During a time of rough economic uncertainty, here is how you can best protect your income, invest your money, and come out ahead ok – enjoy! Add me on Instagram: GPStephan
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FIRST: REDUCE YOUR SPENDING
immediately go and sign up for a budgeting software like Mint.com or PersonalCapital.com. You can also use a paid program like YouNeedABudget.
PART 1, you’re going to link your accounts and then review ALL of your spending throughout the last 60 days and identify those charges.
PART 1 is going to be MANDATORY SPENDING.
This is going to be the bare minimum amount that you NEED to live on, no matter what happens.
Next, PART 2 is going to be your DISCRETIONARY SPENDING
This is EVERYTHING you WANT to have, but don’t absolutely NEED to have.
PART 3: I want you to CUT BACK ON ALL NON ESSENTIAL DISCRETIONARY SPENDING THAT YOU KNOW YOU CAN LIVE WITHOUT.
LAST…PART 4….SAVE THE DIFFERENCE.
Doing this is all about identifying what you don’t absolutely need, cutting back on what doesn’t matter, and then saving the difference for where it matters the most. The last 2 months of your spending is going reveal a LOT about your unconscious spending habits, and the first phase of being able to save more money during turbulent times, is to recognize those charges and cut them back as soon as you can. T
SECOND: SAVE THE DIFFERENCE
The FIRST, MOST IMPORTANT USE of your money is to build up your Safety Fund. This is basically going to become your insurance policy in case you lose your job, can’t afford to keep up with your MANDATORY expenses, don’t want to sell your investments now at a loss, and need something to fall back on…this is it.
Now, in terms of WHERE to put your emergency fund…you want to make sure it’s somewhere safe, and PREFERABLY, somewhere that pays you a little interest. And, for that…we have the almighty HIGH INTEREST SAVINGS ACCOUNT.
In addition to this…if you want a SLIGHTLY better return and don’t need the money immediately, your next option is a CD.
This stands for Certificate of Deposit, and this is basically a savings account with a fixed date of withdrawal. The entire point of this step is just to keep your money easily accessible, liquid, and stable during a time where you might end up needing it the most.
THIRD, I just want it in here, that if you have any high interest rate debt…like credit card debt….now is the time to pay that off, so you don’t accrue EVEN MORE interest that’ll make your situation worse than it needs to be.
FOURTH, You’ll need to do your best to KEEP YOUR JOB, Take on side hustles, and CONTINUE WORKING, if at all possible.
Right now, I really, truly believe that you should do everything you can to go above and beyond with your work, maintain the best relationship you can with your boss and co workers, and make yourself as indispensable as possible.
And FIFTH…once you’ve made sure your job is secure, your emergency fund is in place, and you’ve maximized how much money you’re making…you should begin consistently investing back in to the markets.
Now, as far as WHAT you should be investing in to “protect” your money within these accounts, I personally prefer a few options:
One, is going to be cash. This is just the money you have sitting on the sidelines, so that you take advantage of any good buying opportunities that happen to come up.
Second, I’m going to recommend the usual index funds.
Third, you could also mix in a Bond Index fund within your portfolio, as well…like VTBLX. This should see a lot less volatility, prices should remain way more stable than stocks.
And fourth…I’m sure people want me to throw GOLD into the mix here, so I’m going to mention…GOLD.
That’s why, I believe…the best way to protect your money, is to do your best to stay employed, take on any additional work you can, cut back on expenses, and SAVE THE DIFFERENCE…so, that way, you can ride this through and come out the other side unscathed, and completely profitable.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
PSA: Recently there’s been an influx of people pretending to be me online for the purpose of scamming. I DO NOT use WhatsApp. My email is GrahamStephanBusiness@gmail.com with Stephan spelt with an stephAN. I won’t ever ask you to send payment via western union or cryptocurrency. Please keep in mind and ignore anyone giving you other ways to reach me…because it’s not me.
Graham Stephan very excellent and timely advice. I hope people listen
Hey Graham, I’m new to your channel but I’m an 18 year old who’s trying to build credit and set myself up financially for the future but I cant seem to get any traction with a steady job and i dont think college is for me… what do i do
But BITCOIN!
Graham Stephan MAKE A TIK TOK PLZ
@Business with Sam l0
Scary thing is , most of the young people don’t have emergency fund because 1. They just started their career 2. Paying student loan & rent leaves no money with starting salary — also never know when this is going to end. Most people have 1-3 months emergency fund and not up to 6 months, so if it does go up to 6 months — it’s problematic.
Mmmmmm emergency fund where I have heard that? Oh yeah Dave Ramsey weren’t you trolling on DR cut your credit cards on one of your videos? 🤷♂️ maybe I’m mistaking.
doesnt seem like ally bank is compatible with YNAB
Is my money safe in a savings account in my bank. I have enough, but I don’t want to lose it.
