This is my advice for everyone between the ages of 18 - 35 on how to manage their money, what to save, and how to invest - enjoy! Add me on Instagram: GPStephan
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First Mistake: Spending too much money
That’s why my #1 piece of advice, ESPECIALLY for anyone who’s 18 to 35 years old, is to SPEND LESS THAN YOU MAKE. I know, it might be common sense to you and I…but it’s not to common sense to a LOT of people. Especially when you consider that 40% of Americans couldn’t cover an unexpected $1000 emergency. So the EASIEST way to get out of that trap, is to simply: track your spending and cut back on discretionary expenses.
Second Mistake: Getting Into Consumer Debt
I really believe that having ANY amount of unpaid consumer debt will grossly hinder your ability to build wealth in the future. So if at all possible, avoid consumer debt AT ALL COSTS…use it only as a LAST CASE RESORT if you literally won’t have food on the table, or there’s something that happens and there’s just no other option.
Third Mistake: Lifestyle inflation
This is the practice in which we make a little bit more money, and then we start spending just a little more each month. The biggest issue I’ve seen is that people get used to spending almost all the money they make, and when that happens…they almost DON’T KNOW what to do when they have money left over at the end of the month….so then, they just continue spending it. And that’s where the problem lies.
Fourth Mistake: No Emergency Fund
An emergency fund is the money you set aside to ONLY be used in case of an emergency, where you have no other option to turn. Ideally, the size of this fund should equal anywhere from 3-6 months of your expenses, and kept easily accessible.
Fifth Mistake: Being Too Cautious About Credit With No Credit Card
Getting a credit card, and learning how to handle it responsibly, is so incredibly important to your financial future. Not only will a credit card provide purchase protection, rewards, or cash back throughout all of your purchases - but you’ll be continually improving your credit score, which will get you the best and lowest rates anytime you buy a property, finance a car, rent an apartment, or do ANYTHING that involves running your credit report.
Sixth Mistake: Not Contributing To Your Retirement
For instance, the BEST time to contribute to a Roth IRA is when you’re young and not earning a ton of money…this is because you’re in a low tax bracket already, so you have more money left over, and your money has more time to grow. Or a 401K allows you to reduce your taxable income and postpone your tax bill until retirement…not to mention that sometimes employers will match your contribution, dollar for dollar, up to a certain amount.
Seventh Tip:
Now is your time to absolutely pursue your career aspirations, work harder than you ever thought was possible, save every extra dollar you can. While sure, it’s fine every now and then to relax and have fun…stay disciplined, because if you play this right, you could use these your 20’s to accumulate enough investable assets to carry you forward for the rest of your life.
And during all of that, do your best to also focus on INCREASING your INCOME, just as EQUALLY as you are on SAVING IT. Sometimes people just can’t save enough money, and it’s not a fault of their savings or spending habits…it’s just the fact that they don’t earn enough in the first place.
And when it all comes to investing…just keep it simple. Broad index funds are the easiest, simplest, and “safest” investments out there when held long term. Or, it’s as simple as spending a few hours a day on BiggerPockets and YouTube researching how to invest in real estate - going and checking out open houses on Sundays - and then eventually looking into purchasing some income property once you have your down payment saved up.
Investing doesn’t need to be complicated, budgeting doesn’t need to be difficult, it’s all about learning the right financial habits early on and then sticking with them long term - and you’ll be on your way to a ton of millennial 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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21 thoughts on “Millionaire financial advice for 18-35 year olds millennial money”
  1. Avataaar/Circle Created with python_avatars guycore says:

    My emergency fund is that I pay things like all of my utilities (phone, net, water and power, etc.) a year in advance. This saved me during the pandemic because I had a year of credit with all of my bills. I was unable to obtain a stable income during lockdowns and such, so that cache of credits just shrank monthly with each bill. It's a significant load of stress that I never needed to carry. When everyone around me was panicking, I had less panic because I had less stress.

