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The TikTok challenge saves more than $5,000 in just 100 days

Have you ever heard of the 100 envelope challenge? If you never miss an opportunity to save your income and are always looking for news on social media, chances are you are on top of this movement.

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On Tik Tok, the challenge, which is recommended for young investors, promises, in just 100 days, an income of over $5,000 USD. do you believe?

How does work work?

The idea of ​​the challenge is as follows: Mark 100 envelopes from one to 100. On the first day, the recommendation is to put one dollar in the envelope. At the next stage, 2 USD and continue with the same dynamics until the 100th day. With the last deposit of 100 USD, the total savings will result in a value of 5050 USD.

Dynamic is indicated for those who want to save money in a more relaxed way. Basically, this applies to people who are dealing with student loans, high rent and grocery expenses, or who still can’t make ends meet.

For the woman who posted videos on social media of stacks of cash, the challenge seemed to work. According to her, she was able to save $15,000 USD after completing the challenge three times. However, the question remains: Does the idea apply to any individual?

One fact is: the reality is not the same for everyone. According to Flynn Zito Capital Management financial planner Doug Flynn, the sustainability of the final week of the challenge is questionable. “Think about the jobs of the past 5 days – who made $500 last week? Where will GenZer find $98 today and $99 tomorrow?”

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On the other hand, the idea of ​​envelope challenge videos is attractive, eye-catching, fun and even brings a get-rich-quick perspective. On the other hand, this result is not a rule. “How many people will be in the second week?” Here’s another question from Flynn that’s worth considering.