These are my recommendations and strategies that I’ve figured out along the way, that you can utilize to really make the most out of your 20’s, financially. Enjoy! Add me on Instagram: GPStephan
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)
My ENTIRE Camera and Recording Equipment:
First thing, if you’re in your 20’s…INVEST EVERYTHING, IMMEDIATELY.
$1 invested at 20 years old at a 7% return will be worth $21 at the age of 65.
However…if you wait, and invest that same $1 at 30 years old, it’ll only be worth $10.68 at the age of 65.
This means your money is worth TWICE AS MUCH when you’re 20 years old, than when you’re 30 years old.
Open up a Roth IRA immediately, and contribute to it.
First, you’re probably not making a ton of money right now, so you’re already in a really low tax bracket - this means VERY little money is lost to taxes upfront, leaving you with MORE money left over to invest.
Second, you’re young enough that you’ll have DECADES of growth that’ll be tax free when you’re older - and that means more money in your pocket
Saving 10% of your income, like so many financial advisors recommend, is just not enough.
10% is a start, but when you consider just how much money you can make in compound interest in your 20’s, you should ideally get in the habit of saving and investing MORE upfront, because your money is worth more NOW than it will be in the future.
That’s why I think it’s so important to LIVE WHILE YOU’RE BROKE IN YOUR 20’S.
Your 20’s are a free-pass to live like your broke, because no one expects you to have anything, anyway..
Second: If you want to be wealthy in your 30’s, you should start your own business in your 20’s.
Here’s the magic of doing this: with the internet, there has never been more of a level playing field in terms of building wealth. The best way to make a ton of money and become wealthy, is by starting a business, and have that business be mobile. Most of the time, a business will make you WAY more money than your investments will EVER make.
So when you’re in your 20’s, PLAY TO WIN and make as much money as you can. Then, WITH THAT MONEY, invest “NOT TO LOSE” so you actually keep it. That way, you’ll always have your foundation working for you, no matter what…so remember, be aggressive with business, be safe with investments.
Third: TAKE RISKS.
You have a VERY unique time right now where, if you try something and fail, you have plenty of time to recover. If you lose money, it’s no big deal. If something doesn’t work out, oh well, it’s not the end of the world.
This also applies to INVESTING in your 20’s, as well…you can make much riskier investments, because you have a much longer timeframe to recover from any losses.
Fourth: Reconsider College.
Honestly, for most people who really want to become WEALTHY early in life - college does very little for you. In fact, most of the time it’ll set you back between the cost of college, and the opportunity cost of wasting 4 years in a classroom where you could be out there actually doing something.
Fifth: AVOID LIFESTYLE INFLATION.
If you make more money, keep your expenses the same - don’t change a thing - and invest the difference.
Sixth: Stay away from bad debt.
If your DEBT isn’t MAKING you money, AVOID IT. Plain and simple.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at [email protected]
Hey Graham when you say save >10% of your income, is this besides the money that I would want to spend for a downpayment? Like lets say I save 10% and put it in a roth IRA, would I also want to save another 15-25% on top of that in order to finance my real estate deals?
really.... all the knowledge you have, about taxes, cashflow and everything u learned it on youtube??? come one... I thought u were legit, what's your educational background?
Even when we all see your videos, you don't truly explain in depth, you give a nice hint but never as a course, do you do that in your paid program or they are the same type of videos?
Graham Stephan but you have a real state investing or licensing program right? I’ve seen you promoting it.
So all you know is internet? You don’t have any economy training? College courses? Nothing? At your beginnings u have done a real state agent program , because you were working on commissions is this not correct? Can you provide the link? Is this program “the same” as the one you promote?
I think this is a great stepping stone for transitioning out of college. Although I may have student debt, I can use what I have now to eliminate that debt, and have my money work for me in the future. Thanks Graham!
Military, I’m able to save over 30% of my income while investing into a great retirement fund, free school, and a business grant when I get out... I pretend like I’m broke even though people assume I have a boatload of cash, i enjoy my money, I give myself an allowance for video games and clothes, I’m pretty expensive thank god im responsible
The book "The Millionaire Next Door" gives the same great example of lifestyle inflation as what you said. You're so smart. I like how you said that you figure how to make your investment pay for the things you want.
I like how you compared buying starbucks it to buying $100 shoes and only wearing it once...I'm sure lots of people can relate to this as a common sense thing to not do. I think this example will stick out in my mind when I want to go buy another Starbucks drink.
