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First: HIGH INTEREST SAVINGS ACCOUNT - https://youtu.be/F2yYiTKRizE
A totally free, high yield savings account is really the FIRST building block you’ll need if you want to begin growing your money and making sound investments. One, make sure the bank has no minimum balance requirements Two, make sure they don’t charge you any monthly maintenance fees .Three, make sure they pay you above a 1% interest rate with no minimums
Second: INVESTING IN A ROTH IRA - https://youtu.be/z-53ZTJmDUA
As far as where you can open one of these up…I personally like Vanguard, they’re a great company with a long term track record…but places like Fidelity, or Charles Schwab work really well, too. And whoever you use, just make sure they’ve been around for awhile - they’re reputable - and they have an easy-to-reach customer service team.
Third: INDEX FUNDS - https://youtu.be/fwe-PjrX23o
An index fund is a big basket that holds a whole bunch of companies inside it. The main reason I like this investment so much is because most investors are REALLY bad at picking individual stocks…and an index fund removes that variable from the equation, and because of that, you end up making more money.
Fourth: THE STOCK MARKET
I generally recommend you do this within a Roth IRA to avoid getting taxed on your profit, but that isn’t required. You could just as easily open an account on Webull using the link in the description and get 2 free stocks, and then trade totally commission free and reap some pretty good returns 😉
Fifth: REAL ESTATE - https://youtu.be/YrOcHJYYl-0
You can cut down your housing costs ENTIRELY, INVEST in real estate, and save WAY more money at the exact same time…and that’s by doing what I call “House Hacking.” This is where you buy a multi-family home, like a duplex, triplex, or fourplex, then live in one of the units and rent the others out. You could also buy a single family home with a detached guest house, or even buy a house in then rent out the bedrooms. But typically, when done right, those other units will cover the entire cost of owning the building - and all of a sudden, you’ve got a free place to stay.
Sixth: SIDE BUSINESS
A side business in your 20s has the potential to grow completely independently from your main job - and NOW is the time for you to pursue that while you still have the energy to work long hours without feeling burnt out.
Seventh: A GOOD CPA
It’s SO IMPORTANT, as soon as possible, you hire a GOOD accountant who knows what they’re doing, and can best structure your business so that you take advantage of everything that’s available to you.
Eighth: PAY DOWN DEBT - https://youtu.be/S9x1FoosIDo
When you have high interest rate debt…paying DOWN that debt is like getting a guaranteed return on your money at whatever interest rate you’re paying down - if it’s above 5%, it’s usually best to pay that off early.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.