Graham Stephan On Building Wealth, Self-Discipline, And Saving 99% Of His Income
HTML-код
- Опубликовано: 12 июн 2024
- This week we've got our most-requested guest of all time: Graham Stephan! Graham is a realtor, RUclipsr, and personal finance personality who saves 99% of his income. Hear why, what shaped his worldview, and how this lifestyle really works.
To learn more about Intuit’s suite of products: intuit.me/2NS2yAq
To get started with QuickBooks today: intuit.me/TFD
Subscribe to The Financial Confessions podcast here: lnkfi.re/1QYK1e4R
Graham Stephan’s Website: www.grahamstephan.com/
Graham Stephan’s Twitter: / grahamstephan
Graham Stephan’s Instagram: / gpstephan
Graham Stephan's RUclips: / @grahamstephan
The Financial Diet site: www.thefinancialdiet.com
Facebook: / thefinancialdiet
Twitter: / tfdiet
Instagram: / thefinancialdiet 
Хобби
In this episode of "The Financial Diet" Chelsea sits down with Graham Stephan to discuss his relationship with his finances. Want more content about seemingly unconventional ways people handle their finances ? Click here :ruclips.net/video/eh0q_KLta0Y/видео.html
Some of the worst questions you could ask. You didn't clarify anything financially. You also had no idea of taxes or economics in California while you tried to frame him for hoarding. Are you going to issue an apology to the guy?
Well I dont think I shall be watching him, his views on investing in real estate rather than spending anything in his local economy does nothing but make me think of him as a leech, like if you are earning more than 1,000,000 a year you really dont need to continue investing in real estate, sure save enough money that you will have a retirement etc but like this is the reason that local economies die out and overall what should be most important is the quality of life for the most people possible, not just trying to turn yourself into a dragon
Thanks for sharing Graham! You are super inspiring!
I normally love your content Chelsea but I felt you could have approached the interview with a less combative attitude WHILE STILL communicating how your values differ. You shouldn't back down where you differ, but it was hard to listen to this while you were being somewhat rude. Graham did a great job to de-escalate the situation.
The Financial Diet wow! Your a big lefty huh lady? FYI 80% of millionaires in this country are first generation millionaires. Ppl work hard, do things right (graduate HS, don’t have a kid out of wedlock, get married) and you are almost guaranteed too be middle class. You just described at the beginning your mindset about not saving what if you die etc...,well then don’t complain and expect for everyone else to find you in retirement! Your loaded questions are BS. Stopped watching this crap 21 minutes in with the second dumb question. I HAVE A QUESTION FOR YOU. Why do you think it is your right and morally correct to take money from graham that he worked hard for just because he has more and you want it?
It was great meeting you, and thanks so much for the opportunity!
This was awesome. I have followed your channel as well as the financial diet for over a year now and it’s nice to see you all do a video together. You both provide your own perspective on personal finance and give good advice even though you and Chelsea are so different.
Graham Stephan im gonna smash the like button just for this guest appearance alone. 2019 the year of great collabs!
@@PennyWise-eu9nz Totally agree Lily. TFD is so painful at times. Chelsea is so hyper obsessed with privilege that she loses focus on working hard and saving $$$. Or she simply thinks its nearly impossible if you are a obscure minority. Its a sad mindset. I wish people would believe in themselves a bit more.
She was certainly taken a back when the cis gendered "straight white male" paid everything for himself.
Graham was very professional throughout.
meowmastr123 I agree! Because if you focus on other people having so-called “privileges” you are playing the victim role and if you think of yourself as a victim you will never be wealthy.
You did a great job managing what was from at least the first half or so, a somewhat hostile and accusatory tone. Hope you can ignore many of the comments here that continue to try and ignore your hard work and accomplishments and the work you do to try to both help and entertain.
I enjoy both TFD and Graham’s content! But for those wondering why they are “different” - I think it boils down to, TFD and Chelsea often discuss systemic issues and barriers that make it difficult for people to increase their income or wealth, while Graham is more of an “anyone can do it, just work hard” type. These messages typically appeal to different audiences, but obviously people who are super into personal finance can probably learn a lot from both channels, regardless
Wow Tiffany I was just wondering if you watched Graham’s stuff. Hope your millennial money makes it to his channel.
She wasn’t passive aggressive, she was holding him accountable to questions he didn’t give real answers to. Saying to “work hard” is passive aggressive and minimizes the systemic issues people in less privileged circumstances experience. Btw his idea of putting money back into the economy by giving it directly back to real estate doesn’t actually help those living in those areas. It just furthers the gap in a very real and deepening housing crisis.
There's an important difference between "anyone can do it" and "everyone can do it." There are definitely edge cases where people's barriers to success are so extreme, they wouldn't be able to pull themselves out of poverty regardless of what they do. But with huge amounts of discipline and hard work, I think the vast majority of people in the U.S. could improve their situations. This really is a land of opportunity in a lot of ways that I think the left is often willingly blind to.
Having said that, while the economy isn't exactly a zero-sum game, the existence of winners and losers is woven into the fabric of capitalism. Economies require labor to function. And a nation of millionaires would have an essentially non-existent labor pool - especially when it comes to jobs that are undesirable because they are difficult either emotionally or physically. And in terms of making the world actually function, it's those undesirable jobs that are usually the most important. If all the millionaire's took a day off, i don't think anyone would notice but them. If all the low-wage workers took the day off, the country would come to a screeching halt. The existence of millionaires is contingent on the existence of low-wage workers. So I think it's at best disingenuous for the right to act like there aren't real structural reasons poverty exists and that any efforts to mitigate the hardships of poverty are misguided.
