Thanks to Dollar Shave Club for sponsoring. Go to http://dollarshaveclub.com/graham to get your first Starter Set for $5. After that, the restock box ships regular-sized products at regular price. Add me on Instagram: GPStephan
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The first habit of making money, is to start tracking your spending immediately.
The whole point is being able to spot inefficiencies where you might be overspending without even realizing it, and getting a REAL, ACCURATE count of how much you spend each month. By seeing this firsthand, you’ll be able to better optimize your budget - cut back in certain areas - and have more money left over that you can invest with.
Secondly, and I know it sounds cliche, but pay yourself first.
This gets you in the habit of prioritizing what’s most important here…YOU. It’s getting in the habit of you treating yourself, your investments, and your retirement as basically the #1 bill you MUST pay every month. And this just increases the likelihood that you’ll actually save that amount.
Third, be VERY aware of lifestyle inflation.
This is what happens when you slowly start to make more money over time, and you slowly start to treat yourself a little more. Maybe you get a promotion and get just a slightly nicer place. Maybe you start eating out at slightly nicer restaurants. Maybe you starting buying new clothes slightly more often. Nothing overly noticeable overnight…but over time, it adds up.
Fourth, ANYTIME you invest - have a long term outlook.
This is really FOUNDATION to investing and making money. For the majority of people, market timing doesn’t work. There have been study, after study, after study which prove that even the best HEDGE FUNDS in the world cannot beat the average return of the SP500…and lets be real, if THEY can’t do it consistently over 10 years, what makes you think you’ll have a shot at it? Having a long term outlook also tends to have better tax advantages, too.
Fifth, when it comes to investing - Invest your time FIRST, money second.
Jumping in right off the bat with a huge cash investment isn’t ALWAYS the smartest choice to make. Sometimes it’s a lot better to invest your time upfront learning about something, or trying it out firsthand before you dump cash into it. There’s always a chance that you decide your time and money might just be better spent elsewhere once you begin learning more about it. Plus, even if you have NO MONEY right now and don’t know where you start, you have time to invest.
Sixth, the BIGGEST piece of advice I can give you is that IF you want to make a LOT of money, you need to do something that pays on results, NOT time.
ANYTIME you’re getting paid by the hour, there’s ALWAYS a limit to how much you can make. You can only physically work so many hours in a day, until your income plateaus very quickly. Getting paid on RESULTS, however, means that your income has NO LIMIT - which can result in a VERY high income, very quickly. I also like that, when you get paid for results, you have DIRECT control of how much you money you make. Controlling your income and making more becomes MUCH more difficult to do.
Seventh, my personal favorite - if there’s something you want to buy, make your investments pay for it.
If you follow this one piece of advice, you will NEVER run out of money - and this is how I’ve built my entire lifestyle, pretty much. Find a way for everything you buy to make its money back and pay for itself. Then suddenly, almost everything you do is now an investment.
Just remember - something like this takes A LONG time to do - don’t expect this to happen overnight. But if you begin PLANNING this mindset now and following everything that I’ve mentioned so far, it’s absolutely something you can achieve LATER if you stay disciplined with your finances, live below your means, invest EVERYTHING, and do this consistently.
Oh, and I lied…one more…ideally, in terms of making money, do something you enjoy doing.
You should be so enthusiastic about what you’re doing to the point where it just becomes FUN, and also happens to make money. Unless you enjoy what you do, you’ll get burnt out and quit. Finding something you LOVE doing means that you can work indefinitely without feeling burnt out or deprived of something in your life. And by doing so, chances are, you’ll make a lot more money.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com

By Stock Chat

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29 thoughts on “7 highly effective habits of making money”
  1. Avataaar/Circle Created with python_avatars Caz PK says:

    The good old days when Graham spoke slowly and I understood everything.

  2. Avataaar/Circle Created with python_avatars PinkYellowGreen says:

    I’m having difficulty making money because of some very scary misogynistic men here in Michigan…they stay chasing me around, coming to where I live and forcing the idea of sharing with them. They keep saying it’s help but it results in me losing a lot every time because they seem to be thugs

  3. Avataaar/Circle Created with python_avatars Rosario Escobar says:

    Great content

  4. Avataaar/Circle Created with python_avatars Josgha says:

    I'm a college student that spent around 1,500 more than my planned budget last school year willy nilly. You finally convinced me to do a better job and I have gotten Mint and set up a spreadsheet and am already seeing results. Thanks!

