My Financial Independence Journey

Achieving Financial Milestones: How I Made My First $100,000 as an Immigrant

In the pursuit of financial independence, the journey for immigrants can be both challenging and rewarding. This blog post unfolds my personal narrative, detailing the significant milestone of reaching my first $100,000. While this sum may not be perceived as extraordinary in today’s financial landscape, the process of saving and investing holds profound importance, especially for those carving out a new life in America.

The Challenge of Building Wealth and Financial Independence:

After securing a high-paying tech job, my aspirations soared towards millionaire status. However, the road ahead revealed itself to be challenging, resonating with the wisdom of investing guru Charlie Munger – the first $100,000 is the hardest. Starting from ground zero, the uphill climb to accumulate this sum becomes a time-consuming endeavor, particularly without aggressive investment strategies.

A Financial Education Gap:

Reflecting on my journey, I found myself lamenting the absence of financial education in both schools and households during my formative years. The power of compound interest and the potential to generate generational wealth should be common knowledge, transcending borders, cultures, and boundaries.

Strategic Financial Moves:

  1. Debt Elimination:
    • The journey began with the liberation from a car loan, freeing up funds for subsequent saving and investing endeavors.
  2. Aggressive Saving:
    • With a lucrative job, I committed to saving $12,000-$15,000 monthly, a disciplined approach that laid the foundation for financial stability.
  3. Emergency Fund Building:
    • Recognizing the importance of financial security, I diligently built a robust emergency fund equivalent to 6 months’ worth of living expenses.
  4. Strategic Investments:
    • Transitioning to the realm of investment, I strategically allocated savings to a diversified Robinhood stock portfolio.
    • Portfolio breakdown: 33% SCHD, 33% QQQM, and 34% in cash selling options, a carefully balanced mix for long-term growth.

financial independence journey - my $100000 stock portfolio
My Robinhood stocks portfolio on November 26 2023.

Diversifying Income Streams:

Acknowledging the significance of multiple revenue streams, I ventured into various endeavors:

  • Uber Eats Driving:
    • Leveraging the gig economy, I added an extra income source through driving for Uber Eats.
  • Fiverr Video Creation:
    • Utilizing my skills, I offered video creation services on Fiverr, catering to clients’ needs and expanding my financial horizons.
  • YouTube Channel Creation:
    • Venturing into content creation, I established a YouTube channel, gaining approval as a YouTube partner for AdSense earnings.

All additional income seamlessly integrated into the Robinhood stock portfolio, amplifying wealth-building efforts.

Conclusion: Navigating the Financial Landscape

In conclusion, the journey to financial success as an immigrant necessitates strategic planning, disciplined saving, and diversified income streams. My personal narrative of reaching the first $100,000 underscores the significance of financial education and the transformative power of consistent efforts in wealth-building.

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