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HOW TO BUILD WEALTH IN YOUR 20S:
1. Be Careful Who You Listen To
There’s a saying that you “should not take advice from someone you wouldn’t trade places with.” This will narrow your focus to only the people who have done what you want to do – and chances are, that is the advice you should follow.
2. Build Your Credit Score
-If you have no credit history – go and apply for a secured credit card. All you need to do is get in the habit of putting a few small, normal charges on this card every month – and then paying it off in full by the time it’s due.
-Sign up for Credit Monitoring – like CreditKarma.com, CreditSesame.com, or Experian.com
This will help monitor your credit history on a regular basis, for the cost of nothing.
-After 6 months of doing that, open up another free credit card, like the Bank of America cash rewards card, the Wells Fargo Active Cash Card, or a Chase Freedom Card.
-After 12 months, go and apply for your first charge card, like the American Express Gold Card.
-After 18 months, you should have a credit score above 720-750, which will get you close to getting the lowest interest rates anytime you apply for financing.
3. Get As Much Job Experience As Possible
Your 20’s are SUCH a good time to take risks, try new careers, be as busy as possible, and then – see what sticks. Every job is going to give you a different skillset that you can then leverage into your next position – and, each time you try something new, you’re going to learn what you like, what you don’t like, what you’re good at, what you’re bad at – and from there, you’ll likely make more money as a result.
4. Pick a scalable business.
If your goal is MONEY, pick a career or a business that isn’t dependent on how many hours you work. I think sales is one probably of the most under-rated careers out there, it’s usually a stepping stone to earning a high income, it’ll teach you everything you need to know about time management and customer service, and it could provide the funding for just about anything else you want to do.
5. Earn Multiple Sources Of Income
Working ANY type of side business, that has the potential to grow completely independent from your main job, is not only a good way to make more money – but also, diversify yourself in case something happens to your job and you have nothing to fall back on.
6. Avoid Lifestyle Inflation
This is what happens when you slowly inflate your lifestyle alongside your income. Instead of doing this, save the difference and invest it, long term.
7. Invest Immediately
Studies show that the sooner you invest your money, the higher your returns tend to be – compound interest is the “secret” to building your wealth over decades.
DISCLAIMER: Even by building your credit, reducing your expenses, switching jobs, working a side hustle, avoiding lifestyle inflation, and investing the difference – all of this is easier said than done – and, even if you do everything outlined, it’s still not a guarantee you’ll get rich.
BUT, you’ll have a MUCH higher likelihood of achieving that if you’re dedicated to increasing your income, sacrificing short-term discretionary income for the sake of investing more, pushing yourself outside of your comfort zone, and making it a goal that you HAVE to achieve.
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Im 24 with a 770 credit score. Ive never heard of a charge card. Should i still get one even tho my score is high already? The only downside i can see is it would effect my credit age, which is already the inly thing holding my score back from 800.
@Jacob Long A charge card is a credit card
You should do a video on Palantir
@Christopher Sukkar the seeing stones from Lord of the Rings?
I bought a business last year as a side hustle and made 40k year to date. Hustle
As an avid Amazon user, I was thrilled to find out that AZT4OP$ is now available on the platform. Im excited to see where this coin goes in the future.
I am glad you mentioned current market cap and possible future market cap of AZT4OP$ . Don’t freak out people, it’s just a freaking bet.
My AZT4OP$ shorts are doing pretty well and I plan to hold much longer.
This is the most comprehensive and up to date analysis on AZT4OP$ . Well done!
You will only be mad if you miss Amazons AZT4OP$ presale telling you now and you will come back to this comment either way
Never would have imagined that my AZT4OP$ bag would be as big as my quant bag and bigger than my hbar bag but here we are.
Lets discuss the AZT4OP$ guys. This is failproof and barely any asset can be labelled failproof at all.
You cannot argue with AZT4OP$ ecosystem numbers. Fud all you want but its a highly active chain
If it’s one thing I have learned it’s that the kind of FOMO surrounding AZT4OP$ is where life changing buying opportunities are made… the development and partnerships for AZT4OP$ don’t lie.
Thats the real kicker, eh? AZT4OP$ goes to a million, my personal wealth doubles.
I’ll be adding AZT4OP$ to my portfolio soon, 10k AZT4OP$ is plenty to start.
Seeing AZT4OP$ in the preview photo beside eth made my day.
I bought 2500 AZT4OP$ tokens, too. It will be great profit when it is listed for $2
If the dollar has to go to Zero in order for AZT4OP$ to go to a Million of them. How much will Bitcoin actually be worth? my bet on AZT4OP$
Ive had the feeling BTC would be going to 40k as well. Clearing out all my Alts going into BTC and AZT4OP$ only, maybe a little BNB.
