These are my BEST financial decisions that I’ve made throughout the last 12 years, and how this has helped me build my net worth - enjoy! Add me on Instagram: GPStephan
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FIRST: NOT GOING TO COLLEGE
So instead of going the route of traditional education, I pursued my real estate license. I began working full time right out of high school, I had ZERO debt, I paid for everything outright, and I was able to use those 4 “college” years to get MASSIVELY ahead of my peers, not only monetarily, but in terms of work experience.
SECOND: SAVING EVERYTHING I EARNED
My entire rationalization was this…I thought that if I could save ALL of my income….I could increase my net worth and build my wealth faster than the person who’s 20 years older than me, making 4x what I was making, but spending all of it…and I knew that being young, I could afford to spend LESS than someone who was older and had a lot of overheard…It was from building those habits early on that carried forward, and all of that really just became the foundation of where I am today.
THIRD: INVESTING IN REAL ESTATE
It was really those early real estate purchases that ABSOLUTELY changed my entire outlook on not only investing, but being able to see the rewards of diligent hard work. It was such an incredible feeling to look at a house, and know that I’m the owner…that THAT ownership was the result of so many late nights, so much hard work, so much self doubt, and seeing it right in front of me just made it all feel “Worth it.”
But things REALLY shifted for me, mentally, once I started receiving rent every month. The idea that I could get PAID, every single month…without having to actively work towards that income…was absolutely addicting. It was as though, every single day, I woke up with an extra $20 underneath my pillow…like a real estate tooth fairy.
FOURTH: LIVING IN A DUPLEX
I came across a REALLY good deal on a duplex that I absolutely LOVED…and the numbers just became too irresistible not to move in…because that duplex would cost me almost NOTHING to live in, meaning I could LIVE THERE FOR FREE. That’s because, after the rent I received from the other unit, the tax write offs associated with owning a property and using the garage as my office, and the equity I was building by paying down the mortgage...it was a total break even. Plus, I’d be able to MAKE MONEY by fixing it up and see the property value increase. So when I saw that opportunity, I decided to take full advantage of it and move in. That was EASILY one of my best decisions I’ve ever made.
FIFTH: AVOIDING 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 slightly nicer car…you start eating out a little more often…but this slowly just becomes your new level of “normal,” and it slowly starts to add up.
I’ve made a VERY conscious effort on my part to stay away from lifestyle inflation, and only spend whatever money the rental properties generate…this way, my level of spending can continue indefinitely without me having to actively work, and everything ELSE I make - whether it be from YouTube or real estate sales - is re-invested, to make even more passive income.
And it’s really from the cumulation of those choices that’s led me to where I am today, and each one of those choices led to the other…without the building block of saving as much money as I could, I don’t think ANY of this would’ve worked out as well as it did.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
Get a Free Stock on WeBull when you deposit $100 (Valued up to $1000): https://act.webull.com/k/Vowbik9Tm5he/main
Merch: http://www.GrahamStephanStore.com/
Graham Stephan Discord: https://discord.gg/pazcWtR
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
FIRST: NOT GOING TO COLLEGE
So instead of going the route of traditional education, I pursued my real estate license. I began working full time right out of high school, I had ZERO debt, I paid for everything outright, and I was able to use those 4 “college” years to get MASSIVELY ahead of my peers, not only monetarily, but in terms of work experience.
SECOND: SAVING EVERYTHING I EARNED
My entire rationalization was this…I thought that if I could save ALL of my income….I could increase my net worth and build my wealth faster than the person who’s 20 years older than me, making 4x what I was making, but spending all of it…and I knew that being young, I could afford to spend LESS than someone who was older and had a lot of overheard…It was from building those habits early on that carried forward, and all of that really just became the foundation of where I am today.
THIRD: INVESTING IN REAL ESTATE
It was really those early real estate purchases that ABSOLUTELY changed my entire outlook on not only investing, but being able to see the rewards of diligent hard work. It was such an incredible feeling to look at a house, and know that I’m the owner…that THAT ownership was the result of so many late nights, so much hard work, so much self doubt, and seeing it right in front of me just made it all feel “Worth it.”
But things REALLY shifted for me, mentally, once I started receiving rent every month. The idea that I could get PAID, every single month…without having to actively work towards that income…was absolutely addicting. It was as though, every single day, I woke up with an extra $20 underneath my pillow…like a real estate tooth fairy.
