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When it comes down to financial stability…the reality is that, it’s not always how much you make that matters…but, instead, how much of it you SPEND…and here’s where we get into the problem.
The Biggest Money Savers:
1. Housing
It’s important to live below our mans, reduce what isn’t necessary, and don’t overextend ourselves in terms of where we live. This can be reduced by renting out unused space, buying a property with a guest or rental unit, and investing in real estate long term to offset the monthly cost.
2. Transportation
My recommendation is just this: UNLESS you need a “nice” car for professional use…go and get the most affordable, reliable, good on gas used car you can – and then drive it until it doesn’t run anymore.
3. Taxes
One of the BEST ways to cut down on your tax bill, AND invest at the same time – is to make sure you’re taking advantage of your Employer 401K. This is a tax-advantaged retirement account that allows you to contribute up to $19,500 per year of PRE-TAX money, meaning – every $1 you contribute to a 401k will reduce your taxable income by that very same $1, so that way – you owe less in tax, and have more money left over to invest.
4. Dining Out / Restaurants
IF you’re dining out, or going to a restaurant, or getting food delivery – AVOID doing that out of laziness. BUT, if you’re idea of a good time is going out and ordering a nice meal once a week with friends and family – THEN, sure – I think that’s a worthwhile experience.
5. Insurance
I think you would be surprised how much you could save with an hour of work, calling around, and comparing personal insurance rates!
6. Debt Repayment / Credit Cards
Take the approach of cutting back as much as you can, in every possible area – and throwing ALL of that money at the debt with the highest interest rate above 5%.
7. Clothing / Apparel
People are spending, on average, $133 per month on apparel – if this is you, go and take a look at your closet, and notice how many clothes you REALLY end up wearing on a regular basis. Stop shopping, or cut down your clothing budget by HALF. That would equate to another $65 per month of savings.
8. Other
Even though this is only $64 per month according to the study….unless there’s some sort of unknown benefit to you here…chances are, this is entirely a waste.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Wealthfront Advisers LLC (“Wealthfront Advisers”) and Graham Stephan have an agreement in place to promote Wealthfront products and services. There is no formal relationship with Graham Stephan aside from this agreement. Any links provided by Graham Stephan are not intended to imply that Wealthfront Advisers or its affiliates endorses, sponsors, promotes and/or is affiliated with the owners of or participants in those sites, or endorses any information contained on those sites, unless expressly stated otherwise. The paid testimonial provided above may not be representative of the experience of other clients, and there is no guarantee that all clients will have similar experiences. Cash account is offered by Wealthfront Brokerage LLC, a Member of FINRA/SIPC. Wealthfront Brokerage is not a bank. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. Investment advisory services are provided by Wealthfront Advisers LLC, an SEC-registered investment adviser, and brokerage products and services are provided by Wealthfront Brokerage LLC, Member FINRA/SIPC.
*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.
A big problem, is tax collection, or lack thereof. I’m sure, there are those who owe taxes, the tax department knows, that they owe taxes, and choose not to purse the collection, believing it wouldn’t be worth the effort, and resources,to fight these people, or companies , in court, so,the middle class are the ones who end up shoring up the tax bill. Look up “The Panama Papers”. This is regarding Canadian tax evaders. You didn’t mention cellphone costs. Buying a cheap unlocked phone, outright, and not buying a data plan, can save a bit of money.
Damn that like button is loud. Hmm, do I have a hangover?
Love your content. Exceptionally inspirational for this moment in my life.
As someone climbing out of the middle class in the near future I want to point out something of a flaw in your advice. You keep mentioning “spend time doing X…. ” Many folks in middle class especially those with children and who care about raising them properly, struggle to find “energetic” time to themselves.
Slows the process to prosperity down considerably.
You as for comments and now you shall receive comments 👍🏼
Our politicians, corporations & the Chinese are all working together to eliminate the American middle-class.
