Let's discuss how to build wealth with no money, the best ways to make passive income, and how to grow your investments to $500,000 – the amount most Americans say they would need to feel financially secure. Enjoy! Add me on Instagram: GPStephan
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1. BE CAREFUL WHO YOU LISTEN TO.
The fact is, if you REALLY want to build your wealth…you NEED to go against the grain and do what most people are NOT doing, and that includes listening to people who are where you want to be.
2. YOU NEED TO START MAKING MONEY
Most likely, IF your goal is to try to build up your wealth as FAST as possible…you aren’t going to get there through a traditional job. Instead, pick a career or a business that ISN’T dependent on how many hours you work, but on the results you achieve. If you ignore the rest of the video and just focus on ONE thing, let it be this – because, it’s important.
3. GET IN THE HABIT OF INVESTING EVERYTHING IMMEDIATELY.
If you want to build your wealth, the reality is that – the longer you wait to start INVESTING – the more difficult it’s going to be….because, the more time you allow for your money to grow, the more money you’ll eventually have.
4. CREATE MULTIPLE STREAMS OF INCOME.
The average millionaire has more than 3 income sources – and, generally, the most income sources you have, the more money you're likely to make. This could include dividend income, capital gains, interest income, rental income, royalty income, earned income, or money generated from a side hustle.
5. MINIMIZE YOUR SPENDING
It’s said that the average American spends $18,000 per year on non-essential items…and this is something nearly EVERYONE can start cutting back on, immediately.
6. AVOID LIFESTYLE INFLATION.
The only way to overcome this is if you make more money, keep your expenses the same – don’t change a SINGLE thing – and invest the difference immediately. If you’re earning $40,000 and get a raise to $60,000…great, now you save another $20,000.
By doing all of this – growing your wealth from nothing to $500,000 in less than 10 years is entirely possible, even without a crazy high starting income….but – it will require a lot of work, sacrifice, and discipline to stay consistent…it means you’ll have to cut back as often as possible, and otherwise live like you’re constantly broke…BUT, AFTER those 10 years…you’ll have the financial security that most people DREAM ABOUT…and those habits are likely to continue forward to build an even greater future.
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Oh good! I already have $0! First step accomplished.
😀 woohoo!
😂
awesome!
Noice
i’ve learned more financial advice from Graham than from 12 years of school 😅
That’s because it isn’t taught in school. 👍
C’mon evil from minecraft to this
You are as free as i am
why is evil here lol
First time I’ve ever seen you comment on a video, are you new ?
They don’t teach you finance in school. So the jokes on you.
Love this type of content Gram! You have said all this stuff throughout other videos but it’s always good to hear it all again so those of us who are doing it already know we’re on the right track!
Graham, one thing to note about the switching jobs to make more money tip: correlation ≠ causation. Meaning that the two are probably correlated because people predominantly leave a job for better pay. So it makes them correlated, but leaving a job by itself doesn’t necessarily mean more pay. You have to first find a job that pays better and qualify for said job. Then you leave and it reinforces the statistic. Hope I articulated that well. Great video! Just wanted to point out that observation.
I honestly believe that you are doing more genuine good for people on YouTube than at least 95% of material on this site.
Seriously. The info you provide and the accessibility of your personality and presentation style is so essential to anyone who wants to know how to get ahead in their life. This information is related to day to day life, work, housing, retirement, and all the things which impact our stability, families, mental health, and futures.
Thank you for doing what you do!
Thank you for this! I feel like most other advice is out of touch but I appreciate that you based this on an average salary in the 30k range. You made retirement feel so much more attainable!!
Thank you again Graham for this video. You just remind me what I need to when it comes to my job that is not paying me what I deserve. I truly appreciate your videos because of you have done things that didn’t thought I could do. Thank you 🙏🏾
Very recently turned 18, you have helped massively gain a perspective on what to do. Positivity has really made me change my overall mindset. More doing less talking.
You’re now at the right age to start creating a future where you don’t have to worry about your finances. Do something that your future self will thank you for. See you around!
Don’t squander it, you got the advice, make a plan. I didn’t. Now I’m stressing at 30. Don’t be me lol please
I love your videos man! Thank you for making them. Please continue! It was very informative. I currently left a job and at a crossroad between looking for new job while deciding if I want to lean in and grow my business – side hustle. I have online marketing experience. I’m realizing a lot of things for myself, that I don’t necessarily know how to grow a business. I would love to start learning about finances, investing, growing money. Anyway, thanks for all you do!
Great video Graham! I think you made a great point about having multiple streams of income. I think many of us should aim for that. Keep up with the great work.
Great video Graham. Creating multiple streams of income is really important to having that safe and secure feeling about your finanical position.
1:21 Be careful to who you listen to
2:03 Earning money
3:54 Investing immediately
6:35 Create multiple source of income
– earned income 7:08
– dividend income 7:23
– capital gains 7:59
– interest income 8:22
– rental income 8:38
– Side hustle 9:25
10:07 Goal 500k
13:25 lifestyle inflation
I appreciate you.
Thank you!
Thank you!
Love this thank you!
