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How To Save $100,000 FAST | Money Saving Tips For Beginners - YouTube
Channel: Mark Tilbury
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hi guys it's mark so as some of you
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already know one of my biggest passions
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is saving money
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by the age of 22 i had actually managed
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to save over a hundred
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thousand dollar cash in my bank account
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and i had a net worth probably three
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times that
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but it wasn't always this way a little
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over three years before this
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i was buried in what felt like crippling
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debt now i
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really understand if you're starting
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from zero or even in debt like i was
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it can feel impossible to move forward
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and i'm not here to tell you this is
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going to be easy
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but with the money saving tips and
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strategies i'm going to be sharing with
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you today
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it's certainly possible to get some
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money saved up the only reason i can
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remember the exact amount was because at
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22
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i spent a hundred thousand dollars hold
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on with that i'll tell you how i spent
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my 100k
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later in the video let's first talk
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about how i got into debt and how you
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can avoid making the same mistakes
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i remember when i just turned 18 a
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friend of a friend agreed to sell me his
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car
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i didn't have the money at the time but
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he convinced me it was a good idea to
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take out a credit card and completely
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max it out i didn't really understand
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how credit cards work because they never
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really covered that in school
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but he told me if i fixed up the car a
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little bit
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i'd be able to sell it for a profit and
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pay off the credit card within a month
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and then i wouldn't be paying any
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interest now being young
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and a little bit silly it seemed like a
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no-brainer to me
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a few days after buying the car you
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guessed it the engine blew up
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i had been sold a faulty car and i was
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left with a large
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credit card bill that had no way of
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paying back over time this credit card
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bill started growing
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until i felt it absolutely crippled me
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in that moment i made a promise to
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myself that if something sounded too
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good to be true
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then it probably was i remember sitting
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back on this big old brown couch and
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wishing it would just swallow me up my
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credit score was terrible
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my future didn't look great but i
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decided i wasn't going to let my life be
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ruled by one mistake
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i wanted to pay off my debts and save
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lots of money
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and you can unlock exactly how i did it
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just by clicking that thumbs up button
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so first i started tracking all of my
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money every penny that went in and out
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of my bank account i tracked
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i thought my bank account a bit like a
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ship with a hole in it and it was slowly
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dragging me down
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i needed to find the hole so that i
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could fix them and get my life
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back on track nowadays it's even easier
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to do this as you can download a budget
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management app like yalt or mint
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i'll leave some links in the description
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below trust me
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if you take the time to do this you will
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be amazed how much money you're losing
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from little expenses you don't really
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need one that's a huge problem now
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it's all the subscription services you
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know like your cell phone
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netflix and even those mystery boxes we
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all sign up for now we sign up for these
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things
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and then we never counsel them and every
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month they leach off our bank accounts
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even if we don't use them by tracking
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everything it gives you a much better
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idea of your financial situation
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once you understand where your money's
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going it's actually
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much easier to take control of it with
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this information
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i was able to take the next step and set
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some targets
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without a target it's very very hard to
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save any money because as soon as
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something shiny and new comes along
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you end up blowing all your money and
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having to restart from zero
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a target gives you a direction and helps
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you to resist all those personalized ads
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on social media that are trying to
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separate you
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from your hard-earned cash i first had a
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year-long vision which was to be
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entirely
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debt-free by the end of the year but i
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knew if i was going to achieve that
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i needed to break it down into
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manageable steps when i started working
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backwards from my vision
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and thinking how much i needed to save
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every month every week or even
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every day everything seemed much more
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achievable
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i knew that if i hit my savings targets
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every week
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then i would achieve my vision these are
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called process
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targets and they're great as they allow
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you to take small steps towards
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a big vision the only thing that could
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stop me now was myself
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so i needed to set some rules i fully
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committed to these rules and i printed
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them out and i
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stuck them on the bathroom mirror every
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day i would read them so that i would
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stay on track
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it made it a lot easier for me to make
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the right choices when i was tempted to
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give up
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rule number one was save first and live
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on what was left over
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by making my targets more important than
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my lifestyle
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it meant i never had that much money to
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weigh so i made the most of
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every penny rule number two was wait 24
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hours before buying anything
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have you ever really got excited about
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buying something and then a few days
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later that feeling just fades away
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and you start to regret what you've
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bought by waiting 24 hours to buy
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something
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you're able to think about it with a
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much clearer mind
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just doing this has saved me so much
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money especially when i nearly bought a
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jet ski my friend had just bought one of
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these and was going out
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every weekend and having a great time he
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gave me a go
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and as you can imagine i absolutely
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loved it so i decided i'd buy one
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however i waited 24 hours and decided to
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just go out on my friends for the next
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four weekends
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i had a great time but then he decided
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to sell it
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he said he was bored of it and he would
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to be honest i'd enjoyed riding it but i
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felt the same
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so by waiting that 24 hours it saved me
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a big impulse purchase
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i would have regretted rule number three
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was not to fall victim to peer pressure
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and lifestyle inflation you know it's so
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easy to increase your spending when you
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start earning a little bit more money
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because you want to impress your friends
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and your family but if you can resist
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this
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you'll be able to save a lot lot more i
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actually still
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shop at the cheapest grocery stores
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because i know it's
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all the same stuff just better value the
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next step was to start paying off
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all my high interest debts i had lots of
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different debts
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some from friends and families and
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others from credit cards
