HOW TO SAVE YOUR FIRST $100K 💸 without missing out on life!

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Friends,
✨ After making my Net Worth video, I wanted to breakdown my easy steps to getting to your first $100,000 without needing to be super frugal or restrictive with money. I am super passionate about using psychology to make sure you can achieve this goal as easily as possible. I hope you enjoy the video!
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✨ Instagram: / gabbypeterson
✨Time Stamps:
00:00 - Intro
03:46 - Tip 1: Mindset Shift
05:54 - Tip 2: Understanding compound interest
09:18 - Tip 3: Pay off high interest debt
12:34 - Tip 4: Keep fixed costs low
14:36 - Tip 5: Face your numbers & budget
16:27 - Tip 6: Automate
18:04 - Tip 7: Build trust in yourself
20:12 - Tip 8: Invest extra money
21:12 - Tip 9: Consider large purchases
22:50 - Tip 10: Use tax advantage accounts
23:44 - Tip 11: Make more money
27:01 - Tip 12: Have Fun
✨What to Watch Next:
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✨ Tags:
How to Save Your First 100K, How to Invest Your First 100K, 100,000, How to get rich, get rich, How to Build Wealth, June Money Reset, June Money, 2024 Reset, Budgeting, Etsy, Budget Tracker, Budget Spreadsheet, personal finance, reset for a new month, finance, organization, lifestyle, Vancouver, Canada, monthly budget with me, budgeting tips, paycheck routine, money goals, money challenge, money saving challenge, savings update, how to track your finances, how i budget my money, how i budget my paycheck, credit card user, financial goals, budget by paycheck, budgeting for beginners

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16 июл 2024

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Комментарии : 95

@stellabudgets Месяц назад

I am 27 and I have an extremely low income from a casual job while I’m finishing my studies. Most of my wage goes to childcare expenses.I manage to invest $65 per month which is certainly better than nothing. I am due to graduate this time next year and my income will just about triple. It’s a short term struggle for long term benefit. Thank you for being realistic. While money is important, we need to LIVE as well.

@GabbyPeterson17 Месяц назад

Wow Stella! Thats amazing you are still prioritizing investing while paying childcare and studying. Definitely, the short term struggle will all be worth it. 💕

@averynmitchell 19 дней назад

We’re so proud of you Stella ❤❤❤❤

@Alejandro-jj7yc Месяц назад

For me, the first 15-20k were the hardest…It really took hard work to develop the right mindset and habits in order to build the saving and investing “muscles”. Then on to 100k took the most TIME, but it was easier, if that makes sense. From 100k to 250k even easier because it starts to feel like you have a “partner” that’s helping you. I’m 30 now and my NW is just over 700k. I can definitely say that from 250k to 700k has felt pretty much like on autopilot!

@GabbyPeterson17 Месяц назад

So great to hear it just keeps getting easier!! I totally agree, the worst is that first bit where you feel like you'll never make it to 100K! Congrats on your success!!

@VBoo459 Месяц назад

How long did it take you? and how exactly was 250k to 700k autopilot?

@Alejandro-jj7yc Месяц назад

I started saving and investing since I was 22, I was fortunate enough to have found a great paying job right out of college and always tried saving around 30-40% of my pay. That plus the appreciation of my home I purchased in 2021, which makes up about 150k of my total nw . The remaining balance is comprised of my retirement accounts, savings, vehicle, individual brokerage acct, etc

@Alejandro-jj7yc Месяц назад

But to answer your question on autopilot, I was already used to living on about 60% of my pay so just continuing to do that + my house’s appreciation and my investments’s growth has just done it on its own

@Cat-es9rq 11 дней назад

@@VBoo459watch the RU-vid channel ‘Passive income investing’ you will have an idea how compound interest work.

@VBoo459 Месяц назад

You're smart, I was a financial idiot in my 20s. Now I'm 30, and only this year did I learn to save even though I've had a high salary for the last 5 years. Silly me. I feel behind lol. My goal is hopefully to have saved £100k (128kUSD) in 4 years! I'm starting a No Buy in August, wish me luck please!

@GabbyPeterson17 Месяц назад

Thank you for your comment! There’s always time to turn things around, and you are still very young in the grand scheme of life! Lots of time to catch up. Wishing you all the best on your journey to 100k!

