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Graham Stephan Review: How To Get Rich in Your 20s

May 18, 2024

Graham Stephan gained fame from delivering valuable personal finance and real estate content on his YouTube channel. He gives advice on how to get rich in your 20s and how to be frugal with your finances. Graham has also created several courses including Real Estate Agent Academy and YouTube Creator Academy.

How To Realistically Get Rich In Your 20s According To Graham Stephan

7 Strategies To Get Rich in Your 20s

Build and Maintain a Good Credit Score: A good credit score opens doors to better financial opportunities. Millennials should improve their credit scores early to enjoy credit opportunities and rewards in the future.
Gain Diverse Job Experience: Explore different job opportunities in your 20s and develop a broad skill set. This experience is valuable for future career advancements or entrepreneurial ventures.
Choose a Scalable Career or Business: Pick a job or business that doesn’t limit your earnings. Choose a career in sales or a business that you can grow in the future.
Develop Multiple Income Streams: Diversify your income sources in your 20s. Invest in stocks or real estate, have at least one side hustle, and start a new business.
Avoid Lifestyle Inflation: Increase your income without increasing your living expenses. Maintain a low-cost lifestyle to increase your savings. This will help you grow your wealth rather than growing your expenses.
Invest Early and Consistently: Take advantage of compound interest by investing in your 20s. Focus on investments that yield long-term profit like index funds.
Live Below Your Means and Save: Focus on reducing expenses and increasing savings. Use tools like budgeting apps to track spending and identify areas for saving.

5 Money Mistakes Millennials Make According To Graham

Many millennials delay investing or don't invest at all. They miss out on the power of compound interest over time.
Millennials increase their spending as they begin to earn more, usually on non-essential items like shoes and gadgets.
Some millennials accrue high-interest debts, like credit cards and student loans. These debts accumulate in the future, making them much harder to pay off.
Another common money mistake among millennials is not building their credit score early. Low credit score could make it harder for them to secure loans like for home or car.
Spending too much on items that quickly depreciate like houses and cars could lead to cash flow challenges in the future.

What's not mentioned in the video: The average credit score in the US in 2023 was 715. The average millennial debt was around $115,784 in 2022, a 14.7% increase from 2021. This debt includes credit card balances, which reached $1.08 trillion in 2023

Who Is Graham Stephan?

Graham Stephan is a real estate investor, YouTuber, and personal finance educator. He educates followers on personal finance and real estate investing in his YouTube channel. Aside from his main 2016 YouTube channel, he also has “The Graham Stephan Show” and "The Iced Coffee Hour” channels. He has gained a large following for his straightforward and engaging way of explaining complex topics. Graham’s main channel has 4.72M subscribers.

Straight out of highschool, Graham worked as a real estate agent for Coldwell Banker. He sold luxury houses in Beverly Hills, CA for almost 7 years. While working as a real estate agent, he invested in his first multi-unit property. Graham eventually went to work as a realtor for The Oppenheim Group and sold over $130 million in residential and commercial properties. Graham Stephan’s net worth is currently estimated at $27 million.

What Is Bankroll Coffee?

Bankroll Coffee is a business started by Graham Stephan to sell affordable coffee directly to his fans and followers. The idea is to offer coffee that costs less than what you usually find in stores, which fits with Graham's advice on how to save money. He started this business to further monetize on his growing channel and follower base.

What Is Graham Stephan’s Real Estate Agent Academy?

Graham Stephan’s Real Estate Agent Academy is a 9-module in-depth course for those eager to enter the real estate industry. Success demands dedication, discipline, and a strategic mindset. You will learn about the day-to-day responsibilities of realtors, the importance of choosing the right market, and the steps for obtaining a real estate license. Graham also shares valuable insights on joining a brokerage, effective lead generation techniques, and the nuances of working with both buyers and sellers.

This course is not just about selling properties, but mastering a career that thrives on personal interaction, market knowledge, and continuous learning. Graham Stephan’s Real Estate Agent Academy costs $497 and is only available through Teachable.

