During a time of rough economic uncertainty, here is how you can best protect your income, invest your money, and come out ahead ok - enjoy! Add me on Instagram: GPStephan
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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:
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FIRST: REDUCE YOUR SPENDING
immediately go and sign up for a budgeting software like Mint.com or PersonalCapital.com. You can also use a paid program like YouNeedABudget.
PART 1, you’re going to link your accounts and then review ALL of your spending throughout the last 60 days and identify those charges.
PART 1 is going to be MANDATORY SPENDING.
This is going to be the bare minimum amount that you NEED to live on, no matter what happens.
Next, PART 2 is going to be your DISCRETIONARY SPENDING
This is EVERYTHING you WANT to have, but don’t absolutely NEED to have.
PART 3: I want you to CUT BACK ON ALL NON ESSENTIAL DISCRETIONARY SPENDING THAT YOU KNOW YOU CAN LIVE WITHOUT.
LAST…PART 4….SAVE THE DIFFERENCE.
Doing this is all about identifying what you don’t absolutely need, cutting back on what doesn’t matter, and then saving the difference for where it matters the most. The last 2 months of your spending is going reveal a LOT about your unconscious spending habits, and the first phase of being able to save more money during turbulent times, is to recognize those charges and cut them back as soon as you can. T
SECOND: SAVE THE DIFFERENCE
The FIRST, MOST IMPORTANT USE of your money is to build up your Safety Fund. This is basically going to become your insurance policy in case you lose your job, can’t afford to keep up with your MANDATORY expenses, don’t want to sell your investments now at a loss, and need something to fall back on…this is it.
Now, in terms of WHERE to put your emergency fund…you want to make sure it’s somewhere safe, and PREFERABLY, somewhere that pays you a little interest. And, for that…we have the almighty HIGH INTEREST SAVINGS ACCOUNT.
In addition to this…if you want a SLIGHTLY better return and don’t need the money immediately, your next option is a CD.
This stands for Certificate of Deposit, and this is basically a savings account with a fixed date of withdrawal. The entire point of this step is just to keep your money easily accessible, liquid, and stable during a time where you might end up needing it the most.
THIRD, I just want it in here, that if you have any high interest rate debt...like credit card debt….now is the time to pay that off, so you don’t accrue EVEN MORE interest that’ll make your situation worse than it needs to be.
FOURTH, You’ll need to do your best to KEEP YOUR JOB, Take on side hustles, and CONTINUE WORKING, if at all possible.
Right now, I really, truly believe that you should do everything you can to go above and beyond with your work, maintain the best relationship you can with your boss and co workers, and make yourself as indispensable as possible.
And FIFTH…once you’ve made sure your job is secure, your emergency fund is in place, and you’ve maximized how much money you’re making…you should begin consistently investing back in to the markets.
Now, as far as WHAT you should be investing in to “protect” your money within these accounts, I personally prefer a few options:
One, is going to be cash. This is just the money you have sitting on the sidelines, so that you take advantage of any good buying opportunities that happen to come up.
Second, I’m going to recommend the usual index funds.
Third, you could also mix in a Bond Index fund within your portfolio, as well…like VTBLX. This should see a lot less volatility, prices should remain way more stable than stocks.
And fourth…I’m sure people want me to throw GOLD into the mix here, so I’m going to mention…GOLD.
That’s why, I believe…the best way to protect your money, is to do your best to stay employed, take on any additional work you can, cut back on expenses, and SAVE THE DIFFERENCE…so, that way, you can ride this through and come out the other side unscathed, and completely profitable.
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
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
FIRST: REDUCE YOUR SPENDING
immediately go and sign up for a budgeting software like Mint.com or PersonalCapital.com. You can also use a paid program like YouNeedABudget.
PART 1, you’re going to link your accounts and then review ALL of your spending throughout the last 60 days and identify those charges.
PART 1 is going to be MANDATORY SPENDING.
This is going to be the bare minimum amount that you NEED to live on, no matter what happens.
Next, PART 2 is going to be your DISCRETIONARY SPENDING
This is EVERYTHING you WANT to have, but don’t absolutely NEED to have.