@Kelly_Explores 20 дней назад

I can relate. I wish I knew about investing in my 20s, but I was never taught about it, despite obtaining two Bachelor’s Degrees! What is wrong with our education system? I just started investing at age 30 and the way I look at it is better late than never.

@Nilalx 19 дней назад

You're not alone dear..🤝 am here.. I was stupid even in my 30s also 😢now in late 30s my eyes opened.. So..its ok..

@Cat-es9rq 11 дней назад

I’m same like you at 36 started investing for us folks in 30’s we must invest more than saving. The compound interest work wonders.

@lynninfinite Месяц назад

I can’t until I’m at 100k net worth 🥲 growing up low income (like 20k annually) so seeing the numbers I do-this is so crazy to me. Sometimes I want to self-sabotage because it’s so foreign to me and feels unreal, but I know I need to bite my tongue and push through. It’s soooo close. I think I’ll reach it by October!

@GabbyPeterson17 Месяц назад

Wow congrats Lynn! That is very honest! I understand the self sabatage mentality. Keep crushing it! I am so excited for you!

@YaChiLife Месяц назад

The first 100k is the hardest. Finding the perfect balance is so important :) Your videos are so insightful ☺

@GabbyPeterson17 Месяц назад

I so agree!! Feels like such a long haul. Yes exactly, balance is so key to getting there sustainably! Thank you so much 💕🫶🏼

@rachelh4189 Месяц назад

100k seems impossible but I’m out here grinding !! Watching your vids while working OT rn, thank you for continuing to inspire me!

@GabbyPeterson17 Месяц назад

Ahh I know! It feels insurmountable at first, but keep trekking on! It will get easier and easier as you approach. So glad I could be of some help 🫶🏼

@Jkwq1 День назад

As a 24 year old, December 2023 college graduate, I really needed this video. Thank you so much!

@symmonep9591 Месяц назад

The last 1-2min or so are CRITICAL! I hope ppl were really listening. Great tips here, thanks Gabby!💕

@GabbyPeterson17 Месяц назад

Thanks Symmone! I agree :) I appreciate the comment!

@emi-dy Месяц назад

Great video! Those are all such important tips. 😊 I think the "start early" and "automate" points are especially important! Looking forward to your next video. 💕

@GabbyPeterson17 Месяц назад

So true!! Even if you dont have much to contribute it still makes a huge impact with time. Thanks girl!! 💕

@averynmitchell 19 дней назад

3:27 good for you girl and thank you so much for your transparency! 😊 I’m starting at ~$43,900 gross ($21/hr) out of college. I made the mistake of not negotiating, next time! ❤❤

@gracielagarciavazquez1781 Месяц назад

I just want to say thank you so much for helping me get my priorities straight when it comes to finance. Ever since i started watching your videos i stopped wasting money like its free lol everything you advise is also sooooo good!!!!

@GabbyPeterson17 Месяц назад

Aw thats so nice to hear Gracie!! Thats amazing! Keep up the great work, I am cheering you on!

@LearnGermanwithMarzipanfrau 22 дня назад

That was really motivating. I got through different times in life. Sometimes I had more and sometimes I had less. But the most important thing is that I used my budget plan since I was 15 years old and I always know until this day if I can afford something or not.

@GabbyPeterson17 21 день назад

So glad to hear it! Yes that is so true, life moves in waves. That’s so cool to hear you’ve been budgeting for so long!!

@MrXXXX01 Месяц назад

Love your videos! Also it really is crazy how fast investment growth is after hitting 100k compared to beforehand! Similar to you I'm 30 and it took me about 4 years to hit that number. Since then its nearly doubled in just over a year! People need to keep grinding because it really does get easier. Also I like that you include the psychology of dealing with money as well and not just the numbers. Its so important to build up good habits!

@GabbyPeterson17 Месяц назад

Thank you so much! 🙏🏻 So crazy how fast things pick up from $100k! I always thought people were over exaggerating but it is so true. And thank you, I completely agree. It's all about building habits and routines!

@papa7866 Месяц назад

thank you for this! these are such digestible and easy to follow tips! im half way there at 31, so fingers crossed for a quick jump to 100k 😮‍💨🥳

@GabbyPeterson17 Месяц назад

You are so welcome! And thank you for your comment. You've got this! I am hoping for a quick 100K for you!!

