The following is a concise summary of the text:
The text is a transcript of a video by Graham Stephan, a financial educator and influencer, who explains how to manage money like the 1%. He gives seven steps to follow, which are:
- Track your expenses and reduce unnecessary spending
- Create an emergency fund of 3 to 6 months worth of expenses
- Take advantage of any employer-sponsored retirement plan matching
- Pay off all high interest rate debt
- Invest in yourself and learn new skills or businesses
- Contribute to a Roth IRA for tax-free growth
- Invest in taxable accounts or other passive income sources
He emphasizes that these steps are not easy and may take years to complete, but they are essential for building wealth and financial security. He also encourages his viewers to smash the like button and subscribe to his channel.
Here are some possible facts extracted from the text:
1. CNBC posted an article saying that 60% of Americans would go into debt if a thousand dollar emergency came up.
2. Financial education is not emphasized in the school system or by many parents.
3. The first step to manage money like the 1% is to have a budget by tracking expenses and reducing unnecessary spending.
4. The second step is to create an emergency fund of at least 3 to 6 months worth of expenses.
5. The third step is to take advantage of any employer sponsored retirement plan matching, such as a 401k match.
6. The fourth step is to pay off all high interest rate debt, above about 5% interest rate.
7. The fifth step is to invest in oneself by buying books, learning new skills, or starting a business.
8. The sixth step is to contribute to a Roth IRA, which allows tax-free growth of after-tax money.
9. The seventh step is to invest in taxable accounts or other investments that create passive income and increase net worth.