Three years ago, I made a deal with myself - I wanted to have $100,000 saved when I'm 25. But I didn't mind if it didn't happen until the day before my 26th birthday.
One of my biggest priorities in life has always been to save as much money as possible — and I owe much of that to my parents, who made sure I had a strong financial education at a young age.
My dad even helped me start a vending machine business when I was nine. The experience taught me essential skills like how to pitch a business, cope with rejection and open a checking and savings account.
For the past three years, I've never made more than $80,000. About a year ago, I reviewed my rate of savings and investments and realized that I was on track to save $100,000. With only a car loan away from being debt free, I've got another year and $10K to go!
I want to acknowledge that privilege is a key part of my story. I'm white, I come from a middle-class family, and I was able to graduate college without any debt. All these things helped a great deal.
But my parents didn't raise me with a silver spoon. Paying for college was a collaborative process. We'd sit down at least twice a year to discuss how we were going to pay for the next semester. The first question they'd always ask me was: "How much can you contribute?"
I've been fortunate. But it also takes a lot of hard work, sacrifice, and responsibility to save and maximize your earnings. Feeling motivated and knowing that I'll be prepared for whatever life throws my way fuels my drive to keep making smart financial decisions. Here's how I'm getting to $100K.
- I side-hustled
This kick-started my journey towards six-figures. In addition to saving the majority of my 9-5 salary, my first year of freelance social media marketing made me quite a bit of cash that I could immediately save. I was able to establish both a SEP IRA and a fully-funded emergency fund with my earnings.
2. I started investing early
Knowing that compound interest is so important, I wanted to start investing early to have my money work for me. Once I started my first big-girl job, I opened my first Roth IRA. Starting to save for retirement at age 22, I was able to max out my Roth each year and also contribute to aSEP IRA and a non-retirement investment account. My personal taxes are a bit of a maze, and I seem to encounter something new each year but it just comes as a new learning experience. My first job out of school had a 401(k), but you couldn't contribute until you were there at least a year. Knowing I wasn't planning on staying long — I was at that job for a year and a few months — I opened a Roth 401(k) and then rolled my earnings to my Roth IRA.
3. I negotiated salary offers and raises
Negotiating should be a collaboration, not a confrontation. Growing up, I watched my father sit on hold, patiently waiting to negotiate our cable and phone bills. Negotiation was always part of my life, and I grew up with parents who knew how to do it. So when I was offered my first social media freelance gig, I negotiated over $10k more than they offered. And after achieving a 20% bump at my first 9-5, I negotiated $20k more than what was offered at my next job. And $10k more at the next job. If negotiating for raises freaks you out, here's a guide that can help.
4. I've automated my savings
Automating your money not only makes your life easier, but it makes you feel like the percentage you're saving just doesn't exist. I have 26% of each paycheck automatically deposited into a high-yield savings account. This savings account is purposefully at a different bank than my day-to-day checking account, so I'm less likely to withdraw from it and less likely to think about it. This "set it and forget it" level of financial freedom was something I worked hard for -- through money diarying, budgeting, and conscious spending. So now, my savings amount is completely on autopilot.
At the age of 24, I know that I am on the right track to make my goal a reality. Inspired by my own journey, I wanted to help women everywhere to have that same feeling of confidence that financial education gives — and get information from someone who isn't an old, rich white dude. As a money speaker and coach, I run Her First $100K, a financial literacy platform for millennial women on the path to get their first $100K too.
It's possible to achieve your first $100K — whether that's debt paid off, earned, saved, invested, or something else. With intentional strategies and focus, you've got this!
Organic growth has made all the difference for my company. Since its start in 2010, Fresh n' Lean has delivered more than 7.2 million organic meals that are free of pesticides, hormones, GMOs, and other additives. The business itself has grown organically, too, without the help of any outside capital. Over the past decade, Fresh n' Lean's bootstrapped operation has grown into a 220-employee company with nine-figure revenue.