So, yeah. I think people can learn a lot from both channels. Americans could definitely stand a healthy dose of Graham's frugality and accountability. But we also need to listen to TFD when they point to policies and systems that perpetuate poverty. The secret to a healthy, functioning economy that maximizes well-being for the people is striking the right balance between the two poles.
tiffanyferg hey tiff! Good to see you here. I love your channel. I agree with your point. But In addition, I do believe anyone, no matter what level of interest in personal finance, can become financially independent. I could never sit down and look at stock market trends. I don’t care about that. Because wether the market goes up or down, my investment strategy will never change until I die. And once people realize it’s that simple, just to start, it will change their life. I recommend reading Tony robbin’s unshakeable. It’s brilliant.
@@soffiegirl1027 So true. I mean he is white after all...
So where are all the ladies who follow graham and the financial diet!?!? *I'm one of them lol*
Alex Saber 🙋🏻♀️
Here! They are so different yet I love both!
Hello
Here :D
I follow both! Love both of them!
After watching Graham for awhile now, I’m struck with the impression that he is passionate and fulfilled by a few things and so has laser sharp focus and masters those few things. For example, he is not a “foodie” but genuinely satisfied with simple cheap meals and that lovely 20 cent coffee while “splurges” (responsibly) on his car. It sounds like Chelsea values work/life balance, has multiple interests that give her fulfillment outside of work and savings. Two different view points and value sets, but uniquely fulfilling for them. In other words, it’s all good.
The big difference is Graham is comically driven to make fun of people who so IRRESPONSIBLE that they buy Starbucks coffee *GASP* like it was a crime. I think Graham tends to be a lot more judgey -a lot of it is probably put on as a personal brand. Still pretty watchable content though.
@@benjespina lmao it just him having a personal vendetta against Starbucks
@@benjespina and rightfully so, when you watch any of his millennial money videos and they mention that they have zero dollars in savings or in credit card or student loan debt and still spending over a 100 dollars a month on Starbucks, I would say at least get the debt down before wasting money.
.[1] [2] [0] [1] [4] [0] [9] [9] [0] [5] [2]®•🇱🇷
[W] [h] [a] [t] [s] [a] [p] [p]©™
His stance on not raising the rent is smart but also shows great character.
Also, the epic shade thrown at Dave Ramsey was everything.
I wouldn't say it shows great character- it's in his interest to keep those good tenants to avoid having headaches.
yup. But if we are talking about pure profit better to do short term rentals especially if live around a major hub of interest like university or stadium
.[1] [2] [0] [1] [4] [0] [9] [9] [0] [5] [2]®•🇱🇷
[W] [h] [a] [t] [s] [a] [p] [p]©™
One thing is missing from this otherwise excellent video:
"Don't forget to SMASH the like button for the RUclips algorithm."
There. Now it's complete.
Lol Johnny walker knows what’s up
Haha
I believe he would have said "Don't forget to DESTROY that like button" ;)
I half expected him to toss that in somewhere
Thanks.... smash it!
This lady needs to get smashed drinking. It might give her a new outlook.
I watch both channels and never felt they were so different 🤷♀️
Right though. Felt kind of weird her explaining that the two audiences were so different. Then seeing them clash a little in the beginning also caught me off guard.
Mauna McCorkle both definitely have great content. Ain’t easy spitting out dimes
Raquel Orias me either. Both always speak along the same lines
I noticed fairly early on when subscribing to their channels that they are very different. They both mention Dave Ramsey and have very different feelings about him. When I was in college, I was more where Graham is, but as I entered the real world, I found myself moving more in a direction toward where Chelsea is now. I appreciate that she had someone on her channel who is different than her and I appreciate Graham for coming on the podcast.
@@13Loverlies1 Yeah, I almost feel like I'm missing something the happened before this video? I feel like she opened the episode and little things she'd say made me feel like she knows about his philosophy and doesn't like it...idk. It felt like there was something underlying this conversation.
Hahah “What do you spend your money these days?” “Sushi.” I felt this. Spiritually. 😂☺️
Adora Pollard same lmao. I just got sushi yesterday actually
I genuinely do not like to spend my money on anything except Sushi. I will sow holes in my socks and clothes so they last for 10 years but if someone asks me if I want Sushi, take my paycheque 😂
If I’ve learned anything here, it’s that the man loves fish.
Really great sushi, priceless! I'm from the US, but the best place to get great and cheap sushi is Vancouver.
.[1] [2] [0] [1] [4] [0] [9] [9] [0] [5] [2]®•🇱🇷
[W] [h] [a] [t] [s] [a] [p] [p]©™
What an excellent point at 26:53 'The misconception is that if I am not treating myself then I am not enjoying myself'. So many people associate fun and happiness with living like a rich person and showing it off online while true joy comes from things that are free like friends, family, being nice and healthy lifestyle choices.
It's more like true joy comes from whatever you like and the options available. The problem is people scale fun and happiness with cost. I freakin love my Starbucks coffee I get every Friday way more than driving a sports car (I don't like to drive and headache of finding a parking spot since I live in dense city). To each his own.
My wife and I are doing well financially. Our idea of fun on Saturday is spending the day at the library. We'll borrow some DVDs for the evening. Maybe stop at IHOP with a BOGO coupon. Total cost
Important comment. Thanks for that valuable note Patina07. It's all about lifestyle (and curiosity, if I may add), when I see people spend more than they can afford, I'm seeing lifestyle and self-concept issues. It takes times to heal from that and realize value doesn't come from expensive things, per se. It comes from within. Don't spend more. Be humble. Save $. Work.