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and as bad as it may sound i needed to
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prioritize the highest interest debt
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first
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which was the credit cards as they were
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actually costing me more money
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and also destroying my credit score
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there was really no point having money
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in a savings account paying one to two
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percent interest
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if i was still paying down a loan that
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was charged me 20
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plus percent by paying that off that was
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like getting a 20
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return on the stock market which is
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pretty spectacular so if you have debts
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and money in savings then pay them down
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that's what i would do
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it's the best guarantee return you're
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ever likely to get so i stopped using my
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credit cards and i set up automatic
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payments so that i wouldn't be late
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paying back any of my bills the faster i
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could pay these debts off the better
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and then i could be using my credit
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cards responsibly
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to build my credit score in order to do
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this i had to master the next step which
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is living
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frugally but mark i don't want to live
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off coupons
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well lots of people think that being
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frugal means you have to cut back on
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everything
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including the things you love to do but
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i don't think that's true
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unless what you love is going out
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shopping and spending hundreds of
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dollars in the shopping mall
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i think you'll be just fine it's all
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about looking for alternatives that cost
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you a little bit less
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so i sat down and planned out how i
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could adapt in different ways in my life
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to cut down a food cost i started
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cooking at home instead of going out i
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was able to make
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meals last two or three days which was
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great i reduced my monthly bills by
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turning off the lights and the heating
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when i didn't need them on
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this may seem like something really
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small but it all added up especially
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back then
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for my travel i considered a few option
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i could use public transport which is a
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lot
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cheaper than a car but it wasn't
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practical in my situation
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because i needed to be able to get to
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work and there wasn't a bus stop nearby
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i needed to find the best option
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possible
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so i started car hacking i would buy a
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car once it lost most of its value
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i'd drive it around for a while and then
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sell it for the exact amount that i
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bought it for
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and sometimes even more so effectively
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the cars i drove were free
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the only cost was fuel how cool is that
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when i went shopping i stopped falling
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for the branding
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it's easier to think that a product is
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better because the packaging looks nice
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but actually it's usually just the same
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thing you just end up paying
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extra for the fancy box next time you're
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in walmart buying paracetamol
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check the pl number on the back of the
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box i looked the other day and the
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branded cold and flu tablets and
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walmart's own
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brand cold and flu tablets both had the
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same pl
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number this means they were both made in
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the same factory
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but it had a three dollar difference
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this is just one example of how we're
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being scammed by the branding
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i don't know about you but every now and
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again i get the urge to spend a little
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bit of money on myself as a bit of a
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treat
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but i actually try and trick myself into
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buying assets
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rather than liabilities good example of
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these are rolex watches and stocks and
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shares by the way weibo are giving away
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free free stocks if you want to check it
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out i'll leave a link in the description
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below but just cutting back on my
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spending would have taken me too long
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as i needed to take the next step which
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was increasing my income
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most people that i've met are very good
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at either saving
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or they're very good at earning but to
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be truly wealthy
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you need to be good at both i'm sure
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you've heard the stories about famous
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athletes that have been paid
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millions over the years only to go broke
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a few years later
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because they can't control their
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spending their lifestyle inflation is
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out of control and when their career
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ends and the money dries up
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they just can't adjust their lifestyle
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to the lower income
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i started multiple side hustles like
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flipping cars and teaching people to fly
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radio control models
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but instead of just using this money to
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go and have fun i
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saved a hundred percent of it this
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wasn't easy but i knew that i could use
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this money to escape my nine to five job
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by
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building more income streams this was
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the investment step
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i knew that this was the only way to
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dramatically multiply my money once i
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had 15k
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saved up i got a 30-year mortgage on a
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small apartment
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i initially moved in but i quickly
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realized that this was a bad idea as i
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bought a liability
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that was going to drain money from me
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every month making it nearly impossible
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to save
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i had to turn this into an asset so i
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decided to rent it out and i moved in
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with my girlfriend
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the rent was paying off the mortgage and
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also giving me a bit of extra money left
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over which i continue to save
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i then use that cash and my apartment as
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leverage to get a business loan
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i was turned down a few times but i
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eventually managed to get one
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it was definitely hard going back into
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debt after finally getting out of it
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but this time was different it was good
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debt i was investing in myself
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and i had a plan for that debt to put
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money in my pocket
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and not take it away i started my shop
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and within a year i paid the full debt
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back and was debt free
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once again this really taught me that
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debt isn't always bad and if used
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correctly
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like with a mortgage and a business loan
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then it can really help build your net
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worth
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my money in the bank account started to
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quickly build up to over a hundred
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thousand dollars
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and i knew i had to do something with it
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to continue growing my net worth
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the only reason i can remember the exact
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amount i had at 22 was because i spent a
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hundred thousand dollars on my next
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piece of real estate which was actually
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my childhood home
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that may sound like a big deposit and it
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was fifty percent in fact
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this probably wouldn't be something that
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i'd advise now but it was great at the
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time because
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mortgages were really expensive as
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interest was very very
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high this kept the monthly payments low
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so i was still able to continue to save
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so i'm going to leave the next video
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right there but don't click on it just
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yet
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remember to subscribe to the channel if
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you want to grow your wealth
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ring that old notification bell and
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smash that like button
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right i'll join you over there see you
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later
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