Eric Siu and a co-host break down how to hit $100K net worth. A study shows the first $100K comes mostly from savings, not investment returns, typically taking 6-7 years at $8-10K saved annually. They recommend side gigs like DoorDash or Uber, flipping items, and strict spending cuts to speed it up.
How does someone get to $100K net worth ASAP?
Typically, 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. So even at like, I don't know what the exact numbers are, but typically 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, DoorDash, 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. You might have to eat something you don't really want. You might have to eat like Lean Cuisines all day, or 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 for that.
