Struggling to Save Money? Do This to Save 70% of Your Income - Financial Independence for Beginners

[@OurRichJourney]

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[@lindadorman2869]

At age 60, I launched an online reselling business and moved into a live/work loft where I can store my inventory to lower my housing cost. Rent, utilities, Internet and public transit are tax-deductible business expenses. 4 years later, I've paid off all my debt, built a solid emergency fund and save 70% of my income. I never saved or invested for retirement but am well on my way towards financial security. It's never too late.

[@rare2find0918]

What a wonderful story! Congratulations on your success.

[@AngellaAvenue]

Thank you for sharing this. This is equally as helpful.

[@smann7236]

What was the business ?

[@monicam9174]

So proud of you. As someone who wants to start doing this, what advice do you have in where to start selling items? Any information you could provide would be most helpful

[@crystalramirezmoreno9190]

@@smann7236online reselling business

[@simonkalibwani5832]

I did the reverse. I put away 70% without knowing what my budget was, and just forced myself to survive on the rest. Really, it just comes down to the big 3: Rent, transport, food.

[@atlargera]

I'm at about 60-65% towards investing net pay then the rest for bills and whatever else and I still have money left over.

[@kamsavesmoney]

Food idea

[@kamsavesmoney]

Good idea

[@tonyvaldez8708]

As usual, your giving people a future for financial freedom! My wife and I now only have 3 years and 2 1/2 months till retirement. We have been following you guys for the last 7 years and the advice you have given us has been priceless! Can not thank you both enough…

[@OurRichJourney]

Oh my goodness! CONGRATULATIONS! Only 3 years and 2 1/2 months until retirement - it's going to come up so quickly! I'm so happy for you and your wife!

[@aurorasanchez7922]

Thanks for this advice.

[@PowerfulMoneyHabits]

I’m at 67% investment rate. FI by 2030! Can’t wait!

[@Jennifer_Lewis_Beach_Living]

Planning meals is a financial game changer. A number of people don’t realize how much money they’re spending on takeout and restaurants. Back in the day, there were home economics classes that taught people (usually women but it became coed in the 1970s) how to cook, budget and plan menus for the week. That also included how to reuse leftovers into a different meal. It was a real scenario in American families where every Wednesday was meatloaf (and Thursday lunch was meatloaf burgers or sloppy joes from the leftover meatloaf), every Monday was chicken, every Tuesday was chicken soup and noodles from the leftover chicken and bones, etc. I was watching vintage commercials the other day, and the food commercials focused on the cost and time savings for our households with their food product.

[@triad6425]

It's way worse now bc uber eats and door dash are by far more expensive

[@dh1743]

i can’t stop binge watching your videos since I found you about a month ago

[@OurRichJourney]

Wow! Thank you so much! We're so happy you found our channel!!!

[@bmahoney1568]

I think it’s great that you are going back to your core message. I know it must seem to you like you have covered it so many times before, but I just need to hear the core principles, like a daily affirmation, so I don’t get distracted and let some thing slide. Thanks again.

[@santabanga]

can you make a video on how do you manage your day to day expenses now that you are retired? do you just sell your investments? take a lump sum? Very confused by this.

[@OurRichJourney]

Good one! Thanks for the video suggestion!

[@karenb9788]

You guys, I’m old and found your wonderful advice very late in life. But please know that you’ve changed my life. 20% savings rate and trying to increase as often as possible. Much love.

[@Ready4Raw]

I guess we're never too old to save!

[@BillyTimes-dw7vs]

I work 2 jobs one full time and 1 parttime. My full-time job i pay all my bills out of it contribute to my 401k Etc . My other job is strictly savings emergency fund $ 1300 a month. Goes into a high yeild savings account. People tell me you work to hard i tell them ok i will slow down under 1 condition you pay my mortgage and car payment for a month i dont hear another word .

[@Keto_Mike]

Glad to see your new videos trending, I saw your videos a few years ago and you guys have always been in the back of my head as a reminder to be more financially conscious.

[@Worldcitizenravi]

You go, Amon and Christina..love the passion, my friends. Keep going. Speak soon!

[@cynthiaowens9107]

So glad I started listening to you guys years ago…I’ve learned so much. Now I’m telling others about you!

[@archerhunter8691]

Love their enthusiasm!!!

[@einstein1102]

I always enjoy watching your videos. Full of great info - thank you for educating us and sharing your journey. ❤

[@OurRichJourney]

Thank you so much! That is so kind of you to say!!!

