How To Save 50% Of Your Income (Guide To Saving Money Fast) | Summary and Q&A

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January 24, 2020
by
Andrei Jikh
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How To Save 50% Of Your Income (Guide To Saving Money Fast)

TL;DR

Despite the prevalence of Americans living paycheck to paycheck, this video offers actionable advice on how to save 50% of your income and build a six-figure portfolio in just four years, featuring a real-life example and tips on cutting expenses.

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Questions & Answers

Q: Why do two-thirds of Americans have less than $1,000 in their savings account?

The main reason is our inability to delay gratification, as we often prioritize short-term spending over long-term savings. Additionally, rising costs of living contribute to this problem.

Q: Why did Corey go to college if her job didn't require a degree?

Corey went to college due to societal pressure and the belief that she needed a degree for a higher-paying job. However, she realized later that she could have reached her current position without a degree.

Q: How did Corey manage to save 50% of her income?

Corey followed three key strategies: controlling her food expenses by utilizing her company's employee dining room, prioritizing cheaper travel options like buying in bulk and shopping at discount stores, and house hacking by splitting rent with roommates.

Q: What other factors contributed to Corey's ability to save a significant amount of money?

Corey benefited from living in a lower cost of living area, having affordable housing, and splitting bills with her partner. Additionally, she emphasized the importance of choosing a financially responsible partner.

Summary & Key Takeaways

  • A survey revealed that 69% of Americans have less than $1,000 in savings, emphasizing the need for better financial management.

  • The real reason behind the lack of savings is the inability to delay gratification, rather than the state of the economy.

  • The video introduces Corey, who saved 50% of her average income and built a six-figure portfolio in four years, despite not having a degree.

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