Lets break away from some of the common, cookie cutting information out there telling you how to build your wealth with no money…here’s my advice, enjoy! Add me on Instagram: GPStephan
LIMITED TIME: Get 2 FREE STOCKS ON WEBULL when you deposit $100 (Valued up to $2300): https://act.webull.com/k/Vowbik9Tm5he/main
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 (Limited Time Only)
Merch: http://www.GrahamStephanStore.com/
First: Be VERY careful who you listen to and who you take advice from.
There are a lot of people out there who are totally broke, who have no clue what they’re talking about, but who LOVE to give financial advice at any chance they get. Listen to people who are where you want to be. THOSE are the people who have done what you want to do, and chances are, THAT is the advice you should follow.
Second: You GOTTA make money. I
If your goal is to build wealth FAST, you aren’t going to get there by making money with a traditional job, unless that job is going to pay you some exorbitant amount right off the bat. Pick a career or a business that ISN’T dependent on how many hours you work.
Third: Don’t be afraid to invest in yourself.
It doesn’t NEED to cost you money, you can invest in yourself for free if you want to. There are SO MANY videos on YouTube for you to learn from, and you can pretty much learn whatever you want to by just googling how to do something. But I also recommend investing in yourself in the sense that you’ll actually go and USE these things that you learn, and by practicing them firsthand, you’ll eventually get good at them.
Fourth: Minimize your tax bill
-Minimize your taxes with a 401k Contribution
-Re-Invest back into your business so you show the IRS less NET income that you’re taxed on
-Learn how the tax code works and HIRE THE BEST CPA YOU CAN.
-That CPA might set you up with an LLC taxed as an S-Corp, or a straight up S-Corp that becomes the entity you run your business from.
-Consider buying items that you can depreciate, too.
Moral of the story: The more you make, the less of your money you keep…so you MUST learn how to keep your money, or at least HIRE someone who can do this for you. This is REQUIRED. LEARN TAXES.
Fifth: Save Money
First, housing.
This is by far our biggest expense. Look into what’s called “House hacking.” This is where you buy a 2-4 unit property, you live in one of the units, and you rent out the others. This is what I do, and it means I can pretty much live here in Los Angeles ENTIRELY for free. If buying a property isn’t in the cards for you, just consider living with a room mate.
Second, your car is another big expense…
This is where it gets a little more nuanced depending on your situation, but if you’re running a business where people don’t see or care what car you drive…go for a 5-7 year old car that’s already taken most of its depreciation, that’s reliable, and that’s good on gas. Learn how to car hack here:
https://youtu.be/gyJga_kAt_U
Another great money-saving trick I use is to NOT buy anything without first sleeping on it, or waiting a few days.
Most of the time, those impulse purchases go away after one night…and you realize you didn’t really want it that badly to begin with.
Finally, AUTOMATE YOUR SAVINGS. Make sure to put a set amount aside every single month no matter what happens. The funny thing is that even though it might seem like a lot of money to go without all of a sudden, you usually just find a way to make it work, anyway, until you don’t even realize you’ve cut back your budget. Paying yourself is a MUST, so get in the habit of always doing this.
When it comes to this, I also recommend tracking your spending - this is fairly self explanatory, I won’t go into too much detail on this, but use a site like Mint.com or Personal Capital that’ll track everything you spend, so you can see where you’re blowing money on random stuff.
AND FINALLY…JUST INVEST YOUR MONEY in something OTHER than your business, in something that you intend to keep a very long time that will constantly pay you. When it comes to me, I like index funds and real estate - that’s pretty much all I do.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
LIMITED TIME: Get 2 FREE STOCKS ON WEBULL when you deposit $100 (Valued up to $2300): https://act.webull.com/k/Vowbik9Tm5he/main
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 (Limited Time Only)
Merch: http://www.GrahamStephanStore.com/
First: Be VERY careful who you listen to and who you take advice from.
There are a lot of people out there who are totally broke, who have no clue what they’re talking about, but who LOVE to give financial advice at any chance they get. Listen to people who are where you want to be. THOSE are the people who have done what you want to do, and chances are, THAT is the advice you should follow.
Second: You GOTTA make money. I
If your goal is to build wealth FAST, you aren’t going to get there by making money with a traditional job, unless that job is going to pay you some exorbitant amount right off the bat. Pick a career or a business that ISN’T dependent on how many hours you work.
Third: Don’t be afraid to invest in yourself.
It doesn’t NEED to cost you money, you can invest in yourself for free if you want to. There are SO MANY videos on YouTube for you to learn from, and you can pretty much learn whatever you want to by just googling how to do something. But I also recommend investing in yourself in the sense that you’ll actually go and USE these things that you learn, and by practicing them firsthand, you’ll eventually get good at them.
Fourth: Minimize your tax bill
-Minimize your taxes with a 401k Contribution
-Re-Invest back into your business so you show the IRS less NET income that you’re taxed on
-Learn how the tax code works and HIRE THE BEST CPA YOU CAN.