[@annetalksmoney]

how did you handle life insurance? disability insurance, or long term care?

[@usflin]

Creating friction between your money and your purchases is such a good tip!

[@opulentlilt455]

All of your advice is excellent.

[@rachelclottey]

Another helpful incentive to not save your credit cards on a website is for security purposes in the case of a data breach.

[@IntelligenceAp]

To See you both Support each other its amazing ! how did you all meet ? What was the most attractive attribute for each person to the other. Its amazing to see all the knowledge you both share

[@NilDreams]

Christina love your hair like that! Makes you look younger! ❤

[@henrymena12387]

I appreciate all your tips. It is challenging when it comes to eating quality food on a budget in the USA and being able to stay healthy with the poor quality food. Im already switch bough a car 2nd hand and paid off completely. Right now paying all my CC bills and canceled alto of my subscriptions and not buying any new cloths and every month make sure to deposit 1/3 of my check to save .

[@ekchase1]

We have house hacked for the last 6 years. It has been so beneficial for us!

[@OurRichJourney]

So much saving involved with house hacking!!!

[@johnnyfuller3817]

I just found out about the channel about 2 days ago and 😅 I wish I would’ve known about it years ago. I’ve always wanted to retire early and was pretty much was guessing my way through without a plan. I love what you’re doing. Looking forward to more content.

[@OurRichJourney]

We're so happy you found our channel Johnny! Thanks for watching!

[@Lisettlifestyle]

Great video, I’m so glad KZbin show me your video 🎉

[@OurRichJourney]

We're so glad KZbin lead you to our videos, too!!! Thanks for wathcing!

[@sonja8942]

Right on target with everything you are saying and doing!

[@annawong5027]

Loved this! I save and invest around 65 - 70% of my net income. I live in the UK and salary/bonus is around £93,000.

[@OurRichJourney]

That's FANTASTIC!!!!

[@andrea48103]

Thats amazing. I am in the UK and cost of living is ridiculous.. please share how you have managed to save such a high percentage of your income?

[@psimoes0331]

Great approach. Love the 1% better mentality.

[@Ready4Raw]

Truly an informative video! Thank you!

[@lorimalette5753]

Retiring early sounds great, but what about medical insurance? I am working to 55 just so I will have stable, very cheap medical coverage.

[@diorwhitfield]

Can you do a video on how to pay for college☺️

[@OurRichJourney]

That's a good video idea . . . and very timely! :)

[@Investimento_Diário]

Amazing and helpful video, thank you so much ❤

[@Gabriel.Jarelys]

Obviously, that's easy for someone making $100k to $150k or more, but what about those who make half of that and have rent over $2,500 a month?

[@OurRichJourney]

Check out the video we posted today (on making more money)! :) kzbin.info/www/bejne/i4OzlqWLdpabbZI

[@kenyattarussell4730]

I thought I'd chime in on your comment. I won't spend time qualifying my background or net worth, but I made most of my investments in real estate and equities in my 20s, making an average of $35k a year from a job. I used that money and invested it into cash-producing assets. It took 15 years before my net worth was $1 million. Also, I didn't make $100k per year from a job until my late 40s. Today, I am debt-free, including my mortgage, and I'm blessed. Start where you are, drop unnecessary bills or try to reduce them, and invest that money. That's what I did with no help from anyone.

[@ZipporahMack-u3s]

Kids to fed as well. 😂

[@ksd3650]

I do have a budget and track my spending. I really do it, not just say that I do it. We are a couple living in HCOL area on one teacher's salary. There is zero way that we could live on 30% of our income.

[@OurRichJourney]

Check out the video we posted today (on making more money)! :) kzbin.info/www/bejne/i4OzlqWLdpabbZI

[@lindahughes9207]

If you don't have kids it's easier to save. I was a single mom since my son was a baby and all my money went to take care of us, once he grew up and left home then I was able to buckle down and save for retirement, save, invest, emergency fund in place. Nothing better then going to sleep at night and not worrying how your gonna pay your bills. I save 50% of my income every month, eat at home a vegetarian diet, eat a lot of potatoes, rice, pasta dishes with veggies that really stretches your food $ and buy fruit that's on sale. Learned from my mom, how to make delish meals that are within your budget. I don't own a car so take public transpo or uber if I really need to but huge saving there.

[@wrealunderstandingpodcast6285]

I launched a course and have started getting students. I look forward to scaling

[@cann9155]

I LOVE THAT Baby steps 💝💖💖💝

[@bernadettekariem89]

Thank you for sharing

[@OurRichJourney]

Thank YOU for watching and commenting!!!