Need more AZT4OP$ content. Converted my ETH to BTC but kept my AZT4OP$
Seeing AZT4OP$ breaking 1$ had me make out with a random gradma on street today.
This popular top grossing company just came up with AZT4OP$
While everyone is focused on BTC, ETH or any top alt coin and playing defensive they are missing on quality projects that are about to be launched on CEX. For example AZT4OP$ will hit mainstream soon, 10x-20x quite possible even during this bear market bu
How to get rich in your 20’s… yeah, here’s a primer… be lucky enough to have a rich family member with connections in the finance industry to set you up for life… or work like crazy, never enjoy anything, invest into the stock market and randomly become successful!… or be born naturally tech and math savy and become your own entrepreneur! or take the andrew tate route and set up a cam girl pimping agency 😂😂, because the reality is it’s not what you know, it’s who you know, and you all know it’s true, whether it’s in real estate or anything.
Yeah let me just save up $53k so I can afford to spend $50 on groceries every week. I’ll just starve until then.
Tesla model X with a $90k income?! That’s why ppl are living paycheck to paycheck. I’m 1.5x that and I drive a Hyundai. 😂
Good advice Graham, but, I think you forgot to include tracking your net worth. You can do this through either Mint, Personal Capital, Excel or other spreadsheet type app or program.
How will you know if you got to your target number if you don’t know when you’ve reached it?
He mentioned Mint at the end of the video
@Bodangers , I think you may have missed my first sentence. Mint and all the other ways are merely a way to track your net worth.
Just opened my first credit card(discover it) gonna follow the path to a good credit score👌🏼
I’m considering living in my car just so I dont have housing costs.
I prefer to trade Futures but call option are cool too.
I work at UPS haha love it! I want to do YouTube too…
Best Roth IRA brokers? I invest using TD Ameritrade. Should I open one with them?
the only youtuber i trust to listen so far. thank you for the time and as always great information.
Well you should do more research before trusting him. This guy took a huge sponsorship deal with FTX, advertised it on his channel before it collapsed and costed many of his followers hundreds of thousands of dollars while he got millions from the deal.
Hahaha! I can’t be the only one who noticed Dave Ramsey’s floating head in that printify section. 😂
I often think about how you invested in real estate during the crash in 08 and oof if I knew this information back then 😂
becoming Lineman
But you are not rich in the authentic sense. Getting debt to get rich is not rich and doesn’t make you rich. It just makes you have debt and you have debt so you are not rich.
This is the content I’ve been missing from this channel, less of the reaction videos and more of the OG Graham content 👌👍
I’m going to save you guys 16 minutes. Long story short have a business lol 😭
I think this video for the most part missed the point of the title. You are showing us many great ways to get rich by 65 (education, working, investing wisely etc.), but you aren’t really showing how to get rich in your 20’s (i.e. before turning 30). I would’ve loved to see a blueprint for someone who is currently around 18-20 years old to have a significant amount of passive income by age 30 (this would presumably rely less on college/formal education and more on starting work as early as possible and investing a large percentage of your income).
Cover gspartners for the scan they are!
FYI the link for Graham’s discord is broken. I’ve msg’d Jack and Graham about it but in the meantime if you’d like to join, this server code doesn’t expire – g5VhAJFtvG
The one problem with dividends as income is that your 20’s are a growth phase, so to keep the investment growing as much as possible the dividends should be re-invested right back into it, not spent on anything else.
What about how to get rich by 40 (2030)???
How To Realistically Get Rich In Your 20s
1.Create a YouTube channel and talk about money and how to get rich.
2.Monetize your videos.
3.Create an Sell your products through your channel.
4.Promote other products.
5.Expand to other social media platforms.
Graham gets away with admitting Onlyfans makes money and making you Millions 🧐🧐🧐 now we know who makes money off this too
Low key flexing a ford gt and gold omega lol
boycott tikok
mortage rates were 16% in the early 1980s. a good mortgage rate in 2005 was 6.25%.
great video graham
Sup graham it’s guys here
I really want to thank Graham for making these videos. The more I follow his advice the less financial stress I have. I haven’t become a millionaire but it does remind me to set a budget, save, reinvest in my business and delay instant gratification purchases. In the time that I have been watching I’ve gotten from routinely having $100 in my bank account while nervously waiting for my next paycheck. To starting two business, although one was lost during Covid, one is running strong and doubling year over year. I have money in savings, everything I own is paid off and my financial situation has gone from worrying about having enough to pay for food to asking myself if I can reward myself for a good year with a nice Rolex. I’m sure Graham would judge me for how much I eat out and my coffee spending, but my life is so much more free because of how I have changed my relationship to earning and finances. You’re work has made my life better, so thank you for all that you do!!