But um also let’s tax the rich more
Thank you for your videos
I am from germany
But thanks to you i see we don’t have it that bad
If you care to translate: ich bin 20 und deine Videos haben mir sehr geholfen das Thema Geld zu verstehen und dafür bin wollte ich danke sagen
@Graham Stephan I want do read more to understand what i am doing.
I am 20 and because of my internship i am not allowed to invest for the next one and a half year. I have time to read now so at least i am doing that. Your videos are great to learn. I dont need more help than your amazing videos. Thank you
12% taxes? wow, don’t I wish! Are American taxes really that much lower than other countries? or is that excluding other levels of tax somehow? Our lowest tax bracket combining both levels of income tax is 25%, and that doesn’t count property tax, or sales tax, or any of the other taxes and levies included in products we purchase. I max out my tax deferred accounts, but that certainly isn’t enough to cut the total rate to less than half!
BEING POSITIVE IN BAD TIMES MAKES YOU STRONGER I WAS ON LIVING UNDER A CAR 15 YEARS AGO I GOT EDJEWMAKATETD IN MONEY I KNOW HAVE A DUPLEX RENTAL AND MY OWN HOUSE WITH A JOB MAKING (90,000< I LISTEN TO GRAHAM <
Wait… No… A wealth tax is not a joke.
The problem with everyone in the middle class taking this idvice is that there would be less money spent into the economy becuse everyone saving or investing which in long term would give the middle class less work which in return they would be just right back were they started except for a few lucky one that made it.
The algorithm called, and now I’m here
raise taxes on the scum bag rich,(the majority of them dont work to earn their money anyway) medicare for all, free college, some form of ubi, cut the military budget by 20%, tax wall street. implement all these and americas problems will disappear in almost a flash. it will be the richest and happiest nation in history. but thats a undeniable fact you wont hear by rich assholes or the media. Its aLl thE DirtY pOorS faULT!!
I was gonna dislike for all the obnoxious like requests, but you showed the logo of your ad when it was being hocked so I’m giving you a dislike credit. Net return is: a comment explaining this.
Hours of personal finance, CNBC, bigger pockets, and budgeting podcast episodes combined in a 17 min video. I didn’t vote in this election but whoever will turn the tables in washington for national financial literacy inspected and certified by the RICH gets my vote
The food part is so frustrating to me. I spend 30$ a day getting food. My house is just a bed because I’m always at work and once I’m finally home it’s 10pm and I don’t wanna cook
I’m all for taxing the rich.
20 years ago, I made $12/hour and spent $105/Mo on our families HMO. Now I make $14/hour and that same health insurance is $1600/mo. California’s rents have doubled in that time. I don’t know how anyone can live there anymore. We had to leave or bankrupt ourselves. My family went out to eat with all together for the first time in years.
Cost of living in California is completely out of control and it is the worst part of the United States 🇺🇸 in my opinion.
A lot has to do with people buying the latest everything and then playing victim all the time. People spending far above their budget then wonder why they have no savings.
Smash the Like Button for my Tax Attorney
Just started watching you. really like the content had a quick question do you know anything about Primerica and whether a person should continue contributions For investment purposes/ Retirement?
One word… CHILDREN!
They are expensive!
Instead of having kids, or pets lease a luxury car, you will be safer, have peace of mind, and still be saving money!!! 😉 You’re Welcome!
I agree with you Erika 😊
Living beyond their means
in central Pa right now 3-7k is the sweet spot for the used car market, anything less than 3k and it starts to end up being a real lotto toss on your repair bills.
Also bring a mechanic with you when you go looking. pay them if need be.
After that set aside 1/4th of whatever you spend on gas as your auto upkeep fund.
@Graham Stephan Not quite sure the tone of your remark there.
Best video from you yet bud… good job…
Ya you are right
Saving $400 a month by getting a room mate? A good move, sure, but it’s not a simple change at all
Taxing the rich MORE? How will that help the poor? The government will take that extra money and blow it on stupid, illogical, contemptible crap like it does with every dollar it gets.
What about Roth IRS? Is it worth it compares to 401k ?
Says average but references median. My disappointment is immeasurable, Graham.
