You must be strategic if you want to save a high percentage of your income.
Growing your savings rate (the % of your income that you save) requires conscious planning and sacrifice.
It’s also fun to gamify and try to beat your high score (last month’s savings).
Stephen Antonioni managed to save 80% of his income before he quit his job (because that’s what a high savings rate allows you to do).
Here are the four key takeaways from his video (below):
Live Below Your Means:
Steve’s journey highlights the importance of saving a significant portion of your income.
By saving 80% of his income, he demonstrates the power of frugality and prioritizing savings to achieve financial goals.
Increase Your Income:
As Steve’s salary increased from $34,000 to $70,000, he continued to save a large percentage of his earnings.
This shows that actively seeking higher-paying opportunities, whether through promotions, job changes, or side hustles, can accelerate your path to financial independence.
Set Clear Financial Goals:
Steve set a goal to retire by age 35.
Having a clear financial target can motivate you to make necessary sacrifices and maintain focus on your long-term objectives.
Balance Happiness with Financial Planning:
Steve suggests finding a “happiness threshold,” which means understanding the level of spending that allows you to enjoy life while still saving for the future.
It’s crucial not to sacrifice current happiness entirely for future financial security.
You can watch Steve’s video below:
Here’s the summary of his video:
Steve focused on achieving financial independence by saving 80% of his income.
Starting with a $34,000 salary and a 10% savings rate, he moved to Toronto and increased his salary to $47,000, doubling his savings rate to 20%.
As his income rose to $70,000 through promotions and raises, he saved 70% of his income, accumulating $90,000 in just three years.
Steve set a goal to retire by 35, emphasizing the importance of finding a happiness threshold and not sacrificing happiness for future savings.
After quitting his job with $90,000 in savings to pursue content creation, Steve’s YouTube channel took off about two months later despite starting with less than 5,000 subscribers and making $5 a day.
He earned around $180,000 last year and was able to save 80% of his income.
He stresses that financial independence is not just about money but about everything else he wants in life, such as adventure, experience, and a strong body and mind.
He also emphasizes the importance of defining what’s important to him and reaching for his goals.
What do you think of Steve’s story?
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