Graham Stephan dude stop pretending you’re this real-estate guru that made it all on your own. You’re not fooling anyone. We can all tell just by looking at you that you’re Tom Cruz’s son
Summary: 1. Student loan debt: Go to community college and transfer to save money. 2. Not investing: Missing out on compound interest - the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it. Compound interest is the most powerful force in the universe - A.Einstein. 3. Buying an expensive car: Girls don't care about cars, buy a used Miata or Subaru BRZ instead. 4. Renting an expensive apartment: Live in a shit hole while you socially can, save and invest. 5. Not budgeting - Track your spending early and you'll be ahead of 99.9% of the population.
@@screamingperson8188 Avocados are healthy, have it on whole wheat toast, health benefits compounded. This leads to compounded life benefits and a higher chance at living longer which means more time to make money and even more time for that money to compound that interest.
"When you're 20 years old people don't expect you to live the life of luxury." "You are living on your friend's couch paying 200 dollars per month, no one bat's an eye because you're 21 year's old but try that when you're 43." I'd say just stop worrying what other's are thinking and live your own life. Make money but don't do it for the adoration of others.
Turned 20 a few days ago.... Decided I want to be somebody in my life and not a low life. Since 4 days ago Got up at 6, worked out, had my coffee and I stick your videos on the TV while I work EVERY morning. You have really inspired me to do something with my life. Love you man
Eoes Reaper he works at McDonald’s for the discount and is trying to pay off his dirt bike payments while living at his friends house, after a week of the grind he realized it’s too much work
Alphauthentic 1. Start a business even a small one 2. Focus on what you really want and not what others want 3. Invest not just in money but in yourself (health) 4. make friends that are older than you (more knowledge) 5. Get outta ur comfort zone
rich people who didn’t go to college are always the first to say that going to college isn’t necessary... but my struggling parents who didn’t get to go to college are realizing how different their lives could have been if they did seek higher education...
kaylei brown The thing is, you hear people say that in the US more often than not. Europeans don’t really go on about how university isn’t as great an investment. Personally, I think its because: 1) like Graham said, it gives you a ton of debt 2) The first two years is like high school 2.0. You don’t actually focus on learning anything related to your degree, students can just take random classes for credit requirements I went to university in the UK because a degree is required for my field, and I think it was the best decision for me. I have NO student debt cuz its so much cheaper there. Its even better for people in countries like Germany where uni is free. And there’s a greater focus on actually learning your major of choice so you come out more knowledgeable and more qualified for your career of choice at the end of your three or four years of study.
I'm finishing uni because many, if not all businesses will still pick a guy with a B.S. in computer science over a guy with the same level of skills and no degree.
You're right my mom didn't go to university, so she, my brothers and I always struggled with money cause she couldn't get a better job and we were little kids. Besides my dad died so he couldn't help us
exactly. i mean it really depends on the kind of job you're doing. if you have any stem job then you NEED a degree; otherwise there's no chance you're getting hired
Keep it up man, thats great to hear. Continue to save when you get a job! If you want to know how you can invest your money while still in high school, I have videos about the best investments for high schoolers and college students. Let me help you out bro!
V3RY P!NK L!FE college lol. Getting my second bachelor's degree. In the past year paid $74,000 out of pocket. So there goes all my savings (was my second bachelor's so didn't get scholarship or financial aid).
Rising sophomore at the second most expensive college in my state. Am paying my way through undergrad without taking any student loans out. Doing well so far. Wish me luck!
Budget advice on the iced latte thing as a current Starbucks Shift supervisor soon to be realtor btw (recently passed my RE agent exam!) order a quad iced esspresso in a venti cup and ask for a splash of cream then you can add additional cream from the public use one or just bring a small thermos of milk with you to top it off you’d be getting and extra shot of espresso and saving money it’s a win win :) also thanks gram you inspired me to pursue RE btw lol
Depends on your investing goals. There are several options available depending on how much work you want to put into it, and your risk tolerance, as well as how long you plan to have your money invested. Gonna talk about ways on mobile that I've personally had success with, because that's all I know, except p2p lending, but that's a whole other game. If you want the manual approach I'd start with Robinhood or Smores. Both apps are similar, I like Robinhood, have heard good things about Smores, but have no personal experience. You link a bank account (normally checking) and direct withdrawal from there into your Robinhood account. From there you can purchase individual stocks in companies you like (risky, and research heavy with decent profit opportunity.) You can invest in bonds, index funds or mutual funds. Bonds are debt paid back at an agreed upon interval, normally government debt. Index funds track a certain market area and follow it around, and tend to do really well long to mid term, but in the short term aren't exciting to watch. They grow slow, but reliable. Mutual funds are large portfolios normally with pretty decent fees attached. Dead safe, but not a great investment. You can normally outperform them by making a diverse portfolio of well mixed stocks and bonds that you think will do well. Also let's you do Bitcoin and a few other crypto currencies. (Dogecoin is fun cuz you can have like a thousand for 20 bucks or so) all pretty volitile high risk high reward stuff. Fun to play with, but personally beyond me. If you want it on total autopilot you can use a host of autoinvestors. Acorns is a huge one, but costs one to 3 bucks a month. For a buck you get autoinvesting in their portfolio that performs really well. Better than I have managed alone, by 2%(with fees factored in I almost keep up) dead easy to set on autowithdrawl on your bank for like 20-100 bucks a paycheck and forget about to let grow. For an extra buck you get a Roth IRA (tax advantaged retirement account) and an extra buck after that gets you a debit card attached which I'm my opinion is the dumbest thing ever to attach to your investment portfolio. If nothing else the financial education they have on the app is gold to someone just beginning investing. I used to use wisebannon which was free, but didn't seem to perform as well. Not as shiny as acorns, but a lot of the same stuff. If you buy stocks bonds or whatever I love to chase dividends. They are free money for letting that entity hold your money. And some of them are cheap. Perfect "toys" for a beginning investor. When I started, and still I love the little cheap ones that do monthly dividends like PSEC pays like $.06 a month per share for a $6.50ish stock right now or DHY is a bond that pays $.02 a share a month for just under 3 bucks I think. Dividends are nice, because even if the stock is tanking, they'll pay you to watch it fall and come back again. Most funds offer a dividend, and a lot of long established stocks do as well, which tends to be a good sign. If a company pays a dividend, they have normally been around awhile and aren't going anywhere tomorrow. Dividends are little, always, but add up. Warren buffet calls them the get rich slow strategy that nobody wants to use or something like that.
The easiest and simpliest investing are funds. Instead of having your money in your bank account doing absolutely nothing. Select a few funds and invest your money into the funds.
I hope one day I can find a guy 1/4 as knowledgeable as you are. I literally broke up with my ex because of telling him to stop eating fast food everyday. I told him to give me money so I can meal prep for him. He spent on average $1,500 on food every month. His take home pay was 2,500. After bills were paid he only had $300 bucks to save. He was 28, and he had been living on his brothers couch for 5 years making 45k. I was so digusted, I broke up with him. I wanted him to save the extra money from wendys, starbucks, burger king, chick fil a, kfc, chipotle and etc so he can afford to buy himself a bed to sleep on. Smh. They sad part is that I work in banking, I see idiots like that everyday who come in our financial center for fraud alerts. They never check their bank accounts, always over drafting and getting mad at the bank for their blatant ignorance. Anyway, that's neither here nor there. I'm going to stop ranting and just thumbs up the video.
Graham Stephan lol no. He eats out 3 times a day. So, think about it as roughly 30-40 bucks for food 7 days a week give or take a few bucks. For example he would eat at chick fila and get an 8 dollar sandwich, a 3 dollar lemonade, and some desert item for another 3 bucks. That's like $15 with tax. Eat like that 3 times a day thats 45 bucks so it can accumulate to 1,260 a month and thats on the low end. Typically when he goes to a steak house on the weekend his meal can be $30+... It's insane. I only spend $150-200 on food every month because I cook my own meals and I snack a lot. If I cut out the avocado spending for homemade guac every week ... i might just save 30 bucks. LOL
Regarding college: The liberal arts school I went to averaged over $70,000 in tuition a year and I had to pay almost nothing thanks to financial aid. For me, college was a fantastic way to better myself and meet people with whom I've had lasting personal relationships. This is not a brag post, but a PSA to any young people seeing this that college isn't all bad and that schools oftentimes have ways to help you out that don't include putting you into massive amounts of debt!
