3 Ways To STOP Being Broke

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According to a survey, 78% of workers live paycheck to paycheck - here is how to STOP living paycheck to paycheck and the best strategies to grow your wealth. Enjoy! Add me on Instagram: GPStephan Get 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1400): https://act.webull.com/k/Vowbik9Tm5he/main NEW: JOIN THE WEEKLY MENTORSHIP - https://the-real-estate-agent-academy.teachable.com/p/graham-stephan-mentorship-program/ The YouTube Creator Academy: Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF My ENTIRE Camera and Recording Equipment: https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB Nearly 1 in 3 American workers run out of money before payday—even those earning over $100,000: https://www.cnbc.com/2020/02/11/32-percent-of-workers-run-out-of-cash-before-payday.html Lets talk about what’s going on: First, it’s not surprising that just as many people are running out of paychecks at $200,000 per year, as they are at $50,000 per year. Even though I don’t have any conclusive research to back this up, I believe that the TYPE of person to overspend at $50,000 - would be just as likely to overspend at $200,000 - which is why, overall, spending increases in proportion to your income. Even if they are barely scraping by at $200,000 - increasing their income to $500,000 wouldn’t solve the underlying issue. This might even be a derisive of Parkinson’s Law, which suggests that our work expands to fill the time available - or, in this case, our spending expands to fill our available income. So, the only way to BREAK this cycle in the first place is to NOT give in to lifestyle inflation, and make a VERY conscious effort to keep your spending THE EXACT SAME - regardless of how much you’re making. So, at least from that perspective…we can understand the psychology behind why people aren’t saving money, aren’t are they should be saving, spend as much as they make - regardless of how much they make, and will always worry about money until the end of time. But, if you take a proactive approach to fixing this problem…you CAN make a difference: At this point, I’m a firm believer in focusing on the things we have full control over, NOW, and what we can actually do to make a positive step in the right direction, today. And part of that comes with taking responsibility for our own actions, and realizing that we can direct our finances in any way we chose…and that all starts with budgeting. Since less than 1/3rd of workers surveyed had a budget…and 78% live paycheck to paycheck…I think it’s no surprise, a budget should be the FIRST thing on anyone’s list who isn’t saving the money that they need. This, to me, is even more important than finding a new job or making more money…because, again, if the initial problem isn’t solved…it’ll continue. So, to make a budget…I’d highly recommend free resources like Mint.com or PersonalCapital.com, which will automatically track your income and expenses - and then give you a detailed breakdown of where every last dollar is going. By doing that, you can better identify the things you don’t need to spend money on…and then, create a budget to cut back. If Americans are spending, on average, $500 on non-essential spending…there is FOR SURE room to cut back. Second, to help stave away lifestyle inflation…I highly recommend SAVING AND INVESTING YOUR MONEY FIRST, and then SPENDING what’s left over…not the other way around. I also recommend waiting to buy anything that isn’t already in your budget, even if it’s just 24 hours…because, most of the time - when you sleep on something overnight…you’ll wake up the next day and realize that, eh, you don’t really want it all that bad. And third, realize that this applies to nearly EVERYONE. Consider it like going to the gym…just because your in shape, doesn’t mean you stop going to the gym…because, after all, that’s what got you in shape to begin with. Same applies to this. For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at [email protected]

channel "Graham Stephan"

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