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BUILDING WEALTH IN 2024:
-Optimize for Cash
Start by tracking all of your expenses and income over the next 60 days using software like RocketMoney, YouNeedABudget, EveryDollar, MonarchMoney, or even your own excel spreadsheet – and then, log every single penny that goes into and out of your account. There has never been a better time in the last 20 years to earn money on your money, since High Yield Savings Accounts are almost ALL paying over 4% APY.
-Pay Down High-Interest Debt
The average American now owes more than $22,000 – Credit Cards, Car Loans, and Personal Loans make up almost ALL of this – and, at today’s interest rates, this could EASILY be costing you thousands of dollars per year. In terms of the HOW to pay down debt as fast as possible – you have two ways:
The first is called “The Avalanche Method,” and mathematically – this is the perfect way to pay down debt. This is because you’ll begin paying down the highest interest-rate debt, first, that’s costing you the most money – and then, once that’s fully paid off – you’ll pay down the next highest interest-rate – and the next – and the next – until eventually, it’s all paid off.
The second method takes on a more psychological approach, and that’s called “The Snowball Method.” This works by paying off the smallest balance first, regardless of the interest rate, and then paying off the next smallest balance. The reason this works is because you’ll get the “win’ of paying off a debt, in its entirety – and by seeing results, faster, it’ll be easier to stick with it long term.
-Creating a Roth IRA
This is an account that you contribute up to $7000 per year into – and then – by the time you’re 59.5, you can pull out all of your profit, completely tax-free. Not to mention, the ideal time to start and contribute to this account is when you’re young and not earning a lot of money, since – one: You’re probably already in a low tax bracket, so you have more after-tax income to invest, and two: You’ll have decades to allow compound interest to grow your money into something significant.
-Choosing Your Investments
First: Diversify.
You NEED to spread out your money across different companies, sectors, and areas so that if something happens to one – you’ll have others to fall back on.
Second: Don’t Try To Beat The Market.
Even though it’s tempting to want to utilize alternative investments, pick individual stocks, and create your own portfolio to get higher returns – the reality is: almost everyone fails.
Third: Research Index Funds.
A few years ago, Warren Buffett famously said that this is the single best investment for the vast majority of people. Index Funds cover a wide variety of stocks and industries, they’re well diversified, and – they’re really cheap to own.
Fourth: Assuming you can follow the above – Dollar Cost Average and Do Nothing.
Overall, if you want to build massive wealth – long term – all of it starts with the boring basics: Optimizing your savings, reducing high-interest debt, investing in tax-advantaged accounts, diversifying your investments, setting realistic expectations, and then – sticking with it consistently for decades.
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Pound sand
Graham, please make a video similar to this, but aimed at 16-20 year olds to start adult life. >> I.E. Best financial practice. What pitfalls to watch out for. How to use and how not to use debt. How to start investing. Where to start investing. Etc.
There is only one thing Graham Cares about in this world.. Money… How are you going to feel during the tribulation when you realized you trusted all your worldly riches in vain? Acts 16:31
“And they said, Believe on the Lord Jesus Christ, and thou shalt be saved, and thy house.”
King James Version (KJV)
I’d love to hear your thoughts on the long term effect of the declining US birth rate will have on economic growth.
@@Rubberglass You bet 🙂 Make the money while the sun shines, and try to be as self sufficient as possible.. Accept the Lord Jesus Christ as your saviour so you will miss the tribulation and be saved.. Economic growth won’t matter because they are purposely going to crush you under the mark of the beast system if you live in those times.. A better question would be, How do I survive until then… What should I do now..
Got a solid tip on Revux – this token is set for a huge future!
All in on BTC and Revux, with a small bet on SOL and ADA.
Shopify and Revux teaming up is a game-changer. Big things ahead!
Is it just me, or is Qventi getting a lot of attention like Revux?
Superb video🎉🎉🎉
Damn Graham, when’s the last time you slept?
Thanks for your honesty
The fact that nobody talks about the forbidden book Scarpure money speaks volumes about how people are stuck in a trance
Bot
@@habowtat3576 first reason why is you poor, hahahaha
My question is if there is a minimum amount needed to start a roth ira account?
