Let's talk about the 26 year
old money expert who expects
to retire with over 6 million
and saved her first a hundred
thousand within just three
years.
Today,
we are talking about Tori
Dunlap with her first hundred
K.
And if you haven't heard of
her,
I would definitely check her
out.
She is on Instagram and
TikTok.
She is all about empowering
women to be better with their
money and learn to invest
their money,
which I fully support.
Let's talk about the tips that
she gives so that you can
build your net worth to a
million dollars or more,
or just become financially
independent.
I am Tiffany Thomas with
wealthy tiffany.com
and I achieved financial
freedom and became a
millionaire.
If you're looking to do one or
both of those things,
make sure and hit that like
button and hit the subscribe
button.
And we're going to dive right
in.
While some people might
dismiss a 26 year old's
financial advice,
she has the cash to back it
up.
She has saved a hundred
thousand dollars after she
turned 25 without a trust fund
or post college help from her
parents.
And I would say that is pretty
impressive.
One thing that helped her
build that hundred K amount
was to graduate from college
debt free because she worked
three jobs on campus,
got tens of thousands of
dollars in merit scholarships,
but also because her parents
were able to financially
contribute a little bit.
And she is fully aware she
would not have hit that a
hundred thousand dollars so
fast if she had not graduated
debt free.
So that is definitely
part of it.
And she makes a really good
point.
People can get into a lot of
debt going to school.
So if we can avoid that any
way possible,
including getting all of those
scholarships,
then we are going to be able
to build our net worth a lot
quicker.
And I understand that's not
always possible.
So the sooner we can pay off
those student loans,
then the better off we are
going to be.
And Tori says that she was
raised to be serious about
saving money.
When you have control of your
money,
you have the freedom to leave
a relationship you don't want
to be in,
or quit a job you hate,
or donate to causes you
believe in,
but she also knew it would be
tough.
She's never made a six figure
salary and she lives in an
expensive city.
So she is living proof that it
is still possible to save
money.
Even if you don't have a six
figure salary and you live in
an expensive place.
And I like Tori also graduated
from college debt free.
I was able to work while I
attended college.
And I lived at home,
which really helped lower my
expenses.
So it is possible.
Another thing that Tori did
that I also do is she used her
credit cards,
but she would make sure and
pay them off in full before
she paid any interest.
So she got the cash back
rewards or the travel points.
And that is exactly what I do.
I put everything possible on
my credit cards so that I can
get the cash back,
but I just make sure and pay
them off before I pay any
interest.
Tori was also really frugal,
immediately after graduating
from college,
she'd only go out to eat once
a month and wouldn't spend too
much on things like coffee or
clothes.
And she is a little better in
that area than I am,
because I know that I spent
way too much money on clothes,
but never on coffee.
And I like that she says this.
If somebody asks me to go do
something and it costs more
than I'm willing to pay,
I just say,
Hey,
that's not in my budget right
now.
Or instead,
can you come over and I'll
make you dinner.
She would do that all the
time.
And I really love that because
she's not just turning her
friends down,
but she's giving them another
option.
They can come over and have
dinner at her place.
And that way they're not going
out to eat and spending more
money than she wants to be
spending.
She also knew what she wanted
to be spending her money on.
She says that she has three
value categories,
which include travel,
eating out and nesting.
So figure out what your
priorities are,
what you really like spending
your money on,
and then spend your money on
those things.
And then cut back on the rest.
Another thing that she did was
automate her savings.
She started out very small and
then increased that savings
amount over time.
And I completely agree with
this.
If we are able to automate our
savings,
take ourselves out of the
picture,
then it is going to happen.
We are going to save money.
If we can take a certain
percentage of the paycheck we
are receiving and just have it
automatically go into our
savings account,
then we will build up our
savings account without having
to think about it.
And then another thing that
she does is invests her money.
Most of her money is in the
market.
She has a six to eight month
emergency fund that is liquid
so easily accessible,
which is about $12,000.
And then the rest of it is
invested either in a
retirement account or a
non-retirement brokerage
account and Tori and I are
very similar in that way.
We do have an emergency fund
that is liquid,
that we have access to
immediately,
but then the rest of our money
is invested in the stock
market.
So it is working for us
instead of us always working
for the money.
There are two main things that
Tori hears all the time about
investing.
Number one,
investing is just for rich
people.
It's not.
Number two.
You have to have a lot of
money to get started investing
also not true.
And she's right.
Those two things are
definitely not true.
You can actually get started
investing with just $5.
I created a video recently
about that.
I'll leave a link above and
below.
Tori talks about how important
time is.
Time is actually more
important than money when
you're investing.
So even if you have $50,
a hundred dollars to get
started,
it's more important that you
get started now and allow time
to work harder for you because
of this lovely thing called
compound interest.
She said that because she
started early,
her wealth will grow over time
in the next 30 to 40 years.
And she expects to have
6 million when she retires.
And I actually saw a more
recent video of hers,
which she talked about having
30 million instead.
So depending on how well your
investments do your money will
definitely grow over time and
it can grow even faster than
you would think.
But like Tori says,
we need time in the market.
If we want to take advantage
of compound interest,
we need to be investing as
soon as possible and as much
as possible.
And Tori Dunlap shares with us
that while she did get a good
job,
she did have some setbacks.
Her job was completely toxic
and she felt like she really
needed to quit that job.
So she ended up quitting
without having another job
lined up.
So she had to live off of her
savings for a while.
And one of the reasons she was
able to quit that toxic job
was because she had her
savings.
So it is really important that
we are taking care of our
finances,
that we have an emergency fund
that way we don't feel
trapped.
And here is something else
that Tori Dunlap with her
first hundred K did to save
her first hundred K she
focused on financial self care
and she had a commitment to a
money date so that she would
follow her progress.
And she also kept track of all
of her wins at work so that
she could go in and ask for a
raise and hopefully get it
because she had that
information to back it up.
And then she says that it is
important to be specific.
You can't just say you want to
save money.
That's great,
but it's not really a goal.
It's not measurable or
specific.
The hundred K goal for her was
visual as in,
she wants to see that number,
but that number also meant I
think I get to quit my job.
You have to think about how
your life will change.
If you set that specific and
measurable goal.
And she did end up quitting
her job.
And now she runs her first
hundred K full time.
And Tori mentions for women
we're dealing with not only
the wage gap,
but the investing gap compared
to men we're waiting longer to
invest or not invest at all.
And I have noticed that as
well.
I actually did a recent video
comparing the net worth of
married couples to males and
to females.
So if you wanna see that data,
check out that video,
I'll leave a link above and
below,
but I love that Tori Dunlap
focuses in on really helping
women especially learn to
invest their money.
If you haven't checked her out
yet,
definitely do that.
Like I said,
she is on Instagram,
her first hundred K and on
TikTok.
And I think we can learn a lot
from her just by these simple
little habits that she has
created.
She's been able to save not
only her first hundred K,
but she expects to have that
6 million or even that
30 million before she retires.
Comment below and tell me
which of these tips you are
going to implement to help you
become financially free and or
become a millionaire.
And if you found this video
helpful,
please hit that like button
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Thanks so much for watching.
I'll see you in the next
video.