Saving your first $100K might seem like a distant goal, but financial expert Anthony O’Neal believes it’s achievable with the right strategy.
In today’s world, many people live paycheck to paycheck, and saving even a small amount can feel overwhelming.
But with a clear plan, you can build a foundation that leads to long-term financial success. Anthony O’Neal has shared his journey of overcoming debt and saving his first $100K.
In this article, we’ll explore four of his key strategies to help you save your first $100K, no matter where you’re starting from.
1. Increase Your Earning Potential
Anthony O’Neal emphasizes that the first step toward saving $100K is to boost your income. You can only cut expenses so much, but your earning potential has no ceiling.
By investing in yourself, learning new skills, or even picking up side gigs, you create more opportunities to save.
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O’Neal believes that one of the smartest financial moves you can make is to expand your skill set. This could mean taking online courses, learning a new trade, or improving soft skills like communication and time management.
In a world that’s constantly evolving, especially in tech, these skills can make you more competitive in the job market and open doors to higher-paying opportunities. The more you earn, the more you can save.
Not only does earning more help you build your savings, but it also allows you to stay ahead of inflation. As costs rise, so does the importance of having extra income.
Instead of cutting out every little luxury, focus on how you can make more money and use those extra funds to work toward your $100K goal.
2. Embrace Financial Minimalism
Once you start increasing your income, the next step is controlling your spending, and that’s where financial minimalism comes in.
This concept is all about living with less, focusing on what truly matters, and cutting out unnecessary purchases.
Anthony O’Neal, who used to splurge on every new gadget, now advocates for a minimalist mindset to save money.
Financial minimalism doesn’t mean living like a monk, but it does encourage you to be more intentional with your spending.
Before making a purchase, ask yourself if it’s something you truly need or just a temporary want. This level of discipline can help you save more, especially if your income is still growing.
By embracing minimalism, you can also avoid lifestyle inflation, which happens when people increase their spending as their income rises.
Sticking to a simple lifestyle, even when you start earning more, keeps your expenses low and helps you reach your $100K savings goal faster.
3. Resist Lifestyle Inflation
It’s easy to fall into the trap of lifestyle inflation when you start making more money. You might feel the need to upgrade your car, move to a fancier apartment, or splurge on things you’ve always wanted.
While some upgrades are necessary, especially for safety and comfort, it’s important not to let lifestyle inflation consume your hard-earned cash.
Anthony O’Neal advises people to be mindful of how they spend their money as their income increases.
The key is to focus on paying yourself first—meaning you save or invest a portion of your income before spending on anything else. This method ensures that you’re consistently putting money toward your savings goal.
A good rule of thumb is to decide how much you want to save each month and treat it like a non-negotiable bill. Once that amount is set aside, you can budget the rest for your other expenses.
By avoiding unnecessary upgrades and resisting the urge to spend more just because you can, you’ll stay on track toward your $100K savings goal.
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4. Find an Accountability Partner
Saving money can be challenging, especially when you’re doing it alone. That’s why O’Neal suggests finding an accountability partner—someone who shares your financial goals and can help keep you on track. This could be a trusted friend, family member, or even a financial advisor.
Having regular check-ins with your accountability partner can make a huge difference in your saving journey. It gives you someone to report your progress to, share your challenges, and celebrate your wins.
They can also help you stay focused on your long-term goals and remind you why you started in the first place.
When you have someone rooting for you, it becomes easier to stay motivated. And as you hit small milestones, like saving your first $10K, $20K, or even $50K, you’ll gain the confidence to push forward and hit that $100K mark.