Real Estate Agent Academy Modules

Module 1: Why Real Estate and Who Can Become A Real Estate Agent

This module discusses the advantages and disadvantages of a career in real estate. It sets realistic expectations and explains the traits needed to succeed in the industry. Graham also emphasizes the importance of mindset for newcomers, encouraging belief in one's potential to succeed despite challenges.

Module 2: Getting Your Real Estate License

Graham outlines the requirements for obtaining a real estate license, including age and educational prerequisites. He recommends online courses for convenience and effectiveness. He also recommends selecting a reputable school. The module also covers the examination process and the importance of preparation through study guides and crash courses.

Module 3: How To Join A Real Estate Brokerage

This module explains the role of a real estate brokerage and the differences between agents and brokers. It provides guidance on choosing the right brokerage, focusing on cultural fit, support, and potential for growth within the company. Graham stresses the importance of interviewing brokerages to find the best match and discusses commission structures.

Module 4: How To Start Your Career

Graham suggests starting as an assistant to gain firsthand experience and learn the business thoroughly. This module covers the basics of setting up for success, including necessary tools and professional appearance. It also discusses strategies for entering the luxury real estate market.

Module 5: Getting Leads & Business

Focused on lead generation, this module presents various methods for finding potential clients, including networking, open houses, online listings, and more. Graham emphasizes the importance of follow-up and persistence in converting leads into clients.

Module 6: Working With Sellers

This module teaches how to effectively work with sellers to list and sell their properties. It covers pricing strategies, minor home improvements to enhance marketability, and the importance of professional photography. Graham also discusses how to handle common seller objections and the negotiation process.

Module 7: Working With Buyers

Graham provides insights into the buyer's side of transactions, including how to understand and meet buyers' needs, the importance of pre-qualification, and strategies for showing properties. The module also covers negotiation tactics specific to buyers and how to manage expectations.

Module 8: Working With Lease Clients

Graham discusses the specifics of working with lease clients. He shares strategies for building a leasing clientele, the benefits of this market segment, and long-term relationship management.

Module 9: Tax Planning & Final Thoughts

The final module covers financial management for real estate agents. There is a focus on tax planning and the importance of a good CPA. Graham shares tips on balancing work and vacation, preparing for the future of the industry, and leveraging personal networks for sustained success

What Is Graham Stephan's YouTube Creator Academy?

Graham Stephan’s YouTube Creator Academy was an extensive 13-module course designed to turn beginner YouTubers into proficient content creators. The course covers the essentials from selecting a niche and planning videos to choosing the right equipment and producing engaging content. Students were taught effective strategies for organic growth and hacks to significantly boost ad revenue. The training was based on Graham's firsthand experience of what truly works in today’s YouTube environment.. The course was priced at $484 and came with a 30-day full refund policy. This course is no longer sold.

