Obioha “Obi” Okereke has been investing since he was 18 and reached the milestone of $100,000 at the age of 24. He used a simple trick to achieve this.
A 24-year-old built a fortune of $100,000 by hiding money from himself, reducing his expenses, and investing wisely. He does not want to have to work until he is 60 – and his trick is surprisingly simple.
He has his salary paid into 2 accounts and saves a lot of money this way
This is the trick: When Okereke started a job at a consulting firm after graduation, he made an agreement with his employer. His salary is divided into 3 areas: First, he made his contribution to his employer’s 401(k) plan, which is a common retirement savings plan in the USA.
The remaining money was split into two checking accounts: Only 20% went into one account that Okereke used to cover his expenses. “When I want to buy clothes, I have a tight budget. If I want to buy jewelry or have to maintain my car, that all comes out of this account,” he tells Business Insider.
This way, he has to think carefully about what he buys. He also used a budgeting app to keep track of his expenses and lived with his parents to keep costs as low as possible.
The rest of his monthly income flowed into a separate account from which he invested, saved, and maintained an emergency fund. Okereke began investing in stocks at the age of 18 and continued to do so throughout his studies.
This way, the 24-year-old was able to build a fortune of $100,000 – that was in 2021. His portfolio value has since grown to over $300,000, as he reveals in a video on his TikTok channel. There, he gives others tips who also want to start investing in stocks.
Hiding money from himself is, however, by no means the fanciest method by which young people build their wealth. You can read more about it here on MeinMMO: Gen Z uses a strange trick to invest money: They rely on astrology and tarot cards
