These are the 6 WORST money mistakes to avoid in your 20s – Enjoy! Click my link at https://go.mycopilot.com/grahamstephan to get a FREE TRIAL with your own expert and fitness coach! | Add me on Instagram: GPStephan
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What Society Failed To Teach You About Money:
1. DON’T LIVE ABOVE YOUR MEANS
After all, it’s said that one of the most prevalent spending categories of those under the age of 35…is convenience. This can force you to become reliant on keeping a steady stream of income – even if that means you’re working a job you don’t really like and that’s NOT where you want to be early in your career.
2. BE CAREFUL WITH STUDENT LOAN DEBT
What most people don’t realize is that the amount of time and money needed to pay off debt, while starting out a career on the lower end of the pay grade, can set you back DECADES in terms of building your wealth.
3. RECOGNIZE THAT EVERYTHING IS NEGOTIABLE
For example, when you’re starting a career…work from home, health insurance, vacation, salary, and benefits are ALL up to you to discuss – and, the more leverage you have, the more likely you are to get them approved. The fact is, you’ll NEVER GET what you don’t ASK FOR – and, I don’t think many people really how far a polite request really goes.
4. BUILD OR IMPROVE YOUR CREDIT SCORE
Your credit history in your late teens to early 20s is going to help you tremendously in the future…. anytime you want to buy or rent a house, a car, obtain a business loan, and negotiate terms from the standpoint that – you’re a responsible borrower who always pays on time – plus, it’s incredible easy to do.
5. KEEP TRACK OF YOUR FINANCES
First, I’d immediately recommend signing up for a free budgeting software to aggregate all of your accounts and itemize everything in one place. Second – review ALL of your spending throughout the last 60 days. Third – itemize all of your expenses into two categories: One is NON-NEGOTIABLE, MUST-HAVE MANDATORY SPENDING…and the second is DISCRETIONARY SPENDING. Fourth, cut back on your DISCRETIONARY SPENDING and, negotiate down your MANDATORY SPENDING, if at all possible.
6. DON’T FORGET TO CONTRIBUTE TO YOUR RETIREMENT ACCOUNTS.
You can basically get 40 years for your investments to grow into something massive, simply because you have time on your side, working in your favor.
ALL SOURCES:
https://www.businessinsider.com/personal-finance/millennials-debt-stressed-generation-2019-10
https://www.moneygeek.com/financial-planning/analysis/2021-millennial-financial-regrets/
https://www.livabl.com/2023/01/half-millennials-report-reduced-tears-home-buying-process-2.html
https://www.businessinsider.com/millennials-say-they-cant-afford-dream-life-survey-2022-1
Millennials and Gen Z Accounted for All of the Luxury Market’s Growth Last Year, a New Report Says
https://money.usnews.com/money/personal-finance/spending/articles/how-millennials-spend-their-money
https://influencermarketinghub.com/millennial-spending-habits/
https://educationdata.org/average-student-loan-debt
https://www.bankrate.com/loans/student-loans/average-college-graduate-salary/
https://www.businessinsider.com/millennials-living-with-parents-save-money-inflation-recession-12
https://www.reptrafor.com/blog/is-experience-better-than-education
https://www.lendingtree.com/personal/study-raising-credit-score-saves-money/
https://studyfinds.org/millennials-money-finances-savings/
https://www.newamerica.org/millennials/reports/emerging-millennial-wealth-gap/the-financial-lives-of-millennials-evidence-from-the-us-financial-health-pulse
https://www.cnbc.com/2023/02/06/more-millionaires-say-retirement-will-take-a-miracle-report-finds.html
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Thanks again for watching! As usual, all informational sources are listed in the description if you’d like to learn more. Click my CoPilot link https://go.mycopilot.com/grahamstephan to get a FREE TRIAL with your own expert fitness and health coach.
Hey Graham been watching your videos for a while. Kinda being a stickler but my profession is an acoustical engineer and noticed there was a good amount ruffling noise from lapel mic. I’m not sure how reverberant you video production space is but a shotgun mic (aimed at your general direction of speaking) or omnidirectional mic (dependent on how much absorptive acoustic material you have in your video production space) will help. The recording studio sounds like it’s in a garage or similar type space. Let me know if you’d like some help on acoustic treatment. Happy to help out pro-bono. Best – Rob
I had a credit card the amount they approved they cut in half. It was not cool when could potentially effect your credit score when it’s at %30 of total credit limit.
