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When it comes down to financial stability…the reality is that, it’s not always how much you make that matters…but, instead, how much of it you SPEND…and here’s where we get into the problem.

The Biggest Money Savers:

1. Housing
It's important to live below our mans, reduce what isn't necessary, and don't overextend ourselves in terms of where we live. This can be reduced by renting out unused space, buying a property with a guest or rental unit, and investing in real estate long term to offset the monthly cost.

2. Transportation
My recommendation is just this: UNLESS you need a “nice” car for professional use…go and get the most affordable, reliable, good on gas used car you can - and then drive it until it doesn’t run anymore.

3. Taxes
One of the BEST ways to cut down on your tax bill, AND invest at the same time - is to make sure you’re taking advantage of your Employer 401K. This is a tax-advantaged retirement account that allows you to contribute up to $19,500 per year of PRE-TAX money, meaning - every $1 you contribute to a 401k will reduce your taxable income by that very same $1, so that way - you owe less in tax, and have more money left over to invest.

4. Dining Out / Restaurants
IF you’re dining out, or going to a restaurant, or getting food delivery - AVOID doing that out of laziness. BUT, if you’re idea of a good time is going out and ordering a nice meal once a week with friends and family - THEN, sure - I think that’s a worthwhile experience.

5. Insurance
I think you would be surprised how much you could save with an hour of work, calling around, and comparing personal insurance rates!

6. Debt Repayment / Credit Cards
Take the approach of cutting back as much as you can, in every possible area - and throwing ALL of that money at the debt with the highest interest rate above 5%.

7. Clothing / Apparel
People are spending, on average, $133 per month on apparel - if this is you, go and take a look at your closet, and notice how many clothes you REALLY end up wearing on a regular basis. Stop shopping, or cut down your clothing budget by HALF. That would equate to another $65 per month of savings.

8. Other
Even though this is only $64 per month according to the study….unless there’s some sort of unknown benefit to you here…chances are, this is entirely a waste.

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

*Wealthfront Advisers LLC (“Wealthfront Advisers”) and Graham Stephan have an agreement in place to promote Wealthfront products and services. There is no formal relationship with Graham Stephan aside from this agreement. Any links provided by Graham Stephan are not intended to imply that Wealthfront Advisers or its affiliates endorses, sponsors, promotes and/or is affiliated with the owners of or participants in those sites, or endorses any information contained on those sites, unless expressly stated otherwise. The paid testimonial provided above may not be representative of the experience of other clients, and there is no guarantee that all clients will have similar experiences. Cash account is offered by Wealthfront Brokerage LLC, a Member of FINRA/SIPC. Wealthfront Brokerage is not a bank. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. Investment advisory services are provided by Wealthfront Advisers LLC, an SEC-registered investment adviser, and brokerage products and services are provided by Wealthfront Brokerage LLC, Member FINRA/SIPC.

*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

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