Here's how I've been able to successfully build my business without taking on a penny of outside funding.
1. A Hard Decision
The decision of whether or not to take on outside capital is a difficult one.
I was lucky— I relied on personal savings to fund Fresh n' Lean at the company's onset. I thought Fresh n' Lean was a meaningful endeavor, and I believed in myself and my vision.
Not every business owner would be financially able to make the same decision I did. Either way, it's important that your company's growth happens gradually and naturally.
2. Start Small
I was an 18-year-old college student when I launched Fresh n' Lean.
I would regularly work upwards of 20 hours a day— cooking dishes, arranging the meals in tupperware containers, handwriting the labels, and personally delivering them to some of our earliest customers.
Pretty soon we were shipping meals nationally, and I began renting a commercial kitchen space.
We generated a ton of enthusiasm from our customers, and that support prooved that we were on to something. But the early days featured lots of trial and error. We made mistakes and learned from them before scaling the business.
3. Rely On Your Network
Fresh n' Lean started with a team of five people. My friends and relatives chipped in, and my brother Thomas joined Fresh n' Lean as co-CEO.
Relying on those close colleagues was so meaningful in helping me get the company off the ground. I often look at Fresh n' Lean's employees as a family, and that mentality was especially true in those early days.
As I ramped up the hiring, my experiences with every aspect of our operation made me sharp at understanding the company's needs— and helped me to hire employees with the right skill set and mentality to drive the company forward.
4. Hold Firm
Fresh n' Lean embodies a lifestyle choice, a chance for everyone in the United States to have access to nourishing meals amid their busy lives.
We probably could have driven more sales by offering non-organic meal options, but I wanted the company to remain true to my mission.
A decade later, I'm so proud to see the impact Fresh n' Lean has made in redefining fast food.
5. Capitalize On Industry Trends
We live in a society of instant gratification— we want everything now, and our world is completely focused on convenience.
When Fresh n' Lean was launched, the idea of receiving ready-to-eat meals on your doorstep was a strange concept. But a decade later, we're used to having everything delivered to our homes. Recognizing and capitalizing on those changing consumer habits was a big part of our growth.
6. Don't Bite Off More Than You Can Chew
For years, I wanted to open our own kitchen facility— it was a top priority.
But building the space was a difficult and extensive process that could have financially devastated us if we attempted it too soon. In those early years, the project would have left the company too vulnerable.
Instead of moving forward with the project, we waited. In the meantime, we continued renting commercial kitchen space. One day a week turned into two, and then three and four, and eventually we were renting the space five days a week.
In time, we had no other options but to build our own kitchen facility— and our restraint before moving forward with that project was crucial, even if it was frustrating for the short-term.
7. Focus On You
As you build your company, it's easy to try to compare it to the growth other companies experience.
But headlines and press releases don't reveal the full story, and outside funding can mask structural and foundational problems. One example is the online ordering and meal delivery service Munchery, which secured more than $125 million from lenders before closing in early 2019.
Every company's story is unique! You can't judge your company's success based on the ups and downs of others. Focus on making your company the best you can.
8. One Thing At A Time
Our meal offerings have expanded through deliberate, strategic planning and extensive customer feedback.
Building the recipes takes time— we want to be sure to get it right. And our customer feedback ensures that there's built-in interest before rolling out new meal options.
9. Be Resourceful
Building the company without outside capital forced me to be more resourceful. I couldn't throw money at everything I wanted to change— I had to be patient and find alternative solutions.
It's similar, in a way, to cooking a dish without having every ingredient listed in the recipe. You must have the key ingredients! Our executive chef was one of our earliest hires.
But you can adjust and improvise on some of the secondary ingredients, using whatever alternatives you have available and relying on tried-and-true methods to fill in the gaps.
Who knows? Through experimentation, you just might find a better way to cook your dish or guide your company forward.