Bank 100K In Just Ten Years

Are you living paycheck to paycheck? Join the club, but you do not have to be like everyone else. I'll explain how you can bank over 100 grand in just 10 years. All it takes is a little discipline and action.

1.Save at least $200 each month

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Wouldn't it be sweet to have $20,000 in the bank? Well, it is not as difficult as you think. Here is the kicker, it doesn't happen overnight. By saving $200 a month, which is roughly 10% of 35k salary take home pay, it doesn't even take 10 years to save $20,000.

2. Pack a lunch at work

Lets say you spend an average of $6 everyday by eating out at lunch. If you work 250 days in a year, that's $1,500 a year on food! Cutting your daily spending in half by packing a lunch can save you 750 bucks a year. Over the course of ten years that's over seven grand! Did I mention there are health benefits to packing your lunch?

3. Refinance your mortgage

This is kind of old news, but there are still people who have interest rates in the 8s and 9s. If you plan to stay in your house for the foreseeable future and your current interest rates are above 5% you need to see if refinancing is a good idea.Even if you have already refinanced from 8% or 9% down to 6% a few years ago, it might be a great idea to take advantage of rates in the 3s. If you bought a house for $100,000 in 2010 with a 30 year mortgage at 5.85% and refinance to a 15 year mortgage at 3.5% you will save around $40,000 over the first ten years of the loan and actually lower your monthly payment by over $100. Oh yeah, and your house will be paid off in 15 years instead of 30. If you are sold, check into it.

4. Shop at discount clothing stores

If you buy your underwear at Banana Republic, you still have to wear pants. Have you given much thought to how much you actually spend on your clothes? Break it down over the course of a month, you might be surprised. If you cut your clothing expenses down by $500 per year itll save you 5K in ten years. If you can get past the mental barrier, start looking at stores like TJ Max and Gabriel Brothers or even factory outlets. You can find fantastic deals on Amazon too. You can find quality shirts and pants for under $15 and as long as you iron them after you wash them, it is highly unlikely anyone will notice you didn't break the bank buying your clothes.

5. Drive a car that gets at least 30 mpg

Take a look at the past three years gas trends. Our average price has dipped as low as $2.60 per gallon in 2010 and has been as high as $4.00 per gallon. Think of how many people bought gas guzzlers in 2010 when they thought gas prices we're manageable. Newsflash, auto loans generally last 5 or more years. Just because gas is manageable now, doesn't mean it will be in a few years, heck even a few months. Lets say you drive 12,000 miles each year. If gas is $4.00 a gallon and you get 20 miles to the gallon, it will cost you $2,400 to fill up in a year. If your car gets 30 miles to the gallon, it will only cost you $1,600. Thats $8,000 over ten years. When you have the opportunity, it is a great idea to buy a gas sipper this time around. The savings don't stop at the pump either, gas sippers usually cost less to maintain.

6. Change your career

Have you ever turned down a street and realized it was a dead end? Howd it make you feel? Do you have the same feeling when you go to work every day? Not only is a dead end job probably affecting you mentally, it might be crunching your wallet too. If you regret taking the position you are currently in, you have two choices: continue to suffer or do something about it. Sure, it might cost a little upfront to further your education, but becoming qualified in a more lucrative and appealing field will prove to be a good investment rather quickly. Lets say it costs you $20,000 to gain the skills needed to advance your career, but you earn $5,000 more per year, you would net an extra $30,000 over 10 years. Thats a lot of coin. One more thing, feeling better about what you do also reduces your stress levels. Less stress is priceless.

7. Invest dead money

Sure sitting on a nest egg of liquid assets can have it's benefits, but it is not exactly a bright idea to have everything stashed in a safe or sitting in a low yield savings account. It might be time to start having your money work for you a little bit. There are both conservative and aggressive approaches to this, but I'd like to play it safe here. Back track to step one of this post and assume you took your $2,400 per year saved and invested it in a 5 year CD at 2%. You would earn over $250 over those 60 months. If you repeated the process, you would earn another $270. Okay I know, you are only gaining $500 bucks over 10 years, but remember these numbers only represent one year. You can safely gain an extra $2,000 by keeping your money active. CDs probably won't make you a millionaire, but they are safe. There are other investing options out there, just don't get too carried away with your investing aggression because the risk is high, especially if you are a novice.

8. Cut back on unnecessary expenses

Unnecessary expenses don't stop at buying expensive shirts and eating out at lunch every day. Things like cell phone bills, cable bills, car insurance, product warranties, etc. all add up over the course of a year. Does your car insurance deductible need to be zero? No, not unless you are irresponsible with your money. How do you think insurance companies make money? Every year your deductible is zero and you don't use it, it costs you money. If you made it this far in this post, I'll go out on a limb and say you are working to become more financially responsible so look into actually raising your deductible. To make this worth it, you have to take this approach to everything insurance related. Anytime you buy a product that offers a 1 or 2 year warranty, decline it. If the product is faulty, you usually know within the first 30 days and the store probably allows you to return in. Check into your cell phone and cable bills too. These companies don't want to lose your loyal service, so if you call and explain you might consider exploring other options, the companies will probably sweeten your current deal. I use these tactics and it saves me at least $200 a year which adds up to $2,000 in ten years.

9. Read a wealth building book

So this won't directly save you money, but it will definitely give you ideas and inform you on the dos and donts of building wealth. If you really want to get serious about building your bank account, you need to emulate the guys and gals who already have a large bankroll. You might even stumble upon some cool passive income ideas that can help you earn money while you sleep! Thats the golden ticket.

10. Buy generic brands

This one might even be a little tougher than spending less on clothing. Dont dismiss this idea yet. I am not suggesting eating generic foods all of the time, although many generic foods are the much more logical choice. I am suggesting considering cheaper versions of things like shampoo, toothpaste, toothbrushes, toilet paper, televisions, tires, dish soap, etc. Besides, why is this stuff more expensive anyways? Often times the difference in quality is minimal. The big difference is in product marketing. Commercials do wonders for making people think a particular product is the best. Dont always fall for it. I easily save $300 a year buying generic products. It is probably significantly more, but I will be modest for the sake of this post. Over ten years, that is $3,000.

These 10 steps can help you bank around $117,000 in just 10 years!

Consider yourself ten years from now with an extra 100 grand in your bank account. Oh the possibilities. Keep in mind; you actually have to keep all of the money you save by making these changes. You won't make it to 100K if refinance your house and then take five trips to Hawaii with your savings. Live smart and dreams of having a fat bank account will become reality.

One last thing

If you take that $117,000, invest it and get a conservative 3% return, you will have over $150,000 in just ten more years. Just saying.

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Posted in Financial Services Post Date 05/10/2021


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