Millionaire Financial Advice For 18-35 Year Olds | Millennial Money

  • 🎬 Video
  • ℹ️ Description
This is my advice for everyone between the ages of 18 - 35 on how to manage their money, what to save, and how to invest - enjoy! Add me on Instagram: GPStephan

The YouTube Creator Academy:

My ENTIRE Camera and Recording Equipment:

First Mistake: Spending too much money
That’s why my #1 piece of advice, ESPECIALLY for anyone who’s 18 to 35 years old, is to SPEND LESS THAN YOU MAKE. I know, it might be common sense to you and I…but it’s not to common sense to a LOT of people. Especially when you consider that 40% of Americans couldn’t cover an unexpected $1000 emergency. So the EASIEST way to get out of that trap, is to simply: track your spending and cut back on discretionary expenses.

Second Mistake: Getting Into Consumer Debt
I really believe that having ANY amount of unpaid consumer debt will grossly hinder your ability to build wealth in the future. So if at all possible, avoid consumer debt AT ALL COSTS…use it only as a LAST CASE RESORT if you literally won’t have food on the table, or there’s something that happens and there’s just no other option.

Third Mistake: Lifestyle inflation
This is the practice in which we make a little bit more money, and then we start spending just a little more each month. The biggest issue I’ve seen is that people get used to spending almost all the money they make, and when that happens…they almost DON’T KNOW what to do when they have money left over at the end of the month….so then, they just continue spending it. And that’s where the problem lies.

Fourth Mistake: No Emergency Fund
An emergency fund is the money you set aside to ONLY be used in case of an emergency, where you have no other option to turn. Ideally, the size of this fund should equal anywhere from 3-6 months of your expenses, and kept easily accessible.

Fifth Mistake: Being Too Cautious About Credit With No Credit Card
Getting a credit card, and learning how to handle it responsibly, is so incredibly important to your financial future. Not only will a credit card provide purchase protection, rewards, or cash back throughout all of your purchases - but you’ll be continually improving your credit score, which will get you the best and lowest rates anytime you buy a property, finance a car, rent an apartment, or do ANYTHING that involves running your credit report.

Sixth Mistake: Not Contributing To Your Retirement
For instance, the BEST time to contribute to a Roth IRA is when you’re young and not earning a ton of money…this is because you’re in a low tax bracket already, so you have more money left over, and your money has more time to grow. Or a 401K allows you to reduce your taxable income and postpone your tax bill until retirement…not to mention that sometimes employers will match your contribution, dollar for dollar, up to a certain amount.

Seventh Tip:
Now is your time to absolutely pursue your career aspirations, work harder than you ever thought was possible, save every extra dollar you can. While sure, it’s fine every now and then to relax and have fun…stay disciplined, because if you play this right, you could use these your 20’s to accumulate enough investable assets to carry you forward for the rest of your life.

And during all of that, do your best to also focus on INCREASING your INCOME, just as EQUALLY as you are on SAVING IT. Sometimes people just can’t save enough money, and it’s not a fault of their savings or spending habits…it’s just the fact that they don’t earn enough in the first place.

And when it all comes to investing…just keep it simple. Broad index funds are the easiest, simplest, and “safest” investments out there when held long term. Or, it’s as simple as spending a few hours a day on BiggerPockets and YouTube researching how to invest in real estate - going and checking out open houses on Sundays - and then eventually looking into purchasing some income property once you have your down payment saved up.

Investing doesn’t need to be complicated, budgeting doesn’t need to be difficult, it’s all about learning the right financial habits early on and then sticking with them long term - and you’ll be on your way to a ton of millennial money.

💬 Comments on the video

Here's my second channel for anyone who isn't already subscribed :)

Author — The Graham Stephan Show


“Not spending money is like getting paid to not buy something.” I like that perspective!

Author — Ashley


1:19 Spend Less Than You Make
4:18 Don't Get in Debt
6:39 Don't Increase Your Spending as Your Income Increases
8:17 Build Up An Emergency Fund
10:04 Build Credit History
12:05 Start A Retirement Plan
13:46 Work Really Hard During Your 20s
15:35 Invest In Broad Index Funds
Oh and also smash the like button! Hope this helps guys.

Author — Jackson Taylor


Let's just say I'm getting there because life has taught me a lot, I lost my job as head of my department and decided sourcing other income means without working everyday then I put $ 10k into Stock options and forex trading which has been giving me close to 17 k monthly all it takes is one shift and everything will be alright

Author — Bloom Windsor


Graham can you make separate videos about:

1. Investing in Real Estate
2. Intro to Stocks

As a millennial I’m so lost.

