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I know I talk a lot about how to save money on this channel, but, I want you to know that it will not make you rich. Here's what to do instead.
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What's going on everybody and welcome back to another video. If you're new to the channel
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welcome. I'm Reggie Bryant and this channel is all about personal finance and personal growth
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and I provide simple, realistic ways to achieve your financial goals in today's economy. I just
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want to jump into what I consider to be a public service announcement because I came in very heavy
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this year with content around saving and the future and planning and all this that in the
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third with spreadsheets and all these great things that you can use for the rest of the year
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For multiple years to come, to be perfectly honest with you, I've created some things that
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can help you plan out 10 plus years in the future. I want you to understand something very fundamental
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and simple about saving. It's a very good tool. It's something that can keep you very safe and
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very financially secure, but it will not, and I mean it will not, make you rich by itself
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There's other things you've got to do instead to set yourself up to become rich in the future
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but just saving ain't going to do it by itself. And that's even if you save only into a high
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yield savings account because at the end of the day, 4% or 4.5% is the highest I've seen it
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is not going to have life changing results when it comes to money. It's going to have good results
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It's going to put more money in your pocket, but it's not necessarily going to be something that
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you look up at and say, wow, I've seen exponential growth over the years. It's going to take a very
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long time to see exponential growth with 4% plus. And you have to keep in mind that high yield
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savings accounts are not necessarily going to stay at the same percentage. I've seen the same
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high yield savings account that I have today. Back when the pandemic started going crazy
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it was at like 1%. I'm pretty sure it was lower than 1% at one time. Then it went up a little
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bit, a little bit, and now it's up to 4.5%, which is very good. But I'm just saying saving
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by itself is not going to necessarily get you to where you need to get to. This is why I talk
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about investing so much. And you know what, next week I'm making a big comprehensive investing
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video just so you can see exactly what I mean, but I will give you a sneak peek in the next week
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I didn't mean to make that rhyme, but you know, sometimes it just goes like that. When you start
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investing though, you will see exactly what I'm talking about because something as simple as a
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401k that everyone talks to you about when you first start your career, unfortunately, school
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doesn't really go into heavy on the 401k. I didn't even learn what a 401k was until after I graduated
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from college, but that's besides the point. I've seen a very big return on my 401k. And then of
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course there's the Roth IRA, which I talk way more about that in my video where I show you how to
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invest your first $1,000. That video did better than pretty much all of my investing videos that
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I've ever made combined. And I highly recommend you watch that because it was about good and about
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informational. But next week, we're about to take it to a whole different level. And while we're on
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the topic of investing, if you're interested, I do have a free investing guide linked in the
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description, but I also have an investing course that you can sign up for right now. It is available
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You can check that out and get access down in the description. But now that we got all that out of
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the way, I want to talk about this. You might see a return of 0.05% from your bank account when
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you're saving. You might see 4.5% from your high yield savings account. And this is per year, APY
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What if I told you it's possible to see an average of 10%, 12%, 13%, 20% per year that compounds
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And then on top of that compounding, there's dividends that get paid to you. And then each time
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the stocks or the funds grow, the dividend is more because the dividend is a percentage of how
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much each share costs. You see right now, I'm putting a heavy emphasis on this because I didn't
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understand the impact of investing like I do now, eight years ago. And if I did, I probably would
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have invested sooner. And I probably would have had a lot more money in my pocket than I do right
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now. And I'm not complaining about my circumstances. I'm just letting you know, if you're watching this
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video right now, and you're thinking that saving money is the way to get to where you want to get
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to, I'm telling you, it's a good start. It's a great way to start with financial security, but
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it is not the only way. Even if you had 50 grand in your pocket right now, how long is that going
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to last you? And I had to think about it because when I first started my career, I had all these
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plans as I was making good money. I was working a lot of overtime. I was learning my job. I was
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getting my footing. And I was like, man, I'm going to use this money to do this. I'm going to save
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this. And I'm going to save my first 20 grand. And I'm going to save 30, then 40, then 50. And then
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one of my mentors was like, whoa, I'm glad you're saving. I'm glad you're making good money
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But you do know that saving is not going to make you rich, right? I was like, huh? He was like
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it's not going to make you rich. You can't be out here just saving and penny pinching every
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little thing. That's not going to work. That's not going to get you to where you're saying you
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want to get to. Because what I was saying was I wanted to retire by age 30 and blah, blah, blah
