How I Saved my First $50,000 & You Can Too.

In this video, we cover tips and concepts that helped me save my first $50k while I still had a 9-5 job and worked on multiple side hustles. Saving money as a teenager or a student may be one of the most difficult things to accomplish, but you need to remember that it comes down to reducing your expenses while increasing your income. Financial literacy and knowing how to properly manage money will be the first key to success in reaching a savings goal.
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-Griffin
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[@GriffinMilks]

Hi everyone, I hope you all had a killer Monday! In this video, we speak about the mindset I crafted over the past couple of years to be able to save my first $50k. What are things that have helped you increase your savings rate? Comment below! Also, if you want $25 for FREE (literally), then signup for Wealthsimple Cash here: ws.cash/invite/$griffinmilks -Griffin

[@justinbennetts7464]

Hey griffin, what about CVM , should I hold

[@krystlejoyce4427]

Saving is hard! When I was working part time while I was in school, I barely saved $100 monthly but pushed through it. Once I started working full time and still living with my parents, I was putting 50% of my income to my TFSA that was invested in ETFs and some stocks. I reached my $50K goal and currently looking to spend some of that on my down payment for my first condo! 🎉 Great video!

[@GriffinMilks]

That’s fantastic Krystle! Honestly good for you pushing through and building the mindset even when the monthly amount saved was lower than it probably is now

[@1louislewis]

How did you do it

[@MrRedFox87]

It is hard but so worth it when you reach that goal!

[@HorrorKingNightmares]

Manage your money better bitxh

[@TruthAboutRealEstateInvesting]

One of my clients bought his first rental property (and his first house EVER) when he was 24. He lived with his parents, worked upwards of 3 jobs and rarely went out with friends. That sounds intense, but now, 3 years later, he owns 5 properties and is a full time real estate investor. He put the effort in to save up for a down payment and it's paying off. Great video, Griffin.

[@GriffinMilks]

That's a fantastic story that can be applied to most people if they put their mind to it. Good for him!

[@TruthAboutRealEstateInvesting]

@@GriffinMilks I agree!

[@1smae100]

So he bought a house and rented it out smart move

[@donaldlyons17]

@@1smae100 He likely rents to those too poor to buy. Without the courts he is screwed. That person is both lucky and just about themselves in all likelihood. How is that good?

[@donaldlyons17]

@@GriffinMilks Dude why you lying based on what math? He likely did well because he lived under cheap conditions compared to his income. MOST PEOPLE DO NOT HAVE IT THAT CHEAP!@!!!! Who would rent from landlords if they could just leach off others for cheap? You SHOULD ALREADY KNOW MINDSET DOES NOT GIVE PEPOLE A PASS ON MATH!!!!

[@SuperKamiNeko]

I went from compulsive spender from compulsive investor. My mindset has changed for life. In the past few months, I managed to invest above 40 % of my income. June was my best month with 57 % invested.

[@GriffinMilks]

That's fantastic!

[@vestabesta]

It’s not about how much money you make, it’s about how much money you can keep ! 🤞🏾💰

[@GriffinMilks]

I couldn't agree more!

[@hockeytrend]

I made 55k in 2020 and I saved 10k. This year I'll gross about 65k and have saved and additional 20k just in the first half of this year. Really a mindset. Once I hit 10k in the bank it made me "greedy" seeing that and now I'm on a mission.

[@GriffinMilks]

How have things progressed since?

[@masterninja9716]

I am making my mind up to do this also. I want to live off grid someday. To do this is difficult without a very large amount of money, contrary to what many people believe.

[@hockeytrend]

​@@GriffinMilksayo. Going well

[@minas.831]

I like the 50, 30, 20 rule where your savings is greater than your expenses/needs. The easiest way is set up automatic savings.

[@GriffinMilks]

Thanks for watching!

[@andyprokopchuk]

I just got a high school teaching position in Saskatchewan and one of the classes I will teach is a Communications class that revolves around Financial Literacy! I'm so pumped! Your videos will be shown in my class FYI.

