Millionaire Financial Advice For 18-35 Year Olds | Millennial Money finance advice

by susquehanNAva



This is my advice for everyone between the ages of 18 – 35 on how to manage their money, what to save, and how to invest – enjoy! Add me on Instagram: GPStephan

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First Mistake: Spending too much money
That’s why my #1 piece of advice, ESPECIALLY for anyone who’s 18 to 35 years old, is to SPEND LESS THAN YOU MAKE. I know, it might be common sense to you and I…but it’s not to common sense to a LOT of people. Especially when you consider that 40% of Americans couldn’t cover an unexpected $1000 emergency. So the EASIEST way to get out of that trap, is to simply: track your spending and cut back on discretionary expenses.

Second Mistake: Getting Into Consumer Debt
I really believe that having ANY amount of unpaid consumer debt will grossly hinder your ability to build wealth in the future. So if at all possible, avoid consumer debt AT ALL COSTS…use it only as a LAST CASE RESORT if you literally won’t have food on the table, or there’s something that happens and there’s just no other option.

Third Mistake: Lifestyle inflation
This is the practice in which we make a little bit more money, and then we start spending just a little more each month. The biggest issue I’ve seen is that people get used to spending almost all the money they make, and when that happens…they almost DON’T KNOW what to do when they have money left over at the end of the month….so then, they just continue spending it. And that’s where the problem lies.

Fourth Mistake: No Emergency Fund
An emergency fund is the money you set aside to ONLY be used in case of an emergency, where you have no other option to turn. Ideally, the size of this fund should equal anywhere from 3-6 months of your expenses, and kept easily accessible.

Fifth Mistake: Being Too Cautious About Credit With No Credit Card
Getting a credit card, and learning how to handle it responsibly, is so incredibly important to your financial future. Not only will a credit card provide purchase protection, rewards, or cash back throughout all of your purchases – but you’ll be continually improving your credit score, which will get you the best and lowest rates anytime you buy a property, finance a car, rent an apartment, or do ANYTHING that involves running your credit report.

Sixth Mistake: Not Contributing To Your Retirement
For instance, the BEST time to contribute to a Roth IRA is when you’re young and not earning a ton of money…this is because you’re in a low tax bracket already, so you have more money left over, and your money has more time to grow. Or a 401K allows you to reduce your taxable income and postpone your tax bill until retirement…not to mention that sometimes employers will match your contribution, dollar for dollar, up to a certain amount.

Seventh Tip:
Now is your time to absolutely pursue your career aspirations, work harder than you ever thought was possible, save every extra dollar you can. While sure, it’s fine every now and then to relax and have fun…stay disciplined, because if you play this right, you could use these your 20’s to accumulate enough investable assets to carry you forward for the rest of your life.

And during all of that, do your best to also focus on INCREASING your INCOME, just as EQUALLY as you are on SAVING IT. Sometimes people just can’t save enough money, and it’s not a fault of their savings or spending habits…it’s just the fact that they don’t earn enough in the first place.

And when it all comes to investing…just keep it simple. Broad index funds are the easiest, simplest, and “safest” investments out there when held long term. Or, it’s as simple as spending a few hours a day on BiggerPockets and YouTube researching how to invest in real estate – going and checking out open houses on Sundays – and then eventually looking into purchasing some income property once you have your down payment saved up.

Investing doesn’t need to be complicated, budgeting doesn’t need to be difficult, it’s all about learning the right financial habits early on and then sticking with them long term – and you’ll be on your way to a ton of millennial money.

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at [email protected] .

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47 comments

The Graham Stephan Show 13/12/2021 - 6:42 Chiều

Here's my second channel for anyone who isn't already subscribed 🙂

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Mary Ann 13/12/2021 - 6:42 Chiều

There is one thing I have learned in recent months it is to remain calm especially when it comes to investments in cryptocurrencies. Learn not to sell in a panic when everything goes down and not to buy in euphoria when everything goes up. I advise y’ all to forget predictions and start making a good profit now because future valuations are all speculations and guesses. The market is very unstable and you can not tell if it’s going bearish or bullish. While my self and others are trad! N without fear of making a loss others are patient for the price to sky rocket. It all depends on a pattern you follow. I was able to make 20BTC from 5BTC in just august from implementing trades with tips and info from Maryann Russell

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Julio Miguel Nieto Sotomayor 13/12/2021 - 6:42 Chiều

Like a politician. Too much talking. Too little in the message.