What I think I spent in the last 60 months that was unnecessary: $300
What I actually spent: $887.43
Holy crap, yeah good advice, wow, I’m speechless ngl, like I know I had 3 somewhat big purchases but even then that was way more than I expected
Guessing around $987.34 – back in a giff
Hey Graham, knuckles?✊🏽
Estimate: $350/week
Actual…. like 630/week…. I’ve been making making payment on student loans & credit cards the last months more frequent plus pulling money out for savings/emerg. fund…. Forget to count that plus one or two other bills…. I don’t even know where to start plus frequent fast food/convenience trips
🤣🤣🤣🤣🤣 a lot of layoffs?? Over 200,000 let go in Las Vegas in the last week.
Tired of infomercials
Trying to figure out if my wall street journal subscription is an essential or not 😩lol
Synchrony is at 1.5% but he never mentioned them like ever.
i didnt even watch your video just wanted to say the faces you make on the cover of your videos make me believe your creepy and thats okay. i don’t have a problem you they are just creepy. make a normal fucking face
Graham is not the friend you wanted, but the friend you needed
I saw it
Graham,
I’ve been watching you since 10k subs. First time commenting though! Got a quick question:
How do you recommend handling Squarecash/Venmo (expense reimbursements) in your Mint account? I’m rent hacking with roommates and I run all the utilities through my cards to get the rewards, but this makes my monthly expenses look way higher than they actually are! Any advice would be appreciated. Also, might be a good time for you to do an actual instructional video on setting up a budget!
So far, I’ve chosen to use Venmo for utility expenses and then Squarecash for personal things just to separate them out. However, I still have to go in and link things manually. Maybe you have a better idea!
Cheers,
Matt
Your videos are useful but you stress me talking so fast and loud.
Review last 60 days:
Expectations – About 20 bucks
Edit:
Reality – 12.93 Eur
Dang I did good
Graham…. when theres blood on the streets, buy real estate. < not litteral in this sense. I resell sneakers on a large scale, and bought hundreds of pairs due to this outbreak (crazy sales) My ROI is upwards for 40-50% with 1-2 month turnover. with an additional 10% cash back 2% from CC and 8% from online service similar to honey.
You’re getting fuzzy
VTBLX or VBTLX?
I’ve been spending around $800 a month in food eating out. Since this Coronavirus hit i went to the store & stocked up and haven’t ate out once in the last month & half.
Jason Benson well that’s okay but why don’t you invest your money now your home you could earn while doing nothing
5:00 I see it Graham, smh. 😀
Estimate: 250 a week
Too many ads so I logged out
Wow
Estimate :700 acutual:1100
People don’t want to save they want the F. Ing virus 🦠 to leave
Watching this video from a week ago just reminds me of what a shitshow this week has been 😶
Your awesome!!! Thanks for the Tips 🙂
The way to properly smash the like button is hitting the thumb with your forehead like trying to break boards with your head.
I’m only a teen so I don’t spend much but I think I’ve spent about 120 in last two months
I’ve spent $113, most on stocks tho
I use Goodbudget to help keep track of all my spending and income transactions
I spend most of my money from buying groceries haha. By the way Graham should I try Fidelity to do some beginner investment or keep my acorn account?
이윤재 Asked the same question 2 months ago, and the answer I got was Bitcoin, funny enough I quit my job cause I earned triple my Salary within that time so I’ll advise you invest in Bitcoin or forex , could hook you up if you wanna earn 🌚
Im going to guess that my discretionary spending is between, $500-1000.
I allowed myself to experience mild lifestyle inflation with the new job (which turns out to have saved me healthwise because my current employer is far better than my old one in terms of response to the virus) and misuse of a new credit card i got to test my ability to practice what i learned (my mental health took a dive and set me back $700, but it’s getting better ironically because of this outbreak and im getting back on track financially, this challenge is my first step).
This is taking longer than i thought. I might be going into too much detail. Can you really go into too much detail when you’re evaluating your expenses.
1172.18…
So much for “mild” lifestyle inflation…
Better buy gold and silver!!! Mining stocks are going to be huge 💥💪💯🤑
Ian Unlimited Bitcoin is the bestv
Let’s all try to profit during a financial pandemic! Please.
That Webull link doesn’t work..There’s no way to get the two free shares, either… 🙁
Estimate: 50€ a month (I’m really disciplined when it comes to budgeting, 90% of this is donations)
How the hell do you spend about 5€ a month on necessities??
Unless you’re living with someone who’s taking care of all of it (no shame in that, we’ve all been there, some still are and some will be again)
You have also said 2008 to 2013 time frame you did not have that much of a life. Hindsight is indeed, 2020 (wait, how is hindsight this year?, oh, 2020 takes multiple meanings now.).
