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
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 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1000): https://act.webull.com/k/Vowbik9Tm5he/main
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
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
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.
Wow Tnx bro good
18 year olds are not millennial
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'.
I don’t mind asking us to smash the like button, but the high-pitched ding annoys me.
Too bad I figured this out in my mid 30's, but it still beats finding out in your 50's I guess
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??
"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.
I am only 17, but I am here too.
Cat goes meow
It does make sense… use self control and you save money
"Saving is for losers" – Robert Kiyosaki
My lucky day I am 35 lol
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.
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
<<*Despite the economic crisis, this is still a good time to invest in Crypto and Gold*
Lâu lắm rồi mới được nghe lại bài này. Hay lắm ạ 😘
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
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
Me watching this while just ordered food that costed me 50 while I’m on lunch break 😭
Here's my second channel for anyone who isn't already subscribed 🙂