Closing in on 28 and my top mistakes have been: - not investing - too much take away & food waste - dating the WRONG people 💀💀💀 (the last one just got me for ~40k in less than a year...so now I'm spending the rest of my 20's digging myself out of debt and STILL not investing :D) Took a few too many years but lesson officially learnt and I'm staying single until I've got my ducks in a row and know who I am and what I want outta life. Yayy free therapy via UA-cam xP
It's anecdotic evidence, but you heard what many young woman pay off their student loans working webcam, stripper or so. But have you heard of any, who became successful for their degree, actual knowledge and thus paid loan?
Glad I did community college first wasn’t smart to start at a university first. But I only own 8k in loans which is not bad unlike people I meet who owe 40K+. I’m glad I made that choice.
Great video! You forgot to mention the "opportunity cost" of going to college. Could potentially be making $20,000 - $40,000 per year during the time you're in school, instead.
I dont think college is always a bad investment, but it depends on where you go and what you study. I am graduating in December, I'll be 23. It took me a little longer to graduate and here's why: I went to school in MT and took a year to get residency (while earning money). Tuition dropped to ~8k a year. I paid for this in full by working all summers fighting forest fires. Now i will have an engineering degree with no debt. It's a high paying job if I choose to do it, no obligations if I choose not to. Might get my real estate license next ;)
Listen to the advice in this video! It is ULTRA true. I knew all that in my 20's but wasn't disciplined. Life today would be very different. Sure living paycheck to paycheck for 30 years is possible. But it is stressful too. .
I have so many friends that went to college and not even work in the field they went to school for and rack up thoses school loan bills so many people are successful with out. College
I'm 23 and started budgeting recently after having the habit of swiping my card mindlessly for so long, went from blowing most of my check in the first couple days to actually saying NO to anything I don't truly need and I've already saved tons of money. I still have about 80 percent of my check after the first week. It's amazing how much you save when you're always watching those numbers
OR pay your loans while you in school and stop letting loans build up with interest. Also most universities have a payment plan where you pay for your semester monthly while your in school. If you’re in school and work like I do paying semester by semester is the best option
Heres a tip i used for a monthly budget, pay all my bills first then. Take cash out as your budget. Lock your debit cards and credit cards keep them home. Spend cash once it gone it gone and you can't spend it until next month. Physical money is easier to manage than swiping a card unconsciously. Plus.... Coffee and avocado toast is nasty.
If you're American this is not such a great idea. It's better to purchase as much as you can for credit score by paying with a credit card. However, if you're not good with money and overspend with cards then building up credit score may not be as important...
Not always true. Some can build credit by owning a car even paying student loans. I can't drive but have student loans and my credit cards are usually cothing stores i don't shop often but us them once a month or so like 12% of my spending limit just to build credit but. Budget wise cash like going out to eat or amusement park ect. Theoretically since i have a disability mean no car payment. utility bills, store credit cards and student loans help build my credit. Theres no use for me getting multiple major credit cards if I'm not going to use them on the daily bases. My friend she use her cards for gas and grocceries and pay at the end of the month she didn't go to school so thats how she build credit. Every one situation different but money budget do help for those who looking to save and not over spend
@@Chislevs never a good idea to spend more then 30% of your credit limit on a credit card. Its best to use them for a large purchase you can't buy all at once. Like if my laptop broke instead of using cash use the card and just pay it off month to month instead of a payment plan with the store. (You'll end up paying more) everyones financial situation is just as unique as the person its self.
@@lilms.deafpastrychef7249 well I don't actually live in the US - where I live creditcards are for big purchases only anyway :) I basically buy plane tickets with my CC and that's it.
7:10 Agreed. I've made more money owning my car, then I have spent on it thanks to the fact that it's my channel mascot and brings in revenue and views. If you want an expensive car, get the full use of it. I never got the point of having a brand new Sports Car as a commuter car to brag to coworkers. START Showing up to car meets! Actually network! (not trashy slideshow ones, go to upscale ones that Graham mentions, Cars and Coffee is usually a good start) It can be a major foot in the door if used properly. Car Enthusiasts will actually engage in proper discourse, meanwhile your coworkers will just roll their eyes each time you talk about your Beamer.
You can start saving at any age, it's never too early. Any money you get for your birthday, babysitting etc. can be put in a saving account instead of spending it.
You can have an account setup in your name managed by your parents, then transferred to you when you reach maturing (18 usually). ;) There's loads of great info online (and UA-cam), and if it sounds too good to be true, run miles away. 😅✌️
Graham has been such a big inspiration to me🙌🏽his videos are the reason I moved to LA and started in real estate. You all need to follow this man. He also inspired me to start making UA-cam videos
I'm currently becoming a pilot, dont need a degree. go to a dedicated flight school instead. way cheaper and you get the same license at the end of it all. also look into cadet programs. might get your commercial paid for and get a job when your done. lots of options right now
#131 - I walk away to make a call and a new video drops lol - I'm doing a refi right now and learning that buying down the loan to a lower interest rate is not worth it, your lender fee's increase, the total interest paid only differs a little and because the higher lender fee's you get less cash to borrower - so it's best to aim for an ok rate, with the best cash to borrower ratio. I'm going with a 5.625% vs. a 5% rate because I'll get ~$3600 more cash in my hand at the time of close and only loss ~$170 cash flow over a period of a year.
For a refinance, SOMETIMES it works to pay a point towards lowering the loan...just do the math and determine how long you'll keep the property and what your break even is.
@@GrahamStephan I get a better rate using (Better Mortgage) 5.25% (1K+$500) off Closing Costs, Cash at Close ~$93,149, ~$616 Monthly Payment, Cash Flow ~$199 I work at a credit union and while we have higher rates I get discounts working here so 5.625%, Cash at Close ~$93,153.71, ~$683 Monthly Payment, Cash Flow ~$176 Over a Year Differences of $205. I know where my loan would sit doing it local as we keep all our RE loans, and can always make suggestions as far as appraisals and can walk downstairs for questions on future loans. To Lock a 5% Rate Closing Costs were ~7k, and cash at close would be ~90k which I'd rather have more cash in my hand to roll into the next deal as I'm trying to move into a 4plex next.
Also, Prob the best calculator I found for entering info and comparing lol - mortgagecalculatorwithpmi.com/loan-comparison-calculator/ I'd prob make some slight modifications - but it provided more then what I saw others do, I think I'm going to work on designing an app that will do what I need to do for future refi's.
Idk for the US but in Germany we get investment company’s which got certain special traits like „flossbach von Storch“ you pay them monthly and the invest accordingly to the market in everything from company’s to gold or stocks. Until now I got about 10% gain on my investments every year (high risk) so maybe check them out if they work wherever you life.
Graham, what percentage of my take-home salary do you recommend goes to rent? I'm planning on moving out of my parents' house, into an apartment that costs 26% of my monthly budget. Is that too high? There are cheaper options around but I wanted a home with a nice kitchen and bathroom, which is why I have my eyes on an apartment that's $250 more than the surrounding apartments.
Watching this at 26 while my bank account is almost 0, with a ton of student loan debt and didnt keep track of my finances, but at least it made me sign up for Mint.
I agree avocado's are one of the most expensive products I prepare at Chipotle...you get in trouble if you don't scrape out every drop from avocado skins.