PART 3: I want you to CUT BACK ON ALL NON ESSENTIAL DISCRETIONARY SPENDING THAT YOU KNOW YOU CAN LIVE WITHOUT.
LAST…PART 4….SAVE THE DIFFERENCE.
Doing this is all about identifying what you don’t absolutely need, cutting back on what doesn’t matter, and then saving the difference for where it matters the most. The last 2 months of your spending is going reveal a LOT about your unconscious spending habits, and the first phase of being able to save more money during turbulent times, is to recognize those charges and cut them back as soon as you can. T
SECOND: SAVE THE DIFFERENCE
The FIRST, MOST IMPORTANT USE of your money is to build up your Safety Fund. This is basically going to become your insurance policy in case you lose your job, can’t afford to keep up with your MANDATORY expenses, don’t want to sell your investments now at a loss, and need something to fall back on…this is it.
Now, in terms of WHERE to put your emergency fund…you want to make sure it’s somewhere safe, and PREFERABLY, somewhere that pays you a little interest. And, for that…we have the almighty HIGH INTEREST SAVINGS ACCOUNT.
In addition to this…if you want a SLIGHTLY better return and don’t need the money immediately, your next option is a CD.
This stands for Certificate of Deposit, and this is basically a savings account with a fixed date of withdrawal. The entire point of this step is just to keep your money easily accessible, liquid, and stable during a time where you might end up needing it the most.
THIRD, I just want it in here, that if you have any high interest rate debt...like credit card debt….now is the time to pay that off, so you don’t accrue EVEN MORE interest that’ll make your situation worse than it needs to be.
FOURTH, You’ll need to do your best to KEEP YOUR JOB, Take on side hustles, and CONTINUE WORKING, if at all possible.
Right now, I really, truly believe that you should do everything you can to go above and beyond with your work, maintain the best relationship you can with your boss and co workers, and make yourself as indispensable as possible.
And FIFTH…once you’ve made sure your job is secure, your emergency fund is in place, and you’ve maximized how much money you’re making…you should begin consistently investing back in to the markets.
Now, as far as WHAT you should be investing in to “protect” your money within these accounts, I personally prefer a few options:
One, is going to be cash. This is just the money you have sitting on the sidelines, so that you take advantage of any good buying opportunities that happen to come up.
Second, I’m going to recommend the usual index funds.
Third, you could also mix in a Bond Index fund within your portfolio, as well…like VTBLX. This should see a lot less volatility, prices should remain way more stable than stocks.
And fourth…I’m sure people want me to throw GOLD into the mix here, so I’m going to mention…GOLD.
That’s why, I believe…the best way to protect your money, is to do your best to stay employed, take on any additional work you can, cut back on expenses, and SAVE THE DIFFERENCE…so, that way, you can ride this through and come out the other side unscathed, and completely profitable.
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.
if i could just go back in time and buy the dip in this day of march 19&20
The problem is over 70% of Americans haven’t been doing this for generations pandemic or not. That’s why so many are flat broke to begin with, but good luck everyone else.
Most expensive asset girlfriend kick out save money
If you put your emergency fund in a savings account. Don't you have to take a fee to withdraw for emergencies?
the first rule should be stop dating.
change your mobile phone to not be found by your ex girlfriends or wives.
uninstall Tinder
thats it you are a millionaire in a couple of years.
Do a quick google search for ECOM BAZZOID someone posted your courses Graham
Do a quick google search for ECOM BAZZOID someone posted your courses Graham
Hi Graham!! My husband and I love your videos . We were hoping you could weigh in on a topic that we are discussing. In your opinion whatnosbthe best way tonuse a credit card?. Out goal is to increase a credit score. Should we leave them all paid off and not use them, should we some and pay off monthly, or pay them weekley before the billing cycle? Ty for the help and input!!!!
