These are the 5 biggest money mistakes I see happening in 2018, and how you can avoid them, in 5 minutes and 55 seconds. Enjoy! Add me on Snapchat/Instagram: GPStephan
Join the private Real Estate Facebook Group:
https://www.facebook.com/groups/therealestatemillionairemastermind/
Mistake #1: Spending more than you make. It doesn’t matter how much you make, it’s how much you save. It’s important to track your expenses and budget appropriately, and pay yourself first.
Mistake #2: Leaving too much in cash without investing. The sad truth is that with inflation, the money you keep in cash actually loses its buying power year after year. With an average inflation rate of 2%, this means that every $100 you have saved will be worth $98 the year after. While it’s important to keep an emergency fund and not invest the money you’ll need in the short term, everything else should be earning you more money.
Mistake #3: Don’t carry a credit card balance. The average person has $5700 of credit card debt, and the average credit card interest rate is 16.15%. This equates to $920 per YEAR wasted on credit card interest. If you just invested that amount over 30 years at a 10% gross return, that would be equal to $182,000…that’s how much the average person is losing long term over unpaid credit card balances.
Mistake #4: Don’t ignore your credit score. It’s easy not to pay attention to this, but it’s so important. Building your credit score will save you a lot of money when it comes time to get a car loan or mortgage payment. Even the difference of 0.5% per year can add up to a LOT of money. On a 30-year $250,000 mortgage, that 0.5% equates to more than $18,000 EXTRA out of pocket over the term of the loan.
Mistake #5: Don’t invest in something you don’t fully understand. If you’re confused about what you’re investing in, don’t invest in it. Understand the risks with investing and only invest in what you’re comfortable with.
Thank you again for watching! Hope this helps!
For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3
Join the private Real Estate Facebook Group:
https://www.facebook.com/groups/therealestatemillionairemastermind/
Mistake #1: Spending more than you make. It doesn’t matter how much you make, it’s how much you save. It’s important to track your expenses and budget appropriately, and pay yourself first.
Mistake #2: Leaving too much in cash without investing. The sad truth is that with inflation, the money you keep in cash actually loses its buying power year after year. With an average inflation rate of 2%, this means that every $100 you have saved will be worth $98 the year after. While it’s important to keep an emergency fund and not invest the money you’ll need in the short term, everything else should be earning you more money.
Mistake #3: Don’t carry a credit card balance. The average person has $5700 of credit card debt, and the average credit card interest rate is 16.15%. This equates to $920 per YEAR wasted on credit card interest. If you just invested that amount over 30 years at a 10% gross return, that would be equal to $182,000…that’s how much the average person is losing long term over unpaid credit card balances.
Mistake #4: Don’t ignore your credit score. It’s easy not to pay attention to this, but it’s so important. Building your credit score will save you a lot of money when it comes time to get a car loan or mortgage payment. Even the difference of 0.5% per year can add up to a LOT of money. On a 30-year $250,000 mortgage, that 0.5% equates to more than $18,000 EXTRA out of pocket over the term of the loan.
Mistake #5: Don’t invest in something you don’t fully understand. If you’re confused about what you’re investing in, don’t invest in it. Understand the risks with investing and only invest in what you’re comfortable with.
Thank you again for watching! Hope this helps!
For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3
once you invest in index funds. how do you liquidate the investments?
Thanks for this info. Your vids are extremely helpful, even the short ones with simple tips like these
Do you know anything about investing with a life insurance account?
Learning so much on this channel!! I’ve always taken care of my credit score since I got a card at 18, I’m now 23 and I’m in the high 700s, being only 23 though I’m wondering if I could already buy a house? What would you recommend for young people and real estate specifically? Thank you for all your advice and hard work Graham.
Your videos make me happy, yeet.
How did this vid get so little traction compared to others
Please continue more concise and concentrated videos. (5 min)
Hey graham i know this might be quite random and you might not see this, but I would like to ask if you could give me advice on skills to learn under 18 that could help me down the line making money or just better self development In general. Thanks if you saw this have a great day I’m off to bed.
I always smash that like button Graham. I wish I could smash it two or three times but I can't. Sorry Bro
Hello Graham,
I pm'ed you in facebook with few questions which you may consider answering in a video. Please respond.
Sincerely
Todor Gurkov
I haven't thought of what exactly to invest on. Since my main source of income is thru affiliate marketing, I am thinking of investing in something I am interested too and have a knowledge of. I will definitely keep in mind these tips and start thinking of investing. This is awesome, Graham!
this video took me 9 minutes becasue i had to use the potty for 4 minutes but great vid thanks 🙂
BITCONNECTTTTTTTT!!!!
The last point makes a lot of sense, too many times people jump into things without research
This is such a well put together video.
That bitconnect clip was so hilarious. Do you have recommendation for people who study forever, not knowing where to start?
Graham, buddy, thank you for making this! Thank you for all your videos! Since I started watching your videos in November 2017 I have latched onto and started to incorporate something you said, "I think of every dollar I make as a worker that can make me 10% per year for the rest of my life…"
Since then I have started studying to become a financial adviser and saved $10000. I am currently a 3D animator but the studio life isn't for me. If you want something made in 3D and animated, let me know and we'll work something out.
Great tips, thanks Graham!
Love from the Netherlands.
that bitconnect clip had me rolling lol
I think the real question is "how do I become a credit card company?". Like seriously, here's a piece of plastic that has access to my $XXXX.XX in savings (which is only earning 10%) & I'll charge the 16% instead. Heck, I'll give them a deal of 15% if they switch to me 😉
Always informative, thanks graham!
A really love your content!
Keep posting the fire content🔥👍
Cool
The BEEEEETTTTKKKKKKOOOONNEEETTT part was best! 😂😂😂😂😂😂
Another awesome video! 👌
Lol BITCONNNECTTT, I invested in that and made my money back and some 🙂
You should make a video on a step by step investing in S&P500
Great video but watch out with these videos, because some of them are low on volume, and the other blows the headphone xd well, specifically the bitconet , the ohter one were fine.
I think someone should never get in debt xd
6. Don't buy crytpo
That bitcoin skit was funny as all get out and had my ears bleeding.