Humphrey Yang has emerged as the go-to guy for personal finance advice, especially for the younger generation. With a staggering 3 million followers on TikTok, his engaging videos cover everything from investing to money-saving tips, all designed to resonate with Millennials and Gen Z.
In a recent YouTube video, Yang set an ambitious goal for himself — to transform zero dollars into a whopping $100,000 in just one year. At first glance, it might seem like a pipe dream, but Yang has broken down this seemingly impossible feat into practical, actionable steps.
Setting Clear Goals: The $384 Daily Challenge
Yang’s journey begins with transforming the intimidating $100,000 goal into a manageable daily target of $384 on average per weekday. By breaking down the larger goal into daily targets, the seemingly impossible becomes more tangible.
Unleashing Your Superpower
According to Yang, the key to increasing your income lies in identifying your unique strengths — your superpower. Just like basketball superstar Steph Curry, who leverages his unmatched three-point shooting skills for a $215 million deal, everyone has something special. Identify your niche, whether it’s in gaming, e-commerce, personal finance, or social media, and find ways to monetize it. This could involve consulting, affiliate marketing, online courses, or other marketable avenues.
Building In-Demand Skills
If you’re not sure about your unique expertise, Yang suggests dedicating time to build in-demand skills. Coding, graphic design, and copywriting are examples of high-income skills that can be mastered through online classes. Start by offering services for cheap or free to build a portfolio, gradually increasing rates as your expertise grows.
Leveraging Existing Skills for Local Services
If learning a new skill isn’t your cup of tea, Yang recommends using your existing skills to provide local services, such as dog walking, house cleaning, or landscaping. Gain experience, earn extra income, and scale your business by encouraging referrals and reviews.
To achieve ambitious savings goals, Yang emphasizes the importance of frugality without sacrificing reasonable enjoyments. Small lifestyle changes, like using daily deals for affordable coffee and comparing transportation rates, can accumulate substantial savings over time. Intentionally differentiate wants from needs with each purchase decision.
Automate Savings and Investing
Earning more is only part of the equation. Yang stresses the significance of consistently saving a portion of your income. Automate the process by directing a percentage of each paycheck towards retirement, emergency funds, or other financial goals. Watching your account balance grow reinforces that you’re on the right track.
The Road to $100K: A Realistic Approach
While aiming for $100,000 in a year may seem daunting, Yang’s approach makes it feel within reach. By maximizing income through skills, minimizing costs, and saving consistently, building wealth becomes an achievable reality. Whether or not you’re eyeing such a lofty goal, adopting an intentional approach to personal finances can lead to incremental wealth growth, even from zero.
In a world where financial success often feels distant, Humphrey Yang’s strategy proves that with focus and perseverance, achieving your financial goals is not as unfathomable as it seems. Start your journey today.