Why Everything Changes Once You Save $10K
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Published 2024-06-17
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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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All Comments (21)
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If you're not from the US, what's a $10K financial milestone in your country/currency?
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It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
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The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?
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Just reached 21.000 after 1 year of savings and now 3 months of steadily investing in ETF. Can't wait to reach 100k. Zero debt , zero credit card ever. Piano teacher
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Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
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My former boss was making 500K/year yet he had a debt of almost 10M. I was making 40K but had 15K in savings. The business eventually went bankrupt. But I had more than enough cushion to survive for 6 months while looking for other jobs. It's funny how money works. It's not about how much you make but how much you save.
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Glad I have $80,000 saved. Also just paid house off. Huge relief!
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I am regretting not investing in stocks ever since but still grateful i kept money in the money market. With about $200k maturing soon, i plan investing in the stock market. What stocks should I look into as a newbie to safely grow my money?
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I'm $800 away from saving $10K which was one of my financially goals this year!
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Age 55. Pharmacist. Worked for chain pharmacies all my life for a pay check to pay check life. You heard right. Professional pharmacist lived pay check to pay check life. But no longer. Currently own a successful small business (pharmacy) for last 10 years. Paid off mortgage, paid off cars, no debt, 1 ivy league grad daughter debt free. Raising 2 more kids. Praise be to Merciful God.
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I am less than $500 away from 10K in my savings. It's not a lot of money but it does take the stress off my plate.
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Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
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I know one thing for sure, starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works.
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Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!
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As someone passionate about investments, I often contemplate the strategies and paths that enable top-tier investors to amass wealth in the millions. While I possess a substantial initial capital, I am uncertain about the specific tactics or avenues that would facilitate achieving gains exceeding $400k, similar to those achieved by several others this season.
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Saving my first 10k took extreme discipline then I saved another 10k gonna save another 10k this year
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Yes! Once I had $10k in my emergency fund, $5k in my housing fund I felt more at peace. ❤
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I love the grounded reality of this channel!!! Retirement took a toll on my finances, but with my involvement in the digital market, $35,000 weekly returns has been life changing. AWESOME GOD❤️
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Just discovered your channel with this video -- I was able to think about my situation and I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $90K per year but nothing to show for it yet.
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When I saved my first $10K, it inspired me to save EVEN MORE‼️Saving has become an addiction now! 😁