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famdrafts 13/12/2021 - 6:42 Chiều

Honestly wish I had started doing this earlier. After finishing school and starting uni, I sat back and enjoyed my uni experience. I didn't even think about what I wanted to do after graduation. I wish I had started when I was at uni during my free time. I'm in my mid-twenties now and only just started investing

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Sever3Shorts 13/12/2021 - 6:42 Chiều

.

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raffd0206 13/12/2021 - 6:42 Chiều

This guy has no clue on how fitness/bodybuilding works.

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raffd0206 13/12/2021 - 6:42 Chiều

These don’t apply in the uk??

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Allison McAlpine 13/12/2021 - 6:42 Chiều

love your videos – I've learned soo much from watching them over the past year. I wish that they were around when I was in my 20s

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Andrew Wills 13/12/2021 - 6:42 Chiều

nice shirt gram
🙂

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FirebendsTea 13/12/2021 - 6:42 Chiều

I wish I had a Ramsey!

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Krystyl Summers 13/12/2021 - 6:42 Chiều

Don't tell your future wife that she needs to pay the bills

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Lucas Dimoveo 13/12/2021 - 6:42 Chiều

I was the kid that never got a credit card. Looking back I'm glad I never did because I was in service industry for a decade, but it meant that if I got in a rut I was in it for months.

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Mistant 13/12/2021 - 6:42 Chiều

I’ve wasted 3k in this month by not watching Grapham videos.
Story time: this month was my vacation after working 19 months without any days off or just working extra hours. I haven’t cooked for myself this month and have gone on multiple dates. Yes i got laid but I felt like vacation didn’t help me at all and I got into the mentality of “ i took the month off so let me live like other Americans”. Luckily I came to the US a few years ago so I don’t have any loans. But i’m re focused again now. Thank you Gra

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Bradley Petschow 13/12/2021 - 6:42 Chiều

I’m gonna start a college fund for my future kids so they can avoid student loan debt. Hell, if they don’t want to go to college, I’ll just give it to the them as a monitored “boost” for their life or business start up. I’ve learnt as a 21 year old that preparing for the future is key and it’s something I wish my parents would have done.

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Kemi Kunle 13/12/2021 - 6:42 Chiều

1.9% 😂

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Harry Zhu 13/12/2021 - 6:42 Chiều

the high yield in the videoooooo but this was before the pandemic ughh i have ally right now

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The Young Banker 13/12/2021 - 6:42 Chiều

Love the way you described the “paying yourself when not buying something” method you use. Great advice!!

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Wesley Clark 13/12/2021 - 6:42 Chiều

Came from Alpha.M love the content!

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Jarasaurus 13/12/2021 - 6:42 Chiều

He mentioned bigger pockets! Yes! 🙌🏼

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Alan Holmes 13/12/2021 - 6:42 Chiều

Have you ever covered Vero bank savings accounts? Their interest is crazy

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Sesh 115 13/12/2021 - 6:42 Chiều

I wish I had real life friends like graham in my life;(

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MadScientist FPV 13/12/2021 - 6:42 Chiều

"Getting paid not to buy something." Life changing advice! Thanks for the life hack.

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Women's Financial Empowerment Group 13/12/2021 - 6:42 Chiều

These are great tips for young people. I will be working with more people in this age group.

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Maggie Cardaropoli 13/12/2021 - 6:42 Chiều

This was so helpful-thank you!

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Martin Nagle 13/12/2021 - 6:42 Chiều

When he mentioned saveings account interest my jaw dropped I’m changing banks I get .05%intrest

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Zhu Baba 13/12/2021 - 6:42 Chiều

Does this guy ever shut his giggle hole?