Hello sir. Quick question. I'm looking and on track to be debt free by age 33. Currently 30. Just have a small amount on my house mortgage left. What would you advise to do after that? Get another house? I don't owe credit cards. I don't owe any car notes. No school loans. Nothing.
Hey Graham! I commented on your video a couple months back and I have been watching your videos like crazy! Specifically, your story video resonated with me because I was accepted into Pepperdine this year but decided to turn it down because of the 75,000 a year cost. I rather take the money and invest it. Thanks!!
So, I live in Israel so u have to to the military so that’s 18-21 .
I want to learn computer science and go to the best university in Israel so that’s another 3-4 years so after I finish everything I’ll be 24-25 nice.
This is the video I needed in my 20s, and it will definitely be at top of mind now, while I'm in my early 30s. 100% sharing this with friends, and prob on FB because in under 20 minutes this summarizes, and one-ups every financial book I've read or video I've watched. 'Invest Everything Immidiately', and thinking in terms of future money and how much you'd have to invest to cover the cost properly captures the mindset and sense of urgency. Saving more than 10% is crucial. Thinking of living frugally as a 'get out of jail free' card instead of a bad thing is a huge shift in mindset. Investing in equities, as well as real estate instead of only one or the other. Having the gumption to start a business, realising that the power of the internet levels the playing field. Even how to tell the difference between good and bad debt. My only critique is that college typically does train you for a specific job, whereas university gives you a more broad education that might not be relevant. You just have to decide if it's worth the price, and the years of lost income. Kudos dude. This is almost definitely your most valuable video. Fking gem, boy. Love what you've done with the channel since I arrived around 50k or so. \m/
Hello YouTube algorithm! Graham! I saw you in the millionaires and minimum wage earners video recently. Very interesting points! Not a lot of people want to have those tough conversations about money in the US. This video was very useful as well.
New subscriber here! I learned about you on Jubilee's video, thank goodness I found you because you are straight forward compared to other investor youtubers. This is definitly helpful, in my 20 I do want to spend on a nice car, but after watching I'll be more frugal with my money I make, right now I am in college, and the last 3 summers I made about $5000 that I put in my ROTH IRA. Although I come from a upper middle class, my parents save a lot and teach me to buy things I need and wait later for things I want.
All of that becomes way more complicated when you are under 18 and not living in America.
I live in Europe, and as far as I know, there are nowhere near as many investment opportunities here. I don't even know if there is this Roth IRA here or something :( kinda sad
+Alegra Green That's very nice. Do you know if any bank has this or just the bigger ones like Deutsche Bank? Also, do you know if there's any fund here in Europe similar to those in Varguard that gives pretty good returns?
Thanks for the help by the way :)
I live in Europe too. If you're under 18 there's not much to do, true. But once you're 18, check with your bank the opportunities to invest in funds. That don't require much money to start (only need to invest 25€ in my bank to start a long term plan). I'm still looking into other things to invest in but...that's a start.
im only 19 and im going to finish college with a degree in welding by the end of the school year with zero debt and i just work at a steak n shake making $150 every two weeks. ive started doing youtube got almost 75 videos already. I am already in the habit of doing many of the things you mentioned. I took notes on this video and im on my way to start working towards financial freedom. Thanks Graham!!!
I've learned sooooo much from Graham so far. I am working on building my podcast on my channel and everything I have learned so far is from this guy! Thanks for all the advice. Would love if y'all checked it out and gave me some feedback.
I am currently 20 years old and I'm starting a landscaping LLC. Also, I'm going to graduate with a degree in finance next year. I'm looking to get into real estate. I'd love to hear what tips you guys have for me! Thanks!
You do not need to calculate payroll premium if your policy is on a stipulated billing cycle.
Sample Payroll Report.
However, if your policy is not yet on a stipulated billing cycle, this is typically what you will see when we send you a payroll report.
A split payroll report is sent when there is an Anniversary Rating Date on your policy, which is the month and day that rates, rating plans and rating systems are initially applied to a policy in force and each annual anniversary thereafter. Your payroll will need to be annotated for each period specified.
Sample Split Payroll Report.
We will need a complete employee job description before we add the classification to the policy. Please do not report payroll in the new classification until it has been reviewed and endorsed to your policy.
Job Duties Questionnaire.
We recommend you keep a copy of your previous payroll reports and payroll records for at least seven years, as you would your tax records.
Submitting Payroll Reports.
There are three different ways to submit your payroll reports.
State Compensation Insurance Fund P.O. Box 7441 San Francisco, CA 94120-7441.
Free payroll reports.