[@Thesakuraharona]

I applaud you and your tips, and I will try my best. Unfortunately, I am financially supporting my parents and even partially supporting my grandmother (we all live together), and without them having health insurance I am just living on a prayer. Already had to pay $10k for dad's last medical bill because the state refuses to help on any leave.

[@Mychellechic]

Have four kids and four dogs where to go if you airbnb

[@LVNCSR]

what do you suggest for people who are on SS that's only enough to cover monthly expey(rent, utilities,etc)

[@judith018]

Should we pay off all credit card debit and car payments before starting fire?

[@kourtney101]

I'm ready, let's go! 🎉😊

[@psychicsusan67]

Thank you!!

[@OurRichJourney]

Thank YOU for watching and commenting!!!

[@thecashflowsoldier]

I think that “keeping up with the Jones’” mentality is a genuine issue for a lot of people. It may have been embedded into us unknowingly while we were young. When it comes to spending habits, I believe you have to had been exposed to the power of saving rather than spending your income on the next new product. Companies understand this mental curse and they take full advantage in the form of advertising and product placement on television. They know we will want the new shiny items because it will make us feel better and/or appear to be a higher status.

[@lionelkennedy1394]

Excellent point and very true

[@gingitkchula]

We live in a city with good public transportation and are able to make it without a car. Our savings rate is over 50%. Not having a car makes that possible.

[@OurRichJourney]

Yes! Cars can be a huge expense|

[@chellappaveerasekaran8546]

Very good information. I beg to differ wrt converting money into time. If I earn $50/ hr and buy $500 product, it's not just 10 hrs , it's more than that. Bcoz, if I work 10 hrs, I don't get all $500 to spend as I like. I need to pay tax, I need to pay for my essentials for housing, food, car, phone etc., only with what is left out after these expenses, I'll be able to make a purchase. So, if I end up spending $40/hr towards these expenses to keep me alive and having a decent life, I'm left with only $10/hr to splurge towards the $500 product, that's 50 hrs. Then I ask, is it worth slogging for more than a week for this product? Is the benefit out of this product is more than the pain of working for 50 hrs and decide. Do you agree??

[@alieserdeynejr6707]

Keep the good work !

[@everpositivenetwork1211]

Thank you

[@lamonttaylor5061]

So what about save 32% of your paycheck into 401k plan.

[@autobotdiva9268]

utilize food pantries as well for staples or anything at this point of inflation. efficieny apartments where i am are now $1360 a month with a 20 month lease.

[@g.burney4714]

Just wondering does your formula work for people who live in the United States? Since you and your family live in Portugal the cost of living and financial infrastructure is quite different here in the states every region is different where you good people live the property taxes are lower. Appreciate the content though just trying to understand how this would work for people that live in the states. Thank you so much

[@nadiadomingoselebedi]

They originally from the USA. They only moved to Portugal when they retired early

[@willmallory9085]

Excellent video Team

[@napturallyyours70]

Is the income that's being saved off the gross or net?

[@usflin]

That was the one point they didn't touch on. My guess is 70% of net. Because 70% of gross would be like 100% of net which is impossible.

[@ArdillaINC]

Is this percentage based of gross or net ? Because where I live 27% of my gross income goes to taxes alone 😅

[@SammyNdlovu1212]

How do we count debt as savings, l count it as an expense?

[@usflin]

Once you pay off debt you can put that money towards savings instead. Paying debt off increases your net worth. Unless you're talking about credit card debt that keeps accumulating, in which case that's just using credit cards to float expenses until later.

[@1stnamebr406]

I'm 45, no debt and give or take a total of $647,582.90 net worth as of today. About $460,000 of that is spread out across different brokerage firms of Index Funds, individual stocks, and Roth. End of next year, I expect to have $500,000 invested all from income that I have made. I also have a small settlement coming in a few months.

[@johnmiller6028]

You have to have a high income to do this. I make a middle class salary and taxes take 20 percent, so to save 70 percent means you have 10 percent left over for rent, food, bills, etc.

[@eddyfunes1712]

Possible, but investing with 401k/HSA helps tax savings

[@ds5651]

What's stopping you from increasing your income?

[@usflin]

You just have to have a difference between your income and expenses, not necessarily a high income. Many people with middle class incomes are saving towards early retirement. Did you miss the part where they talked about how their housing expenses were zero for a period of time? They have other videos showing their lifetime earnings on their social security statements. Go look it up, you may find it eye opening.

