Here's how to save 50% of your income, from real people who have done it via CNBCMakeIt
Saving half of your income may be more possible than you think. Some regular people have managed to do it, like Grant Sabatier: He went from having almost nothing to setting a goal of retiring early and achieving it within five years.
Putting your financial plan on autopilot means setting up your savings accounts, retirement funds and debt-repayment plans to automatically draw money from your paycheck or checking account each month so that you never have to make the choice to spend or save those dollars. Reining also employs this strategy and has been tracking his income, spending and investments in a spreadsheet since 2006, he tells CNBC Make It:"Once you start tracking this stuff and seeing it month to month and then year to year you really start to understand: 'If I spend less, that means I'm saving and investing more. And if I'm saving and investing more, I'm going to be able to walk away sooner.
Developing multiple streams of income could mean starting a side hustle, generating passive income or picking up a high-paying side job.Tracking your net worth is the"No. 1 tool for real financial success," says Richard Meadows, a millennial who managed to bank $100,000 in three years.
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