In this post, I talk about how I save 100% of my full-time job income take home paychecks.
How I Save 100% Of My Job Income Take Home Paycheck
Transcription
Below is a transcription of the podcast. This transcription was taken from Otter.ai so it might not be completely accurate:
0:02
This is the digital nomad quest podcast with Sharon Tseung. teaching people how to build passive income, become financially free and design their best lives.Hey guys, it’s Sharon from digital nomad quests. And today we’re going to talk about how I was able to save 100% of my full time income take home paycheck. So if you guys are new to this channel, welcome. I’m all about teaching on how to build passive income, become financially free and design your best lives. So you guys are probably wondering, Sharon, how are you able to save 100% of your take on paycheck? That’s impossible where you’re living in a ditch or something so the answer is threefold and I’m going to tell you guys about it in this video and this actually allowed me to save a little bit more than what I would have made from just my take home paycheck. So how I calculated it was I basically started my job may 1 at young 18 because I went on that two year traveling the world as a digital nomad. So I quit my job then I came back to the Bay Area in May of 2018, I decided to take a full time job as a marketing manager and now recording this. It’s January 20, of 2020. And what I did was I checked how much I basically saved since that point. And I didn’t count any rental investment or anything like that. So I have a rental property. But I didn’t calculate the appreciation of that property or anything like that. I only looked at the cash I had, and basically my Roth IRA and stuff like that, and then I basically divided it between the amount of time of starting the job till now and then I was able to see that I was able to save that much of my income. So the three reasons why I was able to save that much money was basically these three things. So first, I was able to save a lot of money, and I was able to invest my money. And then I was able to build passive income. So back when I was traveling for two years, I basically built these online businesses that allow me to cash flow well, so first, I was actually surprised that I was able to take that much home because I have spent a lot on my business. So I’ve been spending on conferences. I went to Con fin con the raising money summit. I went to pat Flynn’s workshop last year so I have been spending on like educational materials that definitely added up because those trips were two different cities and stuff like that and even the Pat Flynn course workshop was like three grand or something like that and all of it adds up right and then I also pay editors for my videos. I also pay for writers on my blog, I pay for a lot of different things that help build my business. So that’s why I was surprised but anyway, let’s get into it. So when it comes to savings, so one of the things is house hacking, one of your biggest living expenses is your home. A lot of people just pay rent, right but like I have been living at home, so I don’t pay like rent right now. I pay my parents a few hundred a month just to show appreciation but they actually like want me to stay here. They don’t want me to leave. So like it all works out. They want me to save money here but a lot of people like for example, my boyfriend he has his own place. He has roommates and they basically pay him rent which covers a mortgage and stuff like that which allows you to reduce your living expenses so he basically lives for free. So the idea is you want to lower your living expenses as much as you can and then I don’t really do any unnecessary shopping so so I think I’ve spent once on clothes this entire year last year and it wasn’t that much and I probably spent like 50 bucks or something like that. So I don’t really shop as much as people probably do on average. So in terms of the saving side, I feel like these are the main things but to be honest, like I go out to eat like a good amount like I enjoy myself I don’t like cooking that much because I have to waste time like preparing the food buying the groceries like washing the dishes so like I don’t do it as much as I should because I’m I know it’s a healthy solution but I haven’t been doing that as much so I can’t count that here. I would say this is going to be your biggest expense. Oh this is important to note that I don’t pay typical rents like in the Bay Area. I just pay a few hundred to my parents because I love them and you know, Asian tradition, they want me to stay at home. So like it works out and then again, I don’t shop much. So for me, it’s all about what do I need? And how can I use money to invest back in myself or my businesses. So what I spend on is like books, courses, conferences, equipment, tools and things like that. Other business expenses I might have is also like teachable and Convert Kit. So I pay for those tools because it’s good for email marketing, for course creation and stuff like that. So I’m all about investing in myself and in my business, and I find that to add way more value than just like buying