Summary of 7 Places Your Money Needs To Go (How To Save Money)

00:00:00 - 00:15:00

The video recommends seven steps to saving money, including paying off debt, investing, and finding a side job. After following these steps, one can then start spending on more frivolous items, such as travel, vacations, and entertainment.

• 00:00:00 In this video, the presenter overviews the first two places where people's money should go: before they get paid and after their retirement fund has been depleted. The presenter also discusses how to set up an automatic withdrawal from one's checking account to use for various purposes.
• 00:05:00 The five steps to saving money are to pay off necessities, have an emergency fund, pay off debt, and start a debt snowball or debt avalanche method. The debt snowball or debt avalanche method is effective for people with a lot of debt and/or who are struggling to stay motivated to pay off their debt.
• 00:10:00 In this video, the presenter discusses how to save money by addressing different types of debt, paying off high-interest debt first, and investing. The presenter also recommends using an online savings account to keep up with inflation.
• 00:15:00 In this video, the author recommends seven steps to save money, including paying off debt, investing, and finding a side job. After following these steps, one can then start spending on more frivolous items, such as travel, vacations, and entertainment.