@psays Месяц назад

Just barely finish the intro and you made feel so motivated 🤓 ready to take some notes now

@GabbyPeterson17 Месяц назад

Aw that is so great to hear! I hope you enjoyed 🙏🏻

@mp22422 Месяц назад

lotta great points! great video gabby

@GabbyPeterson17 Месяц назад

Thank you!! Glad you found the video helpful :)

@oliviaherzog6755 Месяц назад

Gabby, your segment on wanting to live on your own but realizing that that is just not going to be a reality in a HCOL area. I am outside Toronto and would love to have an apartment completely to myself, but I am coming to the realization that that will not be possible if I still want to save and invest at least 30% of my income. Your experience has given me some relief in knowing that I am not the only one in this situation.

@GabbyPeterson17 Месяц назад

Hi Olivia! I’m so glad that resonated with you! Toronto seems to be in the same boat as us over here in Vancouver. I totally feel you! And I’m actually so happy with my decision to forgo living alone. Would I have liked to do both ideally, yes. But I’m happy I chose the financial security path.

@juliaraatz6229 14 дней назад

I am 24 and started to study again so I am Not able to work that much. This motivated me to Save every bit that I can !

@GabbyPeterson17 13 дней назад

@@juliaraatz6229 soon you’ll have more income to work with, but it’s great your motivated to save even when you don’t have the income

@ingridrodriguespereira1534 7 часов назад

I am 29 and achieved my first 100k 2 years ago and I will achieve 200k this year, it took 10 years to achieve 100k and 2 years and half to achieve 200k 🎉

@sydmacdonald Месяц назад

Great tips, love watching your videos!🥰

@GabbyPeterson17 Месяц назад

Thank you!! So nice to hear you are enjoying my videos 🩵

@averynmitchell 19 дней назад

17:45 So true about automated investing tricks you into thinking you make less!! Normally I'd have $700 a week coming in and after investing it's $550 a week. It's much easier when the choice is made for you so we're not tempted to buy things we don't need

@GabbyPeterson17 День назад

Totally agree!! It's such a great trick for battling lifestyle inflation. And you get used to the lower amount! Thanks for the comment 💕

@georgina4874 Месяц назад

Beautiful hair. 💕💕

@GabbyPeterson17 Месяц назад

Thank you so much!! 💕

@Azel247 Месяц назад

I have a tax-free account that was at $96K in Jan 2023. I just checked this morning and it's at $170k! I've only made $14k in contributions ($7k/year which is a max room for the account) so the rest is just growth.

@GabbyPeterson17 Месяц назад

That’s so cool!! That’s amazing growth! Crazy how fast things pick up at that 100k mark! Congrats 🎉

@MissTopDJ007 25 дней назад

Is there a reason why you chose traditional instead of Roth ?

@JJK-he1xn 16 дней назад

I paid off my student loan debt and never felt happier. I didn’t want to rely on politics because you never know who could be elected. I also worked a lot in my teens and invested my first 10k before college. Definitely working towards 100k. Thank you so much for the video, it really helps.

@minionkoto4780 Месяц назад

moving from a 3br suburban place that we rent to our condo in the city. ❤

@grant9047 12 дней назад

love this video, you said and explained everything very clearly

@GabbyPeterson17 День назад

Thank you!! So glad it was helpful!

@grant9047 День назад

@@GabbyPeterson17absolutely

@michellenguyen4980 Месяц назад

I’m a brain injury survivor 2011 from a long boarding/ snowboarding incident (wear a helmet), started from the bottom now I’m here, now I’m 30 and it’s time where I focus on myself and love all your videos! Can you please send us all your favorite apps on computer/phone please? Thanks for everything you do and this is only the beginning! ❤ #disabilitypride #s/otoallstrokesurvivors #weareone #positivevibes #loveispurpose

@GabbyPeterson17 Месяц назад

Wow! I can’t imagine what that must be like, I am glad to hear you are on the come up after healing. Wishing you all the best 💕

@nazdani915 20 дней назад

Hi Gabby, can you make a video about tax advantage accounts ?? I need more details. 🌼

@alexismacedo3315 Месяц назад

Hey Gabby! Your videos are not only informative, but engaging and encouraging, I appreciate how you explained each step! I’m re-inspired to continue building net worth in my late twenties, while balancing value categories. One question I had (sorry if I missed this), does your first 100k include retirement accounts or is it just an individual brokerage you can access before retirement age? Thank you❤

@Yugiboii Месяц назад

100k in total investable assets

@GabbyPeterson17 Месяц назад

Hi Alexis! Thank you so much for your comment, that is so great to hear. Glad you are reinspired on your net worth journey! Yes any investment at all is definitely included, I also included my emergency and sinking funds in my total! So around 70-80k was investments and the rest savings!

