How I Turned $10k into $100K With One Decision
New years resolution I've been brainstorming is how I can spend less and save more. I'm not a big spender, I'm laser focused on saving and investing, but I wanted to challenge myself to see if I can cut back even more.
This week I was presented with extreme temptation. My landlord told me they're not renewing my lease due to scheduled renovation on my apartment, so I have to move out.
As consolation they offered me a list of 20 other apartments in my building at heavily discounted rates. This narrowed down to 2 options.
1. Get the same size apartment I have now for ~10k/yr less
2. Get a significantly nicer apartment for ~10k/yr more
The nicer apartment is incredible, 21st floor corner apartment with windows all around, insane view of the freedom tower, etc.
Glad to say I stuck to my ways and took the 4th floor studio that's still a slight upgrade from my current spot but will save me 10k and I locked in the rate for 3 years.
My friends thought I was crazy, they said "it's only 10k". Here's the reality. Look below to see what that 10k will be when I turn 65 after investing it. And really I'm saving 60k, because spending 10k more VS 10k less is a 20k delta x 3 years.
Think before you spend. Every $1,000 you invest now can be $10,000 in 30 years.