Thu Jun 20 2024, by Tyler Gardner

Five Effective Strategies to Save Over $500 Monthly for Your Roth IRA

Here are five ways that I'm able to save over $500 a month in order to max out my Roth IRA each and every year. I'm Tyler. I'm a former financial advisor and portfolio manager, and now I make financial content for free so that you don't have to pay for it.

1. Cut Out Alcohol Spending

I do not spend money on booze. The average millennial spends over $300 a month on alcohol. I spend 50 bucks a month on seltzer. This is not a judgment; it is a choice.

2. Invest in Personal Grooming

As should be evident from my videos, I don't spend money on haircuts. I bought one pair of clippers during COVID for $19.99, and I've saved about 30 bucks a month for the past four years cutting my own hair. The hair might not look good, but that Roth IRA is looking damn sexy.

3. Simplify Your Wardrobe

As should also be evident, I don't spend money on fancy clothes. With the average millennial spending just over $150 a month on clothes, I bought a generic capsule wardrobe back in 2010. It consists of blue jeans, black jeans, white shirt, black shirt, a vest, white shoes, black boots, and it's served me pretty well. I really don’t want to be anywhere where I have to wear anything else.

4. Dine Smart

I don't spend money at fancy restaurants. With the average American currently spending over $200 a month dining out, I spend about 50 bucks a month at Chili's. If you think the three Michelin stars is going to beat three appetizers of my choice in the triple dipper, then you need to get yourself over to Chili's and have some of those Nashville hot crispers. Not a paid endorsement; they're just that good.

5. Create Rather Than Consume

And this is the single biggest differentiator between those who are able to invest and those who are not. When I am bored, when I have any free time, or when I'm feeling crappy about myself, I go for a walk in the woods. I take along some thoughts, spend about 30 minutes creating a video like this, and spend another 30 minutes editing it. Right now I'm making about $300 a week just by having people watch these videos on this one platform alone.

I don’t say this to show that I’m special; I say this to show that I’m not. I'm just sharing with you the things that I want to share, and I will always have faith that you have something to share with this world. So start creating content today. If any of this is helpful, tag me in your first video once you start creating, and I'll try to give you every single piece of advice I can for free, always.

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