Have you ever wanted to save a ton of money but you can't seem to figure out where to start? Well I'm going to tell you just how you can do it.
I saved over $100,000 right out of college over three and a half years all while earning less than 6 figures ($54,000 to be exact) and if I could do it so can you. Saving $100,000 might seem like a daunting or extremely long term task however, it's really not that difficult to do it in a few years with a solid plan in place.
"Saving $100,000 might seem like a daunting or extremely long term task however, it's really not that difficult to do it in a few years with a solid plan in place."
Let's talk about how you can get started and get on the path to saving $100k over the short term even if you don't make six figures.
Start contributing to your retirement accounts
One of the best ways to get started with saving (and investing) your money is by contributing to your retirement account. If you are employed and your employer offers a retirement savings plan, start contributing to it and if possible max out your contributions (The allowance is $18,000 in 2017). In addition, if your employer offers a contribution match, make a plan to at least contribute enough to get the full match which is essentially free money.
If you are self employed, you have the option to set up an IRA. Start contributing to one and again if possible max out your contributions (The allowance is $5,500 in 2017). To save even more, you have can both an employer sponsored retirement account and an IRA.
Given the historical performance of the stock market, your continued contributions could easily equal millions of dollars in savings over the long term.
I was able to save $40,000 in my 401k within the first 3.5 years after I graduated from college and at the time I was not even fully maxing out my contributions and I had not yet opened an IRA account.
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