so my question for you today is how are you saving your money
did you go with the old school method shoebox full of cash
today we're gonna talk about different options on how you should save your
money or at least what works best for me at least i'm not gonna tell you what to
do but i'm gonna tell you at least how i do it
welcome back to the channel what's up with you guys how you doing how you been
if you did not know by now my name is dj and this is the dna show
now if you haven't already go ahead and hit that subscribe button man join the
family join the squad you already know what to do
drop a comment if you're new so i can give you a warm welcome if you're old
still drop a comment because today we want to talk we want to inform and help
each other not just me but i want to make sure that
you guys are helping each other as well in the comment section
because we need to get rich together so don't forget to hit that like button
because you already know that helps the algorithm owe so
much but man i'm ready to talk about it let's go ahead and get into it
so the first question is did you have a piggy bank or a jar like this
this thing right here i've had quarters and silvers and all those different
things in here for some years i don't usually get that much change so it's
going to take me a while to fill this thing up but i know once i fill this
thing up probably when i'm like 50 or something it's definitely gonna be
worth something so i know growing up me personally a lot of people always told
me save your money do what you got to do to
save your money save your money save your money and i was like oh yeah i'm
gonna save money i'm gonna save money oh i need to buy those i need to buy those
and you keep seeing shoes like this and you're like bro how can i save up to
afford something like that the value of this keeps going up the value of that
keeps going up this is a fourteen hundred dollar
shooter this one's going for two thousand dollars
and then you got all these struggles and you're like bro how am i supposed to
save to get the sneakers that i want how am i supposed to say
to get the things that i want in life well today we're gonna talk about it so
like i do always i went to instagram and asked my people if you haven't already
check me on ig because i always like to engage with you guys
see what you guys are thinking so as you can see right here on the screen these
are some of the things that people have said to me
when i asked them what are the best ways for you to save some money how can you
do it what are some strategies just want to see different mindsets
different thought processes and see how other people are thinking and how
they're being successful doing it as well that way you can kind of get their
input and also see you know this is working for other people oh wow it might
actually be good to do but at the end of the day you have to do
what is best for you what is most logical what is most realistic
and what you think is going to put you in a better situation
later in life we always get caught up in living in the moment for now
but we have to remember we do got to take care of our future and i want you
guys to make sure that you're focused on that as well
obviously live in the moment yes but make sure that you're focusing on
living in a moment later so you don't have to work as hard later so here's a
chart of what the typical american savings are 20 years old 3 700
30 years old 8 500 40 years old 10 000 50 years old 11 000 60 years old
15 000 and i think this is based off of their savings in their savings account
and what they have for a fund for themselves
now i know a lot of other people have different investments and all those
different things but we're talking about savings in
particular and we're talking about making sure that you're putting yourself
in a safe environment so that way you're always taken care of
so you don't have to worry about falling back on a high interest rate
credit card or something like that because you didn't have money in your
savings account and now you got to pay an extra 20
or whatever it is that is for your credit card on top of the money that you
owe for whatever that emergency was a flat tire gotta fix
your car medical emergency you name it you know i'm saying last
minute trip go see somebody because of an emergency
so those little things like that are definitely things you want to focus on
and think about like hey how much do these things cost how much do i need to
have in my account so just looking at that
chart right here most of the people that watch this channel
are in their 20s and 30s right so as you can see anywhere from
4 000 to 8 000 i would say for a savings and then you have to factor your
lifestyle and all the different things that cost for you
how much your expenses whatever it may be and we can talk about all those
things in other videos but let's talk about three
solid methods that should work for you that i think are pretty bulletproof so
the first thing that is most important you have to understand your
mindset and know where you want to go and where you want to be
i know people that have less money on an income basis
but have a bigger savings than people that have a high income
and they have low savings and sometimes that hurts them or there's
i mean there's people with less incomes with bigger investments as well i know
it doesn't make a lot of sense but it does actually
happen so don't use this count that oh well i don't make as much or whatever it
is please try not to make an excuse for
yourself and try to find a solution to for that problem because i don't want
you to come up with an excuse and make it hurt yourself because at the
end of the day whatever i say or whatever excuse you make it's not your
excuse won't affect me my excuse will affect me your excuse
will affect you so again don't come up with excuses for yourself
we gotta find ways to figure it out because i was in that same situation
what are we gonna do i don't know and then i started figuring out so if you
have a job and you have a solid income or any job in general and you know you
got a consistent income you want to save anywhere from 10 to 20
percent and this is all gonna kind of vary based on
your income your budget your expenses all those different things but a lot of
people try to save anywhere from 10 to 20 percent
of their income to allow them to have a bigger savings later
they also you know invest in a 401k all those different things that's something
we can talk about later as well but just saving a part of your check and
allocating that money towards savings is a huge way to grow
your savings really fast now if you don't have a job and you're younger
you're maybe 15 16 20 30 sometimes people are out of a
job in a situation and they're trying to find ways to save
money the number one thing you can do for younger people is if you get money
for gifts or things like that or people want to give you gifts
ask for cash and trade or find a way to get that gift and turn it into cash so
now you have money that you can save and take the money that you get for all
gifts throughout the year whatever it may be
save that money don't go out and spend it on something if you don't know what
the right investment for it is because if you just go out and spend it
especially on food and different things like that
you're gonna lose your money really fast and you're not going to get anything in
return we want to make sure that we're saving our money
