Graham Stephan: 5 Things He Refuses To Waste Money On
Written by
Dawn Allcot
Edited by
Nicholas Morine
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Graham Stephan amassed a fortune of roughly $22 million before the age of 30, as previously reported by GOBankingRates. Even with so much income, the YouTube star and real estate investor refuses to spend money on certain things that many people would consider necessities.
How much money could you shave off your monthly budget by eliminating or reducing some of these expenses?
Fast Food
GOBankingRates recently ran the numbers and revealed that a steak dinner, cooked at home, can cost less per person than a McDonald’s Happy Meal. Stephan completely eliminated fast food from his diet, according to a YouTube video.
“I cut out junk food altogether since working from home,” he said. “I don’t miss the frozen food or junk food at all. Once you start digging a little deeper into the financials, you’ll discover the average person spends $1,200 on fast food alone.”
In addition to the immediate cost savings, a healthier diet could mean lower healthcare costs in your future.
Gym Membership
In spite of his commitment to healthier eating, Stephan said he won’t spend money on a gym membership. During the pandemic, he invested in home workout equipment. He supplemented his at-home weight training regime with jogging and walks for cardio. He admitted it might be hard to stay motivated without your gym community. “If you have the discipline to push yourself at home as hard as you would in the gym, go for it,” he said.
Designer Clothes
In a CNBC Make It interview, Stephan said he refuses to buy designer clothes. Instead of purchasing $700 shoes from Gucci, he said, he shops at places like H&M or will buy Call It Spring shoes, a vegan brand.
Coffee
The cliché of kicking the latte habit to save money may not work for everyone, as it’s a small and relatively affordable indulgence. But Stephan doesn’t see the point in wasting money in coffee houses. He previously told CNBC, “I think the markup of coffee at Starbucks and Coffee Bean and a lot of those places out there is absolutely ridiculous, so I just make it at home for 20 cents.”
Fruits, Herbs and Vegetables
Stephan acknowledges that not everyone will live in a climate conducive to year-round gardening, but it’s become a money-saving habit he enjoys. In a YouTube video, he said he grows his own fruits, vegetables, and herbs in his southern California backyard.
“As a side hobby, growing your own fruits and vegetables is something fun to do,” he said. “It’s really nice to just walk out to the backyard and pick what you need.”
Final Note
Of course, not every cost-cutting measure will work for every household. “It’s all about recognizing where your money goes and where it’s being used inefficiently, and then doing your best to maximize the value of your time and how it’s being spent,” he concluded.
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