[@tannisjohnson6456]

Awesome!

[@jeffmasse1390]

Great stuff griffin !

[@GriffinMilks]

Glad to hear you got some value out of this content Jeff!

[@DylanBernier]

I don't set goals for the amount I wish to save, but rather I split up my income as it comes in. Usually, I save 50%, invest 20% and allow myself to spend 30% on necessary monthly expenses. This has been working for me because I'm 20 and am living with my parents so my expenses are not that high.

[@torontothegood]

When you say “save” vs “invest”, what’s the difference? Your savings should be invested

[@GriffinMilks]

Best thing you can do since you’re at your parents still Dylan. Wise move

[@robertyoung406]

@@torontothegood when he said save, he probably means an emergency fund

[@DylanBernier]

@@robertyoung406 Yea its emergency fund, and for taxes, tuition etc...

[@JeffdeCastroYYJ]

we're saving 34% of our take home pay! :)

[@GriffinMilks]

That’s significant!

[@CanadianDividendInvesting]

Awesome stuff man!

[@GriffinMilks]

Glad you liked it!

[@Slickpete83]

*because there is no real wage inflation , so its hard for most people to save anything at the end of the month , unless your a minimalist ,total cheapskate, live with room mates , live with parents etc.. lol...*

[@GriffinMilks]

That’s the important of having a side hustle then and creating multiple income streams

[@charlestaylorwoodgatee2388]

IV only just started saving for the past 2 mounts and I'm just on 3.6k ATM. It's is hard and I have made sacrifices but I think the key is consistency. Save more then what you spend

[@SamThackray]

Been few since I've visited the channel but nice to get back into an investing mindset. Just recently graduated and got a big promotion at work so now pretty grateful to be able to save 50%+ of my income. Looking now at starting that side hustle.

[@GriffinMilks]

Hi Sam, did you ever start that side hustle after all?

[@davelamb3303]

Do you consider TFSAs as savings or investment as it is money that can be accessible of needed. If not where do you keep your savings if not in the 1% interest accounts, thanks for the great content. Cheers!

[@GriffinMilks]

Yea so I consider my TFSA for investment purposes only. Any savings I usually jump around HISA's. But right now the rates are incredibly low. Still, I find value and security in having a good amount of savings outside of the markets. Nit the best answer, but honestly there aren't many options available right now for cash,

[@snicky3594]

But what do you with your 50k once you have it saved. I'm 22 no debt jus fin college with 50 k in my savings and no clue wht do to

[@GriffinMilks]

Choice is yours but a combination of investing in stocks, real estate, and bought a house!

[@thehi-techredneck3011]

I agree with your statement that high schools and universities don't teach people about saving. I am a stock market pusher myself and a college teacher too. Everyone in my department is on board with stocks now, but they only know what I tell them and that isn't the way to do your research. Keep up the good work sir and keep it bullish.

[@ebubeesiobu9164]

Thanks for the tips. Do you think this is a time to buy LSPD or do you expect it to dip soon. $108 is pretty steep for me but I don’t want to miss it if it’s only going up from here.

[@leensalocin]

Lol I was waiting for a dip when it was $60

[@allanv.7348]

Hi Griffin, nice content. You inspired me to start investing at stock market last year and now have 30k savings. Do you think it is a good strategy with the current low mortgage rates to refinance and invest that yields more than the interest? Is this risky. I watched your real estate investing which very informative. Thank you!

[@ChaniqueStewart]

hey fyi, your Canada day code discount bar is still up but it doesn't work. thx for your videos

[@GriffinMilks]

Thank you for the heads up!

[@TheGoalieMotivation]

I’m only 15, and your videos really help me on savings and all that stuff! I am trying to start saving for future things! Thank you 🙏

[@jeffmasse1390]

Great attitude! Early is key!

[@GriffinMilks]

Love to hear it! Starting young.

