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How much money do you think you can save in 6 months?
$1000? $2000? $10000?
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Anything is possible when you have a game plan and accountability to make it happen.
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Wealthy Women Daily Net Worth Challenge
Don’t just hope you achieve your goals. Create a plan to make sure it happens. Make the vision so clear that it has no choice but to become your reality!
If you want to build your emergency fund or max our your IRA this year, the below diagram is the perfect challenge for you!
A Simple Way to Save $6000 in 6 Months
This visual outlines the amount you can save every week to save $6000 in 6 months.
This is my sample plan on how I intend to save $6,000 in 6 months starting with $25!
As you can see, the amounts grow almost every week. This mean that we will have to continuously expand and grow in order to meet the goals.
Are you ready to grow this year? If you need help, check out How to Find Happiness Again available on Amazon to prepare your mind for everything you seek. The 30-day transformation is amazing! Check out the book reviews. It was also a #1 new release. Woohoo!
If you want to achieve things you’ve never done, you have to grow into a person you want to become.
There are two ways to achieve your goals. You can either increase your income or decrease your expenses. If you can do both, you can achieve your goals a lot faster.
Your homework is to create a plan to achieve the amounts for Week 1, Week 2, Week 3, and Week 4. Plan ahead! Are you going to cut some expenses or build an extra stream of income to make this happen.
Get a Financial Coach to Help You Save More
What are you investing in? You will get more of what you invest in.
If you invest in your financial education, you will gain access to more money. If you invest in more liabilities, you may be signing up for a lifetime of debt. YIKES!
Take some time to think about the investments you have made in your life. On one side of the paper, write down your assets. On the other side of the paper, write down liabilities. Whatever side is bigger will serve as a reality check to show you what you have been investing in.
Contact me at wealthywomendaily@gmail.com if you want to take advantage of a strategy session to help you save more, invest, and live a life that aligns with the core of who you are.
Think about it. For less than a $1,000 investment, you’ll be able to walk away with $6,000 in the next 6 months!
That’s a no-brainer. You do the math.
Turn $6,000 Savings into $10,000 Income
What happens when the savings challenge ends? Well now you have a chance to invest your money.
You can invest your money in a new business venture, real estate, precious metals, and an array of other assets. The easiest way to invest your $6,000 is in the stock market.
The barriers to entry are low.
No credit check required or down payment.
All you have to do is open an account and fund your account with money from your checking account. That’s it.
Then you have to choose which assets you want to add to your portfolio.
In The Dividend InvestHER premium subscription, I shared growth stock opportunities that can keep you afloat as dividends were decreasing. I discussed Tesla in May when the stock was less than $800. Now the stock is over $1600. Yes, it doubled!! You would have turned a $6,000 investment into $12,000 and could have taken out your initial $6000 investment!
That’s FREE money. WOW!
Use $6,000 Savings to Build Your Dividend Portfolio!
Are you ready to create an extra source of income without adding another task to your to-do list?
It’s simple; start taking advantage of dividend income. Now you can use your money to make more money!
Dividend income is the money that companies give you for being an investor. You can get checks in the mail or deposits in your account every money or quarter.
Guess what? You don’t have to do anything extra. All you just have to invest in dividend-paying stocks. That’s it.
Grab your copy of “Dividends Are a Queen’s Best Friend” if you’re ready to start your investing journey today!
Then you can join The Dividend InvestHER to get a list of hot stocks on the market every month. You’ll get this subscription for less than buying a cup of coffee every week!
It all comes down what matters most to you. Drinks or dividends?
Save Money and Invest in Your Retirement Account
If you have an emergency fund that you are comfortable with, it’s time to invest in your individual retirement accounts.
I have an individual retirement account with a traditional brokerage firm. These firms include Charles Schwab, Fidelity, and TD Ameritrade. If you need a step-by-step tutorial on the stock market and how it all works, check out Invest in 5 Minutes a Day!
It doesn’t matter if you have a 401(k), 403B, or Thrift Savings Plan, you should still have your own individual retirement account.
Never, ever, ever depend on any job to meet your every need. Diversify your options.
Opening a retirement account is really simple. All you have to do is go to the website and input your personal information. That’s it! It takes less than 10 minutes.
Many accounts have no account fees or minimums. Read the account requirements first before you build a relationship with any brokerage account. The money you place in your account can be invested or left in your account like a savings account.
What I like about individual retirement accounts is that they are tax-advantaged. Your traditional IRA contributions may be tax deductible and your Roth IRA contributions grow tax-free!
If you want to know how it all works and plan for your future, contact me at wealthywomendaily@gmail.com for a financial coaching session.
Have a Plan for Your Savings
The last thing you want to do is spend time saving this money and watch it leave your hands (with no expected return on investment) in seconds.
Have a plan for your money.
Determine how you want to allocate your money now.
Here are some resources that will help you plan ahead. When you’re mentally ahead, you’ll have no choice but to meet the minimum level requirements for your goal.
Resources:
- Dividends Are a Queen’s Best Friend
- Dividend Queens: The Dividend InvestHER.
- Wealthy Women Daily Net Worth Challenge (FREE Facebook Group)
Are you joining the challenge? What’s your plan of action? Leave a comment below and let us know!
Loved this post! I learned so much and it was so informative!
I’m so glad that you enjoyed the post! Hope you join our #networth challenge to get the $6k in 6 months!
I think this is something I am willing to try out to be honest. I’m from Canada, but I do plan on investing in stocks as well! I particularly want to do this saving challenge for either an emergency fund or preparing to save to move into my first place with my boyfriend. I will also share this with my friend as well.
That’s awesome! Wishing you the best with your savings goals. You can do it!!
I think I can get the first 4 weeks done using earned income for now however I’m really trying to smash my debt at the moment as it’s part of the step to the book I’m reading lol and then finish building my emergency fund but I think this method is also really good for smashing my debt if I use this method toward my debt I’d have $6000 worth of debt paid off in 6 months then I can use this same method to finish building my emergency fund for the remaining 6 months and hopefully by next year end I’ll have $6000 in emergency fund and all my debt smashed. Either way I think it’s a great method and something I can use for building wealth or smashing debt. As of right now I’ll be using earned income and have to figure out how to implement additional income at the moment.
Yes! Smash your debt! If you can reallocate your expenses, you can smash debt and save. Congrats on your progress!
Nice! Im on it with this savings challenge. My incone has shifted massively lower since being home due to pandemic, but I am going to try it anyway. I do have my IRA already. How do we get the dividend book? In interested!
That’s awesome that you have the IRA and are working towards your goals. Now it’s time to take advantage of the multiple income opportunities that are available on the internet. You can grab Dividends Are a Queen’s Best Friend on Amazon!
Great points. Yes having a plan is really important and as far as a coach is concerned my father and my husband are banker and a chartered accountant, so I can really bank upon them
Wow that’s amazing! You have a lot of men in your life who are financially savvy. What a blessing!
I printed out the chart to challenge myself to save the $6000 thanks for the detailed plan!
That’s so awesome! It starts with $25 and continuously grows so it forces us to expand every month.
I love this! We all need to save! 2020 has shown us that better than we could tell anyone!
Exactly! Savings is so important. If you’re living in 2020, we all know how important saving is. I’m so glad you love this!