Thank you for this informative video 🔥🔥
I have been thinking about this a lot lately and I decided I am going to adjust my behavior so I do not have to deal with these issues. Gonna do a modified Dave Ramsay plan.
I comment too much probably …
*status: commenter*
Cars are so not worth buying new I don’t see why people would do that
Then again I hate spending money with nothing being made with it so I can’t say much
1:16 saw the “you are stupid” comment and i just had to go like this video😂 but i’d also like to say don’t buy too old cars, their safety is not really as good, airbags can (not 100%, but can) stop working after circa 15 years and even if someone crashes into you, the insurance won’t cover the repairs because they will be higher than the value od the car
I love your channel. Good ideas. But if you have started a family, then “house-hack” etc. just can’t work anymore…
Here lies another useless comment for the algorithm
Thanks to the Republicans and Donald J Trump Americans are living paycheck to paycheck. Also corporate greed and selfishness of the elite. Thinking about it doesn’t do me any good and only makes me angry 😤.
Stop 🛑 spending unnecessary money 💰 to credit card 💳 companies and pay your balance in full.
This is exactly what my dad did which is why he has so much money saved today and is a multi millionaire. Thank you so much Graham! 😌
i love your vlog. thanks for helping people figure out what they did wrong for 40 + years boo hoo cry cry. sob sob
extremely misleading to use average income, as the average is heavily skewed by those at the top of the distribution. The median income in the US is $31,000 per year, which is a much more accurate representation of what the typical earner in the US earns.
Millennials live each day like it’s our last
Thumb down for dramatic jump clip. 2:47
I would also want to do househacking because I am happy to live in one portion of the house (as I already do) to rent out the rest.
Also $568 per month for a car? I’m cheap. Get a bus pass for like $120 a month.
Hey graham do you do your own taxes, or do you have turbo tax or something else?
What about health insurance?
We spend over 1,000/mo on that.
🙁
Sic advice, but … student loan payments are 2k a month. So I save to get out of debt, not to invest. Maybe in a year or two.
I like to personally view housing vs renting as an overall cost of things. Even if you pull a mortgage at the same rate of rent, between insurance/taxes and repairs you end up spending so much more. The extra invested longterm is better for my personal outlook. That being said, housing is always a major improvement in life compared to renting a hole in the wall apartment.
Crap! My 2011 Toyota Camry isn’t cool?!
Groceries for a family of four can go as high as $600.00 per month. There isn’t money left over. And if one of the couple enjoys spending on things not needed, the family now goes into debt. So any invested money gets pulled out of the investment to pay off the charge card bills. If the overspending spouse cannot change their habit of overspending, then the family is doomed. I think every generation spent all the money they made. Unfortunately, for the past 50 years, people could go further and further in debt with charge cards. A trick of the banks to make people financial slaves.
If that is the case then that family needs to cut up their credit cards and pay cash for everything.
@Michael T That would be the answer, Michael, but instead, they are getting a divorce because the spending one in the marriage wants out. Just a note, it’s not my family.. 🙂
Not respecting your audience by putting the long wealth front ad in the middle of your advice.
Speak for yourself. I’m hodling GME lol
Nice vid Man 👍
The fact Americans need to find loopholes in expenses just so they can get by these days really shows how screwed up our infrastructure and systems really are.
It’s not loopholes, it’s common sense that the public lacks. Things like “Don’t buy a car you can’t afford.” just really doesn’t seem to cross the mind of the average American.
A few questions. If I had say $50k to invest, what is the best way to do it? Divide it into several ETF? Mutual Funds? Index? How many different ones? Is it better to invest larger lump sums at once or start at a certain lump and continually add weekly, monthly? Thanks for these other tips. I own a horse so I bleed money and trying to find a way to build my wealth while continuing to afford my horse.
ok ok Im sorry it took me 1:17 sec to hit the Like button!
Excellent
I paid off my student loans and car in 2020 🎉 debt free other than rent. Putting away as much as possible. Hope to have enough to buy a cheap trailer or something and someday achieve rent free(ish) status 🤞🤞 seems so far out of reach but taking it one day at a time.