Author — C Bailey


my biggest financial mistakes in my 20's were: lifestyle inflation, spending more than i make (carrying credit card debt), buying starbucks 3 times a day, 5 days a week, eating out 3-5 times a week, financing cars both buying and leasing, and not saving and investing. i was a hot mess.

Author — red sun


LOVE this!!!!, mindset is everything, and there's so many ways to make money online its ridiculous and in my opinion there's literally never been a better time to get started on saving than now, as for me the past few months have been literally printing me money! Especially since majority of people are stuck at home nowadays, so its a great time to double down on your focus while most people just lope around and watch Netflix.. use this time to build your empire!!! 💪🔥🤑

Author — Walter.D Lawson


All this free advice you’re giving, you have full on permission to ask me however many times you want in a video to smash the like button.

Author — Quentin Nelson


Graham: I’m all about the 4.99$ H&M tees.
Also Graham: *Prices his merch 30$ for a shirt* 😂

Edit: joke
Learn to pronounce
a thing that someone says to cause amusement or laughter, especially a story with a funny punchline. For the people taking this to seriously, I understand why the merch is priced the way it is, I just personally thought it was funny and decided to comment.

Author — Christian Lemus


Its a good thing I'm 20 years old and part of Gen Z. I have learned so much about everyones finances older than me both rich and poor, and not to mention a ton of internet sources. I am setting myself up for success by saving, investing, and living a frugal lifestyle.

Author — Ryan Waugaman


Graham motivated me to start taking my finances way more seriously than I have been. I made a channel to talk about the giant financial mistakes I've made up to being 24. Like the time my dumbass lost $23, 000 in a day. Id love for people that are around my age or look like me to learn from my mistakes and use it as a way to hold each other accountable, come check it out and give me some feed back. Graham if you see this feel free to roast my spending habits lol. Either way you taught me a lot of big and little lessons I never thought I needed so I appreciate you. Hope I end up where you are at by the time Im 30. Hope everyone has a great day!

Author — BrokeForNow


I’m 15 working to make enough to invest when I’m 18, every time I get paid I buy 5$ worth of items to stop that urge to use the money, I get the urge out and then the urge stops🤷‍♂️ after that I just save and it works for me.

Author — Johnny Sins


Lifestyle inflation is very much a real thing. 😅 I went from making $35k in NYC to $58.5k and totally went rogue for 6 months 😬 I saved more making less and really cracked down on myself realizing that was a problem. Thanks, Graham, for your tips and helping me get my mentality back on track!

Author — Amanda Cermak


Damn Graham, I recently discovered you and you have made such a big impact in my mental approach to money and finance. My parents did not really educated me in this topic, so it has been great to learn these valuable financial teachings to break free from my family's economic cycle.

Author — Arantxa Sanchez


I've listened to your advice Graham, and at the age of 18 have already been approved for my first credit card. Time to build my credit history.

Author — Adam Danilowicz


I was 35 when I discovered that you can carry on the credit card debt over 1 month :) I always thought it was to be paid at the end of the month, no matter what... I guess that helped not to know it

Author — Vincent A


Great advice! Not to put personal business out there, but since I took on this journey of learning how to become RE investor, learning just the basics saved my life. I had some trouble at home where my husband and I had to leave my family house. I was so scared because I thought that we were going to be homeless. I tapped in to my savings (that was strictly for the down payment for our first property) to stay at hotels and Airbnb homes until we figured out our next move. Though it was a long scarey week, we got through it living in a better situation now and didnt really break the budget or allow it to slow us down. I can't be so grateful enough to REI, living below your means to save up for a $1000+ emergency is a serious priority that people in our generation should have, because anything can happen at anytime.

Author — Patrice B.


It’s shocking to see that every one of your videos has a new angle and is genuinely valuable. I’ve thought about creating my own channel but don’t start as I think it would become redundant too soon. Thank you for your contributions, congrats on your success, and keep up the good work!

Author — Dustin Merritt


Great video as always Graham! My only problem is right now I'm in college and currently not working, so I'm not making any sort of income really. Is there any of these that I can make use of without a steady income? I have some money in savings right now from a summer job I worked and college is being paid for by my parents so I'm in a pretty good situation. I would just hate to wait till I'm 22 (or 23 if I go for my masters) to really start going at these recommendations/tips you talked about.

Author — SAFYE


Thank you so much for your valuable time to try to make us better for the future. You're so amazing at what you do and try to give us the best posible advice.

Author — Alejandro Gallego