Is there any college-student-specific financial advice you could give? I’ve made the conscious choice to focus more on getting a degree than maxing out my current income, but it’s left me with little disposable income for investing. I contribute consistently to a Roth and have a regular taxable (that I haven’t contributed recently to focus on the Roth), but I still feel incredible financial pressure. Am I in one of those situations where I just need to weather the storm until I have more time to work more?
Another great video! Thanks for all your help and videos throughout the years!!
I discovered Graham in 2020. Watched all his videos for a few months, and even got a “Dislike, Unsub” teeshirt! Checked back in on what types of videos he’s doing these days 2022. Was the same “start investing now and start a roth ira”. Cut to 2024 lol…same videos…
In order to save money, you have to like saving it as much as spending it. Most good earners who have no savings do so because they like spending. Also please be honest There have been DECADES where the market has lost money. According to Vanguard going forward the stock market should return only about 6% a year over the next 10 years
This year is going to be worse than the last, no doubt about it. Due to poor investment decisions that I would not have made if I hadn’t been so concerned about my portfolio, I lost a significant amount of money last year. I continued to invest, but I was undecided about whether to begin making house payments. I eventually sold my positions, and the house required more work than I had anticipated. I’m not sure how much longer I can continue in this way
Everybody has made mistakes in the past. Think about financial security.
A diverse range of exposures, particularly companies that are currently producing cash flows, are essential for your portfolio. I hired a planner in late 2022, and because of their portfolio makeover, I have made well over half a million dollars in profits in ten months across multiple markets. Planning for worst case scenarios should be addressed while things appear to be getting better.
Who is this organizer that you work with?
‘Leah Foster Alderman’ If you search for her online, you’ll probably find out more details about her.
I appreciate you sharing, and I emailed her through her website.
What about fidelity IRA? Is it different than a personal IRA? That’s the investment company my employer uses
Just follow Nancy Pelosi ‘s trades and you’ll be rich 💯🤦🏻♂️
This video is priceless ❤
Awesome awesome video!
The only question I is what do you think about Gold/Silver?
Do you consider this safe and stable?
Would you add a small % to your portfolio?
The reality is that in 30 years Graham will have so much more money that he’ll spend a chunk on other investments as a hobby; not because he’s really looking to make more money. Otherwise he’ll basically have no reason to spend more than a miniscule amount, and even that amount will be a lot in comparison to the average Joe.
To overcome this boredom he’ll find a very expensive hobby. Usually this ends up being research and development.
We’re waiting to hear your opinion on this YOTTA crisis.
Hey Bro 😎-Golden advice, ❤ your consistent nuggets of personal finance advice and that’s from someone who has watched your channel since video 1…….you’re the best one on YT.
i pay my self first 50% goes in to investing
Great information! I just started following your channel along with several others. I have a question! I noticed a lot of people I follow use charles schwab or fidelity when buying stock/etf. What is the benefit of using them over Robinhood which is also commission free?
@grahamstephan In regards to saving do you suggest people should save 3-6 months of expenses in a HYSA and 1-2 months of expenses in a checking account when you have high interest debt?
AI content? Weird pictures and sound… wonder if it was AI…
1:25 its spelled YOUR
Hey Graham! Do you think you could talk about the current Yotta situation? I’d be really interested to hear your take! Love your videos, thanks!
I like this mix as a business owner I don’t have time to follow the market so long term investments like index funds work best for me. I’ve tried trading single stocks and it takes too much time and energy when you’re running multiple businesses with employees. Well done video!
The snowball and avalanche methods are great to pay off debt but it comes with its cons.
You better hope nothing goes wrong while you’re in the repayment process.
I was consistently setting aside $1500/mo to pay off two loans of $8,000 each and then refinance my house to cover another loan of $30k for house upgrades. Everything doable for me so far.
