How I saved my first $100,000 (my formula)

👉🏽My free “Save your first $100k”tracker: nischa.me/personal-finance-tracker

So true! The first $100k is the hardest because you don’t have compound interest working hard for you yet. It took me 4.5 years to hit a $100k networth. It took me 2 years to hit the next $100k.

To the best of my knowledge, Mungers quote is from the early 90s. Meaning that the 100k he referred to, in todays value, probably is around 350k. Something to think about.

Dude you are like legit empowering us young people about financial issues. I am a 31 year old guy learning a lot from your content.

In an age where instant gratification often reigns, this sort of practical advice is what we need more of, especially for young adults like myself. It's about time we make saving cool again!

Not making upto a million before retirement is an unfulfilled retirement. I’m 54 and my wife is 50 . We are both retired with over $3million in net worth and no debts. Currently living smart and frugal with our money. No longer putting blames on the FED for our misfortunes. Saving and investing lifestyle in the stock market made it possible for us this early. Even till now, we earn weekly.

I am fortunate to have $100k saved by the age of 23 without venturing into stocks. Now, I want to invest safely for growth in the next 3-4 years to buy a home. What's the best strategy?

A job should be there to learn or to earn, ideally both. Love that. Going to have to remember that one.

So glad to have found you, Nischa. You talk so much common sense. You wanted to know so here goes: I got out of the rental scene at a very young age (23, I'm now 59) and bought a supreme handy-man special home for only 29K in 1987. This forced me to learn plumbing, electrical work, sheet rock, flooring, and everything else because my house needed everything. I got my first decent job (25K back then) a year later and contributed 15% of my salary to a company 401K and an equal amount into a Roth IRA. When I transferred jobs to another state 5 years later my realtor advised me that the bank approved me for a 130K house so I bought a 69K house and paid off the mortgage in about 7 years. The mortgage payments now went to my Roth IRA and the stock market. I never had cable TV, my phone plan is only $14 a month, I never had a car payment, and I rarely had to hire anyone to do anything because of all the repair skills I gained along the way. I also learned how to tune and rebuild pianos along the way a had a successful side business for 10 years of that time. I love your videos. I hope to keep learning.

I’m a dividend investor My wife and I have invested in the s&p500, both through my TSP with the government, and through Fidelity in her 401-k.Cashed out 270k from the S&P and invested with a Full service broker ... Until around 3 years ago we were 100% in the s&p after over 30 years.I'm retiring at the end of this month at 59, while my wife will retire next year at 54. We currently have 3.7 million in out tax deferred savings..

I’ve rented out two of my bedrooms and converted my living room into a bedroom for myself in my early 20s. 😂

I would love to see the 'failed businesses' videos. That would make me feel so much better about my attempts . . . Once again, thank you so much. The way I saved my first 100,000 was by automatically contributing to my 403K account every month and it just took off from there. Making it automatic was key for me, especially when young and undisciplined. Thank you, Nisha.

Nice video! Please please please make a video of all your failed side hustles as you mentioned. It's important for people to understand that failure is just part of the journey

I’m at $84,000 now.

That's very interesting actually. The fact that you tried many other businesses on the side that didn't create positive results but still stuck to it and kept trying. That would make for a great video!

I am so guilty of not tracking my spending more strictly. As long as I’m net positive at the end of the month I would keep on with my routine. But I finally took the time to track and categorize what I spend my money on and the numbers seemed so staggeringly high. Just totaling up the Amazon purchases alone was the reality check I needed 😅 thanks for the continuous drip of knowledge and inspiration. Keeping the idea of saving and smart investing top of mind is a great way to help me be mindful of what I put my money towards.

I bought an older year box truck (I'm a welder) so I have access to unlimited steel I have formed metal working skill over the years and I have converted this thing comfortable enough to live in rent free all the extra money is either going towards saving or investing it's possible

As soon as I had 100k I bought a house. It was something I always wanted to do. Now it will be easier to buy my next house. I'm not doing it to get rich quicker but to live my preferred lifestyle. To me this is just as rewarding.

As a NHS doctor I wish you good health ... May you keep delivering such inspiring lectures.

$500 a month invested for 10 years will get you to $100k. I waisted my time with properties which took time, energy, and was stressful at times. Sold both properties after ca 11-12 years (which didn't appreciate much) and put the money into market. The rest is history. Had I put, every penny I put in properties, into market, I would have made 5x the money. Glad I got out and trying to catch up now.