Find Ways to Make More Money to Invest
You probably don't need a calculator or spreadsheet to realize that, even with compound interest, you'd have to invest a lot of money to amass $1 million in just five years. Sabatier said he knew he had to make as much money as possible to invest it.
The first step was finding a job that paid well and offered the potential for growth. Sabatier saw that digital marketing was a growing field, so he spent a month watching free YouTube tutorials on the subject. He used the knowledge he gained to land a job with a digital marketing agency in Chicago, earning $50,000 a year.
Sabatier took advantage of a 401k plan at work and contributed the maximum. (The current maximum amount workers can contribute to a 401k annually is $18,000.) Then he found a way to make more money on the side by creating websites for law firms. While he started off charging $500 per website, within a few months he was billing $50,000 per site. He put 100 percent of his side hustle income into an individual retirement account.
Sabatier now runs his own businesses and a blog, MillennialMoney.com. And he saves 60 percent to 70 percent of his income. He encourages young adults who want to increase their savings to find ways to make more money. Start by asking for a raise from your employer. Then get a side hustle — ideally one that offers more than just the chance to earn extra money.
"You want to build skills instead of just having a job," he said. Then you can turn those skills into even bigger money-making opportunities, like he did.
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