Hi Stephan; I’ve been watching you for a year or two now, thank you for all of you financial advice. I’m 25 and I haven’t invested much money into my future. I’m ready now but not really for sure what I want to place my time/money. I like your idea of real estate but it’s a lot of work. What would be your advice for me? Say if you could go back in the past and do something different. What might that be? Thank you
Graham did Dave dirty with this one!
Can you please do an updated investing FOR BEGINNERS???
Thank you! ❤
When I was poor was the happiest so no biggie. Actually rich people are worried about their money more than poor people. So be happy being poor and be happy when you make money. I work sometimes 16 hours a day, make money but dont make me happier than when I was poor.
Definitely felt the “reduced to tears” during the home buying process. 😭
Unless you work in a STEM industry, a college degree isn’t worth anything. It honestly doesn’t matter if you have a degree if you work in software like I do. Practice saying no! Because I don’t go out, or buy Starbucks or make travel plans, my friends and family believe I’m boring. My family believed that a degree was the key to landing a high-paying career, thus I now have a student loan debt of $60,000. It took me two years after I graduated before I began to understand how money worked.
Fan of your content. Not a fan of your thumbnails—especially this one.
Theee biggest mistake of my life was going to college and getting my BA and MBA. HUGE MISTAKE! I’m not proud at all of those useless degrees and the gigantic debt I accumulated. I won’t discourage anyone from getting your degree(s) but have a financial plan ready before signing up for college.
Thank you for sharing I went to the navy instead of college and I turned it great
Title of this video change after it was published??
Watching your videos do more harm than good (basically a cope)
1st money mistake: get married
Enjoying the vids.
(Money is no fun with the FED draining the lake).
How’s the fish tank going?
What about the cat?
Even if the content was really slim, I’d still drop in weekly to see how you were doing.
Cheers.
If people tried to pay off their debt immediately after graduating college instead of huge lifestyle inflation there wouldn’t be a student loan crisis
What’s with the pic for the vid, is that what poor people are supposed to look like or something?
Graham deleted the interview with Barbara xD
re-uploading
Thee tracking expenses meant everything for me! I began with Mint, but for some reason it wasn’t to my liking so i switched over to NerdWallet; and I’m really impressed with it. Forget the ease of mind that it gives me at night, knowing my data is safely stored & updated every 24 hours, just opening NW once a week or biweekly & checking on my money map I like to call it, just that fules me so strongly to want to see those numbers rise faster & more frequent! There’s no better motivator than money trackers trust me!
Thanks! Appreciate your efforts.
Thank you!! 🙏🏼
why don’t you publish this awsome video to Spotify
I think I am at the point where I do love paycheck by paycheck but 20% is going to my savings if not more
You should do 15% to investing if your emergency fund is set up (3-6 months of expenses).
What good is a half million dollars in 45 years? You couldn’t even rent a cardboard box with that.
Graham you have to react to @Camille Collazo video on the myth of frugal millionaire.
You know I’m pretty broke but I pretty much always know how much money I have in my bank account give or take about 10 bucks
you spent $40,000 to make $50,000😂
“Formula for success: rise early, work hard, strike oil.” – J. Paul Getty
You are the only YouTuber that is being proven to be faithful to his content and for that I am great full. Great job and keep it up.
Listening to jerks like you keep people poor. FTX
We can tell 30 mins is working…good job and keep it up.
Graham….the tee-shirt. Brand? Link? I want it
@10:35, I suppose a gay man has nothing to worry about then, huh? 😛
His information about the need for a credit score is wrong. You can get a mortgage without one. But in general he is right. You got to live within your means and keep track of your finances.
Yeah mistakes like
Your channel
😳😳😳😳😳
My biggest financial regret is not buying real estate in 2008 when it was cheap and I was 10
Nice point of view on investment, Grizzly project provide the best on DeFi space with adequate liquidity Minning aggregator.
Thanks graham you
Have really helped me in a real estate
@user-sx8kg5rm6x okay sure I will text you . I can’t wait to learn more from you graham . Thanks for sharing such a great enlightenment
Here im over 30s full Time working 2euros in my Bank account, lg
One thing I have found, having been writing about money matters for many years, is that getting ears to not just hear, but DIGEST the information and DO something to make a change and get ahead is one of the most difficult things to do. Wherever the term, “You can lead a horse to water but you can’t force him to drink,” has ever applied…it’s here. About money. Many people think it’s magic to become rich. It’s hard to convince them that there’s no magic to it at all.
At the same time, one should never stop delivering the message. I always enjoy what you do and I hope you are reaching a lot of people who will actually apply what you preach and do that getting ahead they WANT to do, understanding through the messaging that they CAN do it.