@GrowthBeyondSelfLimits Месяц назад

Do you have any suggestions on tax deferred accounts? Thank you for the video! My first time finding your channel ❤

@GabbyPeterson17 21 день назад

Hi! It will depend on your country, I would do some basic googling on what tax free or tax advantaged accounts are available to you

@CraftyPlannerGirl 10 дней назад

Where do you put your investment per month?

@mercaidesmartell 29 дней назад

Everyone’s saying invest I need a step by step how to and into what companies 😭😭

@GabbyPeterson17 28 дней назад

Totally fair! I recommend finding low cost index funds that target indexes like the S&P or target retirement index funds ( google target date index funds for the year you plan on retiring) and start there! These will grow with the general economy and are low cost to you! I am also not a financial advisor though so take this with a grain of salt ☺️

@Divyv520 Месяц назад

Hey Gabby , really nice video ! I was wondering if I could help you with more Quality Editing in your videos and also make a highly engaging Thumbnail and also help you with the overall youtube strategy and growth ! Pls let me know what you think ?

@lynninfinite Месяц назад

I want my own home too but ummm I live in California 😂😂😂 so maybe I should stay put with my mom as long as I can.

@minzyminz9987 29 дней назад

Ramit sethi really changed my psychology with money

@GabbyPeterson17 28 дней назад

Completely agree! He has it figured out. I love his thoughts on personal finance

@AmberRoseMiles 11 дней назад

How do I start ? Download fidelity and open a Roth IRA? I have 1000 I can invest now

@tonyd3010 Месяц назад

Hi u said 92000$ in cad or was it usd also either way great content 👍 keep it up

@GabbyPeterson17 Месяц назад

Hi! I am in Canada so all will be in CAD! Thank you for your comment :)

@averynmitchell 19 дней назад

Could you please list an amazon affiliate link with the microphone you use? Would love to purchase this for myself and support you via commission. Thank you! :)

@GabbyPeterson17 День назад

Hi Avery! Apologies on the delay. Yes of course here is the link. I have the DJI Mic 2's! amzn.to/4bImqxt

@bigshotadventur18 24 дня назад

With the interest earned, are yourl paying tax on that which slows down the growth

@GabbyPeterson17 21 день назад

Yes I would need to pay tax on gains but only in a non-reg account or other account that is taxed. My tax free account will be un-taxed

@AaronVillatoroLuna Месяц назад

Hi.

@GabbyPeterson17 Месяц назад

Hi! 👋🏼

@blink7434 Месяц назад

i make $300 a week 😂 but i don’t have any bills should i invest 100% of my income or make more money first

@GabbyPeterson17 Месяц назад

I think it’s always a great time to invest! You could split your income up into, investments, savings and if you wanted some money for personal spending/ enjoyment. But if you wanted to be a financial wizard you could invest it all

@evanchisamorejohnston5819 Месяц назад

What no intro?

@GabbyPeterson17 Месяц назад

Just a mini one today!

@evanchisamorejohnston5819 Месяц назад

@@GabbyPeterson17fair enough, it’s clear you put a lot of work into the intros and j quite enjoy them

@donaldlyons17 24 дня назад

Yeah, sounds like someone makes plenty compared to expenses.... Don't understand why people don't understand can't have money and save money so there is really no way to save 100K and not miss out of stuff.... The money to do stuff can't also be saved!!! WTF THAT SOUNDS LIKE CR*P TO ME!!!!!!

@breannegeorge9924 19 дней назад

30s is still young, just so you know lol

@kateaustin1357 Месяц назад

Super insightful video Gabby, thanks for sharing!! You have really inspired me to invest. I love to save, but now it’s time to shift the mindset and not be so scared of investing lol. Automated investing was exactly what I needed, it’s set up and I’m on month 3! 🫶🏼🫶🏼

@GabbyPeterson17 Месяц назад

Thank you so much Kate! That is so cool to hear, I am glad you took that first step towards investing more! Its a scary shift from saving to investing, but definitely worth it 💕

@kateaustin1357 Месяц назад

@@GabbyPeterson17 Thank you Gabby! Feeling inspired to keep up with my investing goals and work out a plan to still save but find a good balance between the two 💕