In 2017 I went from middle class to somewhat wealthy, all thanks to a few smart business and investment decisions. However, none of this would have been possible if I hadn’t saved my first $12,000 earlier that year.
This money gave me the power to capitalize off BitCoin, stocks, and a few risky short-term investments.
Money is power and I want you to be successful too. Because of this, today’s article shows you exactly how to save your first $12,000. That’s enough money to get you started in investing, or to let you take advantage of a major business opportunity.
Read on if you’re ready to start building serious wealth.
Set A Goal And Stick To It
Most people have dreams, not goals. They like the idea of being rich or financially free, but they aren’t willing to take any action.
Don’t make this mistake.
Instead, find a “why” for saving money. Is there something special you want to do with it, like investing or buying real estate?
Having a purpose keeps you motivated and on target.
Look For Extra Ways To Make Money
(Looking For Extra Funds? Then Read This)
I’ve said this before and I’ll say it again: saving money is nice but earning more is even better.
Reaching your first $12,000 is a whole lot easier with multiple streams of income.
Owning a website, writing eBooks, or having dividend stocks are all great ways to generate extra cash.
Park Your Money In A High-Interest Savings Account
I made a big mistake on my five-figure savings journey. I kept all my money in a standard bank account earning less than 1% interest.
Dumb move because it literally cost me hundreds of dollars.
Here’s why.
Traditional banks pay nothing in interest, meaning that your money loses value due to inflation. Additionally, some interest rates are so low that they can’t even cover annual fees and service charges.
At my local bank, I earn $15 a year on a $10,000 balance. Yet there’s a yearly maintain fee of $25, costing me $10 overall.
Luckily there is a solution. And you can use my lose as your gain. Here’s how.
Skip the traditional bank accounts and put your money into a high-interest savings fund. I use CIT Bank for mine, and it’s fantastic.
CIT pays 2.45% annual interest, with no fees. Once you park $5,000 – $10,000 into your account, you’ll start generating between $122 and $245 in yearly returns.
Best of all, CIT Bank is FDIC insured making your deposits completely risk-free.
I highly suggest signing up if you’re serious about reaching your first $12,000. It’s a great way to boost your wealth.
Closing Thoughts
Saving money is a great way to get ahead in life. Once you have five-figures at your disposal, new opportunities start opening up.
You can use this money for stable investments, put it towards following a trend, or do things like starting your own business and buying rental property. It’s a fantastic way to further accelerate your wealth.
P.S. I highly suggest opening a CIT high-interest savings account. It’s free and pays a robust 2.45% on your deposits. It’s literally free money.
