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Graham Stephan

Graham Stephan

Nov 23
11 tweets

Financial independence isn't a choice any more - It's a necessity. Interest rates are unpredictable, real wages are falling, and inflation keeps rising. But you can go from 0 in savings to $1M in 10 years: By focusing on what you can control. Here's a step-by-step guide ๐Ÿ‘‡๐Ÿงต

$1M might seem like a daunting goal. But it comes down to simple numbers: Wealth = Savings x Investing Savings = Income - Expenses Let's unpack the three parts to build wealth: 1. Savings 2. Income 3. Investing
Saving is the most underrated aspect of investing. It's no secret that I'm extremely frugal - But this is exactly what got me my break as a kid out of high school. The dollars I saved went into buying my first property - and that snowballed.
20% of those who earn $250k+ spend more than they earn! On the other hand, I know some earning $100k a year saving more than those making $750k. The secret to retiring early is living like you're broke by choice to earn freedom faster. But saving alone won't get you there.
Step 2: Boost your income. If you take away just ONE thing from this thread: Pick a career where income isn't tied to time. In my first job, I photoshopped images. I got paid for my output, not for how long I worked. This principle got me interested in selling real estate.
Sales taught me efficiency. If I didn't sell, I made no money. It made me smart with my time - and gave me leverage. But it was still a job. The route to real big money is Business. Business is hard, but if you commit to the right niche and work hard, the upside is unlimited
If you have a 9-5 job, don't be discouraged! Be smarter about it. People who switch jobs every 2-3 years more make TWICE as much as those who stay. Leverage the demand in the job market, be frugal, and your income will begin to grow. The last part of the puzzle is:
Investing - Don't dive in till you sort out the other parts. But without investing, the odds of hitting $1M in 10 years are tiny. Without investing, you'd need to save $273 a day for 10 years. Investing at 8% return, you only need to save $158 a day! Easier said than done.
To hit that target in 10 years, you need to set aside $57k after taxes and cost of living. Maybe you think you can speed it up with a 30% return through crypto. But: 1. Risk is proportional to return 2. It's more work than it looks like I'd rather buy an index fund and chill.
But what you CAN do with spare cash is something called "House Hacking". Save 20% of the downpayment and buy a duplex house. Rent out the top floor - The rent pays for your mortgage and you own the house after a while. If you've got a taste for this, just rinse and repeat!
So to wrap it all up: 1. Cut back on spending 2. Increase your income 3. Invest in safe choices 4. Experiment with house hacking to accelerate If you find a way to earn $120k a year and live off $3k a month, you can hit $1M in 10 years! Remember, it's a marathon, not a sprint.
Graham Stephan

Graham Stephan

Real Estate Investor, Car Enthusiast, 4M+ Subs on YouTube. Newsletter - Insta -
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