Ok but for those of us already deep in college and debt, how should we prepare for when we’re graduating with a crap ton of loan? Would love a video on that
Try to pay it right awyz with you parents help. You would rather owe your parents 500 dollars a month for years than the bank because you wont be paying interest
@@FinnishArmy no they don't. Go to destination xxl, the difference is night and day. Being tall and slim is even more expensive. Short people have it easy
I know it's been a while since this video was posted but I wanted to make an addition to the first point. It's great advice to go to a cheaper community college to get your general education requirements out of the way before taking your major classes at a four year college, but be careful to plan between the two universities. Some classes won't transfer, and it defeats the purpose to have to retake a class and end up spending more. Additionally, if you need a lot of prerequisites for a class in your major, it could put you behind to spend two years at a college that doesn't offer the prerequisites. It depends on your major. I needed to get started on mine pretty early! But I didn't realize and spent two years at my hometown college when I probably should have spent one. I could have also tried to find online courses. I ended up taking an extra three semesters to finish college because of that and other mistakes. My scholarships and funding ran out after four years (one ran out after 3 years) and I needed another much larger loan to finish my degree. I'm much better at money management now thanks to tracking my spending and budgeting, but I could have saved myself a lot of heartache and stress had somebody told me what I'm commenting now. And I could have saved myself probably $10,000... So be careful, tailor your college experience to your needs and your major, and never be afraid to ask many, many questions of the department heads/counselors/academics at BOTH universities. Also look into transfer counseling and directly contact the department of your major in which you'll be taking courses.
I just turned 23 and started investing a week before my birthday and I invested about 900 and it hasn't even been a month. I plan on putting up about 400 a month on investments.
The car thing is probably the biggest one. And it was a huge mistake in my 20s. I bought a 1987 bmw 528e for $400 and loved that car. It completely changed my view and love of cars and I realized that you don't need a $20k or $30k newer car to be happy. I still have a note but it's for an economical car I know will last me 10 years.
Depends on the person and what qualifications they need to get the job they want, but in my case and for many other students, you pretty much need a bachelor's degree minimum to become an engineer in the US. For example, to get a professional engineering license in my home state, with no college education, you need 12 years of experience in a full-time engineering role (this is different from engineering technology, which you can do in a lot of ways, including trade school. It does not count for the purposes of the license though). For a start, pretty much no one (there may be a few *very rare* exceptions) will hire a high school graduate straight into a full-time engineering position. You would truly have to fight your way up the ladder or change jobs a few times to even get that position. Then work in it for 12 years. More than likely, you are probably nearing 40 at that point, and much of that work was spent in low paying jobs before the engineering one. Alternatively, by attending an ABET accredited school, you get your degree in 4-6 years (many schools have you taking classes for your engineering major the second year, so at best you can take 1 year at a community college, but additionally many have first-year engineering class prerequisites, so CC courses are thrown out of the window), can be hired straight into an engineering role (making easily $60K+ starting), and only need to work in that position for 4 years before you can get your license. At that point, $37K of debt is a drop in the bucket of potential lifetime earnings and investments. Obviously, this is not universal to all jobs, though. Plus given what engineers do for society and how much in-depth technical knowledge is required to do engineering properly (safely), would you really want someone doing engineering work who wasn't college educated? Same thing for doctors, lawyers, teachers, and really any of the "traditional professions." (en.wikipedia.org/wiki/Profession) Food for thought, but I agree with you that many people spend a lot of money to get a sheet of paper that makes other people think they're qualified to earn more money. For quite a few people, it really is a waste of their money and time. It just all depends on what they want out of life.
I went to college making 200 000€/year in finland. I am 30 soon 31, i work about 60-65hours a week. I invest almost everything in houses and index funds. 0 debt
It is still extremely expensive, because of rent and Money for food etc. Rent is very high in many German cities. Apologies if I misunderstood Uni costs in America, but a lot of that stuff is included in your Student loans right?
I’m 19 and I work odd jobs and I spent 3 months pay on a car 💪. My old car broke down and wasn’t worth fixing so I spent my only 3k and bought a used 2010 Sonata
Fruit Loops such a smart decision I’m 22 and am paying off a car that I still owe 8,000 on and didn’t even have 60,000 miles on having to get the engine rebuilt which ended up costing me $3500 and on top of that you have to have full coverage when you’re paying out so my insurance is like $120 a month and my payment for the car I can’t even drive right now is $250 😳
I was watching this vid at night and I started tryna blow a lil black spec off my phone… Turns out it was his microphone. Great video by the way. Awesome advice!
26 currently. I was lucky enough to work at a company who completely paid for all of my college. So my degree was absolutely free, and it was great. I know it was a joke, but I’m allergic to avocados. So no avocado toast for me!
suwo2 I was in the training department at the time, but the metro college program is for anyone who works on the night sort, regardless of what they do. They’ll pay for UofL or JCTC completely, and they’ll give you bonus checks for completing milestones. Like $300 for passing 40 credit hours, $2000 for graduating, $500 for passing the semester with all A’s. It’s pretty nice. The Earn and Learn program is for the day sort and they only pay a part of your college, and they don’t pay the milestone bonuses. Again. This is in Louisville, KY. I don’t know if every state has this program.
These are extremely crucial mistakes that a lot of 20 year olds make. I've made several of them but have learned to overcome them through research, hustle, and determination to achieve financial success! Thanks for another great video Graham.
i always watch people say invest your money but on what? 🤷🏻♀️ lol can you help us understand about investing. On your second advise, my question is what could we invest on with 100/mo that gives us 8% back in return ? Please help us understand 😭 lol
He has several videos about this. For a novice investor, he (and I) recommend index funds from Vanguard. Your bank can help you set that up and get started. Its very easy and well worth the time. Good luck
Atheos Hitchens in the US we’re not expecting to park money for 8% yield. He’s investing in the market, the highest yield accounts here are similar around 2.4%.
I am in sweden, and the savings accounts are at about 2% max here as well. But you can always put your money that you won't need in some time in index funds, which is what graham is usually talking about.
Elexs Savings Account nowadays are basically ineffective, but safe. I started last year with 5000€ in stocks and it’s a thrill to see your money grow (or go down). Selling, holding etc is amazing once you get the hang of it. But with greater returns comes also a greater risk of course.
Honestly most people could apply for bog waiver and community college is like basically free to get in, the text books would be the more expensive costs haha
1. No student loans but I have a loan with lending club and bought engagement ring 2. I’m invested in stocks, Roth, mutual funds, 401k 3. 2019 Subaru crosstrek limited I failed that one lol 4. 30 year mortgage 5.I know where all my money goes but could budget better. Need to work on loan payoff. Def failed but thanks for the info!
You gota do your own research, every one wants to be told what to do, but he's not a financial advisor. I personally invest in crypto and have seen some 🔥 returns but its personaly preference and what you know better.
You are awesome.. I screwed up by taking expensive cab trips 😞😞... Also planning for bschool with loans probably.. I need to give everything a thought.
I bought an AWD 5.7L Charger. I love it! I got a good deal on it but I'll never sell it. It was for sale for $9400 and I got it for less (negotiate) and they fixed the issues. I love it, I sit in it, I clean it (detail it myself) and just love it in general. It was my dream car when I was like 13 and I got it :D
Unfortunately in many cases, you need a degree to get a job. In canada sometimes you need a college degree to get a min wage. Also good one with the avacado toast 😝
Dear Mr. Stephan I am 16 years old student that lives in Lucerne, Switzerland. I really love programming, espacially Machine Learning. I have a small plea and I can guarantee you that you will make me very happy by helping one of your UA-camViewer: For school I need to execute a volunteer service and I‘d like to help in some project by analizing some data. Do you need some help for a project that is dued to the public or do you know someone that would be very happy by getting a young programmer for 2 weeks totally for free? For additional information, just ask. Yours sincerely: Marco Furrer
Hey Graham could you do a 5 best investments video? Like which Index funds or Mutual funds a person starting college should put their savings in or something like that? @Graham Stephan
That fake-cry-face thumbnail so click bait man I couldn’t resist. I need to up my thumbnail game to fake tears. That’s when you know you’ve elevated. Hahah. I might steal that graham crying for a little frugal graham video :P joking - id always run it by you hahah. Good tips. Sharing the good word with people! :)
@@GrahamStephan interesting. I'll give it a shot. I used that face on my Early Retirement Extreme Jacob Lund Fisker interview and I got a few thousand views, so you might be on to something there!
