Here’s how you can manage your money like the 1%, and how you can follow this simple formula to Financial Independence - Enjoy! Add me on Instagram: GPStephan
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Step one: Having a budget by tracking your expenses and reducing unnecessary spending.
If you just do this single step, you’ll be ahead of 99%. From doing this, you can determine if you’re spending money on things that don’t matter, if you’re making impulse purchases, or if you’re just otherwise wasting money without even realizing it. When you do this, you will find a way to reduce spending without missing anything…you can likely save about 10% of your income just by tracking your expenses, and then reducing spending on the things you don’t even realize.
Step Two: Creating a Rainy Day Fund.
Every single wealthy person I know has a rainy day fund of AT LEAST 3-6 months worth of expenses. This means that you already know, from tracking your expenses, how much you need to spend every month to live…now save up 3-6 times that amount, in cash. You do not spend this money, EVER, unless you absolutely need to.
Step Three: Take advantage of employer sponsored retirement plan matching.
This means that if your employer offers a 401k match…ALWAYS TAKE IT. THIS IS FREE, GUARANTEED MONEY. There is no other investment in the history of the world that will give you a risk free, guaranteed 100% return on your money like an employer match. And if you’re self employed, you can make your own employer contributions with a SEP 401K…google that, because that’s a great way to reduce your taxes.
Step Four: Pay off high interest rate debt.
This means that if you have any outstanding debt over a 5% interest rate, begin PAYING THIS OFF NOW after you have your rainy day fund, and after you’ve got your free employer match. When it comes to paying off debt, there are two strategies to go about this:
The first is called the avalanche method, and mathematically, this should leave you with the most money left over as possible. This means you should start paying off the highest interest rate debt you have first, and then once that’s paid off, you to go the next highest interest rate…until it’s all paid off.
The second method is the Dave Ramsey approach, and that’s called the snowball method. This means you pay off the smallest balance, first, regardless of interest rates, and then move up to the next largest balance…and the next largest, until you leave the biggest balance for last. The downside, of course, is that you likely end up paying more money in interest and that costs you more in the long run - but if doing this means you pay off debt, I’m all for it. As long as long as you pay off high interest debt.
Step Five: Invest in yourself.
This could be buying books, this could be learning a new skill, this could be investing back into your business…self education, in my opinion, is absolutely vital at this stage. If you’re in a position RIGHT NOW where you’ve already done as much as you can, and you don’t have any money left over after doing all of this..then there’s no way around it, you’ve gotta work to increase your income.
Step Six: Invest in a Roth IRA.
This is an account that allows you to invest your after-tax money, and when you’re 60, all the profit you make in that account is completely TAX FREE…this means that you can get decades of investment growth and compound interest working on your side that you don’t have to pay tax on. And when it comes to growing your wealth, having this available to you is absolutely priceless…watch this:
https://youtu.be/z-53ZTJmDUA
Step Seven: Invest in Taxable Accounts / Anything Else.
This means that you have your brokerage account where you just trade stocks in, maybe you buy some real estate, maybe you spend some money starting a business…from this point on, it’s really about just doing what you can to increase your income even further and build up your net worth.
The hardest part about doing all of this, and managing your money like the 1%, is just starting. And it all starts right here, at step number one.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
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By Stock Chat

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27 thoughts on “How to manage your money like the 1%”
  1. Avataaar/Circle Created with python_avatars CaffeineGuy KHGM says:

    I wanna see a podcast with him and robert keyosaki

  2. Avataaar/Circle Created with python_avatars TooMuchMadness says:

    Just don’t be a consumer

  3. Avataaar/Circle Created with python_avatars Edward Corke says:

    Step 0: have money

  4. Avataaar/Circle Created with python_avatars L 2 says:

    idk what planet u on where u can first pay ur debts off before u start investing. is it not better to start investing small amounts of what u have, whos gonna spend 5-10 years paying off their student debt before they start investing

  5. Avataaar/Circle Created with python_avatars courtney bryant says:

    I finally made it to the last step. Thank you man. 👍

  6. Avataaar/Circle Created with python_avatars Tanweer Chiktay says:

    Hello
    Hey

  7. Avataaar/Circle Created with python_avatars Timofey Schröder says:

    But after paying for rent and so forth I don’t have money left😭😭😭

  8. Avataaar/Circle Created with python_avatars Rodolfo Rodriguez says:

    Already ashed it. Yeah baby!

  9. Avataaar/Circle Created with python_avatars Redd Bendd says:

    If I didn't spend 30 bands and got a job I would prolly be doing good rn

  10. Avataaar/Circle Created with python_avatars Farhan Nahraf says:

    Ok good

  11. Avataaar/Circle Created with python_avatars Farhan Nahraf says:

    Full address live harara

  12. Avataaar/Circle Created with python_avatars Farhan Nahraf says:

    Address ETHIOPIA

  13. Avataaar/Circle Created with python_avatars Farhan Nahraf says:

    Age 20

  14. Avataaar/Circle Created with python_avatars Farhan Nahraf says:

    Gender male

  15. Avataaar/Circle Created with python_avatars Farhan Nahraf says:

    City Harar

  16. Avataaar/Circle Created with python_avatars Farhan Nahraf says:

    Country ETHIOPIA

  17. Avataaar/Circle Created with python_avatars Farhan Nahraf says:

    Name Ferhan Abdulhamid Ahmed

  18. Avataaar/Circle Created with python_avatars 117swordsmen says:

    I wanna see the bucket of fried chicken under his desk that he's keeping on standby with that heat lamp.

  19. Avataaar/Circle Created with python_avatars Text now👉♱①⑥①⑨⑤①②③⓪⑦② says:

    I been investing with ⬆️⬆️⬆️ bestbitcoinivestors company because I believe in its potential, the capacity has transform my life, the profits are also attractive and i get my profits each week where i can chose to have the profits sent to my wallet or company on top of my original capital. so today am surely recommending this best and safe company for investments

  20. Avataaar/Circle Created with python_avatars RAP IN SCHULEN says:

    Great topic! Great video! Thank you ❤️

  21. Avataaar/Circle Created with python_avatars Clutter Reduction Junk Removal says:

    I make sure to come back to this video every year to refresh goals and see where I'm at versus the same time last year! Great video

  22. Avataaar/Circle Created with python_avatars Viënna Maduro says:

    as a non american wtf is a 401K and roth ira

  23. Avataaar/Circle Created with python_avatars nikyabo says:

    Man been saving alot but recently I have been on a spending spree that my savings ain't moving anymore. I just got a raise that is more than the inflation rate, I have no idea where my money goes. Sheesh.

  24. Avataaar/Circle Created with python_avatars Ivan Ivan says:

    Thank you Graham!

  25. Avataaar/Circle Created with python_avatars MAIN MUSIC says:

    Im investing in affiliate marketing

  26. Avataaar/Circle Created with python_avatars Pavlo Brian says:

    An investment in knowledge pays the best interest."

  27. Avataaar/Circle Created with python_avatars Yolokaikai says:

    I love going to salvation army stores or carousel online to grab cheap stuff.. XD

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