*Awesome! your potential seems timeless.* Understanding your financial needs and chalking out a plan remains the smart way to prepare for the unexpected. 11yrs in investing space and extremely pleased with the decision I made. The good news is — it’s not too late
Congrats! I’m fascinated with investing, as a single mom and juggling all these things are quite difficult. Invested $ in few sectors but haven’t seen any profit yet. Do you think I’m missing out something?
Just because there are opportunities in the market doesn’t mean you should go in blindly. To understand the potential factors that contribute to your financial growth, I’ll advise you to seek the help of a professional.
@Douglas Chester Thank you so much I really appreciate. If you don’t mind, how can I get in touch with a professional
I invests with *(Olivia Charlotte Oswald)* a widely known consultant. You can make a quick internet research with her name mentioned where you can easily get in touch
YouTube has been of great help to many facing challenges of making best decisions on what to invest in, but it’s not enough cause most people don’t understand what they watch. So it’s important to seek the advice of a professional before any investment decision.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. The stock market has plenty of opportunities to earn which I myself took advantage of.. I made my first million from going diverse, mainly stocks, ETFs, coins and bonds. It’s a long term plan for me so I invest and re-invest
As a newbie in the financial markets, the volatility scares me so much and I’m curious as to how you were able to make this much returns in such market conditions.
@mitch sapastein i made my focus on looking at investing from a long term perspective and watching it compound , and my FA basically was my back bone.
Rightly said lauren, most people seek instant income instead of setting long-term plans/goals and following through religiously. Patience is the game
@Lauren karan your FA, if you don’t mind, can you refer me ?
@mitch sapastein Susan Kay Mack is her name, search her up for her info
Loved loved loved this video!!! Thank you so much Graham!! SO Helpful having everything you mentioned summarized in a visual style! As someone with Synesthesia and ADHD I appreciate you!
I been following his advice and I was making 18k a year now I’m up to 180k a year and growing as long as you follow and make smart choices it definitely helps
are you making a million and 800K now?
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it’s not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I’ve tried investing in the stock market several times but always got discouraged by fluctuations of stock value
@Susan Mullins This is the problem! Most times people with little or no knowledge of the stock market try investing by themselves. It once happened to me, then I learned my lesson and contacted a US-based finance consultant and everything changed. In in the first quarter of this year i made $370k and counting.
@Ethan Michael l Wow congratulations bro. Please, who is the advisor that assists you with your investments?
@Zic Miguel ‘Sharon Madorsky Davison’ is the coach that guides me. She’s a verified coach and she helped me see that returns can be made in both bull and bear markets. She covers things like investing, insurance, making sure retirement is well funded and looking at ways to have a volatility buffer for investment risk, lots of things like that.
@Ethan Michael l thanks for sharing this, I googled the lady you mentioned and after going through her resume, I can tell she’s a pro. I wrote her and I’m waiting on her reply
Honestly, I’m unsure if investing is a wise move right now. Take note of how frequently things fail. As I still have some time before I retire, I’m still looking for a better strategy to invest my money despite reading charts and predictions from well-known investors from the past and present. In order to generate passive income, I want to build a solid and reliable portfolio.
The outstanding catch-up measures currently in place are unquestionably due to the Fed, as they were first too sluggish to contain inflation. The epidemic, supply-chain concerns, and the situation in Ukraine are all factors in the looming perfect storm of inflation. Not to mention the sharp increase in housing expenses, another factor that makes it challenging for the Fed to control inflation. To sum up, if you have the cash, get rid of it right away to benefit from the high savings rate.
The issue is this! Individuals with little to no experience in the stock market commonly try to buy on their own. Prior to acting appropriately and getting in touch with financial advisor Eileen Ruth Sparks in the US, I had the notion, but things have changed since then. I began seeing incredible returns on my investment.
Although this is impressive, my portfolio is in such horrible shape that I definitely need their aid. Tell me how I can get in touch with her, please.
Check up on Eileen; in 2020, she attracted a lot of attention. I’m not sure whether I have permission to say anything, but… okay. She acts as my mentor and manages my portfolio.
The most important thing that should be on everyone’s mind currently should be to invest in different sources of income that doesn’t depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies.
That’s so true. but if i may ask, do you trade all by yourself?
I have been investing in stocks for over 10 years now and I have made a lot of money. My portfolio has grown exponentially and I can’t thank stocks & ROCHELLE DUNGCA-SCHREIBER enough for such an amazing way to make money!
With $0 ?
Invest in the plug fr
Making money is not the same as keeping it there is a reason why investments aren’t well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.
Investors should be cautious about their exposure and be wary of new buys, especially during inflation. Such high yields in this recession is only possible under the supervision of a professional or trusted advisor
Not at all, having monitored edge my portfolio performance which has made a jaw dropping $780k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemingly unknown market. I must say it’s the boldest decision I’ve taken since recently.
@Adak Kristinn Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
@Lion Tower Colleen Janie Towe” is her name, you can search her up for her info
@Adak Kristinn Thanks for this tip. Her website popped up on the first page immediately I searched her on google web, I read through his resume and it seems pretty tight. So, I dropped a message & hopefully she replies soon.