Right when I was up $6k in my savings, mom is on disability from work and her employer isn’t paying her. I had to cover all her personal costs, mortgage, utility and personal bills with no help. Started tapping into my savings. Couple months after that, my dad passes away 😢His life insurance did not accept his claim and I had to pull out another loan ($13k) to pay his funeral costs. Unfortunately, that loan was with synchrony. Don’t use them, they’re garbage. They want to slap me over $2k in interests by the time the 0% interest promotion ends on 7/2.
This weekend, my dog passed. People may not take that seriously but $600 on the spot for remains processing after already living on crumbs..
We didn’t proceed with the house refinance because interest rates were sky high so now I have that separate loan of $30k with 29% interest as well.
I make $29hr which sounds like a lot but my employer call us off quite a bit due to low production.
I’ve been eating canned tuna and eggs for breakfast with no lunch.
Someone (possibly a large corporation) attempted to steal my identity so now my credit is dinged up, can’t apply for any more loans.
My car has a fuel leak, needs smog check this June but obviously won’t pass with this issue. Can’t afford to fix it right now 😭
What do I do? 🤷♂️
My current plan is to literally drain my accounts to pay off that stupid synchrony loan before 7/2 but it’s very risky because I will have used up my entire emergency savings
Yotta graham. Yotta
Your doing it wrong. VGT 100%
FMAGX 15% annual rate of return since 1963 inception date.
I’m relatively new to investing. I have a Robinhood account and have a question, does it matter which S&P 500 ETF I invest in? When I search for one there’s multiple to choose from.
I have been a dividend focused investor for a long time. This does not mean I don’t own growth stocks, I do. A well rounded portfolio should be a mixture of both categories. One way to minimize the anxiety out of stock market investing, is to make sure you keep a large cash cushion. I invest in the market, but never put all my money in market.
Dividends are dope. Personally, I sometimes use my dividends to buy other dividend and growth stocks for diversification instead of reinvesting in the same stock. To each their own methods though. The good thing is that you’re investing in the first place and that’s what’s important.
I agree. Based on personal experience working with an investment advisor, I currently have $1m in a well-diversified portfolio that has experienced exponential growth. It’s not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
“Angela Lynn Shilling’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I hope that I get to shake this guys hand one day. His podcast is hella beast, very entertaining and informative. If you don’t know what it is called, it is called, the iced coffee hour.
That frantic feeling when YouTube changes layout and you desperately searching for the like button
Lol. I log in online and see where my money goes. Food, mortgage etc. I earned roughly $3k after taxes and saved $1.5k. I’m sure the banks in US have the same function. 🇳🇴🇺🇲
Thanks
Wow everyone here will get richer after watching this video
Still waiting for an update about Yotta….
“Insanely easy to make money once you understand money….”
Okay Graham…. You don’t have to downplay earning money so hard… some are actually struggling out here…😅
Is it just me or is grahams mouth slanted towards one side of his face
great vid
Trying to lower my spending cost and focus on saving. 😊
Hey Graham, I’m glad you are keeping your investment properties as long term rentals. Hopefully you are fair and realistic with your rental rates and don’t plan on switching to short term rentals. Us regular working folk in super HCOL areas already face such huge pressure with the lack of affordable homes to rent, and short term vacation rentals sitting empty half the time just add to the pain. Please be an example to other real estate investors and continue to be a good landlord. Thanks!
You are recycling topics again. Nothing new create new content or lose your audience.
Warren buffets famous quote “VOO n chill fooo”
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don’t know where to go here out of devastation.
There are many other interesting stocks in many industries that you might follow. You don’t have to act on every forecast, so I’ll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
I agree, that’s the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it’s near impossible to not out-perform, been using my advisor for over 2years+ and I’ve netted over 2.8million.
I actually subscribed for a few trading courses but it didn’t help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
MICHELE KATHERINE SINGH is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
Graham Stephan try not to upload the same video with the same information every month
Do you have any comments on what’s going on with Yotta Bank?
Can you make a video about it?
Great video as usual! 😊
You mention sleeping well at night, which is a fantastic point of perspective for people to keep in mind as they contemplate what debt they choose to service, meaning pay interest on every month. The rule I have lived by for quite some time is if I owe money on something that is NOT appreciating in value, like a home, then I do everything in my power to eliminate that debt as quickly as possible, irrespective of the interest rate. In other words, I refuse to owe on anything that isn’t an investment that is increasing in value. I do not service debt unless it benefits me and my family. The number of things that qualify are pretty small, but I avoid all of the other debt traps out there, like cars, electronic devices, home furnishings, etc.