Top 10 Lessons I Learned From Graham

Thoughts On Paying Higher Taxes - Joe Biden Response
Graham discusses President Biden's tax proposal, which increases taxes for those earning over $400K annually. He emphasizes the importance of using these taxes effectively and transparently, ensuring benefits for everyone. Graham hopes that government spending will be audited to assess the cost-benefit ratio, making it easier to decide on necessary expenditures.
Why Rich People Are Cheap
According to a survey by Fidelity, most millionaires are self-made and come from middle-class or poor backgrounds. They've reached their financial status by being frugal, not just wealthy. Graham highlights that rich people often save more, invest wisely, and use coupons more frequently than lower-income earners, suggesting that being 'cheap' can be a pathway to accumulating wealth.
Why The Middle Class Are Financially Ruined
Graham analyzes why the middle class struggles financially, focusing on high expenses in housing, transportation, and inadequate savings. He offers practical tips like 'house hacking,' buying affordable cars, and using employer-sponsored retirement plans to improve financial stability.
Why Millennials Aren't Buying Homes
Millennials face barriers like high student debt and stagnant wage growth, which hinder their ability to buy homes. Graham points out that young people prefer the flexibility of renting, especially in big cities where career opportunities are concentrated, reflecting a shift in lifestyle and financial priorities.
How To Retire Early From Real Estate Investing
Graham shares his strategy for achieving financial independence through real estate investing. He advises on saving for down payments, investing in multi-unit properties, and doing simple renovations to increase property value. This approach helps generate rental income that covers expenses, paving the way for early retirement.
Real Estate Investing For Beginners: Expectation vs. Reality
Graham debunks myths about real estate investing, clarifying that it requires initial hard work and isn't as passive as some might expect. He explains that significant money isn't made overnight, and success comes from perseverance and dedication over the years.
How To Manage Your Money Like The 1%
Graham suggests tracking expenses, creating an emergency fund, taking advantage of employer retirement matches, paying off high-interest debts, and investing in oneself to improve financial management. These steps help build a solid financial foundation, crucial for long-term wealth accumulation.
What You MUST Know About Acorns Investing
Graham reviews the investment app Acorns, known for its "Round-Up" feature that invests spare change. He critiques the app's fees but acknowledges its usefulness for those who prefer a hands-off investment approach. However, he recommends Fidelity for those starting with smaller amounts due to lower fees.
How To Get A Perfect Credit Score For $0
Graham outlines steps to achieving a perfect credit score, such as paying bills on time, managing credit utilization, and diversifying credit lines. He stresses the importance of monitoring credit regularly and managing it responsibly to maintain a high score.
The Reason Graham Is Single
In this lesson, Graham reflects on his relationship history and the importance of balancing personal and professional life. He advocates for developing personal happiness and fulfillment before seeking a relationship.

Is Investing in Real Estate Worth It?

Real estate investing is definitely worth it as it can create increasing long-term income. However, it is best to have a secure income stream before investing in real estate. There are risks that you need to be aware of or you can lose your money. It often costs a lot of capital to start investing in real estate. It can also be extremely time-consuming. Finding long-term success in real estate requires a lot of hard work and perseverance. Graham emphasizes that success in this field requires more than just a desire for easy money.

Digital Real Estate VS Real Estate

When it comes to digital real estate vs real estate, each has their own distinct advantages. Below is a summary of some of the distinct comparisons:

Initial Investment - Real estate investing generally requires a lot of money upfront. Buying property or even land can cost hundreds of thousands. Digital real estate has lower starting costs. You might need to pay for a domain name and hosting, which isn't typically very expensive.
Maintenance - Real estate investing can be costly and time-consuming to maintain. Taxes, repairs, management fees, and other fees can lead to high operating costs.
Income Potential - Digital real estate has more options for monetization. You can generate income through ads, selling products, or subscriptions. The income can sometimes be passive. With real estate, you earn when you sell properties or put it up for rent.
Risk - Digital real estate risk losing traffic or technical issues. The financial loss is often less severe than in real estate.In real estate, market values can fluctuate significantly and properties can be expensive to maintain. There’s also the risk of natural disasters or other damages.
Liquidity - Selling and transferring of digital real estate is easier as it is all done online. Selling a house or land takes a lot more time and effort. There are also additional costs when transferring ownership.

My Number 1 Digital Real Estate Business Model

Local lead generation is my number 1 digital real estate business model that creates passive income. It works by creating and ranking a site on Google using SEO then renting it out to local businesses. Local businesses will greatly benefit from the leads your site generates. They will be willing to pay you up to $500 to $3,000 a month. You can start a local lead generation business with an initial investment of as low as $500. It costs as little as $30 a month to maintain.

One huge advantage local lead generation has over real estate investment is its scalability. You only need to repeat the rank and rent process to scale. There is no limit to how many sites you can have rented. This leads to local lead generation being the best business model to create time and financial freedom in 2024.

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