6 Millionaire Habits That Changed My Life

These are my best millionaire habits that have changed my life, and what you can do to begin implementing them immediately - for free. Enjoy! Add me on Instagram: GPStephan

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Millionaire Habits:

1. TRACK YOUR SPENDING.

2. ONLY BUY THE ESSENTIALS
I challenge you to start getting in the habit of CAREFULLY considering everything you want, and ONLY buying something when you can afford it outright, after thinking it through, and once you’ve prioritized your other investing and savings goals. We’ve all heard the saying: don’t put the cart before the horse…and this applies here, just like you shouldn’t put the brand new car ahead of your emergency fund.

3. MAKE YOUR MONEY INVISIBLE
As soon as YOU get paid, or as soon as money goes into your account - IMMEDIATELY move it into investments, put it in a savings account you don’t touch, that way it's out of sight, and out of mind. You get the immediate “Reward” of saving - and that makes you feel like you’re working towards something tangible, because you can “See” that savings right in front of you. Two, you’re FORCED to live off less because your invested money is completely out of reach. And three, you get USED to living on less - and you get USED to saving more - that you won’t WANT to break this habit once you see it working.

4. DON'T INVEST IN ANYTHING YOU DON'T UNDERSTAND
The people who are GOOD with money don’t just PANIC FOMO into investments because “pretty soon it’ll be too late to get in” - the truth is that, there will ALWAYS be new opportunities in the future that will be just as profitable as some of the best ones today, and there will never just be one SINGLE thing that you could strike rich at.

5. DO NOT TIME THE MARKET.
I’ve seen this type of pattern over and over and over again, and what I’ve noticed is that - the type of person who waits for a drop, is the same time of person who refuses to buy in when there ACTUALLY is a drop. It’s like, they’re always waiting for it to go lower - and even if it goes lower, they hold out for it to go EVEN lower…and once it starts going up, then it’s always going to be too expensive.

6. UNDERSTAND HOW TAXES WORK
This is the step that I would recommend fully immersing yourself in once you have the groundwork finished with everything else…so, once you’re tracking your spending, once you cut back on wants, once you make your money invisible, once you invest in things you understand, and once you’re not timing the market…THEN, really learn the tax code and make the most of the money you have left over.

And, finally…that little cherry to top all of this off…is just CONSISTENCY. Not only do you actually have to work on everything I just talked about…but, you also have you keep doing it, day after day, in order for it to work. Shortcuts rarely ever last, and more often than not - if you look for the quick and easy fix, you’re soon back to where you originally started, except now - you’re further behind where you could’ve been, had you just followed the right path from the very beginning.

*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.

[MathiasThomsen]

6 Habits:
1. Track Spending
2. Say NO to ''want'' spending
3. Make your money invisible
4. Don't invest in what you don't understand
5. Don't time the market
6. Understand the tax code

[BeingScared]

Graham, you were in MrBeast’s 2020 Rewind, and I was so happy to see it. Your channel is truly awesome bro. Stay up!!!

[jaylamanca]

It's crazy how the government never teaches anyone about taxes, something that they will arrest you for doing incorrectly later on in life

[intentionally]

Summary:
1) Track your spending. Pay attention to how small expenses can add up.
2) Say "no" to want spending. Practice delayed gratification for things you can't afford.
3) Make your money invisible. Immediately move your paycheck into investments, savings, etc
4) Don't invest in what you don't understand. Take the time to understand and make the right choice when investing.
5) Don't try to time the market. Avoid panic selling. Ignore the white noise, and invest with a long term strategy.
6) Understand the tax code. Taxes are likely your biggest expense. Learn about how taxes work, and consult with a professional to strategize.

Consistency is key.

[lindenchasteen]

The most important thing is combatting lifestyle inflation and investing consistently IMO.

[BossInVegas]

Graham is the most real finance youtuber out of all of them....no clickbait, no 7 videos a day, just common sense straight to the point videos that are extremely helpful to logical realistic minded people

[jukio]

I've become a minimalist, I was addicted to spending. Now, I feel much better, less stressed out.

[TheLastCodebender]

"Don't invest in what you don't understand." - Like that one!

[dazucca]

Thanks for the video, Graham.
0:49 Special Message
1:09 Special Message (Without Your Help)
1:28 Really Cool Picture
1:37 1. Track Your Spending
3:26 2. Say “No” to “Want” Spending
5:39 3. Make Your Money Invisible
7:15 4. Don’t Invest What You Don’t Understand
8:23 5. Don’t Time The Market
9:55 6. Understand The Tax Code

[ChengTeoh]

"Making your money invisible" is such a simple powerful concept that I think it is a darn shame that it isn't taught in schools.

[robertthurmond]

My rule..Save and invest most of your money. Shoot for saving 20-50% of your income if possible. But if you can only do 10% then do that.Grow your knowledge so that you can do better in personal finance and investing.Get a Financial advisor(obviously), Let time work for you. Start as early as possible, every year makes a huge difference. "The best time to start investing is yesterday, the second best is today."

[ACAB.forcutie]

I frickin love you Graham. Actual quality advice, not bs motivational platitudes

[CasualCooking]

I’m not a millionaire yet, but I already practice each of these habits and they do make life better financially.

[xochius]

Graham : ' Money habits which have nothing to do with how early you wake up'
Me - *well now you have my undivided attention*

[Shauryapatil]

thank you graham, ppl like you ae helping kids like us learn the most important subject of finance which will help us the most r great

[jeremymcneill]

Saying no to “want” spending was the part that most people need to hear!

[iVince]

Basically the summary of Rich Dad Poor Dad with the millionaire next door. One of the few books you need to read in your life.

[duaneguzman]

I think being a CPA can help a lot in understanding how money works.

[papihuey]

Man these are probably the most realistic habits I’ve ever seen. Others “millionaires” be like: wake up at 4 am, take cold shower, do exercise, read 10 books a week, etc LMAO

[Winged-hy]

Its satisfying to hear when your doing most of these already