You are doing a great job educating us in financial topics. God bless you 😊
Great Advice, I created my channel to help people get away from the 💰taboo topic phenomenon 🎉😊🔥😎
100% agree that the Roth IRA is a powerful tool, but don’t forget about 401k matching! One of the only things that beats the Roth 100%.
Youre either tired or getting old graham! Love the vids
What’s the deal with neckbeard stubble lately….Looks like a classic WOW player from circa 2009
Who cant afford $500 button ⬇️
I went to community college for like five years and the most impactful part was an extra credit assignment in a personal finance elective class I took, which just to read a short book: The Millionaire Nextdoor
So for example, your portfolio is 80% VOO and 20% VXUS? Why not use VTI and buy us mid, small and micro caps too?
Good stuff 👍🏼
Thank you for your research. I find your videos are well done. RIght now I’m keeping an eye on Eledator
You definitely have my sub. This content is next level. For me Eledator was the turning point. Please keep doing what you do and keep being you, love it.
Only Eledator offers good returns from copy trading. And I don’t see the point of working with some other risky platforms…
Insightful
How to invest in 2024 to become penniless is more like what will happen. Just do the opposite of everything he says and you’ll find that golden road to untold riches.
I think we’ll keep seeing good long term returns because of the ease of everyday people ability to buy stocks rather that times before the internet
Hello! Can you do an update video on Yotta? Thanks!
I find that the advice ” invest in index funds” is too simplistic. It would be more useful to specifically say names of funds you can get in each platform, at least the largest ones. One of the reasons why people don’t invest is because it’s overwhelming. You get to the point where you need to pick the funds, it’s absolutely overwhelming. What if it’s the wrong one? What if there is another better one? How do I know which to pick? How do I analyze each one? What’s in each fund? Are those numbers shown good? Ok? Average?
Just buy rare Pokemon cards and hold haha
What I don’t understand is, on one hand we are told the stock market will crash and yet on the other we are told ways of investing in the stock market. Oxymoron or paradox? I’m considering investing over $300k, but I’m uncertain about risk mitigation strategies.
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and making informed decisions. Consider a similar approach.
@@Andrian-ch3on Wow, I bet that you cannot rec anyone.
@@debrab7844 Yes, kristin Amy Rose. If in doubt can look her up
@@debrab7844 Kristin Amy Rose
Kristin Amy Rose is the licensed I use. In doubt? Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I’ve been watching Graham Stephan for some years now and I can say, he is right.
Telling the truth like it is, Graham. I also keep about 20% in cash as my f*ck you money. Thank you for laying it out for everyone to see and not pulling any punches!
Won’t discuss anything about this yotta situation…. Shady .. you’ve lost a subscriber.
Excellent videos lately Graham, keep up the good work.
From $7K to $45K that’s the minimum range of profit return every week I thinks it’s not a bad one for me, now I have enough to pay bills and take care of my family.
Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires
Some times last week I tried trading all alone but ended up loosing $3K
Adriana Catherine understanding of market indicators is impressive. She knows exactly when to enter and exit trades for maximum profit. her siignals are top notch
Don’t be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60%+ from ATH does NOT make it a sound long-term investment. Make sure you’re investing in great companies. kudos to Adriana Catherine..
Please how do I find this financial counselor?
Love ya Graham
🤔🤔🤔🤔🤔 okay if its that easy why you are still here doing youtube videos for income 🤷
*I love the grounded reality of this channel!!!*
Retirement took a toll on my finances, but with my involvement in the digital market, $27,000 weekly returns has been life changing. AWESOME GOD❤️
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
I’m 37 and have been looking for ways to be successful, please how??
Wow that’s huge, how do you make that much monthly?
Thanks to my co-worker (Alex) who suggested Ms Maria Angelina Alexander.