clothes and things like that. So next, let’s talk about investments. So the first one I want to mention is my rental property I actually normally classify here because I cash flow a lot from it, but I’m just going to pay here because most people think of real estate as like an investment so I’ll put one rental property so if you saw my previous video, I do have a rental property. I bought it when I was like 22 and this cash flows me around 700 a month, which is really Nice and basically the idea of that is I purchased this and the tenants pay me rent that covers my mortgage as well as my property management fees as well as my home insurance and property taxes so that actually cash flows me and pays down my mortgage Next, I also invest in stocks and ETFs. So I’m gonna write this down. So stocks, I invest in mining stocks, which are not doing very well. And then I also have tech giants that I invest in, as well as ETFs. Another one is crypto which screwed me so I do have this but it basically dropped so much that it’s basically a little bit lower than what I had purchased it for. Hopefully it comes back, but whatever. Basically my investments include a rental property stocks ETFs and cryptocurrencies and then now let’s talk about passive income, which is obviously my favorite thing. So first off, we have Amazon FBA. So Amazon FBA is Fulfillment by Amazon and what happens You can work with manufacturers get some product that you want to sell. And you ship that to the Amazon warehouse. And whenever people buy from your Amazon listing, the warehouse will ship it for you and fulfill it for you. So you kind of make money passively that way, you still have to do the work of shipping the inventory over to the warehouse, but when you find winning products, then the process is pretty automatic, you just contact them to ship it over and then they will fulfill your orders for you every time you get sales. So because you don’t have to store the stuff you don’t have to ship or fulfill this stuff very like easy and this is one way I make money. Another way is merged by Amazon has emerged by Amazon is basically a platform where you can upload shirt designs, and Amazon will put those designs on custom apparel. So every time you get sales, they will fulfill it for you as well. They’re going to print your design on hoodies shirts, like sweatshirts and stuff like that. And then they’re going to ship that over to your customer. So this is very passive. So I’ve had this going for a while and I actually didn’t even work on it last year but it’s still made me Money and then next I also have passive income through Etsy. on Etsy I sell digital downloads, so also stuff like wedding cards and photography mini sessions and stuff like that, where I upload the file digitally onto Etsy and every time I get a sale, they will instantly give that to the customer so it’s pretty hands off as well. So I make good money from that as well. Next, I also make money from affiliate marketing. Alright, it’s getting a little messy on this whiteboard. But basically with affiliate marketing we recommend products that you find value from and every time people buy through your link, you can make a bit of a commission through the sale for this I have my own website called digital nomad quest. com I also do have a niche site that I built in a couple of months and it actually still cash flows for me to this day. Lastly, I’m also going to add core sales. So I have a course called the Etsy entrepreneur where I will make some poor sales as well and every time I get orders on teachable that is passive income for me basically. So if you are interested in how to make money passively on Etsy I do have a course on that on digital nomad quest com so this list is getting full but out Want to add ads? Sorry, this is getting really full. But ads is another way I also make income through my blog. I don’t make ad money through YouTube yet. As you can see, I don’t have that thousand subscriber account yet. But I also make money through this means. So as you can see, I save 100% on my full time income take home paycheck through these three means I cut out a lot of my expenses through this and then I make extra income from this. So the idea is if you want to save a lot of money, there’s two parts to it. You want to increase your income you want to lower your expenses to me right budgeting and lowering expenses is really great. And I always am mindful of how much I’m spending when I buy stuff.So I’m kind of cheap when it comes to things like I will buy stuff, but if I know I can get it at a better price, I’m gonna spend less on it, but I never compromise my happiness. So I think money should be spent on experiences and investing in yourself. So when it comes to those things, I’m not going to be cheap about it. So it really depends on what you value and that’s where you should put your money and Don’t compromise on your happiness right so next thing of course you want to increase your income because there’s only so much you can do with saving because there’s always a cap and then if you increase your income you’ll be able to hit your goals easier because you’re opening the range of money you can save. So I hope you guys enjoyed this episode, please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.Transcribed by https://otter.ai
