What frugal habits do wealthy people have?
This is Graham Stephan. He applied 2 habits to become a millionaire by 25.
He’s a self-made millionaire by implementing frugal spending habits from an early age. (He doesn’t own this car, and yes the image I chose is ironic)
Graham didn’t get into college.
Let me repeat that.
Graham wasn’t accepted into university.
But that didn’t stop him from becoming a millionaire.
He applied himself in real estate. Got a mentor. And that’s where he learned his first high-income skill. (Real estate commission)
The Drone Education Services
There are two simple habits he employed.
- Track Spending and earning. Then “chop it up”
From the first day he made money, he was tracking his monthly spending. But what he did differently was his adjustments.
Most people just track. Graham figured out where he could cut down on his spending. He made 20 cents iced coffee & avocado toast for breakfast. Graham never spent money on items he didn’t need and minimized his monthly expenses to ensure he saved the maximum.
2. Save. Then invest.
Graham saved EVERYTHING he made. By making his expenses as low as they possibly could be, he was able to save more money. Then he invested that money into index funds.
Of course, these habits are easier said than done. We all love spending money. But if you want to become rich, you’re going to need to love saving and investing money more than spending it.
I highly recommend checking his channel out if you’re into personal finance, tech, and other money-making content.