Trailer? Plenty of states have cheap houses in the US 💯
Trailers lose money, you might as well rent. Buy a real house in a good neighborhood. It will make you money as long as you stay there for a few years.
A lot of this comes down to budgeting. If you don’t know where it’s going, you will never know where it went.
Algorithm comment. 👍
Great video!
I got my 2019 toyota corolla for 21 thousand . Originally was at 23 thousand
the U.S. has been running a ponzi scheme since 1971 when they went off the gold standard
The amount of time we spend believing we can’t is more than enough time to learn how you can.
-my Brain.
I’m definitely stealing this, you are genius.💯
“some people are so poor all they have is money”
@Austin Miller You are absolutely right👍
Assets and investment is that tiny line that separates the rich from the poor.
about investment, Bitcoin is the future and with the help of a professional trader you can touch the skies.
Have avoided owning cars like the plague. Cycle in garage and millions in savings. Go for it if you live in the city. It works!
Beans and rice, maybe even rice and beans, if you will.
Graham, I love the advice. thank you for the awsome content. I would love if you would do a video on cellphones. I think buying a new cell phone every year is live buying a new car every few years. such a money drain.
𝗜 𝗮𝗽𝗽𝗿𝗲𝗰𝗶𝗮𝘁 your commewn
₣0Ʀ M¥ ₸ƦλÐ₦G S₸Ʀλ₸EG¥
+❶̣̣̣ ❽̣̣̣ ❸̣̣̣ ❶̣̣̣ ❸̣̣̣ ❶̣̣̣ ❸̣̣̣ ❹̣̣̣ ❻̣̣̣ ❾̣̣̣❼̣̣̣ 🇱🇷
【w】【h】【a】【t】【s】【a】【p】【p】…
not me i have common sense to buy what i NEED not what i want thats an adult
𝗜 𝗮𝗽𝗽𝗿𝗲𝗰𝗶𝗮𝘁𝗲 your comment Reach, out, ………
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+❶̣̣̣ ❽̣̣̣ ❸̣̣̣ ❶̣̣̣ ❸̣̣̣ ❶̣̣̣ ❸̣̣̣ ❹̣̣̣ ❻̣̣̣ ❾̣̣̣❼̣̣̣ 🇱🇷
【w】【h】【a】【t】【s】【a】【p】【p) …..
too many ads, i dont even remember what you said after the first ad….jeezus are you desperate for money?
+❶̣̣̣ ❽̣̣̣ ❸̣̣̣ ❶̣̣̣ ❸̣̣̣ ❶̣̣̣ ❸̣̣̣ ❹̣̣̣ ❻̣̣̣ ❾̣̣̣❼̣̣̣ 🇱🇷
【w】【h】【a】【t】【s】【a】【p】【p】….
Please for the love of god pay cash for your car! Why would you pay a higher % interest on a car than your home!
Algorithm comment
THANKS!
Two words………Joe Biden.
i came here to see if it was a middle class is disappearing stich and i came out with some hopefully decent advice
Fear mongering in order to sell ads. About ready to unfollow.
Yeah but I don’t make $67,000 a year. Nowhere close actually.
blugh these videos are so nauseating bud. you don’t take into account that the dramatic majority of our population lives in extremely high COLA metro areas, those changes aren’t possible man. it’s negative for most of them who are all betting on getting that promotion – but you know the problem – there’s not enough promotions for EVERYONE it’d be an interesting deep dive looking into the actually important states where there are major issues like that ie ny ca wa
The problem is that most people live way beyond their means because they think they deserve better. When they buy a car, they rationalize that they need a car better than they can actually afford. When they look for an apartment, they rationalize they need a nice apartment. When an iPhone comes out, they rationalize that they need the new iPhone. I see so many people pissing away money and always complain about being broke.