YAAASSS, I never even imagined this would happen but this is the episode we all needed.
This comment is the crossover I needed
@@supernova622 lol right? so many youtubers in one place!
So weird coming and seeing all these RUclipsrs I watch all together! Love it!
Shelbizleee effin inception! I watch all of you.
I'm so blessed to witness Shelbizleee comment on a TFD video. 2 of my favorite channels on youtube rn!!!!
The salt water fish story is the wholesome content I never knew I needed.
Goes to really prove literally anyone can make it. So as a society that hates rich people we need to stop. The ability is out there for anyone if your willing to work hard and stay dedicated.
Really appreciate how they both stuck to their own beliefs and discussed it with class throughout the video! As a subscriber to both channels, it was nice to see how two 'similar but very different' viewpoints can come together
Justice Christian although she kind of passive aggressively attacked him...
I feel like she held him accountable more than being passive agressive, but she didn't do it very well
.[1] [2] [0] [1] [4] [0] [9] [9] [0] [5] [2]®•🇱🇷
[W] [h] [a] [t] [s] [a] [p] [p]©™
The personal finance crossover I didn't realize I wanted! Can't wait to watch this as a fan of both channels!
This was a cool collab!
@@traviswilliams1296 agreed! It was a pretty interesting interview.
Even thou it is very privileged to safe 99% of your income, what is interesting about Graham is that he doesn't give into lifestyle inflation. Lifestyle inflation can affect you at every range of the financial spectrum and its important to keep on top of it. So I do think his points of views are worth a listen
The very reason he can save is because of that. And that he makes over a million a year.
And he has so much fun doing so :) that's the kind of attitude I need
the only way you can save so aggressively is if you don't pay rent. i agree lifestyle inflation is a problem. however stuff like rent and travel costs (be it transit, car insurance, etc) keep increasing.
Death Omen of course you can... where there is a will there is a way
@@lijohnyoutube101 sure you can find ways to save more but it gets harder as you have to make life more miserable to do it.
This is THE cross-over that we don't deserve!!!
Devonte Lewis lol ikr
I really appreciate you having someone with a very different perspective on the show! I totally agree that it’s unfortunate that most people surround themselves with only those who echo their beliefs and practices. I feel it’s through *respectful* discussion and disagreement that I have learned/grown the most, and been able to hone in on why I hold the opinions I do.
So true! It’s so important to surround your self with not only positive successful people but also people who don’t agree 100% with you on everything! Great points Nadia
Nadia - The View Is Beautiful The only true religion should be learning everything we can from eachother. This includes the opposition. And if you think Dave Ramsey is better than Graham then you are well try Graham’s videos.
Very true! I've thoroughly enjoyed this video for these reasons. I feel like these days it's so hard to fund a meaningful conversation between people with different views. You either get people who echo the same views, or just keep shouting at each other that their view is better and also don't let the other person talk. This was great!
Wow. I was blown away by his general lack of awareness about the differences between privilege and personal strengths.
yeah... it was pretty gross
WE'RE STILL WAITING ON THESE FISH PICTURES GRAHAM!
Most underrated statement of the year. “I don’t raise the rent!” This guy should do a talk on how to be a landlord.
I actually think they have more similarities than differences... I think Graham is extremely disciplined, while Chelsea provides tips to get yourself more disciplined... I just use what fits my lifestyle, while learning the rest to potentially help others...
So excited to have two of my favorite finance people together! Can’t wait to listen to it all 😍💰
Graham has really smart answers, I sense a lot of resentment in the questions sent to him.
i would not trust anything the interviewer says. I think Graham Stephan comes across genuine can be trusted.
In fairness, she’s as objective as i would guess from someone who knows nothing about money or who has not studied the guests content
@@cinkaid8710 fair point
Promi , because her and the random guy on the laptop are more concerned w their own viewpoints than their guests
I think she warmed up towards the end. And Graham Stephan is so good, the segway to mint.
I love it how Chelsea starts it with a rather cynical and strict face, but softens up in the second half when she can see that he IS a genuinely nice guy :) love both channels!
Oh I missed that! I've been listening not watching
I was thinking the same thing. I’m only 1/3 of the way thru and I’m sitting here thinking oh god she hates him 😅
"find yourself a good Dave Ramsey" CHELSEA'S REACTION OMG
Jesse Wilson came down to the comments just for this!
I had the same feeling
You should have Aja Dang on your show, she paid off 200,000 in two years, and she is a freelancer+ influencer +youtuber
I’m a fan of her, but she is atypical. A highly educated, physically attractive woman who was able to utilize her assets to drastically increase her income. Her circumstances are far from typical.
amb8819 using her attractiveness is a low blow imo
@@hwllhei6554 I disagree, it’s not a low blow. physical attractiveness is a huge asset because so many things come with it, it automatically elevates someone in so many ways
Graham is literally the opposite of everything she believes in.
He's right and she's wrong which is why she's defensive.
I agree. It was irritating to see the interviewer tried to validate her beliefs over his instead of listening to his rational.
Lady Orana I never said her beliefs were wrong. All I said was they’re completely different like night and day. Chill out
They agreed on quite a few topics tho, not thaat different in my opinion.
I agree. It actually kinda feel like she and her intern were making fun of him or envious of him.
Blech...
The “What if you die” question is one I always get. My answer....”If I die, I’m dead. I’m not gonna care what I didn’t do.”
Santonio Allen amazing answer!
