Shanli Liu, CPA, CTPFreedomfolio · I help 7 to 8 figure service business owners and ecommerce sellers keep 10K to 75K of profit- without IRS headaches | CPA. Virtual CFO. Tax Resolution Pro | $5MM+client tax savings | Book a free 15 min strategy call

How I Saved Money When I Was Poor

Name: How I Saved Money When I Was Poor
Uploaded: 2024-10-16T01:30:30+00:00
Duration: 23 s
Channel: Shanli Liu, CPA, CTP
Description: In this brief personal‑finance monologue, the speaker explains how, when cash‑strapped, they relied on a single personal‑training client who paid $2,000…

16 Oct 2024 · 0 min

Watch on YouTube

0:23

In this brief personal‑finance monologue, the speaker explains how, when cash‑strapped, they relied on a single personal‑training client who paid $2,000 a month in cash. All business income and credit‑card proceeds were deposited into a bank account, but the only money they considered spendable was the cash physically in their wallet. By keeping the wallet’s cash separate from the bank balance, they created a simple, enforceable budget: they could only spend what was in the wallet, ensuring they always had enough for essential meals (e.g., Chipotle) even when the client’s payment date shifted by a day or two. The story highlights cash‑only budgeting, cash‑flow awareness, and the discipline of living within a self‑imposed, tangible limit.

When I was poor, I only spent cash. So my easiest way of actually creating a budget was that I had a personal training client who paid me $2,000 a month in cash. And so 100% of my money that came in through the business and credit cards and everything else went into my bank account. And the only thing I knew I could live on was inside of my wallet. I would always make sure that I had more than that to make it for the next payment, because sometimes the guy would take a day or two. You pay on Wednesday rather than a Monday or whatever, and I need to make sure that I had food for Chipotle.