for then a nest egg for ourselves to protect ourselves and then after we have
enough save for that then we can go out and start investing
and make our wiser decisions to help grow our money one thing that i used to
do when i was in college and i would say a little bit in high
school but mainly in college i would always round to the tenth of the dollar
i don't know exactly how to explain it but let's say an account there's 7
467.47 well that means i'm gonna put 7.47
i would round that to the tenth of the dollar right i would take that 7.47
and put it in my savings account i would round every single one of my bank
accounts down to that zero for the tenth dollar
and that would put money in my savings account and i did that every single
night before i went to sleep i know it sounds kind of weird and has a
little bit of extra work but it was a mental goal for me to like
hey i'm saving i'm consciously doing this i'm doing it often i'm doing it
every single day anytime i ever spend money on something
i'm always saving some cash every time i have an opportunity to make
a zero at the end of my account sometimes it's like 9.89 you're like
damn that's close to 10 but i would still save that 9.89
so something like that just kind of beating yourself mentally and
understanding like hey i can do this it's a huge way to help yourself get
into that mode of saving in that mindset of like yeah i can actually do this
nowadays there's so many different apps like acorn or stash or something like
that me personally i tried out the stash app
i used it for like maybe like a year or so i still have it and uh on that app
you can do automatic withdrawals and a lot of people are big fans of that
because they have set a number to do withdrawals every week every month
whatever it may be and it's a set number you could withdraw
20 bucks a week five dollars a week whatever you want to
set it to and it can do that for you that way it's out of sight out of mind
you don't even think about it and it's just automatically withdrawing from your
bank account with that being said you got to make sure that you got money
coming into the bank account otherwise it's going to keep withdrawing every
week or month or whatever and then you'll be like yeah where all
my money goes all the savings right and you're like well i can't even eat
i can't live so you got to find the balance of like okay how much money can
i actually take away from my bank account
each month and set a goal to reach those goals and how can you increase that
income to allow yourself to save more by the
end of the year two years from now whatever it may be
so automatic withdrawals is definitely a great option and i would probably
recommend doing that i tried it and i liked it so i'm not mad at it i think
you should try it at least and test it out for a month or two
just to kind of feel you know okay do i really want to do this or not if you
like it keep doing it if you don't don't do it anymore a lot of people say okay
well if i have money and i'm saving it well then how can i
get more money off my money and a savings account what's the best savings
account whatever i could do you have different places like city 1.2
apy like always sounds good make sure you
click on the details and understand the definition of the account and all
the little fine print stuff because sometimes
on those accounts oh yeah we got 1.2 return on my money
but you need to have a minimum of 25 000 or whatever it may be
so make sure that you understand like oh this isn't actually applicable to me or
yes this is applicable to me and i can use this
option so when you're going looking at high-yield savings accounts
make sure that you read the fine print and understand like oh okay i have to
have this minimum amount in here to make this benefit
actually you know beneficial because a lot of people think they can get that
and they're like oh damn i don't even have enough savings in there to get the
full benefit another one that i personally really
like and i have on my phone as well it's called the wealthfront app and on
that app they have a high yield savings account on there as well
it was up to like two percent but over things over time things have changed
and now it's down to point three five percent but that is higher than your
normal banks that you would get so i'm still not mad at that and there's
no fees i don't have to worry about a minimum or anything like that and i can
just have money put in there as well you can also set up automatic payments
automatic withdrawals whatever you like to call it
to add money to that savings account and i think one of the best things about
that app in particular is it sets out a full
blueprint you could say okay this is how much i plan on saving this is how much
my mortgage is my bank account my credit cards my debt
everything it'll link all that for you on the app and then from there it'll
tell you your projections based on your home value based on your
savings based on your annual income your projected goals for savings
and it'll say this is the point where you'll get to your goal of one million
dollars two million dollars whatever your goal is
you can set those different things on the chart and then it'll tell you
exactly you should be here at this point when
you turn this age you should be here at this point when you turn this age
and it also shows your net worth all those different things so i think that
right there is definitely a great way to just put your life on track and see
it in scale and actually view it and be like oh
i can do this if i do this this and this and this is where i'll be here
if i continue to save at this rate so at the end of the day i hope this video was
very very helpful these are just things that
i have experienced things that i have done uh
stuff that i've learned from and i'm excited to hear what you guys have to
offer drop comments down below in the comment
section i literally just want to help you guys grow you guys can help me
grow if you guys got some great ideas for saving investing whatever it may be
drop a comment down below nobody's smarter than nobody here
we're all here to help each other we're not here for another extra stuff
i want family to grow i want all of us to grow i want you guys to
strive to be great and succeed i'm so excited for you guys
doing stuff like this honestly bro it's some of my favorite videos just because
it just makes me so happy to see a lot of people continue to grow
and be like damn i actually got benefits from learning from that video or
whatever it may be or talking to somebody else in the
comment section so continue to grow the community
continue to stay strong i appreciate you guys i love y'all you already know
what's up my name is dj i'm signing out i got to
go off don't forget to like comment share subscribe i gots to go
i'm gone peace
today's comment of the day is going to be a question drop a comment down below
and let me know what your savings goals is where would you like to see yourself
at a year from now is that x amount of dollars this right
here that right there whatever maybe let me know what your savings goals is
or is it literally just setting up a savings account or whatever it may be
also if you haven't already go ahead and check out the link in the comment
section i have that pin for you that will direct you over to the course
we talk about things like this with saving money
how to grow your collection how to flip kicks all those different things so
i hope you guys enjoy this i'm gonna see y'all i'm out catch you tomorrow
you