Graham Stephan’s 4 steps to save $1 million over 10 years

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Will This Graham Stephens Advice Help You Get Rich?

Key Point

• Graham Stephan is a YouTuber, real estate investor and financial expert.
• He says it will save him $1 million over 10 years.
• He suggests taking these four steps in Spending, Income, Investing, and Home Hacking to make it happen.

If you don’t have a lot of money right now, the idea of ​​becoming a millionaire might seem like a pipe dream. Listen, accomplishing this task is not optional.

“Financial independence is no longer an option, it is a necessity. Interest rates are unpredictable, real wages are falling and inflation continues to rise,” Stefan said on Twitter.

Financial independence can seem daunting, but Stephan told his Twitter followers that “in 10 years, your savings could go from zero to $1 million,” and that “you’re in control.” “Focus on what you can do” ensured it was possible.

If you don’t know exactly how, the good news is that Stefan has come up with a step-by-step plan you can follow to achieve millionaire status.

1. Spend less

Stefan recommends spending less and saving more as an important first step if you want to hit $1 million in 10 years.

“Savings is the most underrated aspect of investing,” Stephan said, explaining that “20% of people who earn $250,000 or more spend more than they earn!”

Stefan himself says he is very thrifty and was able to invest the money he had saved in his youth, which paved the way for his own wealth-building journey.

2. Increase your income

Stefan said it was important to cut back on spending, but made it clear that “savings alone won’t get you there.” So the next step he recommends is increasing your income. And to help with that, he suggested choosing “a career where income is not tied to time.”

Stefan said a job that pays for output rather than hours invested works well for him. “The road to real big money is business.” He admitted that starting his own business is difficult, but he also said, “If you commit to the right niche and work hard, the benefits are endless.” rice field.

Of course, starting your own business is a lot of work. Stephan offered advice for those wanting to stay in a traditional job. For 9 to 5, his suggestion was to take advantage of the job market by changing jobs every few years rather than staying where you are.

3. Invest in safe choices

Investing wisely is the next important step to becoming a 10+ year millionaire. In fact, Stephan warns, “It’s very unlikely that he’ll reach $1 million in 10 years without investing.”

The example he gave shows how important investment is. If he invests and he gets an 8% return, he needs to save $158 every day to reach his $1 million goal, but if he doesn’t invest, he needs to save $273 every day. I explained.

Of course you don’t want to lose But that’s why Stefan warns that when choosing an investment, you need to recognize that risk is proportional to return. You might be tempted to bet on the potential for higher ROI, but he said, “I’d rather buy an index fund and settle down.”

4. Try home hacking

Finally, Steven suggests trying to cut housing costs where possible by buying a duplex and renting out the top floor while living on the bottom floor. , and after a while you will own a house.”

Stephan says that by following these steps, the million dollar goal is within reach. In fact, he even gave some concrete numbers. “If you find a way to live on $120,000 a year and $3,000 a month, you can hit $1 million in 10 years,” he said.

Doing all these steps may not be feasible for everyone.