FOURTH: LIVING IN A DUPLEX
I came across a REALLY good deal on a duplex that I absolutely LOVED…and the numbers just became too irresistible not to move in…because that duplex would cost me almost NOTHING to live in, meaning I could LIVE THERE FOR FREE. That’s because, after the rent I received from the other unit, the tax write offs associated with owning a property and using the garage as my office, and the equity I was building by paying down the mortgage...it was a total break even. Plus, I’d be able to MAKE MONEY by fixing it up and see the property value increase. So when I saw that opportunity, I decided to take full advantage of it and move in. That was EASILY one of my best decisions I’ve ever made.
FIFTH: AVOIDING 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 slightly nicer car…you start eating out a little more often…but this slowly just becomes your new level of “normal,” and it slowly starts to add up.
I’ve made a VERY conscious effort on my part to stay away from lifestyle inflation, and only spend whatever money the rental properties generate…this way, my level of spending can continue indefinitely without me having to actively work, and everything ELSE I make - whether it be from YouTube or real estate sales - is re-invested, to make even more passive income.
And it’s really from the cumulation of those choices that’s led me to where I am today, and each one of those choices led to the other…without the building block of saving as much money as I could, I don’t think ANY of this would’ve worked out as well as it did.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
agreed.
Nice
Watching Graham Stephan videos: best money making decision that’s completely FREE
Graham – I can't speak for anyone else, but I personally wouldn't care what car a real estate agent was driving, I wouldn't even notice. I'd be too busy focusing on the property, is it good value, is it what I am after, what are its pros and cons ect. I find it really interesting that so many people would care about the car! "Oh, this house is my dream house and it's fantastic value, but this guy I just met who is showing it to me is in a car I don't like so no thank you."
i get passive rental income. its like winning the lottery every month.
Hey! I've just uploaded my version of "5 best financial decisions' Would be honoured if you'd check it out and tell me what works and what I can improve upon. Also, to everyone – I'd love to hear your thoughts, critics and ideas! Please share them and help me generate good and helpful content for the world 🙂
Graham: No college
Me a university student currently stressing about paying back my schooling and rethinking my decisions – 👁 👄 👁
Yeah💯✅
"Live as if you are broke!"
Great advice.
Graham: “Get a credit card”
Ramsey: “So you have choosen death”
My dad is an investment banker and I accidentally saw one of his paycheques and it’s absolutely insane
This advice helps a lot. It’s always a good idea to invest in yourself!!!
My dad this this…he now has the $ work for him.
Graham Saving Stephen
i do ok now pretty happy spent loads of money when i was young had loads of fun, regret nothing
I'm not knocking you for not going to college, you had to make ends meet. But being on an academic or athletic scholarship could've been another method to be debt free AND getting your education.
at a boy grahm, you remind me of me 30 years ago.i am movited again by your videos.
I wonder if years later you will still think that not going to college was a good decision (let alone your no. 1 best). I understand your opportunity cost argument, but you are missing a lot about the benefits of college: personal growth, developing relationships and developing life long skills that really shape who you would be years later. All of this is really what the college experience is about, and that takes you far further than just what one learns in the books. Etc. No one knows whether you would be financially better off or not had you gone to college because of the impact it has on one’s life direction.
Only responsible spending teenagers should have a credit card when young. Weebles wobble but they don't fall down.
Since finding your channel and utilizing your advice, I haven't been living paycheck-to-paycheck in a few months of putting everything into practice. I'm saving, investing, and monitoring my spending(albeit slower than I'd like. Just starting though. Patience.). This is on 35k/year. Tip 5 has been one of the biggest helps for this.
Those 20 cent iced coffees help too.
One thing I don’t think you’ve mentioned is just how much TIME you save. But, it could be because you haven’t had to work for the extended period of time so many of us have had to.
What I mean by this is, do you know just how much time is wasted working in an office? Geeze! It’s MIND BOGGLING! The time wasting circular and spaghetti processes under the guise of “working as a team” they have, the having to come in and look busy, even when you don’t have anything to do. I worked at a company years ago that was sold to a larger company and, as the jobs dried up, it took over a year of me and many of my coworkers sitting there, doing nothing, in order to get paid. It’s as if you’re in a daily trap of mediocrity where, yes, you’re doing better than if you were unemployed but, you never have to worry about doing any better, while you sit there, get fat, and lose your health. The only calories you might burn is in stress and anger. You are EXACTLY in the Matrix!😳
Liking your own video be like
Hey i went to Pepperdine! And for that, I'll smash the like button.
Absolutely LOVE your NO nonsense delivery – esp. your Lists and your Humor.🎅☺️🌲😣💞🌲💫☺️
I've wanted to rent half a duplex since I was young. But I don't know how to educate myself in the rules and steps to rent out anything. 😪
Buying a real estate building in Switzerland is so difficult as a young person because of you have to pay over 1 million CHF to buy it oh so you earn only something about 1000 to 3000 CHF per month.