How Long It Takes to Save $100K (Full Breakdown)

[@FIREPsyChat]

Get your YNAB budgeting app! youneedabudget.a4xxmk.net/zNmqQ0 Free Financial Resources: www.firepsychat.com/resources Free 20-minute Financial Consultation: www.firepsychat.com/coaching

[@markamark123]

After cutting unnecessary expenses, focusing on needs vs wants, paying off all debt (other than 4% mortgage), changing phone plan, cutting cable, cooking my own food, and most importantly, working even more harder, I was able to save $104,438.21 in 11 months. I'm tired, but I did it.

[@FIREPsyChat]

You sure did it that’s awesome. What’s your next goal?

[@markamark123]

@@FIREPsyChat In 2024 I am maxing out 401k (currently at 300k saved), maxing out Health Savings Account, saving another 100k for ETF & Mutual Funds. Then finally in December 2024 an all inclusive one-week vacation to Cancun (already booked). Need to recharge my batteries.

[@humblebee7979]

Very impressive. :)

[@derwinmitchell9947]

Took me 2 1/2 years to hit my first 100k. i went total monk mode ate beans and rice for breakfast, lunch and dinner

[@FIREPsyChat]

I hate beans but I definitely ate ramen 😂

[@lovetacos767]

@@FIREPsyChat bruhh😭😭😭

[@hassnanasir750]

@@derwinmitchell9947 how mach you make per hour is matter I think if not let me know

[@DdawgWalker]

100k is a good achievement but it can easily dwindle away if you don’t stick to the path that got you there in the first place

[@timahawk3220]

Yep that’s true. 100k can be gone in a minute especially if u have a home

[@CoachMacGlory]

I like the thinking here. I should be able to easily get to 100k+ by the end of the year. Thanks.

[@KBWFreedomthrurealestate]

Yes. I think you can achieve 100K in savings within a year with passive income and multifamily real estate investing.

[@lounic0216]

I love your videos. They are so thorough and insightful.

[@FIREPsyChat]

Thank you so much!

[@MikeNapoli1989]

I really like the Fidelity 500 Index (FXAIX). I hit 100k net worth at 25 years old.

[@FIREPsyChat]

Heck yeah!! That’s awesome

[@RinatShop]

I'm buying that index as well

[@Kate-fn8rj]

I like your logical and easy to understand explanations. Subscribed!

[@edwardramos9666]

This video is super helpful. the examples are very relatable.

[@FIREPsyChat]

Heck yeah!!

[@30AndAWakeUp]

great stuff! thanks for sharing.

[@FIREPsyChat]

💪

[@nomadicvibesofelle]

Just got to the end of year 3 and hit 70k. Hoping to get there by the end of year 4.

[@punisher6659]

Thanks as always for the great content. Hello again from St. Louis.

[@FIREPsyChat]

And hello from Vegas at 95 degrees 🔥 thank you!

[@LittleCreationsETH]

Okay, so you do not include home equity, By that, you mean your residence, right? What if you have another rental property?

[@timahawk3220]

It took me two years and one months to save 100k it’s not hard. Just got to have a decent income and make sure all your mills are paid and budget with what’s left. Only takes 4k a month in two years to save. Easy! Not everyone making 2k a week so I understand but it’s easier with no kids and low rent or mortgage. I paid rent phone food and car insurance and food with cash for self left over. Save 4k a month for two years that’s all

[@minimad8793]

just stumbled on your page and within the first minute, I have seen more shorts than I can scroll on my phone. could you please reduce the amount so that viewers can follow what your saying. thanks

[@SolomonTheStoryTeller]

i have 400k all in cds, not sure what to do. thinking of buying half gold. i already contributed the 5% match roth ira at work. I net 110k a year after taxes and all living expenses. it seems i need to start learning more about investing than saving all that cash

[@MiraclesSaint-Hilaire]

High yield dividend funds (yieldmax, defiance, Kurv, roundhill) cash flow is king

[@dshep832]

Does the mega back door Roth apply to civilian government employees and TSP?

[@Saturniinoo]

Let me tell you this from a guy from France : your explanation was a little bit difficult in first hand but after that when you reexplain your excel tab, that was great. Thx u sir 🫡

[@FIREPsyChat]

Glad to help!

[@user-ms3ko5gn8e]

Thank you for the information

[@timahawk3220]

Depends on income. It could take a year for some

[@stand8602]

For In service roll overs withdrawals/distributions, you have to be 59.5 years old to do. If not u face a 10% tax penalty

[@CurryShotTV]

Great video

[@Vinegarissweet]

What do you do after you have achieved the first 100k? Great video!

[@FIREPsyChat]

You add another 0 after 100K!

[@BarivuleNwaah]

Am so much Happy

[@Mimi8402]

Great video, I appreciate seeing the breakdown. If your job offered a cash balance pension, would you include that balance in your net worth?

[@FIREPsyChat]

Yeah I would if that cash balance can be transferred to your Traditional account after you leave your job

[@oli1682]

Question, what if you have 100K but your stocks are down. Does that still mean you have achieved 100K?

[@FIREPsyChat]

You’ve saved 100K and I’m guessing the stocks are down temporarily so how do you feel about it

[@Sam_splatter]

You won’t take a loss unless you sell. If they are quality stocks they will come back up over time. If you bought meme stocks that’s a different story…

[@MadeMan-m8w]

@@Sam_splatter unless you bought GameStop which is classified as a meme but has been a great investment 4.6 cash on hand and now profitable When the news labels it a meme make sure it is a meme and not a tool used to stop people buying it because the HFs are underwater from the short positions

[@Shaniloka369]

Can I add more money from my bank account to 401k? I thought it was only from your paycheck that u are able to contribute to your 401k.

[@Gaanjalivesmatter]

@@Shaniloka369 if it’s your company provided 401k account then you can add from your paycheck but you can change the percentage to as much as you want. Roth IRA is a good option if you wanna contribute post tax money to as Roth IRAs don’t have taxes upon withdrawal.

[@2ryan_X0]

Is he telling me investing 1k a month for 7 years will get me 100k following the s&p ?

[@rp-wb6xn]

Likely sooner with compounding

[@j1nguyen]

Wow, after taking the time to combine my investment and savings, it was a pleasant surprise to see a combined value and I realized I will reach $100k THIS YEAR! Subscribed 👌🏻

[@FIREPsyChat]

Do let me know when you reach it!!

[@nb-hh2kn]

i gambled over 100k on credit cards and nft market

[@SolomonTheStoryTeller]

you should iron your collar