  2. Avataaar/Circle Created with python_avatars Farhan Abdulhamid says:

    Wow Tnx bro good

  3. Avataaar/Circle Created with python_avatars david mckesey says:

    18 year olds are not millennial

  4. Avataaar/Circle Created with python_avatars Nova Ambience says:

    How long does it take to get views on your channel? I see so many videos being posted everywhere and none of mine are making any impact, yet I suppose that's 'normal'.

  5. Avataaar/Circle Created with python_avatars The Reply says:

    I don’t mind asking us to smash the like button, but the high-pitched ding annoys me.

  6. Avataaar/Circle Created with python_avatars AccountTake3 says:

    Too bad I figured this out in my mid 30's, but it still beats finding out in your 50's I guess

  7. Avataaar/Circle Created with python_avatars Charlie P says:

    Question, if I would get a high interest rate, secured, credit card and pay it off before it's due there would never be any interest??

  8. Avataaar/Circle Created with python_avatars Daniel Mendez says:

    "Not spending money is like getting paid to not spend it." Is a good mind set but a better mind set would be "Do i want to save my money so i can invest it to get even more money and reach my goal faster o pay my debt so i won't have to worry about it etcetera or do i want to spend it and have to wait longer to reach my goal and be more stressed out later." And after seeing all the bad things that come out of it you will most likely not spend it.

  9. Avataaar/Circle Created with python_avatars Insane Lambda says:

    I am only 17, but I am here too.

  10. Avataaar/Circle Created with python_avatars lambmaster says:

    Cat goes meow

  11. Avataaar/Circle Created with python_avatars Teezy says:

    It does make sense… use self control and you save money

  12. Avataaar/Circle Created with python_avatars AXZS says:

    "Saving is for losers" – Robert Kiyosaki

  13. Avataaar/Circle Created with python_avatars COREY WINTERS says:

    My lucky day I am 35 lol

  14. Avataaar/Circle Created with python_avatars Victor Rodriguez says:

    Graham, you never mention that studies show that people who use credit cards, or even debit cards, spend more than they would if they used cash, and this ends up cancelling out any rewards points they get from using the credit cards.

  15. Avataaar/Circle Created with python_avatars Bloom Windsor says:

    Let's just say I'm getting there because life has taught me a lot, I lost my job as head of my department and decided sourcing other income means without working everyday then I put $ 10k into Stock options and forex trading which has been giving me close to 17 k monthly all it takes is one shift and everything will be alright

  16. Avataaar/Circle Created with python_avatars Josiah Samuel says:

    <<*Despite the economic crisis, this is still a good time to invest in Crypto and Gold*

  17. Avataaar/Circle Created with python_avatars James Aquitania says:

    Lâu lắm rồi mới được nghe lại bài này. Hay lắm ạ 😘

  18. Avataaar/Circle Created with python_avatars Gentle BongRips says:

    Voyager has a 9 percent yield on usdc that means every dollar you put in you get nine cents returned a year paid out monthly. Best savings account ever

  19. Avataaar/Circle Created with python_avatars Юматова Ксения says:

    I have something to say right at watching about the first tip/mistake: I thought for a long time I was good with my finances. I thought I made it right, I thought I could even dare to give out advice to my friends. And recently, after all I have saved (a big sum for a student in Russia) was gone via bad decisions, I started to realize in the back of my head that I did everything wrong. However it daunted on me only when I heard Patricia Bright say ‘spend less than you make, live below your means’, and now I had to deal with this realization that apparently I was wrong. What I wanted to say is: sometimes people think about themselves and/or money the wrong way, and some of the simplest things like this one can be so not obvious, that, when the realization comes, it brings shame with it. How could I not realize that? That sounds so stupid actually. I’m glad I realize that now, and many more things thanks to Patricia and Graham. Love your channels guys

  20. Avataaar/Circle Created with python_avatars Final_Counter says:

    Me watching this while just ordered food that costed me 50 while I’m on lunch break 😭

  21. Avataaar/Circle Created with python_avatars The Graham Stephan Show says:

    Here's my second channel for anyone who isn't already subscribed 🙂

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