Your joke about Starbucks latte is real tho, I’m a senior in highschool and I’ve been buying a Starbucks at the corner store every morning for the last 4 years now, at $2.49 5 days a week I’ve estimated I’ve spent close to $300 a year or $1,200 on a drink throughout high school
Where do you go to invest in an Index fund? or where would you go to get the 8% in the second mistake? Can you do this with an app, online or at a Charles Schwab like place?
Hey Graham, I am college student and I am in the process of saving up for my first apartment and a car. My question is should I invest all my money towards my apartment or should I split it between the two savings account.
bascoaful I'm French & went to uni in Denmark- dk grants a monthly allowance to EU citizens to assist with expenses. So on top of "free college," I got paid to get a degree 😎 now living in the US making 6-figures in my field with no debt
@@Max-hj6nq meh i am fine with high taxes, although sure there are many things unfair, but in general, my taxes are being used to build roads, finance education, help the not so fortunate so I am fine with it
I agree 100% with this video, however, I am a 23 year old woman who is self employed and bringing in 50k a year. So the whole “buying a car to get laid” doesn’t really resonate with me. I have no student loans or debt, and I am considering purchasing a new Tesla Model 3 to replace my car I bought 5 years ago. I can afford the payments and will still be able to put away half of my income towards savings and investments. I am reluctant to go in debt, is it worth it or not?
Student Loan debt issue is great to hear about when you're 17/18 about to make those decisions - which you start to pay for and have to figure out in your 20's once your grace period is over (or while you're paying the interest during your college years). Not really something you can avoid once you're in your 20's.
Step 5 has helped me alot: I’m 23 and I was doing that 50/30/20 method, sucks because I pay more than 50% on bills but I try to cut on my spending and savings still build up if I have change to just put back at the end of the month, and since I started my own business mobile detailing it’s helped in hand to have a good standing with my monthly income
Who else clicked because of the thumbnail? ;)
Graham Stephan yupppp Lol
Graham Stephan dude stop pretending you’re this real-estate guru that made it all on your own. You’re not fooling anyone. We can all tell just by looking at you that you’re Tom Cruz’s son
U
Graham Stephan lol jk you put out great helpful content thanks for all the advice 👍🏾
Ezekiel Valdez haha
Just stopped eating avocado toast today and now I have enough to invest in my first property. WOW thank you Graham!
See, it's that easy!!
What if I was to buy an avocado tree to get free avocados 🤔
@@JourneyToTheCage I'll bring the toast.
@@JourneyToTheCage good plan but warning avocado plants are surprisingly fickle.
bruh hahahhaha
Summary:
1. Student loan debt: Go to community college and transfer to save money.
2. Not investing: Missing out on compound interest - the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it. Compound interest is the most powerful force in the universe - A.Einstein.
3. Buying an expensive car: Girls don't care about cars, buy a used Miata or Subaru BRZ instead.
4. Renting an expensive apartment: Live in a shit hole while you socially can, save and invest.
5. Not budgeting - Track your spending early and you'll be ahead of 99.9% of the population.
And avocado toast
Thanks becus I was not about to watch a 13 min video
@@screamingperson8188 Avocados are healthy, have it on whole wheat toast, health benefits compounded. This leads to compounded life benefits and a higher chance at living longer which means more time to make money and even more time for that money to compound that interest.
I agree exept for the part about owning a miata or subaru I agree drive a cheap used car but I dont like the idea of driving a little rice burner...
@CIA is an audi a4 a luxury car
"When you're 20 years old people don't expect you to live the life of luxury." "You are living on your friend's couch paying 200 dollars per month, no one bat's an eye because you're 21 year's old but try that when you're 43." I'd say just stop worrying what other's are thinking and live your own life. Make money but don't do it for the adoration of others.
Revolution Uprise is this your life he was mentioning lmfao? If the shoe fits, wear it.
Revolution Uprise yessssssssss exactly what I was saying
Turned 20 a few days ago.... Decided I want to be somebody in my life and not a low life.
Since 4 days ago
Got up at 6, worked out, had my coffee and I stick your videos on the TV while I work EVERY morning.
You have really inspired me to do something with my life.
Love you man
And now?
Eoes Reaper he works at McDonald’s for the discount and is trying to pay off his dirt bike payments while living at his friends house, after a week of the grind he realized it’s too much work
How are u nowadays?
How are you doing?
wishing you the best bro
now do the 5 BEST things to do in your 20's
Alphauthentic 1. Start a business even a small one 2. Focus on what you really want and not what others want 3. Invest not just in money but in yourself (health) 4. make friends that are older than you (more knowledge) 5. Get outta ur comfort zone
@@UnKissPaTii You forgot about the most important one.... buying avocado toast.
rich people who didn’t go to college are always the first to say that going to college isn’t necessary...
but my struggling parents who didn’t get to go to college are realizing how different their lives could have been if they did seek higher education...
kaylei brown The thing is, you hear people say that in the US more often than not. Europeans don’t really go on about how university isn’t as great an investment.
Personally, I think its because:
1) like Graham said, it gives you a ton of debt
2) The first two years is like high school 2.0. You don’t actually focus on learning anything related to your degree, students can just take random classes for credit requirements
I went to university in the UK because a degree is required for my field, and I think it was the best decision for me. I have NO student debt cuz its so much cheaper there. Its even better for people in countries like Germany where uni is free. And there’s a greater focus on actually learning your major of choice so you come out more knowledgeable and more qualified for your career of choice at the end of your three or four years of study.
I'm finishing uni because many, if not all businesses will still pick a guy with a B.S. in computer science over a guy with the same level of skills and no degree.
You're right my mom didn't go to university, so she, my brothers and I always struggled with money cause she couldn't get a better job and we were little kids. Besides my dad died so he couldn't help us
exactly. i mean it really depends on the kind of job you're doing. if you have any stem job then you NEED a degree; otherwise there's no chance you're getting hired
@@Warriorette12 That's why I love schools like RIT in the US, where you pick your major ahead of time and jump right into the curriculum
The good news: I only made 1 mistake
The bad news: it’s a $90,000 mistake
SAME.
What happened???
lmao college happened
Bruh I’m only 15 years old and I have saved over $1000, so proud🤗
Keep it up man, thats great to hear. Continue to save when you get a job! If you want to know how you can invest your money while still in high school, I have videos about the best investments for high schoolers and college students. Let me help you out bro!
I had 10,000 when I was 14. Now I am 25 and have $2000😂😂
Jaison Joykutty lol what happened?
V3RY P!NK L!FE college lol. Getting my second bachelor's degree. In the past year paid $74,000 out of pocket. So there goes all my savings (was my second bachelor's so didn't get scholarship or financial aid).
Well done! Keep it up, and you are in your way to a great life
lifehack: never start drinking coffee
Liv A Jajajajaja! Just invest in a goof coffee machine and then you are set..
Or eating avocado toast
i dont like coffee hehe
Coffee taste like Liquid cigarette ashes.
Feels good to be Mormon sometimes.
I was stripping while in college and paid off my loans in five years!
Stephany Gutierrez Hey Gardi S
We need prove
Yea. Obviously you made on the backs of other broke 20 somethings. Good job👍🏼
Have fun staying single since real mean don't date strippers. LMAO
Real men don’t feel emasculated by a woman doing whatever it takes to succeed. You go girl!
Rising sophomore at the second most expensive college in my state. Am paying my way through undergrad without taking any student loans out. Doing well so far. Wish me luck!
Good luck!
Bubbly Water thanks!
Good luck! You're doing it the right way.
UA-cam Comments Suck thank you! I’m trying :)
And I bet the experience you gained in college is invaluable to your growth. People out here really underestimate what it means to earn a degree.
Who in their right mind would ever buy something as basic as AVOCADO TOAST at a resturaunt????? When you can make it for like 50 cents at home omg
90*
Carly W an avocado where I live is $4 though😪
Stephanie Martinez do you use 1 avocado per avocado toast?
Lol
@Death Omen They're only 50 cents at walmart. Unless you're buying those fancy organic avocado, it's not really expensive.
