How I Saved $7,000 In 6 Months At 19 Years Old (Saving Money)

In this video I will tell you how to save money as a teenager and tell my story of how I saved $7,000 in 6 months by utilizing techniques such as side hustles, investing, and passive income. I forgot to mention in the video that you can invest money in a custodial Roth IRA or brokerage account at 16 years old instead of 18. I also go over ideas such as lifestyle inflation so if you are a teenager who is looking to learn about saving money then this video is for you. I am 19 so I know the struggle of saving money as a teen. I hope this video brought you some value and taught you something about saving money.
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Script: In this video I am going to tell you how I saved $7,000 in 6 months working for $10 an hour 3 days a week as a senior in high school. Hello everyone my name is Linden Chasteen and I am a 19 year old community college student who loves talking about and teaching you the basics of money. By the end of this video you will have a new outlook on saving and will know how to make your money work for you so you can keep making your wallet fatter with barely any effort. Without further adu lets get into the video
So first I am going to tell you my story of how I saved $7000 in 6 months. When I was a senior in high school I got a job at an Italian restaurant located in my city. The job started out at $10 an hour while I was training and then would transfer into $12 an hour after I was trained. (never ended up getting trained) I usually worked from around 9-3 during the morning shift so about six hours a day. Because the illness had closed schools I worked friday through sunday. So 3 days a week. This meant that I was making around $180 a week from this job. That is not a lot of money. To be exact that is an average of $720 a month. So how could I possibly save $8,000 in 6 months if I made less than $1000 a month. Let me tell you. Every month I saved most of my paychecks and put them directly into my Roth IRA. I know, big word. All you need to know about a Roth IRA is it is a retirement savings account that saves you money on taxes. One of these is not necessary to save as much money as I did but knowing about it can save you a lot of money in the future so I will link my video to where I explain what a Roth IRA is in this corner. So, I was putting around $650 a month into this account and ended up with around $4200 total in the account after 6 months. At this point I quit my job because the illness was getting really bad and my family is somewhat at risk so I didn't want to risk it.
The reason why I was able to save 90% of the income I made from the job was because I have multiple streams of income. Don't worry it's not as hard as it sounds. I pretty much just mowed a few lawns every week and that payed for all of my teenage expenses such as clothes, gas, and car insurance.
So how was I able to turn my $4200 into $7000. The answer is with a couple computer clicks while laying in bed. This is called investing. Again, this is not as scary as it sounds. I simply bought an extremely safe index fund which I will explain later in the video. I also bought some individual stocks. Over the course of a few month my saving climbed to around $8,000. At the time of making this video the market is down a little bit so that $8,000 is more like $7,300 at the moment. I expect in the future this investment will multiply and make me a lot of money. Ok, but I don't know how to invest. How can I learn how you did this. Let me explain.
First I am going to go over how to save, start a side hustle, and combat lifestyle inflation. These 3 things all tie together to help you save money so first let's go over lifestyle inflation. As you move through life most of the time you will make more money the older you are. Think about how much you made/make as a high schooler vs how much you expect to make when you're 50. That is most likely a big difference. The idea of lifestyle inflation is that the more money you make the more money you will spend. This is bad. I'm sure you've heard of the hedonic treadmill which basically says that when you put yourself in a better situation say buying a bigger house at first you are happier but eventually that bigger house becomes your new normal.

Видео How I Saved $7,000 In 6 Months At 19 Years Old (Saving Money) канала Linden Chasteen