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And by the way, I'm getting awfully close to 30. So I should probably hurry up on that plan I had
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there. But anyway, he told me that saving wasn't how you get there. And he didn't know much about
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stock investing or anything like that. He just knew that I would have to build another stream
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of income of some sort to help me get to where I wanted to get to, which required investing in
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myself, not necessarily stocks. But I say that to say, but I tell you that to make this point here
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I didn't know that it was possible to get very big returns. For example, right now
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and I'm going to put screenshots for proof. But my stock account with Webull is up 70 point
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something percent right now. My Roth IRA is up 40 something percent right now. 401ks are up a lot
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too. Within last year, it was like 21.2%. And this is not saying anything to brag. I'm just letting
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you know it's possible to invest in a few simple things that you understand, which I show you how
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to do in my course. And if you don't want to buy the course also in these YouTube videos
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And based off of those few simple things, they've had massive returns. And that's what puts money into your pocket. And that was how I was able to save my first
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$100,000 by age 28, which I made a video about a few weeks ago. But do you see what I'm saying
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It's not just about saving and being able to flex like, yeah, I have 30K in my savings account
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Yeah, but it ain't growing though. I used to be in that literal exact situation, having 20 something
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30K or whatever in my bank account, but it wasn't really moving. There's nothing wrong with having
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that. But I think it's also important to have a plan when it comes to investing your money into
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other things and letting them grow in different areas. And I also think it's important to invest
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in yourself, read certain books, take certain classes, increase your value, and then increase
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your skill set so that you could then command more money. Because at the end of the day, that's
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what it's all about. That's what we work so hard for. That's what we grind so hard for every single
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day, day in and day out, losing sleep, waking up, reaching for that morning coffee. But the money
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that we get from doing all that hard work, it's not just to sustain your lifestyle. It's also to
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fuel your passions and your hobbies on the side too. And so obviously, the more money you're able
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to get, the better, right? So why not take the money that you do have and fuel it towards something
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that's going to make it grow, like investing in stocks, and then literally just let it grow
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Because the time is going to go by anyway. And if you never even look into investing, you would be
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astonished at the opportunities that you miss just from not investing during certain time periods
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For example, 2020 was a big opportunity. Not saying that it will never happen again in our
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lifetime, but that was a huge opportunity. And so if you weren't able to invest then
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you might look at stocks now and be like, man, those are expensive. But back then, they weren't
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all that expensive. But that was right when everybody was too scared to invest. So ain't
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nobody really buy nothing like that. And the ones who did saw big returns. You get what I'm saying
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So instead of buying a bunch of expensive things anyway, because we all spend money
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it's like a daily activity around here. Why not spend some of it on something that can
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make your money grow? Saving is cool. Get your savings right, and then invest. I'm not saying
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don't save, but I just want to make it clear where I stand on saving. I love it. And that's what most
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of this channel is actually based on. That's what helped blow this channel up, was talking about
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frugal lifestyle and frugal living and saving money. But at the end of the day, is that going
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to make you rich? No, it will not. But it is helpful and it is a useful thing for you to do
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So while you're on your wealth journey, make sure you make time for investing and check out my video
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I have coming out next week. Click the links in the description if you want more information
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whether that's the free investing guide, the investing course that I have that is now available
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or if you just want to watch a related video to this one, all of them are down there in the
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description. Anyway, I got to get to it, but thank you so much for watching this video. It's always fun
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sitting down making these videos for you because I know at the end of the day, they're going to add
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value to your life. Let me know if you have any video ideas or any questions down in the comments
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and at some later time, I'll probably make a video about it. Also, stay tuned for what I post on
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Patreon. I'm going to start posting exactly what I do with each of my paychecks per year. So at the
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end of each month, maybe even at the end of every paycheck that I get, I'll just break down what I'm
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doing with it just to add as a guide to, you know, give you inspiration as far as what you could do
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with some of your paychecks. It's not me advising you to do what I do. It's just, hey, this is what
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I do. Check it out, and if you see something that you like, you can take from it, you know? Why not
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Anyway, that's the video for today. Thank you so much for watching. My name is Raziel Bryant. This channel is
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all about personal finance and personal growth, and I provide simple, realistic ways to achieve
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your financial goals in today's economy. Hope you enjoyed the video. Leave a like, hit the subscribe
10:23
button if you haven't already subscribed, and I will see you in the next video
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