In this episode of Net Worth and Chill, Vivian Tu, Your Rich BFF, discusses the challenges of saving the first $100,000 and offers strategies to achieve this milestone. She explains the power of compound interest, emphasizing that the initial stages of wealth accumulation are the hardest. Vivian suggests increasing income through side hustles like Reflex and Papa Pal, maximizing savings with high-yield accounts, automating savings, and avoiding lifestyle inflation by practicing value-based spending. She also provides a step-by-step guide to investing, including choosing a brokerage, selecting accounts, and investing in diversified index funds or using a robo-advisor. The episode concludes with a Q&A session addressing questions about balancing life and saving, identifying spending habits that yield the biggest savings, making life adjustments to reach $100,000, managing debt while saving, and starting with no savings.
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