4) The “Starve and Stack” Challenge
If you’re newly married or living with your partner, this is a temporary method you can use to quickly stockpile cash. It doesn’t literally mean starving yourself. It just means living below your means and pinching major pennies for a few years. If you’re successful in doing so, your reward could be a savings of $50,000 in just two years. The details are quite simple; you and your partner agree to limit your total monthly spending to the amount of one person’s income. The goal is to save as close to 100% of the second person’s income as possible. The average person in their early twenties is making around $32,500. Therefore, if you can successfully save most of this income you’ll have $50,000 in less than two years. This money should be invested in a retirement fund or another venture that will generate income (i.e.: real estate).
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