But toilet paper is the new currency
The hospitality/restaurant industry has been hit the hardest but this isn’t true for every industry. Some are actually seeing more business. I invested about a tenth of my portfolio size into my portfolio during this sell off. How I see it, if the market doesn’t recover, we’ll likely have bigger issues.
I came for this bc I’ve been talking to friends and a financial expert about how I just got the CSP and hit the minimum spend and planned to pay it off in full this month (April). and then all of this happened. (I’m luckily and gratefully still working) I still want to pay it off in full though but everyone is telling me to pay the minimum and keep my cash. I think its counter productive and putting me in a bigger bind down the line jic I am eventually let go from my job. More than just my score or anything I have this mental thing about owing people money.
While I can still afford to pay all of my bills atp. I did take advantage of the 0% interest forebarance for 6 months – which gives me extra cushion
My emergency fund had enough to cover 3 months right before this all hit, and I was thinking that was too much to just sit there …. Now with this “We’ll be closed for at least a month, maybe more…” from my company, I’m thinking having more would have been better…. (Though that’s irrelevant seeing as I only got to that point right before all this.
hah! jokes on you, i dont need a budget manager as i dont have any expenses since i dont have any money in the first place
What about beer and cigerets
Fantastic
Step 7: splurge
I like the vids, just when he says it – trick works hahah
I’m 16 and have a fair bit saved up, should I put all my money in stocks etc as all my income is disposable.
During this chaos it’s a big wake up call that you should save before you ever invest in anything.
At least if the economy crash you’ll have something to quickly fall back on.
It’s all about saving and becoming obsessed with it.
Not when it’s too late.
Save, Save, Save.
I saw it. I’ll help with the algorithm.
How do you feel about solar panels do you have them on your properties?
I’m working from home and using all my extra money due to being on pause to pay down my credit cards. I’m saving on childcare, transport fees,gas,eating out, hair salon visits, nails shop visits and shopping. I’ve been drinking a lot more water and more grateful for life since this crisis happened. I know I’m changing for the better and praying all of you are as well,, we will get through this♥️ cherish your loved ones and your 💰
Could you recommend a good wine? Given the market, I guess it would be a red.
Ever since starbucks shut down I saved $86.80 for two weeks. I used the.20 iced coffee and it has cost me $2.80 in two weeks.
GREAT QUALITY CONTENT! Fucking love it.
discretionary fund: $150
how much I spent: $0
I can’t sign up (mint and personal capital).
“Please enter a valid phone number including area code”
Is it only for USA? If so, do you guys know some other site that i can use?
Chère do you live? I’m French i use nestor, and bankin or I simply use my Bank app which as a display for budget management
@un euro à la fois I am from Serbia. I will try that. Thank you, mate. 🙂
I started my emergency fund back in November 2019 and I’m SO GLAD I did now that all of my freelance work has dried up because of coronavirus. Thank you for consistently drilling it into my head how important it is!
I think ive spent around $240
Update: Ive spent $700.72 in 60 days😭😭
Hope u stay well during this pandemic gray ham
Thorough video
Step 1: reduce spending
People: let’s blow all our money on toilet papers!!!
✨😐✨😓✨🤔✨😅👍🏽
Wait, you cant speak about CORONAVIRUS. Seriously Youtube???
My 401k is my emergency fund! Specially now that Congress just approve for us to take as much as 100k with out penalty and up to 3 years to pay it back with paying taxes and then you will pay taxes on remaining balance!! Just paid off my house in December at age 42!! Yes in California!lol so now is just a car payment and food and solar panels bill of $200 a month to power my house and electric car (Tesla)
So what your saying is to invest into a 25 thousand dollar car you got it On my way!
wow this is great, graham is the mannnnn broo! i would really love some support with my channel and do what graham has done and save money to fund my channel. so everyone please support me if you can by subbing and pressing the bell icon.
Silver TRIPLED in value within 2 years of the last crisis, currently it is priced back where it was before it tripled…just saying.
Overall I like this channel and I think you can get some pretty valuable information from it; that being said, the number of transition frames is dizzying, and the number of humble brags in this particular video seems to be unusually high, even by Graham’s standards.
I was going to put the $1,200 stimulus in dollar bills put it on my bed or superglue over it and roll around in the bed give it all sticks to me that way it’s not going anywhere
What percent of the difference do you use to pay off credit card debt? 50, 100? I’ve gotten into trouble with this as sometimes I’m too aggressive paying off debt and then ending up not liquid. So reach a liquid minimum X and then pay down credit card debt? But then do you still build up your emergency fund for 3 months, if you work in an unaffected sector job?
I know you addressed this but you can’t pay all bills with credit cards. If you have a lot of credit card debt, then is your emergency fund really how much you need to pay bills with actual money and can’t with credit cards?
