According to a survey, 78% of workers live paycheck to paycheck - here is how to STOP living paycheck to paycheck and the best strategies to grow your wealth. Enjoy! Add me on Instagram: GPStephan
Get 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1400): https://act.webull.com/k/Vowbik9Tm5he/main
NEW: JOIN THE WEEKLY MENTORSHIP - https://the-real-estate-agent-academy.teachable.com/p/graham-stephan-mentorship-program/
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
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
Nearly 1 in 3 American workers run out of money before payday—even those earning over $100,000:
https://www.cnbc.com/2020/02/11/32-percent-of-workers-run-out-of-cash-before-payday.html
Lets talk about what’s going on:
First, it’s not surprising that just as many people are running out of paychecks at $200,000 per year, as they are at $50,000 per year. Even though I don’t have any conclusive research to back this up, I believe that the TYPE of person to overspend at $50,000 - would be just as likely to overspend at $200,000 - which is why, overall, spending increases in proportion to your income. Even if they are barely scraping by at $200,000 - increasing their income to $500,000 wouldn’t solve the underlying issue.
This might even be a derisive of Parkinson’s Law, which suggests that our work expands to fill the time available - or, in this case, our spending expands to fill our available income. So, the only way to BREAK this cycle in the first place is to NOT give in to lifestyle inflation, and make a VERY conscious effort to keep your spending THE EXACT SAME - regardless of how much you’re making.
So, at least from that perspective…we can understand the psychology behind why people aren’t saving money, aren’t are they should be saving, spend as much as they make - regardless of how much they make, and will always worry about money until the end of time. But, if you take a proactive approach to fixing this problem…you CAN make a difference:
At this point, I’m a firm believer in focusing on the things we have full control over, NOW, and what we can actually do to make a positive step in the right direction, today. And part of that comes with taking responsibility for our own actions, and realizing that we can direct our finances in any way we chose…and that all starts with budgeting.
Since less than 1/3rd of workers surveyed had a budget…and 78% live paycheck to paycheck…I think it’s no surprise, a budget should be the FIRST thing on anyone’s list who isn’t saving the money that they need. This, to me, is even more important than finding a new job or making more money…because, again, if the initial problem isn’t solved…it’ll continue.
So, to make a budget…I’d highly recommend free resources like Mint.com or PersonalCapital.com, which will automatically track your income and expenses - and then give you a detailed breakdown of where every last dollar is going.
By doing that, you can better identify the things you don’t need to spend money on…and then, create a budget to cut back. If Americans are spending, on average, $500 on non-essential spending…there is FOR SURE room to cut back.
Second, to help stave away lifestyle inflation…I highly recommend SAVING AND INVESTING YOUR MONEY FIRST, and then SPENDING what’s left over…not the other way around.
I also recommend waiting to buy anything that isn’t already in your budget, even if it’s just 24 hours…because, most of the time - when you sleep on something overnight…you’ll wake up the next day and realize that, eh, you don’t really want it all that bad.
And third, realize that this applies to nearly EVERYONE. Consider it like going to the gym…just because your in shape, doesn’t mean you stop going to the gym…because, after all, that’s what got you in shape to begin with. Same applies to this.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
Get 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1400): https://act.webull.com/k/Vowbik9Tm5he/main
NEW: JOIN THE WEEKLY MENTORSHIP - https://the-real-estate-agent-academy.teachable.com/p/graham-stephan-mentorship-program/
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
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
Nearly 1 in 3 American workers run out of money before payday—even those earning over $100,000:
https://www.cnbc.com/2020/02/11/32-percent-of-workers-run-out-of-cash-before-payday.html
Lets talk about what’s going on:
First, it’s not surprising that just as many people are running out of paychecks at $200,000 per year, as they are at $50,000 per year. Even though I don’t have any conclusive research to back this up, I believe that the TYPE of person to overspend at $50,000 - would be just as likely to overspend at $200,000 - which is why, overall, spending increases in proportion to your income. Even if they are barely scraping by at $200,000 - increasing their income to $500,000 wouldn’t solve the underlying issue.
This might even be a derisive of Parkinson’s Law, which suggests that our work expands to fill the time available - or, in this case, our spending expands to fill our available income. So, the only way to BREAK this cycle in the first place is to NOT give in to lifestyle inflation, and make a VERY conscious effort to keep your spending THE EXACT SAME - regardless of how much you’re making.
So, at least from that perspective…we can understand the psychology behind why people aren’t saving money, aren’t are they should be saving, spend as much as they make - regardless of how much they make, and will always worry about money until the end of time. But, if you take a proactive approach to fixing this problem…you CAN make a difference:
At this point, I’m a firm believer in focusing on the things we have full control over, NOW, and what we can actually do to make a positive step in the right direction, today. And part of that comes with taking responsibility for our own actions, and realizing that we can direct our finances in any way we chose…and that all starts with budgeting.
