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

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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.

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com…(read more)

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Millennials, young adults between the ages of 18-35, are often given conflicting financial advice. On one hand, they are told to live in the moment, enjoy their youth, and not worry too much about the future. On the other hand, they are bombarded with messages about the importance of saving for retirement, investing wisely, and being financially responsible.

For millennials who aspire to be millionaires, it’s essential to strike a balance between enjoying life now and setting themselves up for financial success in the future. Here are some millionaire financial advice tips for 18-35 year olds:

1. Start early: The power of compound interest means that the earlier you start saving and investing, the more wealth you can accumulate over time. Even small amounts saved now can grow into a significant nest egg by the time you reach retirement age.

2. Set financial goals: It’s essential to have clear financial goals in mind, whether that’s saving for a down payment on a house, starting a business, or retiring early. Having specific goals can help you stay motivated and focused on building wealth.

3. Invest in yourself: One of the best investments you can make is in yourself. Take the time to improve your skills, education, and knowledge, whether through formal education, certifications, or self-study. Investing in yourself can lead to higher earning potential and career advancement.

4. Diversify your investments: Don’t put all your eggs in one basket. Diversifying your investments across different asset classes, such as stocks, bonds, real estate, and cryptocurrencies, can help reduce risk and maximize returns.

5. Live below your means: Avoid the temptation to keep up with the Joneses and live beyond your means. Instead, focus on keeping your expenses low and saving as much as possible. Cutting back on unnecessary expenses can free up more money to put towards your financial goals.

6. Take calculated risks: Building wealth often requires taking some risks, whether that’s starting a side hustle, investing in the stock market, or launching a business. However, it’s essential to take calculated risks and do your due diligence before making any financial decisions.

7. Seek financial advice: Don’t be afraid to seek advice from financial professionals, such as financial planners, investment advisors, or CPAs. They can help you develop a financial plan tailored to your goals and risk tolerance.

By following these millionaire financial advice tips, millennials can set themselves up for financial success and work towards building a seven-figure net worth. It’s never too early to start planning for your financial future, and taking steps now can pay off in the long run. Remember, wealth-building is a marathon, not a sprint, so stay focused and disciplined on your journey to becoming a millionaire.