For the past few months I have been showing you ways to save and invest your money. A lot of you started using the information I provided I’m glad things are working out. To motivate you guys more I’m going to provide a monthly report on my investment, income, dividend and interest. I want to show you some of the results I’m getting to prove to you that those tips really work, as I’m letting you guys in my little Bubble.
This process started a little over 4 years ago from my account overdrawing every month to a net worth of $150,000.00 in my net worth, this amount doesn’t include my cars, my watch collection and my guns.
It’s not easy at all to discipline your self specially with spending. The first $25,000.00 was the hardest once you hit that milestone it gets easier. And at that point you also have some type of awareness of where most of your money going besides your monthly bills.
Stocks : $71,865.36 Novem -$6000.54
HYS: $53,218.64. Novem +$54.07
40(K): $8,249.34 Novem – $600.10
RothIRA: $4,786.16 Novem – $249
Emerg: $5,000.00 Novem $0.00
My biggest problem was I couldn’t stick to the budget a lot of time I would spend money I didn’t have. Having a credit card limit over $16,000.00 didn’t makes things easier as I thought it was my money where interest was eating my paychecks
One morning I got up and I was looking online on ways to save, there is a lot of information out there except they don’t really tell you where to start and what to do.
It’s like those people already made it and they just throw everything at you at once, for example without even talking about budget and savings they jump straight into investing. Without building your tolerance first. The most important thing about this is to cut your spending you must cut it until you can feel the pain. You don’t have to eat steak every night for dinner.
Another thing I realized once you start talking about finance everybody Falls asleep because of the idea of living paycheck to paycheck is the new normal. People don’t have time and extra cash to put away plus they spending money they don’t have without thinking about interest.
This is what I did it works for me and the sacrifices really pays off. I locked up my credit cards cancelled my debit card, and only carry 100 bucks in my wallet which wasn’t easy. But over time I overcome the need to spend. I only buy things that I needed, not want. One more thing always remember “not to spend your working hours money in minutes”.