Is it possible to skyrocket your savings in 12 months? Absolutely!
More than 46% of America’s adult population doesn’t have $400 saved in case of an emergency.
Let that sink in for a second. If their car broke down, the roof sprung a leak, or a hurricane like Matthew threatened their home and forced them to evacuate, nearly half the country would face financial ruin.
Does this apply to you?
You don’t have to answer out loud. No one needs to know, except you. As a nation, we are surrounded by glittering images of what it means to live “The American Dream.”
We’ve all seen it, and the propaganda has spread around the world in such a way that many from other countries think the streets are paved with gold.
For 99% of us, the pictures of shiny, new cars and McMansions are nothing like our daily reality. The truth isn’t quite as beautiful.
Part of American culture is the debt cycle. We make a major purchase, then aspire to “trade up” every few years. That Honda Civic that you loved in college doesn’t look quite so good once you graduate and get your first “real” job.
You did what you were supposed to do: went to college, graduated and got a “good job.” Your future is secure; you earned an upgrade, right? You’re officially a part of the American Dream.
As you level up your life, your possessions must reflect that. Right?
Except it isn’t all as easy as it seems. For lots of us, the good job after college turns out to be a sparring match at the low end of the totem pole, where you wake up one morning and realize you hate what you’re doing.
For some in their 30s, they find themselves facing layoffs with little to no savings and a house they can no longer afford because the job they hated but held onto hid a terrible secret – they were always one paycheck away from being homeless.
This cycle has to stop. When I talk to other millennials, we share a strong set of core values: the urge for freedom, a passion for success on our own terms, and the desire to do meaningful work in the world.
Our generation must create a new dream, where we can build sustainable financial freedom and live lives of significance.
When I found myself craving the new Tesla Model 3 and considering handing over a thousand dollars to place one on hold for the late 2017 release, I realized that I’d allowed myself to get drawn into the debt cycle.
This thing of beauty – America’s first mainstream, fully electric car – could be mine…all for the low, low price of $880 a month (give or take a few bucks).
Here’s some quick math for those of you double-taking at that monthly payment:
$880 x 12 months = $10,560
$880 x 48 months (the longest loan I would consider) = $42,240
I had a choice to make. I could buy a new car – a really pretty, cutting edge new car – and commit to paying someone else nearly $900 a month for the privilege.
Or, I could forgo the Model 3 (at least for a while), pay myself and catapult to a level of financial security enjoyed by less than 15% of Americans – all in 12 months.
And that, ladies and gentlemen, is how the 2017 Powerhouse Savings Challenge was born.
You’re invited to join me on a journey to accomplish more financial growth in 12 months than most people do in 12 years.
Whether you’re interested in the Model 3 or not, you’re welcome to become a part of the community and catapult your savings into the stratosphere. Together, we’ll grow our minds and our money.
The Challenge is 100% free to join. You’ll have access to our private community for inspiration and accountability, a Challenge packet to help you get ready and more. We kick off January 1st, 2017.
Lead Photo: Courtesy of Tesla Motors. The Tesla Model 3 is a thing of beauty. Designed by Elon Musk and the Tesla team, it’s the company’s answer to the challenge of making the electric car both beautiful and reasonably affordable.