  5. Avataaar/Circle Created with python_avatars Alex Shemwell says:

    Quick question Graham… you've said before that when you invest in an index fund, you shouldn't touch the money for 10 years. Then in this video you said after investing for four years you had enough to buy a rental property. Is it just because the market happened to be strong after those four years? Did you sell those investments?

  6. Avataaar/Circle Created with python_avatars It's Serafim says:

    Привет из России! Спасибо за видео!

  7. Avataaar/Circle Created with python_avatars Amber Hills says:

    With an effective saving and sufficient time anyone can be a millionaire by simply investing in the overall stock market.

  8. Avataaar/Circle Created with python_avatars Drake Dragon says:

    I like this style.

  9. Avataaar/Circle Created with python_avatars robin hood taehwan thjrobinhood says:

    good.

  10. Avataaar/Circle Created with python_avatars Yazan Jamal says:

    I agree with most of the stuff he is saying but it is possible to beat the market over time if you are a good value investor …

  11. Avataaar/Circle Created with python_avatars Mike D says:

    Great video! Great tips! So informative!

  12. Avataaar/Circle Created with python_avatars Cynthia Ars says:

    To me, #8 is the most important of all… love what you do and everything can happen… including $$$ 🙂

  13. Avataaar/Circle Created with python_avatars Chris Gardner says:

    You missed a wonderful opportunity to say … this ship? I’m the captain now

  14. Avataaar/Circle Created with python_avatars RedShift2Blue says:

    I've tracked every dime I've spent since June 2005. I told one of my broke friends to do the same. After one month he told me he spent $2400 in one month between going out to eat and coffee.

  15. Avataaar/Circle Created with python_avatars Dominique Cavaliere says:

    You're cute thanks for the tips sugar:)

  16. Avataaar/Circle Created with python_avatars Real Man says:

    1)Track your spending.
    2)Pay yourself first.
    3)Be award of lifestyle inflation.
    4)Always think long term.
    5)Invest time first, money second.
    6)Get paid on results, not time.
    7)Spend what your investments make.

  17. Avataaar/Circle Created with python_avatars Douglas Renison says:

    Smash the like for Graham goin’ ham! 😂 🤣 That could be a cooking show like diners, drivethrus, and dives! ❤️💯👍

  18. Avataaar/Circle Created with python_avatars Mark De La Mora says:

    Liked cause he called me out on not tracking my spending yet 😂

  19. Avataaar/Circle Created with python_avatars Frisk_undertale_animation says:

    1. Track your spending
    2. Pay yourself first
    3. Beware of lifestyle Inflation
    4. Always think long term
    5. Invest TIME first, money 2nd
    6. Get paid on results — not time
    7. Spend what your investments make
    8. Work on what you enjoy
    👌🏻👌🏻👌🏻

  20. Avataaar/Circle Created with python_avatars Drake Dragon says:

    I track my spending… every week!

  21. Avataaar/Circle Created with python_avatars Enrique O says:

    I disagree with the investing strategy you have. Individual stocks are more likely to give you a higher return (and has potential to go much lower return) than a diversified fund. If you take the time and dedication to understand companies, read 10 Ks and 10 Qs, you should be making more. But that’s just my op

  22. Avataaar/Circle Created with python_avatars Kit Kat Eevie says:

    Bills are important…. just put the money you would spend on bills in an envelope and wait and then pay the bills with whatever is in your checking account

  23. Avataaar/Circle Created with python_avatars Kit Kat Eevie says:

    Honestly I feel like the best way to save and overall get more money is to get out of debt… permanently. Like put your credit card in an ice tray and freeze it until you feel disciplined enough to use it. Then put the money away you normally would spend on your credit card and see how much it adds up.

  24. Avataaar/Circle Created with python_avatars Slavicus Vile says:

    I clicked the like button cause I already track my spending but dad makes me feel like I need to put more effort in

  25. Avataaar/Circle Created with python_avatars Eddie Butkaliuk says:

    This dude deserve every like for such creative effort😂

  26. Avataaar/Circle Created with python_avatars user01 says:

    he edits vids til 3-4am? I thought his other vid was about sleeping at 10 and waking at 6?

  27. Avataaar/Circle Created with python_avatars R J says:

    WTF my martial arts instructor thought me this for the past 10 years

  28. Avataaar/Circle Created with python_avatars Ramakrishna Kamath Suresh says:

    Could you do a video on the Canadian Real estate investment situation? At least for the Greater Toronto Area?

  29. Avataaar/Circle Created with python_avatars John Gramer says:

    Company name: Dollar Shave Club
    Company cost: $5

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