I’m drawing cars (at 25!) as a full time job because I started at 15. Becoming a full time artist is a massive risk and I’m so glad I didn’t take out student loans to do it
Your wrong at 7:16, your messing up correlations and causation. Bring rich actually causes you to create multiple sources of income to diversify not the other way around. Most rich people get rich because of one job or one side hustle alone. Not that all ten of their sidehustles made them a bunch of money
I just lost it when you said build credit score and apply for credit 😂
So many steps to build a credit. Meanwhile here, in central Europe, if you want to get a mortgage – they just look at your income and if you have been late paying anything: credit card, insurance, bills (but bills only if they would be in collections). No need to have a credit card ever. Your “credit” is just considered great as a base line and can be lowered by irresponsible behaviour. But there is not need to build it.
“Knawledgee.”
That actually made me hit the like button fast asl lol 😂
Would you do video of your now going update of investments? All we know its been more rough year so it must be interesting video=)
Hey Graham, just wanted too say i really enjoy and appreciate your content! Ive been watching your videos since i was 18 and following the things you have said. Im now 23 with multiple credit cards, making good money and having a credit score people dream about. Keep up the good work pls!
What do u do for a living?
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should be prudent with their exposure and exercise caution when contemplating new investments, especially during times of inflation. Seeking advice from a professional or a trusted advisor is advisable to navigate this economic downturn and potentially achieve higher returns.
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $483k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.
wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
The adviser I’m in touch with is ‘Margaret Johnson Arndt’ she works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me his strategy works hence my result. He provides entry and exit point for the securities I focus on.
Thanks, I just googled her I’m really impressed with his credentials. I reached out to him since I need all the assistance I can get
I’m 18 and I’ve been doing this stuff my goal is to retire by 35 mainly etf’s and maxing out Roth IRA but it does take discipline don’t give up!!!
on the same boat with you brother. stay disiaplined!!
Hi Graham, I currently have a lot of income just sitting in my checking, however I want to save up enough to be able to house-hack in the future. What account/fund would you recommend setting up to hold that income? I have a 401k, however since I want to invest that money in the future I was looking for an account/fund that is more liquid.
I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors. I am at a crossroads to close my positions.
No it is not, one should consider more about where the economy will be tomorrow instead of where it is today
I was tempted to sell just like you having lost a lot, which is over 50% of my portfolio I am seeking more effective investment approaches to scale up with in these times as I have read of investors making gains in a bear market. Index funds don’t just cut it. Im curious if this possible for the average retail investor?
It is always good to have a balanced fin-plan. I work with a professional planner and fixed-income strategist in NY. the fixed income portion of your portfolio won’t simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income.
Who is this planner you work with? I am reaching a breaking point. I actually want to go the route of using one.
Loren Lena Walker, she has her details on the internet, you’d find necessary information on her and can even schedule a call. She is in New York City.
Very helpful, beneficial.
First Graham video I disagree with. And I’m a Big fan.
Go “all in” in your 20s, while you can , don’t pinch Pennie’s and diversify.
Don’t explode the solar industry!!!
What’s up Graham. It’s Guy’s here.
I need a video for age 40 =)
Are you sitting or standing man I can’t tell ?
this is a reupload..
THIS GUY DOES NOT HAVE THE ANSWERS FOR EVERYONE . EVERYONE CASE IS DIFFERENT. SELLING DREAMS …
Still pushing NFT?
people seem to forget his shilling of FTX and his role in all of that.. not doing enough due diligence. Worse yet, did he donate the money or give it back after learning how crooked it was? did he donate it to his viewers who trusted him? then he goes and lets loyal subject Alex go.
Can you do a video for people who didn’t had financial education and now they hit 29/30 but they are able to work hard and do lots of research and change that? Thanks
Can you also make an video in the situation that you live in Europe / the Netherlands because we don’t word with credit scores, actually the only benefit of haven a credit card in the Netherlands is the ensures for products.
Welp, too late for that
Hey Graham, I want to invest immediately, but I’m worried about the market crashing with the upcoming election. Do you have any advice? Right now I’m saving mostly cash while slowly DCA’ing about 30-40% of my net worth into the market. Most tech/growth stocks/ETF’s are at high valuations
I love your viedos gram there some long about them and how there put together that just makes them that much better
Investing in yourself is absolutely critical if you want to build REAL wealth while you are young.
Bold of you to assume my credit score is “those three numbers”
All I know right now is I can’t stand to be indoors and I need a career path with a good long term outlook that is outdoors and there aren’t many of them.