Budget advice on the iced latte thing as a current Starbucks Shift supervisor soon to be realtor btw (recently passed my RE agent exam!) order a quad iced esspresso in a venti cup and ask for a splash of cream then you can add additional cream from the public use one or just bring a small thermos of milk with you to top it off you’d be getting and extra shot of espresso and saving money it’s a win win :) also thanks gram you inspired me to pursue RE btw lol
I understand the importance of investing in step number two, but how do I actually do it? What to invest in & how? Help!!
me too!
Industry Superfund Superannuation - Pool all into Property, Ez money ez life.
Etothes you rock bro! Thanks
Depends on your investing goals. There are several options available depending on how much work you want to put into it, and your risk tolerance, as well as how long you plan to have your money invested.
Gonna talk about ways on mobile that I've personally had success with, because that's all I know, except p2p lending, but that's a whole other game.
If you want the manual approach I'd start with Robinhood or Smores. Both apps are similar, I like Robinhood, have heard good things about Smores, but have no personal experience. You link a bank account (normally checking) and direct withdrawal from there into your Robinhood account. From there you can purchase individual stocks in companies you like (risky, and research heavy with decent profit opportunity.) You can invest in bonds, index funds or mutual funds. Bonds are debt paid back at an agreed upon interval, normally government debt. Index funds track a certain market area and follow it around, and tend to do really well long to mid term, but in the short term aren't exciting to watch. They grow slow, but reliable. Mutual funds are large portfolios normally with pretty decent fees attached. Dead safe, but not a great investment. You can normally outperform them by making a diverse portfolio of well mixed stocks and bonds that you think will do well. Also let's you do Bitcoin and a few other crypto currencies. (Dogecoin is fun cuz you can have like a thousand for 20 bucks or so) all pretty volitile high risk high reward stuff. Fun to play with, but personally beyond me.
If you want it on total autopilot you can use a host of autoinvestors. Acorns is a huge one, but costs one to 3 bucks a month. For a buck you get autoinvesting in their portfolio that performs really well. Better than I have managed alone, by 2%(with fees factored in I almost keep up) dead easy to set on autowithdrawl on your bank for like 20-100 bucks a paycheck and forget about to let grow. For an extra buck you get a Roth IRA (tax advantaged retirement account) and an extra buck after that gets you a debit card attached which I'm my opinion is the dumbest thing ever to attach to your investment portfolio. If nothing else the financial education they have on the app is gold to someone just beginning investing.
I used to use wisebannon which was free, but didn't seem to perform as well. Not as shiny as acorns, but a lot of the same stuff.
If you buy stocks bonds or whatever I love to chase dividends. They are free money for letting that entity hold your money. And some of them are cheap. Perfect "toys" for a beginning investor. When I started, and still I love the little cheap ones that do monthly dividends like PSEC pays like $.06 a month per share for a $6.50ish stock right now or DHY is a bond that pays $.02 a share a month for just under 3 bucks I think. Dividends are nice, because even if the stock is tanking, they'll pay you to watch it fall and come back again. Most funds offer a dividend, and a lot of long established stocks do as well, which tends to be a good sign. If a company pays a dividend, they have normally been around awhile and aren't going anywhere tomorrow. Dividends are little, always, but add up. Warren buffet calls them the get rich slow strategy that nobody wants to use or something like that.
The easiest and simpliest investing are funds. Instead of having your money in your bank account doing absolutely nothing. Select a few funds and invest your money into the funds.
"What you measure improves" looks down at pants
"Hear that little buddy?!"
GET OVER HERE!
I hope one day I can find a guy 1/4 as knowledgeable as you are. I literally broke up with my ex because of telling him to stop eating fast food everyday. I told him to give me money so I can meal prep for him. He spent on average $1,500 on food every month. His take home pay was 2,500. After bills were paid he only had $300 bucks to save. He was 28, and he had been living on his brothers couch for 5 years making 45k. I was so digusted, I broke up with him. I wanted him to save the extra money from wendys, starbucks, burger king, chick fil a, kfc, chipotle and etc so he can afford to buy himself a bed to sleep on. Smh. They sad part is that I work in banking, I see idiots like that everyday who come in our financial center for fraud alerts. They never check their bank accounts, always over drafting and getting mad at the bank for their blatant ignorance. Anyway, that's neither here nor there. I'm going to stop ranting and just thumbs up the video.
Wow!! $1500/month on food?? He could eating steak and lobster every day for that price 😂
Graham Stephan lol no. He eats out 3 times a day. So, think about it as roughly 30-40 bucks for food 7 days a week give or take a few bucks. For example he would eat at chick fila and get an 8 dollar sandwich, a 3 dollar lemonade, and some desert item for another 3 bucks. That's like $15 with tax. Eat like that 3 times a day thats 45 bucks so it can accumulate to 1,260 a month and thats on the low end. Typically when he goes to a steak house on the weekend his meal can be $30+... It's insane. I only spend $150-200 on food every month because I cook my own meals and I snack a lot. If I cut out the avocado spending for homemade guac every week ... i might just save 30 bucks. LOL
@@GlamDollyyy you could've made food with ur own money greedy ass
I'm a ramen noodle guy 😎
Dam! That’s crazy, glad you left him, no future with that guy
Regarding college:
The liberal arts school I went to averaged over $70,000 in tuition a year and I had to pay almost nothing thanks to financial aid. For me, college was a fantastic way to better myself and meet people with whom I've had lasting personal relationships.
This is not a brag post, but a PSA to any young people seeing this that college isn't all bad and that schools oftentimes have ways to help you out that don't include putting you into massive amounts of debt!
Liberal arts school lol delete this comment please lmao
SosaDa'Vinci It’s one of the nation’s top research universities for STEM too, get off your high horse about liberal arts schools lol
Closing in on 28 and my top mistakes have been:
- not investing
- too much take away & food waste
- dating the WRONG people 💀💀💀 (the last one just got me for ~40k in less than a year...so now I'm spending the rest of my 20's digging myself out of debt and STILL not investing :D)
Took a few too many years but lesson officially learnt and I'm staying single until I've got my ducks in a row and know who I am and what I want outta life. Yayy free therapy via UA-cam xP
how did your last relationship get you 40k in debt?!?! whattt
souplover94 Trickin.
@✪Hidden how did she get access to your savings?
“The average college grad has $30k in debt...that’s INSANE.” *me sits here crying with $100k in student debt.*
Goddamn you at ivy League or sumn?
I know right, I'm here in 54k in debt
Dang, RIP your wallet.
It's anecdotic evidence, but you heard what many young woman pay off their student loans working webcam, stripper or so.
But have you heard of any, who became successful for their degree, actual knowledge and thus paid loan?
Glad I did community college first wasn’t smart to start at a university first. But I only own 8k in loans which is not bad unlike people I meet who owe 40K+. I’m glad I made that choice.
Great video! You forgot to mention the "opportunity cost" of going to college. Could potentially be making $20,000 - $40,000 per year during the time you're in school, instead.
Very very true!!
Exactly! I was a full time student and was still able to make $1,000 per WEEK! Too bad I live in chicago and my rent is so high. Saving is hard
I dont think college is always a bad investment, but it depends on where you go and what you study. I am graduating in December, I'll be 23. It took me a little longer to graduate and here's why: I went to school in MT and took a year to get residency (while earning money). Tuition dropped to ~8k a year. I paid for this in full by working all summers fighting forest fires. Now i will have an engineering degree with no debt. It's a high paying job if I choose to do it, no obligations if I choose not to. Might get my real estate license next ;)
@@jakerust1565 u busted ass took some of the hardest classes there are to not do it?? Weird......
Come study in Germany it's way cheaper
Listen to the advice in this video!
It is ULTRA true. I knew all that in my 20's but wasn't disciplined. Life today would be very different. Sure living paycheck to paycheck for 30 years is possible. But it is stressful too. .
I have so many friends that went to college and not even work in the field they went to school for and rack up thoses school loan bills so many people are successful with out. College
So true. I think it's such an out dated system at this point.
Or some of them went to college only to land a job that makes them 40k to 60k which isn't bad but some job with education pay same or more.