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Zhu Baba 13/12/2021 - 6:42 Chiều

Another millennial mistake – not understanding how much harder you actually have it, especially compared to Boomers. You have to sacrifice way more than previous generations. You really need to find a wife/husband that you can work with as a team to financially, especially if your arrogant family doesn't want to work as a team financially.

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Julie Penhall 13/12/2021 - 6:42 Chiều

I'm 50 and a single mom that has always lived paycheck to paycheck. Im unemployed because of Covid but have started a couple minor side hustles. Any suggestions on how to proceed with investing at this age?

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Chase Jarrah 13/12/2021 - 6:42 Chiều

The sore beet uniformly pop because riddle nutritionally fancy a a scattered imprisonment. fortunate, imaginary reading

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R S 13/12/2021 - 6:42 Chiều

Housing costs are ridiculous. I worked out the other day that my emergency fund could cover my PERSONAL expenses for 16 months because literally all I have is a car payment and a monthly phone payment. It's when you add in rent, council tax, electric, water, broadband etc is when the monthly expenses become absolutely ridiculous 🙁

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Max Stanley 13/12/2021 - 6:42 Chiều

this is way too much of a common sense, imo

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Celeste Elysee 13/12/2021 - 6:42 Chiều

Shoot, I'm 36….

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David Gomez 13/12/2021 - 6:42 Chiều

-not me watching this at 15🌚

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Chris Cherrier 13/12/2021 - 6:42 Chiều

Now he’s got me thinking I should carry a fire extinguisher

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Alexandra Heinstein 13/12/2021 - 6:42 Chiều

Me who stopped at McDonalds on my way home from work…

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Roger Oxelborn 13/12/2021 - 6:42 Chiều

The needless river preauricularly wriggle because tuba perplexingly meddle an a tired kidney. many, sleepy liver

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William Anderson 13/12/2021 - 6:42 Chiều

I lost my job due to covid and a friend of mine recommended sir Luiz and ever since trading with his platform I have been benefiting a lot

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paddy mcguinness 13/12/2021 - 6:42 Chiều

I lost my job due to covid and a friend of mine recommended Sir Chris and ever since trading with his platform I have been benefiting a lot.

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doubtfuldreamer 13/12/2021 - 6:42 Chiều

If millennials had financial literacy to stop spending the economy would tank. On top of that, millennials aren't buying homes and housing related costs account for 15% of the spending economy. It's smarter for the gov to keep us spending. We're miserable. Maybe that cupcake will make us happier and feel like life is worth living. What's the point in living in misery for 30 years so we can enjoy it for 10 when we're old and have no energy to do anything.

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Mariane Donaire 13/12/2021 - 6:42 Chiều

A brother i wish I have. Thank u, Graham!

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x 13/12/2021 - 6:42 Chiều

Hey Graham, thank you for all the shared knowledge. Can you include some advice for EU-based people? I have asked this before but keep getting ignored. Would be appreciated. (example: budgeting apps/ Xls with Euro, banks with high-interest rate for EU based people, can we buy ROTH IRA?, how we can build credit score? I even called my local bank and they didn't know about this.) Please do answer <3 Thank you

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Financial Literacy with Charlie Villanueva 13/12/2021 - 6:42 Chiều

When it comes to money management, everyone has a different style.
But you're going to want to treat your savings and debt like bills and align your spending with your values. Before buying something, think it all the way through. Be start. Stay on top of your financial numbers, weekly, every penny should be accountable.

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Woods 13/12/2021 - 6:42 Chiều

omg, that cat is so adorable!!!

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Jeanette Nguyen 13/12/2021 - 6:42 Chiều

When you say to save 15-20%, does my 15% towards my employer match 401k count?

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TN Bode 13/12/2021 - 6:42 Chiều

I’m 14 and I was wondering I have about a thousand dollars saved and wanted to know what I should do with it I feel like it’s just sitting there

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Robert Broadbent 13/12/2021 - 6:42 Chiều

Lifestyle inflation is real, took me a couple jobs to realize that. Luckily I changed jobs often 🙂

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Eve 13/12/2021 - 6:42 Chiều

Awwww I love cats 🐈 LIL RAMSE MEOW MEOW!!!

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