How a multi-millionaire Youtuber with > 4M subscribers spends his money
Or does he not?
Graham Stephan is a multi-millionaire Youtuber with millions of subscribers.
In addition to being a Youtuber, he is also a successful real estate agent, and investor.
Despite earning more than $6 million (from Youtube alone), he lives a frugal lifestyle (including making his own coffee at home).
Value freedom, not things
Graham’s number one goal is freedom, not material items (even though he can comfortably afford them).
Material things wear out over time.
When was the last time you purchased something, only to find out that you didn’t like it anymore once the novelty has worn off?
Freedom to do whatever you want, whenever you want, and whoever you want is the ultimate reward that money brings.
The beauty of having low overheads (i.e. expenses)
Having low expenses is the best thing since sliced bread.
Saving money, not having a lot of things to clutter you down
Having financial overheads creates stress (e.g. huge mortgage, car payment)
Signing away decades of your life to pay for a lifestyle that you never needed in the first place
Stifles creativity to pursue passion
Trade less for more
It’s tempting to crave for more when your income or wealth grows.
Screw that.
You don’t need more, you need less.
The less financial obligation, the more freedom
The more freedom, the less stress
The less stress, the happier I am to pursue more fulfilling and creative work
The number 1 thing money brings
Having savings give you options.
Money is not for flaunting, or trying to impress others, or to feel a sense of superiority.
What money does:
Money gives you the option not to be tied down to a job you hate.
Money gives you the ability to pursue the things that mean the most to you.
Retire before 65
You don’t have to retire at 65 if you:
Live below your means
Track your expenses
Save as much as you can
Build your wealth to a point where eventually you can live off your investments forever.
Living life on your own terms
To quote Graham:
“This was the path to eventually living life on your own terms, around your own schedule, doing the things that you want to do, when you want to do them. All of a sudden, it is not crazy to want to save all my income.”
Okay, saving all of my income is not something I want to do.
Depriving yourself of the good things in life is an unsustainable way to grow your wealth.
Start with one bill at a time
Make a list of your expenses, and use your investments to cover these expenses.
Start by having your investments cover your phone bills, then food, and so on.
Spend on things that add internal value to your life.
Frugality is about cutting back on things that don’t make a difference and putting that towards things that you value the most.
For Graham, his list of things are:
Aquarium
Jacuzzi
Sushi
Plants for backyard
Fun weekend trip
Find yours.