Graham, you are always mesmerizing me with valuable information and subtle humor. So, thanks. I've been using the everydollar budgeting site and app since September 2018 while I was laid up with cancer/chemo… BEST THING EVER. We have paid off over $80K in debt (including medical) by using this site, and it's free. I just now had a solid weekend to work on future numbers and was able to project that we will be out of debt, except for the mortgage, NEXT JULY. By then I'll be 52, my husband will be 60, and we are just now learning to ADULT… because of cancer. Our two nearly adult children are happy about it, too.
Y'all… start budgeting NOW.
Not next year, next month, or tomorrow…
Do it right effing NOW.
CUT, SAVE, GROW!
$247.31
Graham what about invest 10% in bitcoin ?
so once you open a savings account with a certain bank (lets say capital one) at let's say 1.50% interest, even if the interest goes up for new customers you stay at the 1.50% you originally opened the account with right? there is no way to ever get the new interest rate (for example 2.0%) that your bank is offering correct? so if you see a higher interest rate on a savings account with your bank you just have to deal with it or switch over to another bank that also has a competitive interest rate? thanks! i been watching your videos since before the stock market crash and I wish I would've invested a little earlier and opened a savings account when it was at 2%. I'm 19 and I am trying to get ahead of the game and become financially educated, really love and appreciate your videos!
Universal income coming. No brainer.
Honestly, I liked your videos already but I am completely sold now. This is such great and sensible advice and, sadly, I'm not confident many other millionaires would do the same. You fully know there are people that trust you and your financial opinions and instead of trying to capitalize on their fears/worries, you've given them real strategies to work through this. I am a fan. Thank you for your videos.
P.S: The like button has been destroyed by the sheer might of the tip of my finger.
I've spent over 15k in the past 4 months. LMAO!
would opening up a new credit card be smart? its been on my todo list forever
Do you have Term Life Insurance?
my foolish spouse invest in timber.. use up saving for a year.. what a fool
Graham- I think I love you! Always the best and consistent advice with a smile on your dial! Go you!!! 🙂
By the time your done taking a poop in the morning I’ve already made one hundred graham. Lol who can relate?
Estimate: $500
Only went back 30 days and had to stop…
Total: $515… I’m super upset right now.
I cancelled my Spotify subscription after this. . .
Love the videos! I like to sort my money into 3 places 1) my minimum living expenses rent+ Costco food 2) my have to live with luxuries Spotify and good coffee 3) everything else
I only have phone bill so 47/month
Hi graham love your challen
After being laid off, I thought it wise to focus on investments, an investor on internet radio mentioned making over $295,000 within 2months with an investment of $100,000 and as beginner I would appreciate any guide or clue on how to maximize profit.
What percent of the difference do you use to pay off credit card debt? 50, 100? I've gotten into trouble with this as sometimes I'm too aggressive paying off debt and then ending up not liquid. So reach a liquid minimum X and then pay down credit card debt? But then do you still build up your emergency fund for 3 months, if you work in an unaffected sector job?
I know you addressed this but you can't pay all bills with credit cards. If you have a lot of credit card debt, then is your emergency fund really how much you need to pay bills with actual money and can't with credit cards?
GREAT VIDEO BTW!
I was going to put the $1,200 stimulus in dollar bills put it on my bed or superglue over it and roll around in the bed give it all sticks to me that way it's not going anywhere
Overall I like this channel and I think you can get some pretty valuable information from it; that being said, the number of transition frames is dizzying, and the number of humble brags in this particular video seems to be unusually high, even by Graham's standards.
Silver TRIPLED in value within 2 years of the last crisis, currently it is priced back where it was before it tripled…just saying.
wow this is great, graham is the mannnnn broo! i would really love some support with my channel and do what graham has done and save money to fund my channel. so everyone please support me if you can by subbing and pressing the bell icon.
So what your saying is to invest into a 25 thousand dollar car you got it On my way!
My 401k is my emergency fund! Specially now that Congress just approve for us to take as much as 100k with out penalty and up to 3 years to pay it back with paying taxes and then you will pay taxes on remaining balance!! Just paid off my house in December at age 42!! Yes in California!lol so now is just a car payment and food and solar panels bill of $200 a month to power my house and electric car (Tesla)