Hey Graham you talk about this in a bunch of your videos.
can you compare how much the value after inflation of your 45th year of retirement investment will be compared to now?
my wife just said “it’s kinda sh*tty he’s filming this video about student loan debt in front of this fancy car” 😂
Co pilot the new FTX
Finance professional here: when budgeting personal finance, i always suggest people examime their habits but don’t worry about them (e.g. trying to save money by not eating out as much). If they want to change, it will happen naturally over a long period of time, and tracking how much you spend will help. Instead, to begin, I suggest looking at “decision” spending – asking yourself “would i be okay living in a 1500/month apartment instead of a 2000/month?” Because thats an easy 500 you can save with a simple decision. There’s a rule in environmental science which I paraphrase as “Find the action with the biggest downsides and reduce the negative effects as much as possible” and ive found success applying the same mentality to personal finance – dont put a lot of effort into the small things until the small things become the big things…Have you tried both approaches (focusing on small items that are potentially easy wins vs. Focusing on decision making and reducing large amounts) and found more success in working on the small things first?
Curious.
What advice do you have for Canadians?
Quit going to Starbucks!
Debt is RISK! Consider it carefully.
I’m 19 and invest about 60% in stocks or treasures starting this February wish I did before could have used more money and saved more
me at 27 knowing I just lost 100,000 by not investing at 20 …..
Someone once said – the rich live like they are poor. The poor often live like they are rich.
I live by the first one. By no means wealthy but growing wealth at the slow and steady pace.
I knew that VRITKN7000x was ahead of the game, but my mind is officially blown
VRITKN7000x has the most potential to do more than X100. ETH and BTC will most likely do a X5-X6, but that’s fine for me. Gotta look for better entry points while I stake IRIS and PGEN, then wait for Polygen’s next raise as I also look at their new partnership with Kenzo Ventures.
Just bought and Still Holding VRITKN7000x
My life feels fixed after horrible markets but VRITKN7000x is the one I believe in!
Without watching the video, I know everything is good with VRITKN7000x
Ok, I am sold. I will HODL my VRITKN7000x for the long haul.
Imagine missing the Amazon VRITKN7000x on-going presale, HODL STRONG the public sale about to explode
BRO WHY ARE YOU NOT TALKING ABOUT VRITKN7000x
My largest holding is Amazons VRITKN7000x . Glad it came out to be this. I’m a fanboy and I like Charles. He reminds me of Steve Jobs when he speaks sort of.
VRITKN7000x at less than $1. is like BTC at $100. When VRITKN7000x finally blows it’s gonna be epic. Also it will never be like that again
VRITKN7000x will do x100 until summer, done deal! Just be patient and HODL fellas
I dont care about analysis, VRITKN7000x got me. And some friends
Of course! VRITKN7000x
I hope you are right about VRITKN7000x ? Thanks for the super educational video. Keep up the good work buddy
It’s not possible to hide it longer and all of us should take some time to understand the impact of VRITKN7000x and what it will do to the economoy. On my side I’m very optimistic with this and there is no better time to know about that than now
The flow and utility of VRITKN7000x integrating with online stores is just innovating concept through and through
Now that Amazons VRITKN7000x is around it’s all about the question when and how much. I prefer this over ATOM, ALGO, L2 based ones and whatsoever or I could really say just any other asset
All the big financial advisors who always claim we give no financial advise, jumped on VRITKN7000x and didn’t tell ya. You can see the patterns I hope, I mean it’s obvious that they would always act like this
The VRITKN7000x army is the first real army, all these shib and other dogs around are just jokes honestly and don’t believe Musk has anything to do with that
I’d rather buy VRITKN7000x , atom, polka and Optimism!
Charts literally make me mad the beauty in my life is Amazons VRITKN7000x nowadays
Can I get multiple entries for VRITKN7000x or limited?
With everything which happened recently the trust is on the ultra low level. Only solid hope we have left is that Amazons VRITKN7000x is stomping the game.
Can’t deny the fact that Amazons VRITKN7000x has the strongest bet to bring power back to this industry after we suffered FTX, Celsius, Tera and so on. Sure if they fail it’s done for good but the pressure is too high and I think they will keep proper liquidity rather than these others. Don’t see them going bankrupt any time soon.
Now that FTX is gone for good I would not give up on all cryptos yet. And I’m not alone seems like even the biggest company in the world is now into it they made VRITKN7000x if you don’t know yet
The emergency is that you can still lose all your assets but VRITKN7000x is more serious because of their guarantee for the remaining time of 2022
VRITKN7000x has as much potential as ethereum. But unlike ethereum it has a bigger growth potential.