@@GrahamStephan Depends, if you want to be a doctor...
@@GrahamStephan well even though taxes are super high here in Sweden atleast universities and colleges are free :)
That only applies to people who didn’t do engineering or medicine.
That thumbnail is me every time I look at like my bank account
I watched this now that I'm 25 😭 but oh well, never too late to start investing!
Same
How is the investing going? I'm also 25, but still feel motivated!
Same. 26, and literally just started
Don't feel bad, I started investing at 30. Now I'm 32
Leandra Fernandez where do you invest, sorry im new to this but like it is just saving accounts with your bank?
Avocado toast is no laughing matter
It's avocontrol...
@@GrahamStephan I like this guy ^
Graham had a girlfriend with a Starbuck and avocado test addiction and it killed his pockets
I'm 23 and started budgeting recently after having the habit of swiping my card mindlessly for so long, went from blowing most of my check in the first couple days to actually saying NO to anything I don't truly need and I've already saved tons of money. I still have about 80 percent of my check after the first week. It's amazing how much you save when you're always watching those numbers
OR pay your loans while you in school and stop letting loans build up with interest. Also most universities have a payment plan where you pay for your semester monthly while your in school. If you’re in school and work like I do paying semester by semester is the best option
Heres a tip i used for a monthly budget, pay all my bills first then. Take cash out as your budget. Lock your debit cards and credit cards keep them home. Spend cash once it gone it gone and you can't spend it until next month. Physical money is easier to manage than swiping a card unconsciously. Plus.... Coffee and avocado toast is nasty.
I'm going to do that!
If you're American this is not such a great idea. It's better to purchase as much as you can for credit score by paying with a credit card. However, if you're not good with money and overspend with cards then building up credit score may not be as important...
Not always true. Some can build credit by owning a car even paying student loans. I can't drive but have student loans and my credit cards are usually cothing stores i don't shop often but us them once a month or so like 12% of my spending limit just to build credit but. Budget wise cash like going out to eat or amusement park ect.
Theoretically since i have a disability mean no car payment. utility bills, store credit cards and student loans help build my credit. Theres no use for me getting multiple major credit cards if I'm not going to use them on the daily bases. My friend she use her cards for gas and grocceries and pay at the end of the month she didn't go to school so thats how she build credit. Every one situation different but money budget do help for those who looking to save and not over spend
@@Chislevs never a good idea to spend more then 30% of your credit limit on a credit card. Its best to use them for a large purchase you can't buy all at once. Like if my laptop broke instead of using cash use the card and just pay it off month to month instead of a payment plan with the store. (You'll end up paying more) everyones financial situation is just as unique as the person its self.
@@lilms.deafpastrychef7249 well I don't actually live in the US - where I live creditcards are for big purchases only anyway :) I basically buy plane tickets with my CC and that's it.
7:10 Agreed. I've made more money owning my car, then I have spent on it thanks to the fact that it's my channel mascot and brings in revenue and views. If you want an expensive car, get the full use of it. I never got the point of having a brand new Sports Car as a commuter car to brag to coworkers. START Showing up to car meets! Actually network! (not trashy slideshow ones, go to upscale ones that Graham mentions, Cars and Coffee is usually a good start) It can be a major foot in the door if used properly. Car Enthusiasts will actually engage in proper discourse, meanwhile your coworkers will just roll their eyes each time you talk about your Beamer.
Yo bladed get the weebvette more exposure!!
Ohk am 14 I need to start investing..lol
I'm 13 and i wish i could start investing too😂
You can start saving at any age, it's never too early. Any money you get for your birthday, babysitting etc. can be put in a saving account instead of spending it.
My mother helped me start my bank account and I have enough money to pay for a year of uni by now
You can have an account setup in your name managed by your parents, then transferred to you when you reach maturing (18 usually). ;) There's loads of great info online (and UA-cam), and if it sounds too good to be true, run miles away. 😅✌️
@@danakirsh what if you dont get money
Welp, I’m allergic to avocado! I’ll be starting my 20s off right 👍🏼
Graham has been such a big inspiration to me🙌🏽his videos are the reason I moved to LA and started in real estate. You all need to follow this man. He also inspired me to start making UA-cam videos
AriesBoyJB 🙌🏽
AriesBoyJB how long have you been in LA
Meg Altwood since august
Boss moves ✊🏽
Ah thanks so much to hear! What are in LA did you move to?
Awesome videos - really enjoying the a) energy b) content c) practicality and d) specificity.
Thanks Graham! You got my Like :)
I unfortunately need to go to college to become a pilot. I’m also going to a community college which is a lot cheaper than my local Pac 12 university.
You don’t have to go to college to be a pilot, it’s cheaper without a college degree
Cole Frahm you don’t but I wanted to have a back up plan. Now I want to drop out and do flight school full time
PushAventón I wanted to be a pilot growing up, but I’m scared of flying so decided to do finance 😂
I'm currently becoming a pilot, dont need a degree. go to a dedicated flight school instead. way cheaper and you get the same license at the end of it all. also look into cadet programs. might get your commercial paid for and get a job when your done. lots of options right now
Edward P thanks for advice, looking into it right now!
#131 - I walk away to make a call and a new video drops lol - I'm doing a refi right now and learning that buying down the loan to a lower interest rate is not worth it, your lender fee's increase, the total interest paid only differs a little and because the higher lender fee's you get less cash to borrower - so it's best to aim for an ok rate, with the best cash to borrower ratio. I'm going with a 5.625% vs. a 5% rate because I'll get ~$3600 more cash in my hand at the time of close and only loss ~$170 cash flow over a period of a year.
For a refinance, SOMETIMES it works to pay a point towards lowering the loan...just do the math and determine how long you'll keep the property and what your break even is.
@@GrahamStephan I get a better rate using (Better Mortgage) 5.25% (1K+$500) off Closing Costs, Cash at Close ~$93,149, ~$616 Monthly Payment, Cash Flow ~$199
I work at a credit union and while we have higher rates I get discounts working here so 5.625%, Cash at Close ~$93,153.71, ~$683 Monthly Payment, Cash Flow ~$176
Over a Year Differences of $205. I know where my loan would sit doing it local as we keep all our RE loans, and can always make suggestions as far as appraisals and can walk downstairs for questions on future loans.
To Lock a 5% Rate Closing Costs were ~7k, and cash at close would be ~90k which I'd rather have more cash in my hand to roll into the next deal as I'm trying to move into a 4plex next.
Also, Prob the best calculator I found for entering info and comparing lol - mortgagecalculatorwithpmi.com/loan-comparison-calculator/
I'd prob make some slight modifications - but it provided more then what I saw others do, I think I'm going to work on designing an app that will do what I need to do for future refi's.
Hey Graham can you make a video on financial independence?
Absolutely will!
@@GrahamStephan 🙂👍
Appreciate the tips, Graham. Luckily I'm doing it all, but nice to be confirmed in what I'm doing.
🙌🏼
where do you reccomend investing the $100 every month? or where specifically to get the 8% return rate?
In my pocket
Idk for the US but in Germany we get investment company’s which got certain special traits like „flossbach von Storch“ you pay them monthly and the invest accordingly to the market in everything from company’s to gold or stocks. Until now I got about 10% gain on my investments every year (high risk) so maybe check them out if they work wherever you life.
Money mistake one:
Burning a $20 bill
Always burn $10 bills or less
Graham, what percentage of my take-home salary do you recommend goes to rent? I'm planning on moving out of my parents' house, into an apartment that costs 26% of my monthly budget. Is that too high? There are cheaper options around but I wanted a home with a nice kitchen and bathroom, which is why I have my eyes on an apartment that's $250 more than the surrounding apartments.
here before a million views, who else
AWESOME!
999.999 likes
Samer Brax This guy
savage
Everyone from when you posted that until the end of time
Watching this at 26 while my bank account is almost 0, with a ton of student loan debt and didnt keep track of my finances, but at least it made me sign up for Mint.
Jacob L. Never too late man, keep it up and budgets are an awesome start. Sending you good thoughts!