-That CPA might set you up with an LLC taxed as an S-Corp, or a straight up S-Corp that becomes the entity you run your business from.
-Consider buying items that you can depreciate, too.
Moral of the story: The more you make, the less of your money you keep…so you MUST learn how to keep your money, or at least HIRE someone who can do this for you. This is REQUIRED. LEARN TAXES.
Fifth: Save Money
First, housing.
This is by far our biggest expense. Look into what’s called “House hacking.” This is where you buy a 2-4 unit property, you live in one of the units, and you rent out the others. This is what I do, and it means I can pretty much live here in Los Angeles ENTIRELY for free. If buying a property isn’t in the cards for you, just consider living with a room mate.
Second, your car is another big expense…
This is where it gets a little more nuanced depending on your situation, but if you’re running a business where people don’t see or care what car you drive…go for a 5-7 year old car that’s already taken most of its depreciation, that’s reliable, and that’s good on gas. Learn how to car hack here:
https://youtu.be/gyJga_kAt_U
Another great money-saving trick I use is to NOT buy anything without first sleeping on it, or waiting a few days.
Most of the time, those impulse purchases go away after one night…and you realize you didn’t really want it that badly to begin with.
Finally, AUTOMATE YOUR SAVINGS. Make sure to put a set amount aside every single month no matter what happens. The funny thing is that even though it might seem like a lot of money to go without all of a sudden, you usually just find a way to make it work, anyway, until you don’t even realize you’ve cut back your budget. Paying yourself is a MUST, so get in the habit of always doing this.
When it comes to this, I also recommend tracking your spending - this is fairly self explanatory, I won’t go into too much detail on this, but use a site like Mint.com or Personal Capital that’ll track everything you spend, so you can see where you’re blowing money on random stuff.
AND FINALLY…JUST INVEST YOUR MONEY in something OTHER than your business, in something that you intend to keep a very long time that will constantly pay you. When it comes to me, I like index funds and real estate - that’s pretty much all I do.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
Regards, I adore your communication style. Reasonable, knowledgeable, and accessible to all educational backgrounds.
I watch the whole thing❤ Sooner, i'll also nezt ro resigning since i have found my true fashion – photography, videography and being a vlogger!
i want to get in to real estates but i do not got any money and i do not know how
Lol your edits
🤣
Never go to college. That's a leftist trap for you to forfeit cash to the leftist party.
Love the humbleness to begin the journey! Many are obsessed with looking rich than actually becoming rich! Bravo 👏
hey graham how can i learn sales?
It’s said in order to be successful never listen to family friends or strangers advice make ur own life
Invested in Your Like Button.
Grant I love the videos. I currently operate my own clothing business which is barely going and I make music daily! That’s my main motive. My business is music and clothing that’s what I want it to be and there’s no way around it. I find my business with DoorDash and I kinda wanna get into real estate or some business job that requires a more professional version of myself. What do I do? Stay doordashing and put all the money in my business clothing and music? Or do I switch careers and build of a bigger salary? I currently make around $20 to $30k not including expenses but I have a spending issue and I’m buying lots of valuable things that hold their worth. Anything you can do or say will be appreciated. Thanks Graham. I love you.
cries in healthcare worker
Boring now..
I like that last part: "Don't get paid for your time, get paid for your results. "
As an ethical vegan I'm reluctant to help anyone become successful, especially if they're like you, and go off and spend that wealth of leather-strapped wrist watches and suede wing back chairs.
What if you save and invest 50% of your income? 💪 that’s me
Thank you for make this videos man! 🙏
Yeah we know your doing this to help us but also help you. But you're helping me more than you could ever know. Without your knowledge id still be stuck
Graham your channel is is gold for people learning personal finance from around the world 🌍
you wanna make quick money sue assholes.
I am 19 and I live in Germany. I want to get my feet off the ground but Im still at school and I really don't know where to start making money without dropping out or graduating. Especially now that Covid is still around. Do you have any advice for me that could give me a direction to help me figure out what to focus on when I have to sit at home anyways ?
Grab a bag of ADA. Stake it. Profit.
How do I get five dollars per unit ?
Ok how can I get five dollars from two hundred people.
Can’t wait to flex like that “ I got a lot of free time” I claim my free time being guilt free . Sacrifice now to live how I want later 💪🏿
I’m planning on doing what I actually enjoy for a living sooner than later. Thanks for the video.
Great video thanks Graham 😎🤓
The trick is to not own a car, to live with your girlfriend (way more enjoyable than a random room mate), to do free activities like hiking or going to the lake and to brew your own beer or cider.
My goal was a minimum of 100% saving rate.
Your information (and BiggerPockets) helped me do it.
Just found your video. Really loved it. What books would you recommend reading to improve your financial literacy/vocabulary? 🙂
Good suggestion for people who don’t like to work in sales 👍🏻