Here’s the budget this millennial used to save $100,000 by age 25

Small Business

Having a strong safety net can make it easier to take big risks.

For Tori Dunlap, founder of financial education company Her First 100K, that security came in the form of $100,000.

Dunlap, 27, landed an entry-level marketing job after graduating from college and soon learned the corporate grind wasn’t for her.

The Seattle resident, who now has nearly 2 million followers on TikTok, began posting about her finances online and set a goal of saving $100,000 by the time she turned 25.

Her social media following grew along with her savings, and the now full-time entrepreneur hit her target shortly after her 25th birthday.

The most important step to streamlining her budget and staying out of debt was to have an emergency fund, Dunlap said.

She also tracked all of her spending and income, which can be done using just use a simple spreadsheet, according to Dunlap.

Automating her savings was also a vital key to the financial influencer’s success. By the time she turned 25, Dunlap was automatically putting away 27% of every paycheck.

Check out this video to learn the four steps this young entrepreneur suggests everyone should take to build a safety net of their own.

SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.

CHECK OUT: Why January is a particularly great time to invest your money via Grow with Acorns+CNBC.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

Articles You May Like

Netflix ad-supported tier has 70 million monthly users two years after launch
Top Wall Street analysts like these dividend-paying stocks
Adyen shares slide as payments giant’s transaction volume growth slows
Home Depot’s sales are improving, but it says consumers are still cautious about spending
Washington State Voters Keep Public Long-Term Care Insurance

Leave a Reply

Your email address will not be published. Required fields are marked *