But when you say invest $100 a month during your 20s, what app do I use to invest, where do I go, what do I invest in? I seriously need help.
I am 20 and I have literally no expenses aside from public transportation. No, I can't go by bike. My commute already takes 1 hour.
I agree avocado's are one of the most expensive products I prepare at Chipotle...you get in trouble if you don't scrape out every drop from avocado skins.
Ok but for those of us already deep in college and debt, how should we prepare for when we’re graduating with a crap ton of loan? Would love a video on that
Try to pay it right awyz with you parents help. You would rather owe your parents 500 dollars a month for years than the bank because you wont be paying interest
It’s not fair. You get to save money by buying medium sized clothes.
😂
Graham Stephan sorry..I just could resist 😜
YouGoPro Medium and XXL sizes both cost the same amount...
Something Warren Buffet would say
@@FinnishArmy no they don't. Go to destination xxl, the difference is night and day. Being tall and slim is even more expensive. Short people have it easy
I know it's been a while since this video was posted but I wanted to make an addition to the first point. It's great advice to go to a cheaper community college to get your general education requirements out of the way before taking your major classes at a four year college, but be careful to plan between the two universities. Some classes won't transfer, and it defeats the purpose to have to retake a class and end up spending more.
Additionally, if you need a lot of prerequisites for a class in your major, it could put you behind to spend two years at a college that doesn't offer the prerequisites. It depends on your major. I needed to get started on mine pretty early! But I didn't realize and spent two years at my hometown college when I probably should have spent one. I could have also tried to find online courses.
I ended up taking an extra three semesters to finish college because of that and other mistakes. My scholarships and funding ran out after four years (one ran out after 3 years) and I needed another much larger loan to finish my degree. I'm much better at money management now thanks to tracking my spending and budgeting, but I could have saved myself a lot of heartache and stress had somebody told me what I'm commenting now. And I could have saved myself probably $10,000...
So be careful, tailor your college experience to your needs and your major, and never be afraid to ask many, many questions of the department heads/counselors/academics at BOTH universities. Also look into transfer counseling and directly contact the department of your major in which you'll be taking courses.
Great video! Do you have a video on how you got started in real estate? How are you got your license etc.?
6: Avoid adding guacamole and bacon onto your daily subway sandwich. ;)
Ouch that's a good one
Avoid going to subway to begin with. Their bread dough ingredients contains plastic. You'll be paying for that plastic with your healthcare
Yep, same shit yoga matts are made of
@@e.v.6389 😭😭😭😭😱
I just turned 23 and started investing a week before my birthday and I invested about 900 and it hasn't even been a month. I plan on putting up about 400 a month on investments.
The car thing is probably the biggest one. And it was a huge mistake in my 20s.
I bought a 1987 bmw 528e for $400 and loved that car. It completely changed my view and love of cars and I realized that you don't need a $20k or $30k newer car to be happy. I still have a note but it's for an economical car I know will last me 10 years.
I almost researched avocado toast xD Thinking it had a more in-depth meaning
Lol me too
Depends on the person and what qualifications they need to get the job they want, but in my case and for many other students, you pretty much need a bachelor's degree minimum to become an engineer in the US. For example, to get a professional engineering license in my home state, with no college education, you need 12 years of experience in a full-time engineering role (this is different from engineering technology, which you can do in a lot of ways, including trade school. It does not count for the purposes of the license though). For a start, pretty much no one (there may be a few *very rare* exceptions) will hire a high school graduate straight into a full-time engineering position. You would truly have to fight your way up the ladder or change jobs a few times to even get that position. Then work in it for 12 years. More than likely, you are probably nearing 40 at that point, and much of that work was spent in low paying jobs before the engineering one. Alternatively, by attending an ABET accredited school, you get your degree in 4-6 years (many schools have you taking classes for your engineering major the second year, so at best you can take 1 year at a community college, but additionally many have first-year engineering class prerequisites, so CC courses are thrown out of the window), can be hired straight into an engineering role (making easily $60K+ starting), and only need to work in that position for 4 years before you can get your license. At that point, $37K of debt is a drop in the bucket of potential lifetime earnings and investments. Obviously, this is not universal to all jobs, though. Plus given what engineers do for society and how much in-depth technical knowledge is required to do engineering properly (safely), would you really want someone doing engineering work who wasn't college educated? Same thing for doctors, lawyers, teachers, and really any of the "traditional professions." (en.wikipedia.org/wiki/Profession) Food for thought, but I agree with you that many people spend a lot of money to get a sheet of paper that makes other people think they're qualified to earn more money. For quite a few people, it really is a waste of their money and time. It just all depends on what they want out of life.
I went to college making 200 000€/year in finland. I am 30 soon 31, i work about 60-65hours a week. I invest almost everything in houses and index funds. 0 debt
Living here in Europe being like "what student loan tho?"...
A lot of countries in Europe actually do have student loans either because they charge tuition or for living expenses while studying
Some countries here have student loans but they're not as exaggerated as the US
It is still extremely expensive, because of rent and Money for food etc. Rent is very high in many German cities.
Apologies if I misunderstood Uni costs in America, but a lot of that stuff is included in your Student loans right?
In Denmark you get Paid for going to collage
@@sersimovi come to South Africa. 99.9% of student literally cant afford university fees.
I’m 19 and I work odd jobs and I spent 3 months pay on a car 💪. My old car broke down and wasn’t worth fixing so I spent my only 3k and bought a used 2010 Sonata
Fruit Loops such a smart decision I’m 22 and am paying off a car that I still owe 8,000 on and didn’t even have 60,000 miles on having to get the engine rebuilt which ended up costing me $3500 and on top of that you have to have full coverage when you’re paying out so my insurance is like $120 a month and my payment for the car I can’t even drive right now is $250 😳
I have a similar situation! I’ve been saving up a couple months and just bought a $3500 used car cash:D
I was watching this vid at night and I started tryna blow a lil black spec off my phone…
Turns out it was his microphone. Great video by the way. Awesome advice!
26 currently. I was lucky enough to work at a company who completely paid for all of my college. So my degree was absolutely free, and it was great. I know it was a joke, but I’m allergic to avocados. So no avocado toast for me!
That's awesome!! And that avocado allergy just saved you enough money to buy real estate :P
What was it?
Intenxsify What was what? The company? UPS. I don’t think they have that program in every city. But they do have it in KY.
What kind of job did you do for UPS while they paid for your college?
suwo2 I was in the training department at the time, but the metro college program is for anyone who works on the night sort, regardless of what they do. They’ll pay for UofL or JCTC completely, and they’ll give you bonus checks for completing milestones. Like $300 for passing 40 credit hours, $2000 for graduating, $500 for passing the semester with all A’s. It’s pretty nice. The Earn and Learn program is for the day sort and they only pay a part of your college, and they don’t pay the milestone bonuses.
Again. This is in Louisville, KY. I don’t know if every state has this program.
How do you properly budget when you don't have consistent income?
These are extremely crucial mistakes that a lot of 20 year olds make. I've made several of them but have learned to overcome them through research, hustle, and determination to achieve financial success! Thanks for another great video Graham.
i always watch people say invest your money but on what? 🤷🏻♀️ lol can you help us understand about investing. On your second advise, my question is what could we invest on with 100/mo that gives us 8% back in return ? Please help us understand 😭 lol
He has several videos about this. For a novice investor, he (and I) recommend index funds from Vanguard. Your bank can help you set that up and get started. Its very easy and well worth the time. Good luck
To many kids are going for liberal arts degrees, while racking up debt. The school you go to, does not really matter either.
:(
Hey graham I’m 20 and want to start investing in stocks, should I invest through cashapp and if not where can I invest in stocks through?
Watching from Germany, looking at 8% returns makes my heart break... more like 0.4-2.4% interest no matter how long you plan on parking that money
Atheos Hitchens in the US we’re not expecting to park money for 8% yield. He’s investing in the market, the highest yield accounts here are similar around 2.4%.
I am in sweden, and the savings accounts are at about 2% max here as well. But you can always put your money that you won't need in some time in index funds, which is what graham is usually talking about.