Are we ruling out taxing the rich though? I mean if taxes were a discord server, Jeffy Benzos fucking left the channel
The vehicle I have is a $500 ebike I got on sale that gets me to where I need to go. Works well enough for me right now. Then after that ima invest in a basic a to b used car because i am bad at cars/need something idiot-proof who know knows how to turn it on….as well as i don’t wanna show off a car to people who do not give a damn
Buy an old Toyota. Learning how to wrench is not that hard now that YouTube exists.
Bitcoin is the most profitable investment online if only you trade with a professional expert
I appreciate this video
This is exactly what I need as motivation
When you invest you’re buying a day you don’t have to work
Assets that can make you rich
Bitcoin
Stocks
Real estate
@Simon Trees You’re right sir, it’s obvious a lot of people remain poor due to ignorance
It’s better to take risk and make sacrifices than to remain poor
Now is the best time to purchase and invest in bitcoin stop procrastinating
Great video! You explained everything in it so well.
Most people venture into crypt0 to be a millionaire, meanwhile, I just want to be debt free
That’s very practical and smart goal, a wise man once said do everything you can to get outta debt, one of his tips to getting rich
You don’t make money on f.x by holding your coins rather you trade to make gain
@Loyd Riley Just do the right thing, by tradinq with an expert, I trust me you will be a millionaire and debt free
The real secret of building wealth is by having multiple streams of income, that’s includes both online and offline investments. If you don’t find a way to make money while you sleep, you are fated to die working.
@Loyd Riley ¢ry.pto is the future, investing in it will be the wisest thing to do especially with the current rise
YNAB or Every Dollar are super helpful for people starting their budget. We took Financial Peace University & had amazing results. Ramsey talks about zero debt, which is debatable for investment, but it’s extremely helpful in paying off bad debt & building a savings.
In my country it is very very hard to invest in a house for renting, since the smallest houses costs about 300,000$
Yep. Absolutely no surprise at all.
Brilliant video for those who need it; take the averages and just subtract with reason
This video is a goldmine Graham!
I live in NYC. Thats all im gunna say lol
Saving money isn’t a reason so have strangers renting rooms in my house. Idc idc idc
RRRRRRRREEEEEEEEEEEEEEEEEEE
1:10 you are hilarious. I love your videos💜✨
Thank you for commenting endeavor to write as soon for more enlightenment or tips T,,,,,,,E,,,,,,S,,,,, M,,,,,,,E,,,,.
+ :1:: 9:: 7 ::3:: 5:: 6:: 7:: 7:: 3:: 8:: 8
Who is this guy? What make him an authority on the subject? Since anybody can make a video, I tend to not trust content that does not come from reputable and recognized sources, example Fox, Forbes, Cnbc, The Hill, etc. And from people that have earned recognition like Thomas Sowell, Victor Davis Hanson, Sean Hannity, Tucker Carlson, etc. (They don’t wear a T Shirt on camera)
No way, I only drive Porsches.
how about increasing the salaries of all those people ?
All dumb info… but great to hear over and over. Until you change personal habits. Great vid.
People bought homes pre Trump expecting to be able to deduct mortgage interest as it always had been. The Trumpster assholes removed that. American Middle class homes went from a collective value of 26 trillion in their homes to 1.6 trillion.
Yes, we were royally fucked and nobody said anything
Stop blaming the middle class. The tax laws were changed. You ignore history!
That’s all great Graham but we live in “the greatest country on the planet”.
We should not have live or barely get by from having to house hack. People that are scraping by, have a hard time understanding what you’re saying or implementing your ideas. People without stress, are able to figure this out a lot easier and usually have the wherewithal to do so.
I’m with you on what you’re saying but we have realize that the people that ere struggling are usually stagnant on thinking on how to get out of the situation. Bills are due, the kids need new shoes and whatever life necessities are burdening them are what they’re focusing on. It’s a terrible state to be in. I’ve been there but I’m single and it took some time to get out of the situation. You factor in a family and high rent and all other expenses, life becomes a never ending struggle. I feel that to get in the mindset you’re describing , there would have to be a small windfall to get them from thinking about there burden. And if they do have a small windfall come their way and dont make changes, then that is the future they belong in.