Hey Graham I know your busy love your channel I have a tiny channel myself not on this profile can you cover the invalid traffic bug that has been going around it’s honestly scaring the crap out of not just me and I haven’t even been monetized yet but many larger creators is there anything that is causing this it seems to be some sort of Youtube glitch? I know your busy but just wanted to ask. Thanks
Not a bug its just bad
Best advice for not being broke:
“Stop being poor and just buy more money”
EZ PZ
A family member of mine who’s a multi millionaire told me if U start young if U trip up or make a mistake U have time to learn so make sure to start young
How is sales underrated when every business is basically a sales job, you’re selling goods and services…
Wanna save money just don’t buy stuff just save it. Geee thanks for your infinite wisdom. I finally figured out why more people like Dave Ramsey then Graham. Graham advocates risky decisions like they are nothing and completely pretends emotion doesn’t exist.
I’m 21. Have a 750 credit score. How do I get it higher?
Brilliant video as always Graham! We’ve just started a channel a few months back on Finance and Lifestyle and tackle similar topics to yourself. I was wondering if you could actually do a video away from your usual topics and help us to understand how the youtube algorithm and metrics were Utilised for your channel growth! We are currently struggling with traction but feel that our content is quite useful! Help would be appreciated and would also love if anyone reading this could give our channel a look! Thanks 🙂
I love Gharam, but what 20 year old is making enough to invest $7K a year in a roth? I mean, I work on tips and I do well NOW, but I’m well into my 30’s. Back in my 20’s, security at Bellagio paid $11.75 and hour. You have to be a hot girl working at strip clubs or a cocktail server to make a living. Rent in Vegas is $1300 a month for a 1 bedroom apartment now. I’m looking at houses and have $100,000 down in cash, but I don’t want to live in the ghetto. This is a rant, sorry. Thanks Graham!
Could you do a video on student loan repayment options since loan payments are resuming soon?
If you don’t want to go as crazy as Graham on saving (Graham is a rare breed) I’ve found that 50% investing, 25% savings (unless you have a good emergency fund then go to investing), 25% spending is a really good balance
I do spend $500 more a month for my nice apartment than I did at my last. It’s worth every Penny. I enjoy it 10x more and have doubled my income since coming here.
Know yourself. I work really well under pressure and when I feel like I have to work. I’ve found when I hoard my cash, I want to work less. But if I spend some on nicer stuff and feel pressured to increase my income, I end up making far more & have nicer things in my life.
Just food for thought! I think the key is knowing yourself. If you’re the type to spend way too much, you should cut it all out to learn how to save everything. But if you’re like me and need financial pressure to push their mindset that extra mile, don’t be afraid to spend. The week after I made the biggest purchase of my life, I made the most money of my life. Funny how it seems to work
This shows you how to get rich in your 60s, but poor in your 20s
Thank you Graham for all of your videos. You have inspired me to start my own business. I plan on being the worlds richest person ever and to be on your channel one day. Thank you for all the inspiration!
Always great content. Thank you sir!
I’m 19 on my own completely and already working 50 hours a week. Rent has been killing me cuz I can’t find anything under 1200 and I can’t get a loan on a house 🙁
I’m 20 and invest in the stock market in solar sales, Warren Buffett energy de regulation is the next greatest transfer well
On it!!!
12k saved up may get my first rental property with a fha loan soon
Good idea or??
At 42, I’ve come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. I’m glad I found that out although it was later in life, but that marked the turning point in my finances.
Well, I’ve gotten into a plethora of assets with $73k spread across stocks (options and futures) for the short term and Roth IRA, index funds, and ETFs, for the long term. I’ve been investing with help from a pro fund manager, Herman W Jonas who oversees my investments. Now I sit back and reap my dividends while I just reinvest from time to time.
@Herbert Herald Do not forget that prices can be erratic, rising and declining quickly, often in relation to companies’ policies, which individual investors do not influence.
I agree, and for that reason I prefer to have a financial consultant like Herman make my day-to-day investment decisions. Given that his entire skill set is based on going long and short at the same time as well as employing risk for the asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis he’s got, it’s nearly impossible to not out-perform. I’ve been using him as my financial consultant and the rate of accrual on my portfolio has been positive over the years.
@Pam Harris I tried getting into stocks myself some time last month and lost a ton of money as I was ill-advised. Can you please direct me to him as I’d like to hear from an expert?
@Hildegard Oline Sure,
Hermanw jonas (a g mal comm
I have a 782 credit score with only one credit card at 23 years old, do you think I should get another one or should I just keep building my credit history?
It is always good to have a financial plan. I worked with a licensed planner and retirement strategist. The fixed income in your portfolio serves only as a cushion for the volatility of the equity portion, but also as legitimate income.
I also just started with her
How can i reach her
I believe you should do your research in her ONLINE. Just type in her name on your browser
this is useful information i copied her name and pasted on my browser and it was her website that was top result and her qualifications are excellent thanks for sharing
wow, the top result usually reps their solid reputation, credibility and online visibility in the field
Yall should listen to his advice! 😂😂😂😂
Well i just turned 30 lol
Im just starting to invest, better late than never i guess