Eric Siu breaks down how to build your first $100K in net worth. Most of it comes from saving, not investing returns. At $8,000 to $10,000 saved per year, it takes roughly 6 to 7 years. The path: side gigs like Uber or flipping items, aggressive frugality, then invest the surplus.
How does someone get to $100K net worth ASAP? Oh man. Okay, there was a study done on fourpillarblog.com and actually showed that most people with their first $100K, it's not from investment returns, it's mostly from savings. It's comprised of 80% savings and 20% are actually from investment returns. And the typical time it takes is about 6 to 7 years. And that's if you're saving like $8,000 to $10,000 a year. So if you want to get there as quickly as possible, increase your income. That's the easiest way to kind of propel things forward, get side jobs, door Uber, anything that you can get your hands on, flip stuff on Facebook Marketplace, and put all that money towards your investments to grow that initial nest egg. And then also just be frugal, right? Like, you might have to eat something you don't really want. You might have to eat like Lean Cuisines all day. Yeah, you just have to reduce your expenditures, especially if it's early on in your wealth-building journey. And that's a goal of yours. You should be willing to sacrifice a year or two of your fun, you know, for that.