GREAT VIDEO BTW!
After being laid off, I thought it wise to focus on investments, an investor on internet radio mentioned making over $295,000 within 2months with an investment of $100,000 and as beginner I would appreciate any guide or clue on how to maximize profit.
I am also a beginner, I recently began investing with the guidance of a broker and I have made about $320,000 with $150,000 invested in the market, what I’m saying is you stand a better chance to make good profit through the assistance of a professional
Cool profit, with that amount of money I definitely would retire and buy a penthouse in Bali
Nice, can you tell me who your consultant is and how can I reach this person?
I invest with the assistance of Michelle Ann Schlosser, a broker I came across on a CNBC interview, you can search her name online to get more info on her and reach her
1. Get the knoweledge and information through books and youtube videos before doing any investing.
2. Get a mentor if possible
3. Test out the market because reading and listening to it is not the same as doing it.
4. Continue testing the market for 2-3 months before going in big (Analize market) so you can understand the market and what you’ve read and listen to. (Mistakes will be made along the way, this is good you learn from that.
5. Continue searching for information and knweledge
Hi graham love your challen
I only have phone bill so 47/month
Love the videos! I like to sort my money into 3 places 1) my minimum living expenses rent+ Costco food 2) my have to live with luxuries Spotify and good coffee 3) everything else
I cancelled my Spotify subscription after this. . .
Estimate: $500
Only went back 30 days and had to stop…
Total: $515… I’m super upset right now.
By the time your done taking a poop in the morning I’ve already made one hundred graham. Lol who can relate?
Graham- I think I love you! Always the best and consistent advice with a smile on your dial! Go you!!! 🙂
my foolish spouse invest in timber.. use up saving for a year.. what a fool
Do you have Term Life Insurance?
would opening up a new credit card be smart? its been on my todo list forever
I’ve spent over 15k in the past 4 months. LMAO!
Honestly, I liked your videos already but I am completely sold now. This is such great and sensible advice and, sadly, I’m not confident many other millionaires would do the same. You fully know there are people that trust you and your financial opinions and instead of trying to capitalize on their fears/worries, you’ve given them real strategies to work through this. I am a fan. Thank you for your videos.
P.S: The like button has been destroyed by the sheer might of the tip of my finger.
Universal income coming. No brainer.
so once you open a savings account with a certain bank (lets say capital one) at let’s say 1.50% interest, even if the interest goes up for new customers you stay at the 1.50% you originally opened the account with right? there is no way to ever get the new interest rate (for example 2.0%) that your bank is offering correct? so if you see a higher interest rate on a savings account with your bank you just have to deal with it or switch over to another bank that also has a competitive interest rate? thanks! i been watching your videos since before the stock market crash and I wish I would’ve invested a little earlier and opened a savings account when it was at 2%. I’m 19 and I am trying to get ahead of the game and become financially educated, really love and appreciate your videos!
Graham what about invest 10% in bitcoin ?
$247.31
oooo look it was $247.31 becasuse i put every single purchase into google sheets. Great tool to build your own budget counter!
CUT, SAVE, GROW!
Graham, you are always mesmerizing me with valuable information and subtle humor. So, thanks. I’ve been using the everydollar budgeting site and app since September 2018 while I was laid up with cancer/chemo… BEST THING EVER. We have paid off over $80K in debt (including medical) by using this site, and it’s free. I just now had a solid weekend to work on future numbers and was able to project that we will be out of debt, except for the mortgage, NEXT JULY. By then I’ll be 52, my husband will be 60, and we are just now learning to ADULT… because of cancer. Our two nearly adult children are happy about it, too.
Y’all… start budgeting NOW.
Not next year, next month, or tomorrow…
Do it right effing NOW.
Hi Graham!! My husband and I love your videos . We were hoping you could weigh in on a topic that we are discussing. In your opinion whatnosbthe best way tonuse a credit card?. Out goal is to increase a credit score. Should we leave them all paid off and not use them, should we some and pay off monthly, or pay them weekley before the billing cycle? Ty for the help and input!!!!
Do a quick google search for *ECOM BAZZOID* someone posted your courses Graham
Do a quick google search for *ECOM BAZZOID* someone posted your courses Graham
the first rule should be stop dating.
change your mobile phone to not be found by your ex girlfriends or wives.
uninstall Tinder
thats it you are a millionaire in a couple of years.
If you put your emergency fund in a savings account. Don’t you have to take a fee to withdraw for emergencies?
Most expensive asset girlfriend kick out save money
The problem is over 70% of Americans haven’t been doing this for generations pandemic or not. That’s why so many are flat broke to begin with, but good luck everyone else.
if i could just go back in time and buy the dip in this day of march 19&20