So you want to learn to day trade and make that Lamborghini money. But here's a problem: You don't have at least four thousand dollars to start day trading. The new data from gold banking rates more than 69 of Americans have less than one thousand dollars in savings. so obviously if I'm observing that data, we're gonna do something about it here. Having regular money saving habits is important, especially if you want to eventually use that money to start day trading. It's not easy, but it is possible. I Personally started the savings Journey where I was making only ten dollars per hour in high school in this video. I'll be going over my step-by-step process I used to save ten thousand dollars for trading in six months. so if you're looking to start day trading journey and fund your first trading account, then this is a must watch. Just a reminder to smash the like button to Make It Rain Lamborghinis and speed up your savings. Journey Foreign Journey started well before I even knew about the stock market While Most personal finance gurus would recommend on cutting back on spending five dollars on coffees or lattes I Believe that's really just a small piece of the equation. my Approach since I was in my early 20s has mostly been focused on making more money. I've always had multiple part-time jobs while in high school as art tutors Tim Hortons Baristas and other miscellaneous jobs at the food court, so the spirits of making more money from side hustles has always been natural to me. When I decided to get ready to fund my trading accounts in my early 20s. I did similar steps and had multiple side hustles outside of my nine to seven job in order to speed up my savings. I Know what some of you guys are thinking right now? Come on combo Trader You can now funding accounts in Robinhood with only a hundred dollars. Yes, that is true. Nowadays you can open a trading account with less than a thousand dollars. However, I wanted to be conservative and have more room for error. I don't ever want to trade with the last one thousand dollars I have in my bank account and have any losses potentially affecting my day-to-day life. This mindset: I'm preaching to you right now. It's the exact same as I had more than eight years ago I Wanted to open an account with at least four thousand dollars after some comfortable savings outside of my trading account at the same time I also lived frugally and cut my monthly spending. It took me about six months to save that for ten thousand dollars in cash. I Was finally able to live comfortably and take out a portion of that cash to fund my first trading account. So in today's video, I'll be showing you the money saving formula that I took to save ten thousand dollars. Step number one: Create a budget. You need to figure out your fixed cost. Fixed expenses are all the must-spend items and services per month. you would need to maintain a basic standard of living each and every single month. This can include brand groceries Food Insurance utilities, loan repayments, and of course, my monthly Lamborghini payments. Here is what my fixed expenses look like: More than eight years ago, each month I was spending about eight hundred dollars on rent, 200 on dining, 150 on groceries, 100 on gas, 200 are cardies 100 and student loan payments, and I allocated around 200 per month for miscellaneous expenses. That may come up by surprise. This adds up to about a thousand Seven hundred fifty per month in US dollars for my living expenses. Keep in mind that this is pre eight percent, nine percent inflation figures inflation. Now that we have the monthly expenses tallied up, it's time to create a budget out of these fixed expenses and start tracking all the money coming in and out. There are many websites or apps out there that allow you to track your personal spending. I Personally use a free budget and expense tracker like Mint By Intuit to track all my expenses each month on there. I Just connect the app to my credit cards and bank accounts. It doesn't matter whether you use an automated tracking system like I did or an Excel spreadsheet DIY style, as long as you do whatever works easiest for you to create categories for all of your spendings and from thereafter is where we can really optimize the figures and find out your monthly savings goal. Okay, moving on to step number two to save up for ten thousand dollars and that is to set a specific saving goal With the information we gathered in Step Number one, we can now create a plan to save towards ten thousand dollars. At the time, I was making an average about two thousand. Five hundred dollars in US dollars after tax each month living in. California So that means each month with my spending mentioned earlier, I was saving about eight hundred dollars. Ten thousand dollars divide by a hundred. This will take me more than one year to make my savings goal I Knew this wasn't fast enough I was already paper trading and studying the market at the time, so I wanted to be able to fund a real account way sooner, ideally within six months. So that means I should be aiming to save around Seventeen hundred dollars per month in order to meet my goal of ten thousand dollars. In six months. At the time, my employment income from my nine to seven VFX job was not stable at all. There were months where I only had work for two or three weeks. So I knew I needed to look for Alternatives in order to increase my income to save steadily for ten thousand dollars. Very important lesson here. Please do Not quit your job right away in order to day trade. You still need that income however small or unstable to support yourself or your family. especially really in the early stages of saving up and learning to day trade. Let me know in the comment section below, if you can relate to what I just said, tell me what your numbers are like in Step Number one and two. So far, some of you might still be going through this experience of working nine to seven to save up and pursue your passion. Step number three: It's time to make more money from side hustles. Hustling on the side has never been foreign to me. I've had multiple part-time jobs on high school and in college, but now that I've had some experience taking alternative ways to make money I Started to get creative I Began by following a few very interesting subreddits such as Churning and Churning. Canada These are subreddits for enthusiasts who want to hack the credit card points game and earn a lot of bonuses from opening bank accounts. At the time, my focus was on the cash sign up bonuses when opening bank accounts with big Banks like TD RBC and CIBC in Canada. They often reward new customers anywhere from three hundred dollars to 500 when you sign up for new account and set up pre-authorized payments. This was extremely simple to do online, even though I was in California I wrapped up three to five cash bonuses like that totaling over fifteen hundred dollars in a short three months. I Also joined voices with another friend, a fellow VFX designer struggling to find work we would pick out furniture from garage sales and Craigslist in wealthy areas of. Los Angeles for pennies on a dollar or for free Because these people are so rich, they don't really need to care about making money from used furniture, they just want people to remove what they don't want for them. Then we would clean up the furniture, take new photos, and resell them online for two three and sometimes even 10x the price. This was actually really fun and lucrative side hustle with my friend, which made me a bit more than two thousand dollars over the course of six months. I Also started design freelancing on the side. Well, it was a challenge finding steady work in VFX and animation in-house It was fairly easy for me to find short-term work for mobile games and commercials. I was sometimes juggling three to four projects at the same time. When freelancing, it was a lot of manual labor and not really scalable, but I was still able to make an extra 500 to a thousand dollars cash each month. Remember with your side hustles, whether it's in person or online, be creative and think outside of the box. Step number four: Live below your means. As I mentioned earlier, I Personally think it's best to always prioritize making more money in dollars rather than trying to save on pennies. However, getting into the habits of living below your means is great for helping us stay on track of our savings goals of ten thousand dollars when I first moved to Los Angeles I got into the habits of partying four nights a week, branching and dining out every other day and that was extremely harmful on my wallet I didn't know I was spending that much on these things until I started budgeting like we did in Step Number One I resorted to cooking at home more and cut back on going out to eat deliveries and partying. This greatly helped as I was no longer spending money on six dollar Waters with 15 shots I also terminated my car lease at the time and started taking public transit and rode my bike to work. And it really helped that I was a young 20 year old fresh out of college and single so life was just much easier back then. I had no kids and no one would be that surprised if I slept on the floor on a mattress with steps one to four. I created a budget, set specific savings goals, and aggressively increased my income with side hustles and live below my means I was able to save ten thousand dollars within six months. This definitely wasn't easy. I had to make a lot of sacrifices, worked on evenings and weekends, cut back on a lot of going out and spending in general in order to get here. but hopefully this shows you that it is possible to save ten thousand dollars in cash to start day trading as long as you set your mind to it. If you guys enjoyed the video, please remember to drop a like And subscribe. This is a new format of making videos so I hope you guys enjoy them. If you want to learn more about my trading strategies, then feel free to check out the Humble Trader Community Down below foreign. Thank you guys so much for watching as always I'm the Humble Trader and I will see you guys next time.