A young Australian YouTuber has revealed how he saved $ 100,000 in three years – without the help of his family.
Brandon, the Canberra man behind the YouTube channel Aussie Wealth Creation, doesn't share much about himself, but he has revealed his secrets to earning money – and says & if I can, anyone can & # 39 ;.
& # 39; I am just an ordinary guest and if I can do it, you certainly can. There is no funny activity such as money from mom or dad, & he said in a video.
He said saving this amount was a matter of applying four key tactics and not expecting you to grow your bank balance without hard work, smart strategy and a little discipline.
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Brandon from Canberra (photo) has revealed his four key tactics that saved him $ 100,000 in three years
1. More than one source of income
Brandon, a healthcare worker, has revealed that he has five & # 39; different revenue streams & # 39; has, with the largest of his job, that he works part time
He said that this income stream contributed the most to his savings over the course of three years and accounted for a total of 60 percent.
& # 39; It is by far the largest contributor, but it is not the only source of income. I think that many people tend to rely on only one source of income and that you can get a little confused. & # 39;
What is passive investing?
* Passive investing is usually suitable for those who prefer a & # 39; set and forget & # 39; approach.
* Passive investors often invest for long periods and adopt the buy-and-tactic.
* This is the opposite of active investing, which tends to adjust for those who seek short-term profit.
Brandon said that YouTube had a second stream of income, one that accounted for 15 percent of his total savings.
Working as an instructor in the gym also offered an additional source of income. This contributed 10 percent to Brandon's total savings.
Another smaller source was from & # 39; passive investing & # 39; and contributed 10 percent to the total that the young entrepreneur had saved.
The last stream of revenues from Brandon came from course and t-shirt sales, and although he was the smallest, he said he didn't need any activity on his part.
2. Don't get into debt
Apart from an interest-free loan, the YouTuber said he had no debt at all.
& # 39; I have a HECS Help Loan but it's zero percent, so it's just indexed to inflation, & # 39; he said.
& # 39; I have no mortgage, I have no personal loans, I have no car loan, I have no credit card debt and this is a conscious decision that I have made. & # 39;
Brandon's pie chart shows the five sources of income that he used to grow his savings to $ 100,000
Brandon stated that the reason he did not incur debts was because he made his situation & # 39; as cash-flow positive as possible & # 39; wanted to make.
He said that his money was not in debt, which meant that he had the money available to invest when the opportunity presented itself.
& # 39; I don't want to be bound by obligations. I don't really want to tie myself to every situation that gets money out of my pocket every month. & # 39;
& # 39; One of the most important factors for being able to save the amount I have is not being carried away or limited by having many skills or debts.
What are the four main tactics that Brandon used to save $ 100,000 in three years?
1. Have multiple income streams: This not only means that you depend on your job as a single source of income, but that you develop as many other income streams as possible.
2. Avoid debts: Although Brandon has a student loan, he said this is not interested. He refuses to take any kind of other debt, including a mortgage or credit card, because he prefers the money to invest.
3. Have a side issue: His advice to those who want to earn extra money is to find a way to automate a passion. He said that YouTube has grown for him in recent years and is still generating a strong stream of revenue.
4. Economical life: Above all, Brandon said live within your capabilities and where possible additional expenses. He said that he does not go to expensive restaurants, shops selling clothes and takes his lunch to work every day
3. Have a side issue
Those looking to save have heard of the importance of a & # 39; side hustle & # 39 ;, an interest or activity that helps generate additional income.
This is also something that Brandon has said has helped him save extra money over the past three years.
& # 39; Everyone should take a passion of their own, something they really love and try to cash in on it, sort of busyness or side issues.
& # 39; If it fails, what's the worst that can happen? If you do something that you like, it still makes you happy when you do it. & # 39;
Brandon said that his side behavior has always been YouTube, something that has slowly changed in business and brand.
& # 39; The beauty of side hustles and side issues is the money and the growth is not capped. & # 39;
The young entrepreneur said he is riding a motorcycle because he only costs $ 8 a week and $ 290 a year to register
4. Be economical
To achieve his goal, Brandon said, he was focused on the idea of living fully in his means.
To keep him on track, he said that he bought clothes at online sales and that he was riding a motorcycle to keep his transportation costs low.
& # 39; It only costs me about $ 8 a week in gasoline and a 12-month registration was only $ 290. & # 39;
He said he would not eat at expensive restaurants and also take his lunch to work every day.
& # 39; It's interesting because it's the small releases that really start to make sense. & # 39;
& # 39; So if you take away the luxury and the things that you spend a lot of money on, you can really furnish yourself with a very low cost of living.
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