I think this is a bit too literal. What if you're in an accident and become disabled? Or if you get a chronic disease? Then you may wish you had spent your time differently.
@@clubpenguingirlish
Then that's a completely different situation and you should treat it like that. Truth is, being in an accident could happen to anyone. Don't focus on what could or couldn't happen in the future. If Graham is happy now that's what matters. Why force yourself to travel just because you "might not do it in the future" if you don't feel like it in the moment?
@@TheSilverwing999 tbh if he is currently happy then I totally agree with you. The issue I have with the FIRE movement and associated principles is that you are making a lot of sacrifices now for a future you cannot predict. If you are in debt, then yes drastic measures are necessary, but in my opinion your current standard of live can no 100% be compromised for future gains
Do you have any advice to people who are in generational poverty? How can you save when you work 3 jobs, have kids to care for, and live in a low-income area? How do you escape that?
i hear you. and feel the pain. the rent keeps going up faster than the pay.
Vote. Organize. Protest.
@@PrettyTranslatorSarahMoon easier said than done. i don't know about you but i work mon to Friday i can't take time off to protest.
GS is literally the 3rd last person on earth to ask that question right before Donald trump and Kylie self made Jenner
@@jazmynesimon7746 why? He is self-made. Didn't get any funding from his parents.
I like a combination of the way both Chelsea, and Graham treat money/finances. So this conversation is a good combo!
lmao "but what if you die before then" "but what if i live!"
I actually really liked this part.
It’s so true. Why live like you’re dying when you’re more likely to live
Well shit, if I'm going to die unexpectedly why am I even following financial advice at all
It's like, if I die before I have a chance to travel.... I won't care much... I'll be dead..
Right? Like there’s. 99% chance you WON’T die and you’ll just be old and unable to work and broke living on social security in cheap subsidized housing.
“If I’m not treating myself then I’m not enjoying myself” that mentality will leave you stuck and not progressing shout out to Graham for speaking on that! Seriously wish my friends would understand that concept. 🙃
Absolutely! I have some friends with that mentality, and we have fallen out because of it, unfortunately. We all deserve the best in life, but if we can't afford it, then we shouldn't buy it.
Kendall Stark couldn’t have said it better myself!!
for people starting off with a similar baseline, the ability to delay gratification for a bigger reward is one of the most important separators
This brings up something that's been on my mind this year, which is that traveling has become super over hyped, as if it's the key to being happy in life. Don't get me wrong- I do like taking vacations. It's fun. Sometimes it can also be a little stressful trying to remember everything, living out of your suitcase, and not having the comforts of home, but I enjoy visiting new places. I do wonder if our culture loves travel so much because it's an escape from reality, because upon self reflection, that's what I find is true for me when I'm getting super excited about my next vacation plans.
So what *if* he dies before he visits far away places? Does that mean he didn't live his life to the fullest potential? I don't think so. It sounds like he's totally enjoying his every day life. Traveling is not necessarily essential to a full, happy life. One of my new years resolutions is to find contentment in my home and in the present. I applaud someone who is content in their every day life, and it sounds like Graham is.
Agreed, I used to enjoy traveling a lot but now in my 30s with a job I quite enjoy, I prefer a steady routine working and then doing little fun things on the weekend. Big trips stress me out!
@@PennyWise-eu9nz I definitely agree with that.
I definitely think that traveling is over hyped by social media (people showing off what a great life they live) and the tourism industry trying to encourage us to go out and spend money on it. Traveling is just one of many ways in which we can improve ourselves and grow, other ways include reading books, meditating, volunteering, learning new skills etc. and we shouldn't forget about them.
I would also like to bring up the point about how bad travelling is to the environment. Flying releases huge amounts of carbon dioxide into the atmosphere which is one of the main contributors to climate change. I think we should all stop overlooking the negatives of travelling and consider all the factors involved.
Rachel insightful comments!
This!
I used to feel extremely good about not spending money and pretty shitty when I did spend them, and it certainly helped me to manage them. But now I understand that this obsession with saving up came from a very unhealthy place: my childhood in poverty. It's super important that your motivation comes from a good place and not from a traumatic experience.
TFD and Graham were the first two channels that I watched regarding financial wellness so this was extremely pleasant!
Graham has mostly a male fan base? Interesting, I’m a woman and love Graham’s channel. I’m super frugal 😆
Me too, I love his videos
Same
Same! Love his videos. The only reason I'm even able to sit through an hour long video right now is because I'm fascinated by what I can learn from him.
Me too and I love his cat
Both can be true as most does not mean all so yeah, keep it up
I can appreciate how tactfully Chelsea pointed out/highlighted that despite Graham not receiving any direct starting funds, Graham's parents supporting him with housing/food/needs while he built his career in the early days is itself a huge privilege. I agree that a lot of people take this for granted and like to gloss over it when telling their self-made story.
Exactly. He lived with parents, then also had a partner to split bills/house chores with, a college degree (despite doing “poorly” it doesn’t really matter - it means he comes from a school/neighborhood that was at least enough to get into college in the first place), and at least a had a starting know-how on how to renovate houses. Lots of women aren’t given that knowledge and we gotta figure out that stuff alone
I appreciate the “anyone can do it if you work hard” cheerleading that he does, but I don’t like when he talks around the privilege he had because it’s inauthentic and doesn’t really show how he got where he is
Sounds like many people should hold their parents accountable then....
Came here for my boy Graham!! Smashed the like button!
Chelsea's face every time Graham brings up Dave Ramsey is killing me
Irene Brackett SAME!!😭😭
Same! She's trying so hard not to say anything. xD
Haha maybe he’s talking about his cat
I make that face with her. Half his advice is okay and the other half is crazy bigot conservative yelling and shoving religion down your unwilling throat.