This is the digital nomad quest podcast with Sharon Tseung. teaching people how to build passive income, become financially free and design their best lives.Hey guys, it’s Sharon from digital nomad quests. And today we’re going to talk about how I was able to save 100% of my full time income take home paycheck. So if you guys are new to this channel, welcome. I’m all about teaching on how to build passive income, become financially free and design your best lives. So you guys are probably wondering, Sharon, how are you able to save 100% of your take on paycheck? That’s impossible where you’re living in a ditch or something so the answer is threefold and I’m going to tell you guys about it in this video and this actually allowed me to save a little bit more than what I would have made from just my take home paycheck. So how I calculated it was I basically started my job may 1 at young 18 because I went on that two year traveling the world as a digital nomad. So I quit my job then I came back to the Bay Area in May of 2018, I decided to take a full time job as a marketing manager and now recording this. It’s January 20, of 2020. And what I did was I checked how much I basically saved since that point. And I didn’t count any rental investment or anything like that. So I have a rental property. But I didn’t calculate the appreciation of that property or anything like that. I only looked at the cash I had, and basically my Roth IRA and stuff like that, and then I basically divided it between the amount of time of starting the job till now and then I was able to see that I was able to save that much of my income. So the three reasons why I was able to save that much money was basically these three things. So first, I was able to save a lot of money, and I was able to invest my money. And then I was able to build passive income. So back when I was traveling for two years, I basically built these online businesses that allow me to cash flow well, so first, I was actually surprised that I was able to take that much home because I have spent a lot on my business. So I’ve been spending on conferences. I went to Con fin con the raising money summit. I went to pat Flynn’s workshop last year so I have been spending on like educational materials that definitely added up because those trips were two different cities and stuff like that and even the Pat Flynn course workshop was like three grand or something like that and all of it adds up right and then I also pay editors for my videos. I also pay for writers on my blog, I pay for a lot of different things that help build my business. So that’s why I was surprised but anyway, let’s get into it. So when it comes to savings, so one of the things is house hacking, one of your biggest living expenses is your home. A lot of people just pay rent, right but like I have been living at home, so I don’t pay like rent right now. I pay my parents a few hundred a month just to show appreciation but they actually like want me to stay here. They don’t want me to leave. So like it all works out. They want me to save money here but a lot of people like for example, my boyfriend he has his own place. He has roommates and they basically pay him rent which covers a mortgage and stuff like that which allows you to reduce your living expenses so he basically lives for free. So the idea is you want to lower your living expenses as much as you can and then I don’t really do any unnecessary shopping so so I think I’ve spent once on clothes this entire year last year and it wasn’t that much and I probably spent like 50 bucks or something like that. So I don’t really shop as much as people probably do on average. So in terms of the saving side, I feel like these are the main things but to be honest, like I go out to eat like a good amount like I enjoy myself I don’t like cooking that much because I have to waste time like preparing the food buying the groceries like washing the dishes so like I don’t do it as much as I should because I’m I know it’s a healthy solution but I haven’t been doing that as much so I can’t count that here. I would say this is going to be your biggest expense. Oh this is important to note that I don’t pay typical rents like in the Bay Area. I just pay a few hundred to my parents because I love them and you know, Asian tradition, they want me to stay at home. So like it works out and then again, I don’t shop much. So for me, it’s all about what do I need? And how can I use money to invest back in myself or my businesses. So what I spend on is like books, courses, conferences, equipment, tools and things like that. Other business expenses I might have is also like teachable and Convert Kit. So I pay for those tools because it’s good for email marketing, for course creation and stuff like that. So I’m all about investing in myself and in my business, and I find that to add way more value than just like buying clothes and things like that. So next, let’s talk about investments. So the first one I want to mention is my rental property I actually normally