How A 29-Year-Old Millionaire is Saving 99% Of Their Income

What if you could save 99% of your income and still feel financially secure? For one creative professional, it’s a reality. Graham Stephan is a 29-year-old millionaire who has adopted an unusual approach to managing his money – and he’s here to show you how you can do it too.

Living Frugally on $1.6 Million a Year in Los Angeles

When you think of someone living frugally, it’s safe to assume that their income falls below the average. However, for creative professional Graham Stephan, achieving financial independence and setting aside 99% of what he earns means that he lives on a mere $1.6 million a year.

Despite the seemingly impressive income, Stephan isn’t living a life of “balling out”. When asked to describe his lifestyle, Stephan said “I don’t think I’ve ever done anything that was remotely luxurious. I don’t go out – ever, I’m basically having the same daily routine seven days a week.”

Creating a Financial Plan That Works

So how does Stephan manage to break the habit of ‘buy now, save later’? Every month, Stephan sets aside a fixed amount of money into low-risk assets and investments as savings. On top of this, he makes sure that he sticks to his budget and does not allow himself to fall into the habit of over-spending.

In order to avoid temptation, Stephan has completely cut out shopping for items that could be classified as ‘luxury’. Looking for a way to cope with the stress of living on a budget? Stephan suggests that you find an outlet for stress-relief, such as going to the gym, listening to music and reading.

FAQs

We’ve compiled a list of frequently asked questions about how 29-year-old millionaire Graham Stephan is saving 99% of his income:

Q: How did Graham Stephan become so successful?

A: According to Stephan, much of his success comes down to discipline. With the right plan set in place, living a frugal lifestyle while still investing in growth investments is attainable. Stephan insists it’s not about feeling deprived, but rather setting out some sacrifices and having the discipline to stick to it.

Q: What tips does Graham Stephan have for others who want to follow in his footsteps?

A: For others who want to achieve financial independence and become millionaires in their twenties, Stephan’s best advice is to focus on cutting out unnecessary expenses and investing the money you save. Moreover, Stephan believes it’s important to have a combination of financial and lifestyle goals, so that you have the motivation to stay on track.

With the right balance and strategy, living a millionaire lifestyle while cutting back on non-essential expenses should be achievable. Becoming a millionaire at any age, however, is going to take dedication, discipline and commitment.

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