Since less than 1/3rd of workers surveyed had a budget…and 78% live paycheck to paycheck…I think it’s no surprise, a budget should be the FIRST thing on anyone’s list who isn’t saving the money that they need. This, to me, is even more important than finding a new job or making more money…because, again, if the initial problem isn’t solved…it’ll continue.
So, to make a budget…I’d highly recommend free resources like Mint.com or PersonalCapital.com, which will automatically track your income and expenses - and then give you a detailed breakdown of where every last dollar is going.
By doing that, you can better identify the things you don’t need to spend money on…and then, create a budget to cut back. If Americans are spending, on average, $500 on non-essential spending…there is FOR SURE room to cut back.
Second, to help stave away lifestyle inflation…I highly recommend SAVING AND INVESTING YOUR MONEY FIRST, and then SPENDING what’s left over…not the other way around.
I also recommend waiting to buy anything that isn’t already in your budget, even if it’s just 24 hours…because, most of the time - when you sleep on something overnight…you’ll wake up the next day and realize that, eh, you don’t really want it all that bad.
And third, realize that this applies to nearly EVERYONE. Consider it like going to the gym…just because your in shape, doesn’t mean you stop going to the gym…because, after all, that’s what got you in shape to begin with. Same applies to this.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
I am normally a saver and budgeter but since I got my first job, I spent more money as my income increased. Yikes 😬
Love this. Thanks Graham!
What a good video.
Live at home as long as you can, and live like you’re a struggling student for as long as you can.
“Why would you save money when there printing money”
He talks so fast. Good thing I can understand what he's saying, but if English is your second language- good luck!
First of all you talk to fast and your voice sounds like the ventriloquist guy, Jeff Dunham
Can't listen to you! Slow down
Very good! Your best one yet-
It seems insane that people making more than $40k per year are living paycheque to paycheque. I make less than $1,000 per month and I’m saving half of it. I still live with my parents tho so I don’t have bills but I know it’s not 4K+ per month
I do right now living paycheck to paycheck 😬 its scary been a float because of when the paychecks drop throught the month, thankfully this coming September is my last car payment so thats an extra 400 bucks a month whew….
the amount of college friends judging me why i still live with my parents over 18 when i was in college are now living like this. paycheck to paycheck.
Now i have my own car, Insurance and investment funds, and afford my own rent as an international migrant
This one video defines why Graham is a millionaire 😍
I say everyone cut the cable and get a good antenna and just be happy with the TV shows you get plus movies and other stuff. I only have 14 channels and there's always something on that I enjoy watching. I love the TV shows I watch on just the 14 channels I have. I wouldn't want it any other way.
Well you know what they say unless you make a truly astronomical amount of money you can definitely spend all your money that’s why these people are living paycheck to paycheck
So if 78% of the population is living paycheck to paycheck that means I’m doing better than 78% of the population who would’ve thought.
Favorite video by far! Great stuff, Graham
Not so bad things being freaked out about like
Anything not cis
Healthcare
EPA
US citizens voting
Bad things being normalized like
Bigotry
Global Warming
Mass Killings
The US's behaviour in almost everything it does….
Graham gives more advice than most finance teachers in school
First, being in debt from leaner times. Second, never being able to dig out of it due to yearly raises being less than cost of living increases. Just my yearly rent increases alone was much larger than the same token raise given every year.
Even though I can live comfotably I decided to transfer all my money to my investment account aside from the amount I have budgeted for, this way I can push my self to spend less and basically give myself an extra tax so I invest more money 🙂
In 5 years on YouTube, I've never seen SO many ads in a 12 minute video.
I always smash the like button just because you remind me in such a great way
I thought he was gonna say Parkinson’s Disease lmaooo 🤣
Great content as usual,
went from pay check to pay check taking home like 30k A year Which is like poverty as a forklift driver.
Eventually switched companies offering to pay more For the same job but kept my expenses minimal. With money left over it’s tempting to just suddenly buy a car or a big house instead of finding ways to start building wealth .
Cryptocurrency/ stock trading is a big chance to make money nowadays, if you can’t see that at this point is time you learn more about it.
Completely agree. Finally took your advice and started my own YT channel!
Stop treating your money like it's social media, spending it for the likes from others.
Thank you!
I really needed to hear these things
Thank you for this knowledge.
That ask for a like is always on point
rich kids have a way of figuring things out …
I don't know … the more money I make, the less I want to spend.
"How to Stop Living Paycheck to Paycheck??" Feb 2020
"Stop Having Paychecks, Haha" March 2020
Dave Ramsey will set you free from living paycheck to paycheck. It changed my life.