@@kiterafrey the only bigots today are anti-"white" anti-male "people" like you. oh and being conservative or liberal is a part of the trick, fool.
Graham is living his after now by loving doing what he is doing.
The sad truth is that a poor person who “saves” their way to financial freedom and wealth is the exception and not the rule.
Amanda Chiro he started selling real estate in LA at 18. So yeah he was lucky to live at home with his parents in LA through his early 20’s but still he bought his own car to work and everything else so idk I think it’s still Still impressive imo. My ass didn’t work a real career and save everything at 18😂
Earl Crawley. Is he can do it (almost) anyone can
Amanda Chiro the thing is he’s not saving and staying on a fixed income. He’s constantly increasing his income streams and investments
If you guys still have not understood this, Graham is rich because of RUclips, these absurd outrageous purchases of real estate with leveraged debt doesn't really give giant return. He has said that he makes now 15k in rental income and keeps 5k only from this and pays giant amounts of money in living costs, mortgages, taxes (around 5k). Like he will be extremely well when he is 50+ years old and these 4 million debt are over. He will probably gained even more debt by then because of more real estate purchases.
Amanda, you just explained why that is the case -- because it takes *forever* to "save to financial independence".
Graham didn't just save, but also *invested* his savings in *appreciating*assets*.
Those two in tandem is where the magic happens.
So nobody see how they were coming at my boy Graham? He was too smooth and calculated for em. Great interview.
"what if you die..... what if i live?" Our boy Graham is always ready.
He’s a really good speaker and knows how to articulate himself . I think him reading a lot and also working in sales had helped him a lot plus RUclips
He does invest money into the local businesses by hiring contractors to fix or remodel his rentals.
This is true. And he uses a property manager.
Chad Ritchey and more ethically he hasn’t upped rent on his renters in like 8 years. That’s really good. He provides homes and stable rent. In return he gets drama free tenants.
Some of these comments make me sick. Condemning someone because they have a better life than you? So many people need to stop comparing themselves to others and just live your own life as best you can. It doesnt benefit you at all to hate on someone else's success and try and make them feel bad about themselves just because you aren't in the same position or life that they are in.
Seriously. She wont address these "fans" either. What sad people.
I constantly think that with people who just talk drama like seriously you’re only hurting yourself by keeping all that negative energy in your head and ur only wasting your own time
That's the victim mindset the left relies on
@@adolpholiverbush5867 when anyone says victim mentality of the left tou know they are ignorant. Did you know Geaham is a "lefty"...you probably do but have resolved the need to be ignorant. for that matter i have never watched this lay but she is just ignorant of money and finance, im not mad at her but will in fact never listen to her again
@@4656superman I won't watch her either but no graham is not a lefty.. he already pays over 50% in taxes... Trust me he don't want to pay 90% he's not financially ignorant like leftist that just think "free stuff good"
This series is excellent, such a good balance between respectful and probing/ reflective, thanks
I’m one of Chelsea’s/TFD’s 4% of males and Graham’s 96%. I love this conversation. One of the things I enjoy about TFD is the perspective you (Chelsea-specifically) grant when you talk about minimalism as a flex of privilege-as one example. I found it incongruent (25min in) when you were talking about spending more money for the same goods, but with high-minded reasons-which also seems like a flex of privilege. Both of you are contributing to the financial education of the masses-so you’re doing great good for your communities through your work. I think Graham’s level of frugality and price-conscienceless will help people get out of their tough spots so they have the privilege of buying with intention. Seeing the Middle Class get hollowed out has me thinking that knowing how to live super-frugal might be a vital skill in the near future for those with privilege now and a vital skill for those now whose industries eliminated jobs through automation and globalization. Not only is he preaching it, he’s living it. I like your conscious purchasing AND perceive incongruence when you push back on Graham modeling the behavior that could turn financial lives around. Love love love your show and what I know of you. I am bathed in privilege as a middle class white dude and I’m very grateful for your philosophically layered channel, brilliant mind, and woke female perspective. Also, I have it paused at 25:30-so you may address what I’m perceiving and I don’t know it yet.
Love this comment!
First of all, no Graham Stephan slander will be tolerated! 😂 But all jokes aside, this man has taught me so much about personal finance!
I’ve been binge watching Graham’s videos, and thought this was cool. Although he’s a rare case of extreme savings, there’s plenty to learn from him. I admire that he’s passionate about finance, and finds saving money as a hobby even. Thanks for this! I’m close to graduating from college, and started on my savings journey. Good luck to everyone, we’ve all got unique situations and have to come up with just as unique solutions for our lives. I’m excited to learn more for a better future.
I love the concept of worrying more about spending small amounts of money than large amounts and I think it really gets to the heart of an important issue. Too many people think a small amount of money is inconsequential, and they let themselves spend small amounts here and there every day. That is how people stay broke! But when you resist those small purchases here and there, that's how you can really start having more to work with and be able to do more in the long-run. It will start adding up if you just leave it alone!
Exactly. I looked at it and buying a $3 coffee every other day cost me about $550 over the past year. It's a shame that my Dr. visit cost $800, and my physical therapy cost $1200 and my dental bills were $4,000, and my insurance premiums were $4000, and everything after my deductible was met has been denied.
I really should have thought about not getting those mochas.
Yes. I have been on a Starbucks bender the past year and I don’t even want to admit to myself how much I’ve spent, but I will say it’s in the hundreds. That’s so fcking stupid and I need to stop ASAP. Looks like I’m about to get all barista up in here.
