The Personal Finance Podcast The 10 Step Framework to Saving Your First $100K
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Apr 2, 2025 Discover a 10-step framework to save your first $100K with practical strategies. Learn how to maximize income and automate investments in low-cost funds for long-term growth. The conversation also delves into effective debt reduction methods, including tackling high-interest credit card debt. Explore tax optimization via retirement accounts to enhance your financial health. Plus, gain insights on securing your finances and building wealth through smart budgeting and data protection.
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First $100K Hardest Milestone
- The first $100K is the hardest because most of your progress comes from your own savings, not investment returns.
- Beyond $100K, compounding accelerates wealth growth much faster, making investing crucial early on.
Maximize Your Income
- Maximize your income by developing high-income skills, asking for raises systematically, and starting side hustles.
- Increased income lets you invest more, speeding up the journey to your first $100K.
Live Below Your Means
- Live below your means by optimizing spending on what you value and cutting unnecessary expenses like unused subscriptions.
- Use tools or spreadsheets to track and reduce spending, then automate saving the freed money.