[@cookshackcuisinista]

Many people have a hard enough time working a 40-hour a week job let alone doing side hustles so for some working at a 40,000 a year job before taxes, there isn't much left over and that is with being frugal. so 50,000 in savings is not really conceivable for the average person treading water at a regular job after living expenses and even driving a cheap car. But, it is important to save even if it's just $20 a week.

[@GriffinMilks]

At least if you're able to create a manageable savings goal for yourself that you can hit monthly, that's a great start.

[@donaldlyons17]

@@GriffinMilks People who can save 50 to 100K are not saving $20 a month. Dude math matters and so do conditions. Why not be honest about how math, conditions, and other factors make outcomes more or less likely..... I agree many don't make more than they spend over time so their overall outcome is brokenness. I agree with his statement "50,000 in savings is not really conceivable for the average person treading water at a regular job after living expenses and even driving a cheap car." People on KZbin have honesty issues about how the odds are against people depending on other factors excluding mindset.

[@ch859165]

Do you have a shopify store? I could have sworn I heard that cha ching sound @2:23

[@GriffinMilks]

haha I added it in the background. No shopify store at the moment :P

[@jennromero2261]

Finally taking the leap into investing made saving money much easier for me. It’s become more fun to see my money actually working everyday tather than seeing it just sitting (easily accessible) in my bank account. I’m set to save just over 50% of my income this year while still paying my half of my mortgage and not sacrificing my hobbies 🙌🏽 changing your mindset for what works for you is huge!

[@JuustJayden]

Hey Griffin, just discovered your channel recently, and really enjoy content and it's definitely more uplifting. I'm in my late early 30s and have made some poor decisions and as a result, I've got 25k in debt but I've been steadily saving and have combined with investments, about 39k (12k and growing in work matching retirement fund). The Toronto housing market is really crazy right now, and I'm stuck on what to do next. Pay off that 25 and start all over saving again or pay a portion and keep the rest investing, growing my interest and dividends. Really appreciate your thoughts and recommendation if possible! Thank youuu

[@GriffinMilks]

Great to see you're taking action. Really depends on your interest rate on the debt though. If it's at a rate of 6% or higher, I would personally look to eliminate it as fast as possible. If it's credit card debt at 20% interest, the best hing you can do is pay it down as no investment can consistently return 20% without relatively high risk. Also Dividends won't cover that type of interest.

[@davidgoldsworthy1640]

you gotta iron your shirts bruh LOL

[@GriffinMilks]

Couldn’t agree more 😅

[@tannisjohnson6456]

Who irons a T-shirt?

[@davidgoldsworthy1640]

@@tannisjohnson6456 people who make more than $20 an hour?

[@WyaEuphoria]

Save 1k a month for a year

[@GriffinMilks]

That would be a great goal. Hopefully you can accomplish that!

[@f1m4_p]

Hi from Russia👋! Saving is hard but very interesting. Cool that you make video about financial competence. Interesting fact: $50,000 in my country(not Moscow and Saint-Petersburg) is small apartment in centre city.

[@GriffinMilks]

Wow $50k over here get's you a large shed lol. Thanks for watching!

[@mohammedsafwanullahshareef3746]

Its tough in a country built on Capitalism and high taxes

[@GriffinMilks]

Completely agree. Taxes here are out of control...

[@ricci_rich]

❤❤❤

[@GriffinMilks]

Thanks for watching Rich!

[@jasperjones3950]

My saving goal $1000 a month

[@GriffinMilks]

That's a fantastic savings goal Jasper!

[@donaldlyons17]

So you don't sound super underemployed because you were only super broke for 12 months. WTF you think most people have break even? So the legal minimum pays enough to break even where you live? Where I am the legal minimum even working 40 hours a week still can't break everyone even with outside support..... so this work two jobs stuff is not always a fix for that reason. Not blaming but you should just admit for some people it will turn out impossible to save unless certain other factors are in place.

[@Freedomone153]

Sorry, but this was boring . Nothing new in tips