[@PanChristodoulou-go8pq]

Its funny I am a Greek and seeing your chanel. None American thought to give an advice to people whose annual incam is not more than 9 to 10.000 euros. We find our way any way.

[@mindinmybiscuits]

A way I hack my habits, I get $20 cash back every time I swipe at the grocery store, then I stash that away. And I have an auto withdrawal into savings every week - just a small one that won’t overdraw. Consistency over big moves.

[@tonylevine2716]

Outstanding info! #blackexcellence

[@janicerhansenmx679]

There can be no doubt that this year will be worse than the last. I lost a lot of money last year as a result of making bad investing decisions that I would not have made if I hadn't been so worried about my portfolio. I continued to invest, but I wasn't sure if I should start saving for a house. I ultimately had to sell everything I owned since the house required more upkeep than I had anticipated. I'm not sure how long I can continue in this manner.

[@richdewitt760]

Just to clarify, When you state save 70% of your income, you mean your TAKE HOME net income--correct? Rich

[@SammyNdlovu1212]

No one ever count gross income as their money, lol so stick to your money which is net income

[@FloridaInvestor]

Is easy to do when both parents make close to 6 figures.

[@Worldcitizenravi]

If you do not plan you food, it is not just the short-term cost of food, but the long terms cost of eating on health, which can derail our FIRE journey.

[@danelledautrievesanford]

Hi There 😊

[@OurRichJourney]

Happy Sunday Danelle!!!🥰

[@anthonyjames4319]

Poor mindset says you can’t invest because inflation is high. Rich mindset says I have to invest because inflation is high.

[@Jennifer_Lewis_Beach_Living]

Well said.

[@DisEmbarked_VetLife]

First!! I love this channel🔥

[@OurRichJourney]

You are too kind! Thank you, thank you, thank you!!!!

[@marietaylor5174]

I will NEVER finance another car; if I can't pay cash, I can't afford it.

[@factstruth8007]

Unfortunately no

[@AngelaVlahos]

start a savings account. spending less.

[@mashuna001]

No mortgage, no car, quite not achievable ..not for my family...

[@SammyNdlovu1212]

What’s achievable for you??? Do it then

[@CONFI_rh]

For the past six months, I've been trading Bitcoin independently but have been facing losses. Can anyone provide guidance on how to achieve profitability?

[@OurRichJourney]

We actually don’t invest in Bitcoin - it’s not for us. We prefer assets with balance sheets and earnings reports, like index funds, ETFs, individual stocks, and real estate. But good luck on your journey!

[@reneeharrell7075]

Planet Fitness vs. LifeTime Gym.......Ok, I will go back to Planet Fitness. ✔☹

[@OurRichJourney]

Haha! Those LifeTime fees! LOL!

[@reneeharrell7075]

@@OurRichJourney Yes, Ridiculous! $109 vs. $15 monthly. Thanks for the reality check!

[@marabookstagram]

Regarding transportation, consider an electric bike or scooter!

[@McFaddis]

Vehicles are outrageous, yet people continue to pay stupid prices, keeping prices high

[@wayne9489]

😊

[@OurRichJourney]

😀😀😀

[@izahchauke8409]

Wow

[@BrianJenkins72]

Hello

[@colonMicheal9]

I'm an aspiring trader who would rather learn from other traders' experience than investing in the market myself, in anticipation of the next bull run. What are your thoughts on copy trading as well? Do individuals actually earn a living? Just trying to get some reassurance. I want to have a healthy portfolio worth at least $210k. Reliable inputs please.

[@ycshittu5412]

I save more than 70% of my income and I didn't have to do 1% per month. It's minimalism and discipline.

[@bmahoney1568]

First

[@OurRichJourney]

🤩Thank you!!!🤩

[@supalpatel6649]

Thank you 🙏🏽

[@OurRichJourney]

Thank YOU for watching and commenting!!!

[@mindinmybiscuits]

A way I hack my habits, I get $20 cash back every time I swipe at the grocery store, then I stash that away. And I have an auto withdrawal into savings every week - just a small one that won’t overdraw. Consistency over big moves.

[@janicerhansenmx679]

There can be no doubt that this year will be worse than the last. I lost a lot of money last year as a result of making bad investing decisions that I would not have made if I hadn't been so worried about my portfolio. I continued to invest, but I wasn't sure if I should start saving for a house. I ultimately had to sell everything I owned since the house required more upkeep than I had anticipated. I'm not sure how long I can continue in this manner.