We have been on a recession since the beginning of 2022, but big media and governments all over the world didn’t want to admit it. We need to be more intelligent and use our brains. Knowledge is power and I’d like all the family to be powerful! Just purchased some VRITKN7000x Thanks for keeping us informed during this times of doubt?
My heart goes to the entire community for Amazons VRITKN7000x building up something even my old dad can understand. This is so smart by them to launch it to shatter the doubts and fears of the common folk which is not even correct to begin with. Everyone knows the state of inflation and recession now and the way out is already in progress. Now it’s just about catching the big fish
I was sure the year would end badly for me but I think Amazons VRITKN7000x is spot on with what they do and how they do it. Can’t say for how long it’s gonna work effectively and for sure it is overyhped right now but even for half a year or something it would be smart to ride the wave and then eventually jump away but the thing is why this is smart right now is because it’s so cheap, won’t ever find a better entry than now
I didn’t know much about Amazons VRITKN7000x but this is a strong movement. It will get casuals into the scene who never thought about it in first place so there’s that…
So this VRITKN7000x has multiple reviews and videos on it. Sounds good to me but I’ll not be part of it
I think I want to spend a comment on the fact that VRITKN7000x has the highest ambition I’ve ever seen with anything or anyone, time for changes
There will be a time everyone talks about VRITKN7000x . Wait it’s already happening just noticed
Bros VRITKN7000x is going so crazy that this is pretty much everywhere and spreads like crazy. Is this the real pandemic after all?
Old guys want to decide our life in politics, VRITKN7000x is how WE decide it and not leave it to them. This is key
No it’s not only bots with VRITKN7000x it’s more like some kind of invite and worth your time
VRITKN7000x is gonna explode anytime soon 🔥
It’s not possible to hide it longer and all of us should take some time to think about VRITKN7000x and what it will do to the economoy. On my side I’m very optimistic with this and there is no better time to know about that than now
I wanna let you know that Amazons VRITKN7000x made it this year. What better way to start a global change? Don’t get me wrong I know they are not like altruists or something but they keep doing the right thing to improve the situation, power the ecomonmy and so much more, We need players like them and we can always jump in the train at good spots such as this one
The recent push is just crazy check VRITKN7000x I am literally flattered
It took forever but now that we got rid of bad actors, FTX as worst example.. Now VRITKN7000x is the right step! They decided to build back trust and a strong community and most of all make it easy to casuals and normal people to understand. This one has real value, real vision and it’s already implementing most of these things just fine. While ago everyone claimed we are dead, well guess what. This phrase has been used thousands of times and yet it is only becoming stronger and stronger
Is one of them listening to Graham Stephan?
“Absolutely Magnificent Podcast, Quite Insightful and Very Much Informative
Making money is all about investing in the right way. There are thousands of people out there that are willing to invest but hesitant to due to the fear of losing their hard earned income. Please can someone recommend a good expert trader?
True most failures today results from wrong investment plan and bad orientation.
I love the thing you mentioned about how debt reduces mobility. My boss has both his MBA and his engineering degree. Whenever one of his employees mentions they bought a new car/house/etc, he straight up tells them “Great! Love it when my employees get more debt because it keeps them loyal”
😂
You forgot to mention to also stay away from Socialist YouTube Channels who are making a huge impact on everyone who are suffering financially blaming the problem on capitalism itself. There’s alot of these channels out there. ” Second Thought ” is one of them gaining millions of followers and no one is challenging him at all. I also used to work at the Nevada Museum of Art in Reno and every youth there in their 20’s and 30’s are all Socialist because it’s extremely popular in the West these days as they all think it’s going to fix the problem by getting free everything from the government paid by successful people like you. Every-time I type in something to learn about financial stuff ” Second Thought “‘s videos will show up first before yours and his a very dangerous character. If anything I call him modern day Rasputin.
you’re going to crash the economy Grahm. (in the black and white sounding voice)
We need a mash up of all your black and white bits.
Copilot seems like a strange advertisement on a video about millennials spending too much money on convenience
It took me until I reached my 40’s to understand it but I don’t have debt car payed off and just reg utilities rent phone food gas and my company pays for my internet remotely
Glad I grew up broke. I agree. I live in abundance now. Doesn’t matter where I live or where I’m at. Adaptability is key. If you thrive off of good times, comfort and stability. The world is about to kick your ass and if not yet.
Graham’s millennial impression sounds like a Deadite.