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A 31-year-old 'frugal' millionaire explains why he decided to start spending more money

A 31-year-old 'frugal' millionaire explains why he decided to start spending more money. (via @CNBCMakeIt)

9/25/2021 6:11:00 PM

A 31-year-old 'frugal' millionaire explains why he decided to start spending more money. (via CNBCMakeIt)

Graham Stephan says he's 'still really frugal,' but he is now more willing to open his wallet for things that save him time.

. Though he says he's "still really frugal" and refuses to ever buy coffee out of the house, he now spends much more money than he used to, including on things that his younger self would have never splurged on.In the past, Stephan exclusively filmed his YouTube videos in the early morning or late evening because he didn't want to buy an air conditioner for his office. But now, he keeps several air conditioners running in his new Las Vegas home at all times.

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"I remember [in 2019] the contractor gave me a quote to put in an AC unit in the garage. I think it was like $3,000. I thought to myself 'Well, I could just film in the morning anyway, I could film at night,'" he says. "That was so stupid of me and I wish I had just splurged that extra $3,000."

It's not just comfort that Stephan has decided is worth investing in. Because he works around 10 hours a day on his five different YouTube channels, Stephan also uses his money to buy back his time."This is a shift that probably happened for me about a year ago when I was overworked and taking on too much," he says.

Instead of doing everything himself, he spends $130 to have a technician come once a month to maintain his swimming pool and splits $250 a month evenly with his girlfriend, Macy, to hire a cleaning person for the house. He says that the expenses are worth it to have more time to relax or put back into his work.

"[A cleaner is] able to do so much more in two to three hours [and] I'm able to go and do so many other things," he says.Stephan is also more willing to eat out or get food delivered after long days. "If that means I can save an hour and Macy doesn't have to cook, that to me is 100% worth it to pay that delivery fee or pay for food from a restaurant," he says.

Now that he lives in Las Vegas, Stephan even allows himself to visit a casino every now and then, though he has very strict rules for his gambling and never bets more than $100 or $200 in a single day."If I go to the casino, I do the same mathematics as I do for purchasing anything and I think about what game gives the best chance at me making money," he says. He avoids games such as slots, which have a high house advantage, and instead sticks to blackjack, baccarat and craps. "I have a thing where if I double my money I will always walk away. I think this last month I'm up $700."

Read more: CNBC »

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MakeIt Frugal is always good!!!! MakeIt CNBC fluff financial news on tap....🤣🤡 MakeIt What MakeIt Hello Graham, it's guys here. MakeIt old news MakeIt The thing that all privileged people do with money. Save themselves time and effort. Why does anyone think this is newsworthy other than the fact to point out how poor the rest of us all are since we can't afford to open our wallets more? 30 y/o millionaires are 0.0000003% of us?

MakeIt I learned…nothing. MakeIt Can't take it with ya. MakeIt Spending and donating will be good for the economy. Avoid those gambling 🤓😀🤑 MakeIt By moving from LA to Las Vegas he is probably saving about $600k a year on state income taxes. MakeIt The US government explain why there obsessed with Cindy’s pussy

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MakeIt Compensating for something ? :D MakeIt Trading my bitcoin with chris_diazzin was a slow steady and a light process, Recieving my weekly profit and reinvesting is just the best job i love most, stay at home contact chris_diazzin start trading and start earning as well. MakeIt Good. A frugal man is gross.

MakeIt I like it MakeIt Yall trolling. MakeIt Congrats and FU lol MakeIt now he is not only sharing by spending but he also is investing in creating better content and creating more value for society. Again glad he did turn this around quite quickly. I don't advocate for overspending at all but in my opinion his frugality was way too excessive 2/2

MakeIt Hookers? MakeIt Glad he is not so cheap any more. I was reading his first article and I tend to consider my self quite cheap, but he totally beat me seemed he had some sort of problem with the tight budget he was on for no reason other than accumulating wealth. Also like he hired some people 1/2

MakeIt Can’t wait to see him make a video about this guy

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MakeIt GrahamStephan Congrats on the article!

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