The biggest financial milestone for the average person is saving your first $10,000 and this is what happens.
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Chapters
00:00 Start Here
01:01 You Can Cover 99% of Life’s Surprise Expenses
02:04 You Stop Asking Yourself “Can I?” And Start Asking Yourself “Do I Want To?”
03:29 You Can Have More Fun Guilt Free
04:37 You Have More Confidence
06:18 You Can Say No To Things More
07:41 Your Savings Rate Speeds Up
08:41 Investing Becomes Less Risky
10:28 Life Starts To Get Easier
For the everyday person, the biggest financial milestone is saving your first $10,000. Once you save $10,000, your life starts to change for the better. In this video, I share 8 things that happen once you save your first $10,000.
1. You Can Cover 99% of Life’s Surprise Expenses
Once you save $10,000, you have a solid emergency fund and you can cover the majority of surprises expenses that happen to you. There are very few surprise expenses that will be more than $10,000 and knowing that you have the financial resources to cover surprise expenses give you peace of mind.
2. You Stop Asking Yourself “Can I?” And Start Asking Yourself “Do I Want To?”
The majority of people in this world are struggling financially and before they make decisions they have to ask themselves the question, "Can I afford this?" The lack of savings makes their life revolve around money. However, once you have your first $10,000 saved, you can afford many things in life without financial implications and can begin asking yourself, "Do I want this?" You can make more decisions off of value, which makes life a lot richer.
3. You Can Have More Fun Guilt Free
When you are struggling financially, you can still have fun, but in the back of your mind when you're spending money, you will feel a bit of guilt knowing that you might create future financial problems. Once you save $10,000, however, you can have more fun without guilt being attached because you can afford to have fun, which makes like richer.
4. You Have More Confidence
Money gives you more confidence in life because you know that you can recover from life's surprises and afford more. Saving your first $10,000 is significant because it is the first time when you see five figures in your bank account. Seeing this for the first time, gives you a level of confidence that you are above average.
5. You Can Say No To Things More
When you boil it down, money is a tool that gives you options in life. Money gives you the ability to tell people yes and no. When you have $10,000 saved, you have a nice financial cushion that gives you more options in life. Having the ability to tell people no in life gives you power in your life and this begins after your first $10,000.
6. Your Savings Rate Speeds Up
The reason many people have trouble saving money is because they have to deal with past due bills, current bills, and debt. When you are living paycheck to paycheck, it is very hard to get out of that cycle because you are always behind. Once you have $10,000 saved, you are caught up financially and because of that, you can save at a quicker rate.
7. Investing Becomes Less Risky
The #1 wealth building tool we have at our disposal is the stock market. In order to make money in the stock market you need both patience and margin. Patience through index investing allows you to grow your money over time. Margin allows you to hold your investments during down times. $10,000 gives you a decent amount of margin where you can hold and investing becomes slightly less risky.
8. Life Starts To Get Easier
All of these benefits that come with saving your first $10,000 make life a bit easier. You go from just surviving to beginning to feel more comfortable. $10,000 won't make you rich, but it is the moment when your life starts to get a bit easier.
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27 июн 2024
