If You Want To Have $100K Saved, Do This | Ep 956
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Why does having $100K in the bank feel rich?
$42 million in distributions, a $46.2 million exit, $106 million in a weekend.
What are the first steps to reduce living expenses?
Most people hear those numbers and think, oh, that's probably when he felt the richest.
How can you maximize your free time effectively?
That's actually not the truth.
What skills should you research that people are willing to pay for?
The moment that I felt the wealthiest in my entire life was when I had $100,000 in my bank account.
How important is learning from feedback and experts?
That was the first big unlock for me as a person.
What tools and resources should you invest in for success?
And the reason is before that, I was sleeping on a gym floor and doing math on whether I could afford groceries, right?
How can you avoid lifestyle inflation while saving money?
And once I had $100,000, that was when I stopped having to worry about tomorrow, right?
What are the six steps to reaching your first $100K?
About paying rent, about paying dues, about paying my cell phone bill, or paying my car insurance. You can't think about your long-term vision if you're trying to pay rent, right? That's just real. And so... In this video, I want to give you a six step roadmap as clear as humanly possible to making and banking your first $100,000. If you're a big baller business owner, then you can skip this one. But if you don't have that yet, then this is just a pure give on my part of trying to help you get there. The first step is that we have to cut all costs so that we can take more risk. When I say all costs, I mean all costs. That means you don't eat out anymore for anything. And if you're hungry, you deal with it.
And if it's not from a discount grocery store, you don't buy it. Clothing? What you have right now on your back is everything you need for the next two years, period. No exceptions, just keep reusing it. Trade or go to Goodwill. You go to work, you go home, and home is ideally with your family, or worst case, with another family also trying to make it and save. And it's gotta be as cheap as you possibly can. And I say this as somebody who lived through this. When I was beginning my journey, I was splitting a bedroom in a six bedroom house with one guy just in that bedroom. As in like every night we'd stare at each other and I'd be like, good night, John. And he'd be like, good night, Alex. And I'd blow out my candle.
Everything about that was true, minus the candle. And pro tip, if you sleep with a fan on your face, you can't hear anything. So, you know, if you have to deal with it, that's one way to do it. But I had roommates that I spent, I was paying like three or $400 a month for a very long time while I was beginning my business, and started to actually make real money, and I still stayed there. Now, the next thing is gonna be your car. So if we think about expenses, Ideally a paid-off clunker is the best way to go if you can't you want it to be as cheap as humanly possible But ideally just pay off your car so you don't to think about it again Alright, so that comes your food your car your shelter and the reason that this is so important for us to basically stack up this Cash flow because you're working and making money, but right now you're probably spending all of it So it's like we need to make this we need to decrease it from the downside So we have this cash flow this fluff that we can start spending and reinvesting in getting more skills Which I'll talk about in a second
All right, real quick. If you are on this path to your first 100K, I want to make it faster and easier for you. So these books, I had 3.6 million of these books that were donated by other entrepreneurs. These books, I'm personally donating. And so if you are on the path, you can get all three of these books for the, like... Nothing, basically, for just covering the shipping. So I think it's 16 or 17 bucks all in for all three hardbacks shipped to you, plus a 30-day trial of school, so you actually use the stuff and have the tools to apply it in. All right, so it's like, it's the best thing. We call it the business backpack. It's literally everything you need to get started online. I'm not promising you're gonna be a zillionaire.
I'm not promising you're gonna make $100,000. I'm just saying it's a great way to start, and it's the best, it's one of the most valuable things I could possibly give you. And the 16 bucks, I still literally lose money.
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Chapters
8 chapters
1
Why does having $100K in the bank feel rich?
0:01–0:08
2
What are the first steps to reduce living expenses?
0:08–0:12
3
How can you maximize your free time effectively?
0:12–0:13
4
What skills should you research that people are willing to pay for?
0:13–0:18
5
How important is learning from feedback and experts?
0:18–0:22
6
What tools and resources should you invest in for success?
0:22–0:28
7
How can you avoid lifestyle inflation while saving money?
0:28–0:32
8
What are the six steps to reaching your first $100K?
0:32–15:47