@@LindseyObrooke I was making an ironic statement about how dumb the "focus on the small spending" is in the face of how expensive it is to get basic medical care with insurance.
@@TheWillRogers Oh, well I'm not being ironic. I'm actually really fcking pissed at myself for spending around $300 on Starbucks the past few months. I can understand the occasional sip, but $300...and that's on one credit card. I've used multiple. It has to be a few hundred more. I'd rather have the $500 to put toward an $800 bill if it were to come. I certainly am not into lining the pockets of billionaires.
I understand what you're saying. In the scheme of life's bigger, more ridiculous costs, a nice cup of good coffee is a treat and should be enjoyed. However, I'm upset with myself for how much I've spent. I will be on a mission to make my own lattes! Good luck to all.
@@TheWillRogers two years of you buying a $3 coffee every day cost more than that doctor visit.
Lol I wondered if this would ever happen. Love both channels, but the perspectives are on such different ends of the spectrum. Super excited to listen.
First things first: Destroyed the like button on this collab
In the beginning, I didn't understand that saving 99% was more like a hobby for Graham and not a necessity.
Its fun for him. Nothing much more to understand.
@@meowmastr123 I kind of figured that out by now...I was just being really harsh on myself whenever I did anything for fun.
@@annsusan8765 Actually he is trying to save as much as possible because he doesn't know this RUclips for how long it is going to continue. And let's be honest the only damn reason this dude is rich is RUclips, he lives in LA and pays giant amounts of money in basic living costs, mortgages, credit cards, taxes. He has said that he makes 15k/month in rental income and keeps 5k and just barely covers his frugal living costs. And this is after 4 freaking million dollars of debt.
yeah, shit's easy when you start out wealthy.
@@silverwolf2643 I agree with you but I'm your average middle-class worker and in his first few Millenial Money episodes he was reacting to people who had horrible status financially, they were drowning in debt and making maybe a little above minimum wage and they'd still splurge on whatever they wanted. Later, when he started reacting to people who were more financially responsible, he'd let things slide so I got that I don't HAVE to save 99% as long as I have a stable income (which really Graham doesn't, it's big but not stable)
Also, doesn't Graham get a commission as a real estate agent? If YT ever collapses he could always go back to that (though that isn't that stable either). And he has some course that's $100. So it wouldn't be the end of the world, he'd still have multiple other income sources.
So so so fascinating and fun to see two people with explicitly different lifestyle and money philosophies talk it out. Respectful, deliberate, and reasonable conversation. Thanks, guys!
Probably the best interview of Graham I’ve seen. I liked the questions asked to see multiple perspectives.
Grahaaaammm! I swear Graham is everywhere these days. Get that coin boo
Unsure if it was just me or did Chelsea give him the side eye when Dave Ramsay was mentioned?😂😂
A final thought after watching the entire video. The biggest disagreement I saw was the hoarding cash question. Graham should never be questioned about weather or not they give back to the people in my opinion neither should Chelsea. Listening to Tfd graham , meet Kevin and a few others has turned my entire financial picture around. I went from being 250000 in debt and barley $200 in the bank last January when I started watching graham (found tfd in March) to having a few thousand dollars in 6 different accounts and only being $140000 in debt. The thing you gave back to us is the know how. That’s waaaay more powerful than money.
Houston's Hustle Hobbies great point
Yeah, but stupid people only see money, they can't understand how much you can help another person and even make money in a win-win situation
Your testimony is inspiring. Achieving this in one year? You go sir 💪
LOVE YOU CHELSEA! Thank you for bringing the real questions and having honest and insightful discussion. Very interesting to watch!
Graham's philosophy is more pragmatic than TFD's. And based on how these two talk, Graham seems more relaxed and confident than Chelsea, who sounds defensive and on-edge.
I watch both of y'alls videos and it was so interesting to see you two talk finance. Especially because I find myself being somewhere between the two of you in my "financial philosophy." Great interview!
The whole vibe of this interview was so off. Didn't expect that at all and I like the content from both channels.
Yeah she seemed threatened and offended by his success, but failed to find anything specific to attack him on.
This is the second video of hers I’ve watched because I’m very interested in the topic! Before this was Kelly Cutrone’s! I just cannot get to grips with her... she’s not engaging nor endearing...very standoffish
there was too much trying to bring the guest over to other side, rather than just letting the information flow and let the audience take the useful parts
I felt this way in the beginning for sure.
Those felt like gotcha questions but about the point he acknowledges his privilege of supportive family and how his backstory with the saltwater aquarium, it felt way more natural.
I think it's interesting how he listens to Dave Ramsey and Dave Ramsey is actively against credit cards
Tyler Channell He agrees with Dave that consumer’s debt bad but he also knows more then the average person and is also more disciplined than the average person as well. He said once that he uses his credit cards for remodeling places, which then he will rent and earn money. Unless something really bad happens to the market, he might not be affected? He could also recover, he’s living expenses are so low... Also, he’s a saver naturally and Dave had to force himself to be one.
Graham sees debt as a tool that can either be used to your benefit, or hurt you if you don't use it properly.
Dave Ramsey's audience is largely people who are really terrible with managing money and now need help out of the hole they dug for themsleves. Telling those people to "just use your credit card responsibly" is like giving an alcoholic a bottle of whiskey and telling them to "drink responsibly".
