FREE Savings Guide and Hacks Workbook: hackingtheratrace.ck.page/savingsguide In this video I am going to give you savings hacks and show you how to save money fast. I have included a free savings guide that walks you through how to save money, how to start investing, and tons of money saving tips. You could even use this work book to create a money savings challenge, and challenge yourself each month to apply a new money savings hack. Even if you are not into minimalism, you can use this guide to save money in 2022 and learn how to get rich over time using the savings hacks, time, and compound interest. If you can apply the hacks and save that money then you will be on your way to early retirement and hacking the rat race! 👍 Don't forget to give this video a thumbs up if it was helpful. I really appreciate it! How To Get A Free Financial Advisor: https://youtu.be/91OYbzLlEzI Automated Budgeting For Beginners | SET IT and FORGET IT: https://youtu.be/6ru_sCHV3T4 Five Best Personal Loan Companies No Origination Fees: https://youtu.be/VLD2K5AXIac 👉 Don't forget to subscribe so you don't miss any of the 3 weekly videos posted on money, saving, and investing: https://www.youtube.com/channel/UCQLm94ineBgq_8AJauMzOkw?view_as=subscriber In this video I am going to share with you savings hacks that will you expedite your savings rate and the amount you can invest so you are able to hit your first $100,000 in savings as quick as possible! I actually have several savings hacks, actually too many to cover in this video or it would be really long, so I am going to cover some of them and then I have included a free workbook and cheat sheet that includes all of the savings hacks and a guide to help you keep track of your progress. First off, I want to be clear that when I talk about savings and growing your savings I am not just talking about money in a savings account. It is a good idea to put your emergency fund in a high yield savings account that you can get access to quickly. I recommend 3 to 5 months of expenses in your emergency fund once your debt is paid off. Even the interest rates in high yield savings accounts, during normal inflation periods, are not enough to beat inflation. So once your emergency fund is full you should start investing your money for the highest returns. Just for the record I am not a financial advisor and you should always speak to your financial advisor before making any investments. If you don’t have a financial advisor, I have a video on how you can get one for free. I will link to it above and in the show notes below. The savings hacks I am going to give you are going to be ways to more quickly save money that can be added to your emergency fund and put toward growing your investments. The first hack is what I call the 90% raise factor. Next time you get a raise add 10% to your monthly budget. This way you get a little bit of the benefit, but you can invest more and more and this should not impact your budget since you are already living on the amount prior to your raise. An even better idea would be finding a new job that will pay you more and apply the same 90% factor to the new amount you are being paid. Oftentimes changing companies or positions will result in much higher raises then just depending on getting raises at your current job. If you keep adding the 90% raise to your savings and investing goals over time, coupled with compound interest, you can watch your net worth grow exponentially faster. The next hack is to automate your finances as they come in so you are not tempted to spend extra money. I created another video on this about creating an automated set it and forget it budget. In this video I go over which kind accounts to set up and how to completely automate the process starting from when you get your paycheck so you don’t have to think about it. This makes saving so much easier because if you never see it you don’t think about it. I will link to the video above and in the show notes below. The next hack is investing to the employer match for your 401k, or, if you are not in the U.S. to your pension. You are automatically getting a 100% return on your investment before the money is even invested. For example, if your employer match equals $50 per month, then all you have to do is invest $50 and you are getting $100. Additionally, your investments will be growing off this larger amount. Not to mention that by adding money to your 401k will reduce your taxable income which will mean you will be paying less money in taxes and therefore should have even more money to invest. Literally, this is a win-win-win! The next hack is to house hack. Real estate investing is a way that you can use leverage to get to your first $100,000 even faster. This is what I did to get out of $42,000 in debt and to have saved $100,000 in 5 years. When you buy a home to live in you have to put less money down.