🏆 Learn how to save $1,000 for the 2025 New Year without changing your lifestyle in my free 5-day $1,000 Savings Challenge starting Jan 6th → learn.vincentchan.co/save1k-1? 📈 Get 15 free stocks with moomoo → vincentchan.co/moomoo/
hey vincent!! i just wanted to say i was in the 2nd savings challenge you hosted and it was SOOOO helpful. im very glad i joined. thank you and happy new year!!
I'm a measly $500 away from being 100% debt free for the first time in nearly 10 years! Once that's finally gone, I'll be rebuilding my emergency fund (it's not empty by any means, but it definitely took some damage this year to keep me afloat between sickness putting me out of work once my PTO ran out and paying off my debts at a more accelerated rate). I'm looking forward to making some real moves in 2025 and beyond.
@@VincentChan Out of a handful of things, I think what helped me the most was just making the decision to be debt free. I know that sounds way too basic or like a platitude, but its true. There's something that just sort of clicks when you lock onto a target and really commit to chipping away at the obstacle. I set my minimum, worked out the terms, and when I was able to go above and beyond and pay more, I did it. Also watching the balance drop in real time was super motivating.
Finanicial floor (cover all deductibles and basic costs), grow emergency fund, pay high interest debts (>7% interest), get full 401k match, max Roth, max other tax advantage (e.g. HSA), self-invest, regular investments, low interest debt, automate finances. Noted.
I finally took the plunge and split my check between 2 banks! 80% goes to my main branch attached to my debit card and the other 20% goes to a Sofi savings account with a 4.00% APY. Vincent did a tier list of savings accounts a while ago and it helped me pick a place to park my savings. (Note: I originally went for Laurel Road as they had a 5.35% APY but they were AWFUL so I switched to Sofi)
On #7: I'd advise the folks to do some homework before investing in education. First of all, know yourself and identify the fit of the training instead of letting others to tell you what you should learn. In addition, skeptical about any education offering including the outcome of the learners: So many online and brick-and-mortar schools just want to take your money and nothing else.
Yo I love your vids I’m 14 and you have made my mindset better and made me more productive but I was wondering if you could make a video for teens starting a business please if you can that would be amazing
I've been enjoying your videos a lot lately. It took me a long time to get better with money and I'm still far from perfect. Just knowing that I can afford to deal with most emergencies now is a freeing feeling. It's also incredible to be done with debt. Even my next car (not brand new, of course) will be paid in cash. It feels good.
This year I managed to save 10k into my index funds, totaling 14k there now. As my initial goal was minimum 500€/month but preferring 650€, I'm happy I managed to exceed it and can also finally see some substantial profits in the last months which motivates me more. I've also reflected that there are still many things I used a bit of excess money on last year, so even if I spend a bit more on clothes this year(which I didn't buy almost any of last year) I should still be able to save 10k next year.
10% is 10% trying to “adjust” for inflation is something the financial world feels like needs correcting but it does not your money is going to grow at the actual rate of return regardless to what kind of inflation environment we are in. Yes it may be more expensive to buy eggs, buy a car, basic necessities etc. but your money will hit whatever amount you calculated regardless of inflation. A good example is how when people talk about people like Warren Buffett when he made his first million in 1962 we say that’s 11 Million in today’s money, but let’s say you hit a million dollars in 2030 60 years later people will be saying how that’s worth 11 million in their today’s money too. The amount never changed!
To get my savings/emergency fund started, I opened up a 2nd bank account and through ADP I have it pulling $250 from every check and putting it into the separate bank (hide the debit card from the 2nd bank also) and then any extra money I have left goes into the 2nd bank account also
My fiance and I live in Hawaii (I was born and raised here and he's continuing education to his PhD) and we found the most "affordable" place we could, and the rent still comes out to %80+ of our shared monthly income... You're talking about having living expenses be less than %50 and I wish that was reality. And that's not even including paying off student loans or even food.
