in value. We bought assets in two categories: the stock market, and real estate. We bought into the stock market for the first time ever, and we also purchased our first house. But we thought of our first house much more as an investment property than anything else. We were very strategic in the upgrades we made, the location we bought in, etc. Doing these two things alone allowed us to increase our savings rate by 50%.

-----------------------------------------------------------------------------------------------------------
~~GEAR WE USE~~

Sony a6400 - https://amzn.to/2YyGFy1
Sony a6600 - https://amzn.to/3Br8R4q
Sony 10-18mm f/4 - https://amzn.to/2DuIMpf
Sigma 16mm f/1.4 - https://amzn.to/2ZpYZW5
Sony 50mm f/1.8 - https://amzn.to/2Dtob4D
Manfrotto 290 Xtra - https://amzn.to/2GEvKYg
Manfrotto 3-Way Photo Head - https://amzn.to/2IOjNAw

-----------------------------------------------------------------------------------------------------------
Outro Music Provided by:
YouTube Library - Foundation
----------------------------------------------------------------------------------------------
Legal Disclaimer: Michael Miller is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

Видео How We Saved $100,000 in Two Years With an Ordinary Income (5 Steps) канала Mike and Brit