classify here because I cash flow a lot from it, but I’m just going to pay here because most people think of real estate as like an investment so I’ll put one rental property so if you saw my previous video, I do have a rental property. I bought it when I was like 22 and this cash flows me around 700 a month, which is really Nice and basically the idea of that is I purchased this and the tenants pay me rent that covers my mortgage as well as my property management fees as well as my home insurance and property taxes so that actually cash flows me and pays down my mortgage Next, I also invest in stocks and ETFs. So I’m gonna write this down. So stocks, I invest in mining stocks, which are not doing very well. And then I also have tech giants that I invest in, as well as ETFs. Another one is crypto which screwed me so I do have this but it basically dropped so much that it’s basically a little bit lower than what I had purchased it for. Hopefully it comes back, but whatever. Basically my investments include a rental property stocks ETFs and cryptocurrencies and then now let’s talk about passive income, which is obviously my favorite thing. So first off, we have Amazon FBA. So Amazon FBA is Fulfillment by Amazon and what happens You can work with manufacturers get some product that you want to sell. And you ship that to the Amazon warehouse. And whenever people buy from your Amazon listing, the warehouse will ship it for you and fulfill it for you. So you kind of make money passively that way, you still have to do the work of shipping the inventory over to the warehouse, but when you find winning products, then the process is pretty automatic, you just contact them to ship it over and then they will fulfill your orders for you every time you get sales. So because you don’t have to store the stuff you don’t have to ship or fulfill this stuff very like easy and this is one way I make money. Another way is merged by Amazon has emerged by Amazon is basically a platform where you can upload shirt designs, and Amazon will put those designs on custom apparel. So every time you get sales, they will fulfill it for you as well. They’re going to print your design on hoodies shirts, like sweatshirts and stuff like that. And then they’re going to ship that over to your customer. So this is very passive. So I’ve had this going for a while and I actually didn’t even work on it last year but it’s still made me Money and then next I also have passive income through Etsy. on Etsy I sell digital downloads, so also stuff like wedding cards and photography mini sessions and stuff like that, where I upload the file digitally onto Etsy and every time I get a sale, they will instantly give that to the customer so it’s pretty hands off as well. So I make good money from that as well. Next, I also make money from affiliate marketing. Alright, it’s getting a little messy on this whiteboard. But basically with affiliate marketing we recommend products that you find value from and every time people buy through your link, you can make a bit of a commission through the sale for this I have my own website called digital nomad quest. com I also do have a niche site that I built in a couple of months and it actually still cash flows for me to this day. Lastly, I’m also going to add core sales. So I have a course called the Etsy entrepreneur where I will make some poor sales as well and every time I get orders on teachable that is passive income for me basically. So if you are interested in how to make money passively on Etsy I do have a course on that on digital nomad quest com so this list is getting full but out Want to add ads? Sorry, this is getting really full. But ads is another way I also make income through my blog. I don’t make ad money through YouTube yet. As you can see, I don’t have that thousand subscriber account yet. But I also make money through this means. So as you can see, I save 100% on my full time income take home paycheck through these three means I cut out a lot of my expenses through this and then I make extra income from this. So the idea is if you want to save a lot of money, there’s two parts to it. You want to increase your income you want to lower your expenses to me right budgeting and lowering expenses is really great. And I always am mindful of how much I’m spending when I buy stuff.So I’m kind of cheap when it comes to things like I will buy stuff, but if I know I can get it at a better price, I’m gonna spend less on it, but I never compromise my happiness. So I think money should be spent on experiences and investing in yourself. So when it comes to those things, I’m not going to be cheap about it. So it really depends on what you value and that’s where you should put your money and Don’t compromise on your happiness right so next thing of course you want to increase your income because there’s only so much you can do with saving because there’s always a cap and then if you increase your income you’ll be able to hit your goals easier because you’re opening the range of money you can save. So I hope you guys enjoyed this episode, please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.Transcribed by https://otter.ai
