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When youre in this position, building up a net worth of $10,000 might seem impossible.
Hereshow he says to do it.
Track Your Spending
You should know where your money is going, Yang said in the video.
I would probably do this for at least two weeks, Yang said.
After two weeks, you have a general sense of where your money is going.
Its all about prioritizing what you want to spend your money on.
For example, I like golf, Yang said.
Its usually the simple habits and everyday choices that will add up to more savings.
One way to do this is to invest in yourself.
Look around in your industry and see whatcredentials or certificationsare out there to boost your salary.
Take On a Side Hustle
Another way to earn more is to take on a side hustle.
Yang views this as a short-term solution when you are building up your savings.
One side hustle Yang has personally had success with is reselling furniture on Facebook Marketplace.
He said to do thisbeforeyou start investing any money.
This makes it a little bit more palatable, he said.
So perhaps your first goal … is to save $500.
Once you hit that $500, getting to $1,000 seems much more attainable.
Once you hit $1,000 … $2,000 doesnt seem too far-fetched.
Thats apretty good mental hack.
Cut down on impulse spending with this rule of thumb.
Pay With Cash
Another way to be more mindful about your spending is to pay with cash.
That should hopefully cause a behavioral change in your spending habits.
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