I disagree largely with many of Chelsea's opinions but still enjoy the channel. I think that's a healthy approach to not follow someone as an idol but rather adopt the practices that fit with your life and beliefs while keeping an open mind towards that with which you disagree.
for graham, saving = not splurging frivolously aka spending wisely
They both have good points. You might not die tomorrow but you definitely won't get today back. Travel, live, enjoy your life a little more. I have great saving/investing habits but I remind myself to do things. Graham has already made it. He will regret chasing "more" when he's older.
I have never heard of him before, and so did not have any preconceptions for this interview. I found I really enjoyed it and thought Graham did a GREAT job. He seemed very encouraging :) I will have to check out his channel.
Saving 99% of your income is unrelastic for the majority of people. Interesting video though!
Basically he saves all his real estate earning and lives off of the income from his property. That's what they mean, he saves him job money.
He didn't start out saving 99% of his income but lived below his means and invested what he saved in rental properties to increase his income as his income increased, he was able to live off of a smaller and smaller percentage of his income, it is likely that his expenses changed little but his income grew exponentially over the course of several years.
Robbie White yeah real estate income. Absolute leeches. It’s why ‘normal’ people cannot afford to live.
It's no problem when you're rich enough to buy property and continually print money. Not exact;y an accomplishment, more like the priviledge of a broken system. You can easily see how people can manipulate that to make life impossible for the rest of us.
God I hate the rich.
I save 85% of my income from my day job. I'm close to 99%. Just need to get additional side hustle.
Two of my favorite finance you tubers! Thanks Chelsea and Graham.
Really enjoyed this! It was so interesting to hear the perspectives of someone who is very different from this channel to hear the similarities and differences!
.[1] [2] [0] [1] [4] [0] [9] [9] [0] [5] [2]®•🇱🇷
[W] [h] [a] [t] [s] [a] [p] [p]©™
chelsea really be askin those hard hitting qs tho
Totally...it seems vaguely hostile but makes for good watching!
Omg the two people who led me to have a financially based channel. My heart swells
I felt like Chelsea and TFD could have done some more research before the interview because although it was a polite conversation, I felt like graham was having to correct a lot of inaccurate assumptions from the TFD end and some questions seemed like more of an attack and less of an ‘explain your approach to’
I love TFD but agree that the way some of those questions were read off came across as adversarial. Even if he is privileged or ignorant to some greater social issues, I strongly believe in treating all guests with respect.
@@helenatube I felt the adversarial energy too. I might call it a little judgy.
@Quinn Henson like when she said she thought he had been handed his start up cash rather than working for it...
The questions were not from her, if I’m not mistaken
LOVE this guy! I recently came across Graham's RUclips channel and he has inspired me tremendously. Thank you for interviewing him!
There will never be a better collab on RUclips
GoHerping woohooooo Love your channel!
Yes there will, this woman was condescending, and trying to out Graham as a privileged "white" male. Like cringefest 2019.
He builds wealth cuz it's fun. Makes a lot of sense to me. No different than being a dedicated collector who derives great satisfaction from snagging what they gives them enough of a rush to go with it. He's really just doing him at present
and yeah- you go Graham!
I would just like to say that I love both of y'all's channels, and you both inspire me to live a more fulfilling and more financially stable life.
(The two of you on the same video is like having fanfic shipped. Thanks!)
I wish this interview wasn’t so passive aggressive. Graham and Chelsea are both very open about their lives and finances, which is why I follow them both. Having a different perspective doesn’t mean he’s wrong or should be scoffed at.
Sileena Stevens I’m a liberal too but I feel like she came across as kind of a b in this video.
Yes I agree, I wasn’t a fan of Chelsea’s attitude in this video. Felt very passive aggressive and a bit hostile at times. I really like her other videos though so it’s a shame. I love Graham and I think he did really well in this interview!
I think that I get where Chelsea is coming from and why she felt the way she did. I could see her trying to "stay in" and be present, even though it was really difficult for her. She is really cares how much the destructive pull-you-up-by-your-bootstraps ideology can be when there are people out there dealing with some genuine challenges. It can be really frustrating when trying to engage with these questions--that her followers asked--and she feels that she has to explain this to people. I feel that same sense of indignation when I hear some of the people in the more affluent parts of the school district I work in do the same thing or make comments about how things are and how they would do things when they are clearly coming from a place of ignorance. Graham was coming from a place of, well, privilege in not having to engage with some of these kinds of issues, and I thought he came across as kind of self-centered. Like he isn't trying to promote himself at the expense of others or that he has it out for anyone, but that he is simply is focused a lot on himself. It was also clear that he gets a lot out of sharing his knowledge with other people and giving away his secrets. I get his attitude and perspective though, too. I would love to see what would happen for Graham if he spent some serious time volunteering or working with people who are in the midst of systemic, institutional poverty and how it would change his outlook on things. Clearly, Chelsea was incredibly uncomfortable and the conversation wasn't easy. Chelsea has been burned by predatory business practices in the past and has seen how different systems do screw people over. I appreciated that when things got tense, they both stayed in it and tried to stay kind, even if it wasn't always "nice" or comfortable. I hope that they were able to develop a deeper respect for each other. I know that I came out of it with more of respect for Graham than I had before and in asking some of these questions, I saw a more humanized version of him than I feel like I see in his regular videos.
Michael Lasfetto what a well rounded comment! I’m always striving for the balanced view. Thanks Michael!
Yeah, it got a little better during the course of the interview but i feel like Chelsea started out pretty aggressive. I know she has pretty strong political opinions and I generally like that about her but in an interview it's better to be open-minded instead of being full-on confrontational.
I love what you said about your parents! That’s exactly how I grew up. My parents are very supportive and I feel very lucky that I got such great ones.