Elexs Savings Account nowadays are basically ineffective, but safe.
I started last year with 5000€ in stocks and it’s a thrill to see your money grow (or go down). Selling, holding etc is amazing once you get the hang of it. But with greater returns comes also a greater risk of course.
Honestly most people could apply for bog waiver and community college is like basically free to get in, the text books would be the more expensive costs haha
🙌🏼
And you could theoretically find most of your books in the form of PDFs. Saving you even more money.
BeTh3 Hamm3r 👏👏👏
1. No student loans but I have a loan with lending club and bought engagement ring
2. I’m invested in stocks, Roth, mutual funds, 401k
3. 2019 Subaru crosstrek limited I failed that one lol
4. 30 year mortgage
5.I know where all my money goes but could budget better. Need to work on loan payoff.
Def failed but thanks for the info!
BRO, INVEST IN WHAT?
STONKS.
You gota do your own research, every one wants to be told what to do, but he's not a financial advisor. I personally invest in crypto and have seen some 🔥 returns but its personaly preference and what you know better.
In yourself
He has videos on this
ua-cam.com/video/zBNpqSMiffY/v-deo.html
"LOOK! I'm sick and tired of playing wet nurse for you. Will you do your own homework Marv?"
Graham my car was a saleen mustang supercharged with nos it for six years sold it what I paid for it
That's awesome!! That's the way to go!
Still 6 years where the money you spend where not being invested.
- However it's a nice outcome
You are awesome.. I screwed up by taking expensive cab trips 😞😞... Also planning for bschool with loans probably.. I need to give everything a thought.
Nowadays, most college graduates are indentured servants. They might as well write Indentured Servant Certification on your diploma.
:O
@1234
Just like there brains ;)
Your vids are the best man. So inspirational! I’ve been here since 15k subs and I’m glad to see you blow up.
Robert Iacob facts man facts
Thank you so much, Robert! Crazy how much it's grown lately, never could've imagined!
Graham Stephan it was only a matter of time. 🔥 can’t wait to see where you take this thing!
What do you mean by investing....where and what do you or should you invest in
I'm still in 25k for only 2 semesters of college at TTU. It's stupid. Glad I left, and it's been 3 years since I have
Best personal finance UA-camr out right now and its not even close
Thanks so much!!
I bought an AWD 5.7L Charger. I love it! I got a good deal on it but I'll never sell it. It was for sale for $9400 and I got it for less (negotiate) and they fixed the issues. I love it, I sit in it, I clean it (detail it myself) and just love it in general. It was my dream car when I was like 13 and I got it :D
Unfortunately in many cases, you need a degree to get a job. In canada sometimes you need a college degree to get a min wage. Also good one with the avacado toast 😝
but you don't need a degree to invest
Dear Mr. Stephan
I am 16 years old student that lives in Lucerne, Switzerland. I really love programming, espacially Machine Learning.
I have a small plea and I can guarantee you that you will make me very happy by helping one of your UA-camViewer:
For school I need to execute a volunteer service and I‘d like to help in some project by analizing some data.
Do you need some help for a project that is dued to the public or do you know someone that would be very happy by getting a young programmer for 2 weeks totally for free?
For additional information, just ask.
Yours sincerely:
Marco Furrer
I recommend sending a PM if you want contact
@@TheSystemaSystem That is fine
Hey Graham could you do a 5 best investments video? Like which Index funds or Mutual funds a person starting college should put their savings in or something like that?
@Graham Stephan
That fake-cry-face thumbnail so click bait man I couldn’t resist. I need to up my thumbnail game to fake tears. That’s when you know you’ve elevated. Hahah.
I might steal that graham crying for a little frugal graham video :P joking - id always run it by you hahah.
Good tips. Sharing the good word with people! :)
Haha had to! I've noticed that the shocked face really works for a high click through rate...there's a reason people do it. Go for it!
@@GrahamStephan interesting. I'll give it a shot. I used that face on my Early Retirement Extreme Jacob Lund Fisker interview and I got a few thousand views, so you might be on to something there!
Why don't you have more subscribers? Your videos look like 100k value at least.
isaac martz I really appreciate that. I guess just lack of exposure and I’ve just started getting my videos on point.
isaac martz thankyou for making my day. This comment just got highlighted in my stories to all my followings on Instagram @mikerosehart :)
Your joke about Starbucks latte is real tho, I’m a senior in highschool and I’ve been buying a Starbucks at the corner store every morning for the last 4 years now, at $2.49 5 days a week I’ve estimated I’ve spent close to $300 a year or $1,200 on a drink throughout high school
Lifehack: Make your own at home. Super easy for 1/10th the cost!
Graham Stephan less than that lol
$SPY
A saved penny is still a penny.
Liam McDonell
Lol you act like you need that shit. I don’t understand...
Where do you go to invest in an Index fund? or where would you go to get the 8% in the second mistake? Can you do this with an app, online or at a Charles Schwab like place?
"What you measure improves"
͡° ͜ʖ ͡°
😎
Doesn't work, been in the bathroom for a minute now.
Instructions not clear, got castrated.
Was thinking the same thing LOL
Yeah but where do you invest to get the 8% return?
matilda taylor roth 401k
The S&P 500
I have an RRSP and a TFSA in Wealthsimple and I'm getting 8.2% on my investments.
ua-cam.com/video/zBNpqSMiffY/v-deo.html
He has videos on this
Most funds give that. On average, the funds in Norway give 10-11% annual return
Hey Graham,
I am college student and I am in the process of saving up for my first apartment and a car. My question is should I invest all my money towards my apartment or should I split it between the two savings account.
I’m thankful that my parents had enough money to pay for my university education.
No one:
Graham Stephan : avocado toast
I am 21 soon and an in community college with no dept and I really want your line of work thank you for giving all this public information
When you live in a country with free education
Haaaaa 20cent coffee and 0.00 euro pharmacy degree😎
bascoaful I'm French & went to uni in Denmark- dk grants a monthly allowance to EU citizens to assist with expenses. So on top of "free college," I got paid to get a degree 😎 now living in the US making 6-figures in my field with no debt
Enjoy your ridiculously high income tax lmao
@@Max-hj6nq meh i am fine with high taxes, although sure there are many things unfair, but in general, my taxes are being used to build roads, finance education, help the not so fortunate so I am fine with it
sean Oof paying 5-10% more in income tax> $40,000 student loan debt out of college 🤷♂️🤷♂️🤷♂️
I’m from Germany but go to college in the US fml 😭😂
This dude bought a 35k car when he was 19 and here I am trying to find an old Honda for 1300.
Thndr_ bro theres a reason why he said it was one of his mistakes
Corollas are cheaper then civics.
I agree 100% with this video, however, I am a 23 year old woman who is self employed and bringing in 50k a year. So the whole “buying a car to get laid” doesn’t really resonate with me. I have no student loans or debt, and I am considering purchasing a new Tesla Model 3 to replace my car I bought 5 years ago. I can afford the payments and will still be able to put away half of my income towards savings and investments. I am reluctant to go in debt, is it worth it or not?
*The “Live A Little” - friends could be the death of your wealth. Just say: okay.*
"nah I'm good"
Sigh. I wish there was some kind of reliable investment fund in europe guaranteeing 8% interest.
Student Loan debt issue is great to hear about when you're 17/18 about to make those decisions - which you start to pay for and have to figure out in your 20's once your grace period is over (or while you're paying the interest during your college years). Not really something you can avoid once you're in your 20's.
Turned 20 yesterday, perfect timing! Lol
Lmfao you totally had me going with the avocado toast. “This has to be a joke.. this has to be a joke... oh thank god it was a joke”
Haha thanks for watching ;)
Step 5 has helped me alot: I’m 23 and I was doing that 50/30/20 method, sucks because I pay more than 50% on bills but I try to cut on my spending and savings still build up if I have change to just put back at the end of the month, and since I started my own business mobile detailing it’s helped in hand to have a good standing with my monthly income
I'm not even sure where to start with investing.
Luckily I haven't blown my money on cars and students loans at least.