She’s a licensed broker in the states 🇺🇸
It’s been dumping and pumping in this range for ages! It’s technically just going sideways, sideways means generally stagnant. More emphasis should be put into day trading, as it less affected by the unpredictable nature of the market. Trading has been going smooth for me as I managed to grow a nest egg of around 100k to a decent 732k in the space of a few months… I’m especially grateful to Walter James Henry whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..
This administration has no idea how people are suffering, things are getting so much harder we can’t take it no more. A lot of people are financially struggling to put food on the table and a roof over their head, I appreciate your advice Walter James Henry. Imagine I invested $2,000 and got $10,600.
HE’S MOSTLY ON TELEGRAMS, USING THE USERNAME…
@Gainwithwalter7
@Gain with walter7
Gainwithwalter7
I’m in my 50s and I’m more interested in investments that could set me up for retirement , I mean I’ve heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what’s the strategy behind such returns?
Comment for the all mighty algorithm!
Hi Graham 👋 how’s life going?
I just opened the pool the other day and was thinking. Would anybody half clean their pool? Why do people save halfway on their future? Or not save at all? But they take out a HELOC or credit card to buy a pool.
Excellent video Today I reached $200K I’m really grateful 🙏 for all the knowledge and information you gave given me in the last few months. I started with $25K last week
Thank you Lord Jesus for the gift of life and blessings to me and my family $14, 120.47 weekly profit Our lord Jesus have lifted up my Life!!! A. V
Unfortunately in 20 years the us dollar will not be worth anything meaning a million bucks will only be wortb 1000 pennies 😂 because china is going to be the ruler!
Hello, I‘ve started investing since a few months. Luckily or not I made some money with Tech stocks. But I would really appreciate some advise which under-the-radar stocks you would recommend. 🙂
Isnr there a limit of salary to contribute to the roth ira?
Thanks for sharing
Great video thank you for sharing! I have a question. If you currently have no real estate assets but have over 40% of your net worth in high yield savings or treasury, how much of this cash would you feel comfortable allocating to real estate in the next 12 months, either as a significant percentage for a down payment or even for a full cash deal? Thank you!
“Unless you work for congress” 💀💀
great advice Graham..
I wish he said which index funds he invests in
First FT X now yot ta bank graham please stop stealing people’s money
all what he says is great, but the best decision in your life will be buying bitcoin (:
rather humorous that in the end he admits to trying to time the market by buying the dip with the cash he hoards…never take what these youtube financial advisors say at face value…there are always flaws such as a 10% gambling strategy he calls an investment lolz. People that keep a large cash hoard fail to take into consideration how much that costs them in the long run and instead gamble with a portion of their porfolio…volatility is the same as noise in that it stacks out over time.
lots of scammer bots on his channel now…i suppose he cannot be bothered even after claiming he reads the comments.
Hey Graham, could we get an updated credit card guide? I’ve been watching for a while and turn 18 soon, and I want to maximize my future!
I put in 20k into various assets late last year and flipped into six figures within a few months and still going. I’ve always been an advocate of investing because it has been rather rewarding. I hope to attain financial freedom soon. One more thing, keep up the good work brother.
You can’t overlook the fact that it’s paramount not to get greedy but to remain invested through careful study, if not you can lose it all.
I have some money saved from day job. I have no idea where or how to invest. How are you doing it, Leon?
It’s not rocket science. As I said previously, I got into stocks, index funds and REITs, myself but wasn’t getting the results I wanted the first couple of months. Got tired of losing and decided to seek mentorship from Jonas Herman, a certified fiduciary who helps oversee my investments.
@@Christensen554 While it may sound enticing, it is important to understand that stocks, like a fine wine or a Monet, has no standardized value. You look all good on the outside, while you wait till almost death to enjoy your wealth which presents an enormous economic(uncertainty) risk.
It’s bonkers to compare stocks to alcohol hah. I do consider myself an “old dog” and I’m not big on learning new tricks. After so many years of trial and error, I finally found what works best for me financially and Herman is the perfect sounding board for me. He is far and away the best I have come across. He is all focused on teaching and making sure that I make profit. What more could I ask for?