TFD has great advice for many day-to-day budgeting issues. But with Graham’s knowledge, he’s the person to listen to about finance and economy.
I experience significant value from both channels. Thank you to both parties for having this respectful but honest conversation about your financial philosophies.
i definitely feel like everyone else w TFD coming from a sort of interrogation method.
Yes he has privilege - white man raised in a loving home.
But he has made a lot of wise decisions to grow his income that show discipline and wisdom.
I’m a long time follower of Graham as well but I did find it interesting that when he was talking about privilege and how it affects your chances of success, he didn’t mention he was able to save up his RE investment money by living with his parents into adulthood. They may not have given him money directly, but they did give him a place to sleep which is obviously the largest expense every month and gives you a huge leg up. That’s a huge advantage not many people have.
thiiiiiiis.
But there are advantages if we choose to see them that way all around all of us. (Think of a thief if you must.) Most times it’s information - Company X is hiring; There’s a huge sale and Super Duper - that people around us have to offer. Too often the privilege whiners are claiming that assets are just given to people. And success stories skip over the tough times and failures. Excuses waste time and blind us to opportunity.
@@beth3535 Companies offering discounts, and being able to find out that companies are hiring, is not at all what we’re talking about. If you’re able to find out from your aunt that X company is hiring, that’s cool but kinda useless. An advantage would be that your aunt works at x company and can help you get a job or interview. If you’re able to live comfortably in a middle class home with your parents, saving and investing money through high school/ college is much easier. Graham talks about how much he was able to save and invest by living with his parents into adulthood and that is a huge advantage that most people consider perfectly normal.
Anecdotally speaking, if everything for me had been *exactly* the same as it is now, but I was able to live at home and save until I was 25 (27 now), I’d have 8x the savings I do. I make pretty good money and am not complaining about those taking advantage of their privilege, but it is something to acknowledge as it makes a significant difference.
Yooo! I have been waiting for this collab ever since it was announced. Two of my favorite finance channels on RUclips 🙌🏽
Loving the mix of short and long-format videos - I listen to a lot of long-format vids when I'm doing things but I'll often watch a 5 minute video when I have a few moments to spare. Huge fan of this!!
I see so many ads on facebook from people sitting on a yacht with an ad that says "you can be rich like me, by my book, course, etc to find out how". I am glad that neither of these two are like that at all.
"Ignore all the recession talk, it's completely useless" ... At least he clarified with suggesting an emergency fund! 😁
Thanks for adding your poignant remarks about keeping your budget flexible and keeping income options open, Chelsea. You do such a good job of interviewing with a different viewpoint without subjecting us to a debate.
Somehow it feels like - if youre disciplined enough to cut off your spendings and invest and invest and invest... you have to publicly say i donate lot of my money... like if he did not deserve it... you dont have to give your overtime money to donation... its your choice and no society should push you
So excited to watch this two of my favorite finance channel. Never saw this coming!!!
My dad gave me a fish, there’s the privilege xD
bruh, a saltwater tank set up isn't exactly cheap. It's not really an extravagance but it's also not affordable to a lot of people.
But in all seriousness he says in this interview, point blank, that he got no financial assistance from family or loans. But then I go over to his channel to watch some of his videos and he talks about how he had to take a small loan from his grandmother early on.
Amber S. she gave him 2k he paid it back asap im not gonna take that credit from him
@@HappilyNeverAfter I also took 10000 from my father. Guess what all blow away. Took loan didn't mean there is a 100 percent successful.
@@hwllhei6554 I'm not interested in taking credit from him, I'm just saying, he felt the need to lie about it.
I think it's really important to have a balance to how one lives their life. I like Graham but he is too extreme. Whether he lives to be an old man, enjoying every age or decade is really important. If he enjoys how he's living perfect. But for those young people who want to be less extreme and balance saving, with spending, with living, that's great too.
That's why I think both of their channels are important. Graham appeals to those of us who are a little more extreme in our frugality, while Chelsea appeals to those who desire a more mainstream life while still being financially responsible.
What it all comes down to is “some people will make things happen, some people will make excuses for why they can’t make things happen” either way your right. It all comes down to discipline & problem solving
👍🏼💵
So true! Especially with all the free ways (like RUclips) to learn new income producing skills!
OMG IS THIS A CROSSOVER EPISODE??? My 2 favorite financial youtubers omggg! Love it!
Two of my favorite finance channels now together. enjoyed watching your video.
The dream episode I’ve been waiting for!
Graham, is very smart, and with great advice, love him.
I think having this guy on was great.....and his daily habits are spectacular. Thanks for this.
I get so excited when this podcast come out every Monday!
OMG, Imagine a fan of both channels. I never thought both would’ve ever collide 🤷🏽♀️. This is nice 👍🏽
I have a ton of respect for all the hard work that Graham put in and for the fact that no one just, like, handed him cash. I have heard Graham say that he lived with his parents as a young adult while working 12 hours/day in real estate while initially not making money in real estate. Not everyone can work 12 hours/day for no money just with the hope of that thing they're working on making them rich. A lot of people even as young adults have to live on their own and pay bills so they have to spend a lot of time working a job that will pay those bills instead of investing that time into something that they'd maybe like more or that would maybe get them richer.
He 💯 is a hard worker, but often is blind to his privilege of having a strong not poor family who supported him while being a white straight male in a decent area with opportunity. Many things most Americans will not have & no amount of hard work fixes where you were born
Finally you two in a video my two favorite financial advisors
I love Graham's channel! Cant wait to watch