My goal for next year is to stop letting people borrow my money or giving them stuff. I realized i could save a lot. Doordash wont see me either. But i need netflix and youtube premium 😅
Vincent, i wants to dollar average but am holding of buying stocks because they are so overvalued. Are you worried about "the lost decade of stocks"? Thx
Would like more information on how to do back door Roth. I file married filing as single and with income > 10k I don't qualify to contribute to Roth IRA. What does back door Roth mean?
How about no employer match? What’s your take on that scenario? I feel like that’s never mentioned in anyone’s videos. Rightfully so because maybe 99% of companies have an employer match. But I’m part of that 1% that don’t get a match. So should we be maxing the 401k without an employer match or what percentage makes “sense”?
Few "investments" have a greater return than the interest rate on credit cards. Why "invest" in a 7% return when you are paying 18-33% on your credit card?
Loved the video! I’m currently at the paying off my debt, getting close! I do have $1000 in an Amex hysa which is only pulling 3.8% but it is better than nothing! Anyways I’m on the part of my journey where I’m trying to figure out automations because I believe it’s better to not see your money so you don’t spend it and I also just don’t want to be thinking about it all the time. Are you able to help me set up automations or maybe point me a way so I can start?
Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires, thanks Charlotte Miller
I'm celebrating a $30k stock portfolio today. started this journey with 6k. I have invested on time and also with the right terms now I have time for my family and the life ahead of me
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
You can help so many people by sharing your math knowledge. Don’t ever stop. Also, as a mathematician with a degree you can pursue many high paying tech related careers like data science/analytics, software engineer, developer, machine learning engineer, etc. you can learn the skills needed online and build portfolio. Good luck!
Yea yea yea max out everything like we all make enough money to do that. Ofcourse Roth IRA are not offered to people with high salaries they’re literally the ones that can max out, they have endless money
🏆 Learn how to save $1,000 for the 2025 New Year without changing your lifestyle in my free 5-day $1,000 Savings Challenge starting Jan 6th → learn.vincentchan.co/save1k-1?
📈 Get 15 free stocks with moomoo → vincentchan.co/moomoo/
hey vincent!! i just wanted to say i was in the 2nd savings challenge you hosted and it was SOOOO helpful. im very glad i joined. thank you and happy new year!!
@@snippet2326 thank you!!!
I am in Nigeria. Can I access this from here?
I'm a measly $500 away from being 100% debt free for the first time in nearly 10 years! Once that's finally gone, I'll be rebuilding my emergency fund (it's not empty by any means, but it definitely took some damage this year to keep me afloat between sickness putting me out of work once my PTO ran out and paying off my debts at a more accelerated rate). I'm looking forward to making some real moves in 2025 and beyond.
wooo!! that's amazing, congrats!! you should be VERY proud of yourself. what do you think helped you the most to almost becoming debt free?
@@VincentChan Out of a handful of things, I think what helped me the most was just making the decision to be debt free. I know that sounds way too basic or like a platitude, but its true. There's something that just sort of clicks when you lock onto a target and really commit to chipping away at the obstacle. I set my minimum, worked out the terms, and when I was able to go above and beyond and pay more, I did it. Also watching the balance drop in real time was super motivating.
Congratulations!!
Looking forward to your journey
Exactly $43 away from having 10k saved all because of your advice at 18! With 4k invested thank you and you should consider publishing a finance book!
I hit my 2024 savings goals even after being laid off twice this year
Finanicial floor (cover all deductibles and basic costs), grow emergency fund, pay high interest debts (>7% interest), get full 401k match, max Roth, max other tax advantage (e.g. HSA), self-invest, regular investments, low interest debt, automate finances. Noted.
I finally took the plunge and split my check between 2 banks! 80% goes to my main branch attached to my debit card and the other 20% goes to a Sofi savings account with a 4.00% APY. Vincent did a tier list of savings accounts a while ago and it helped me pick a place to park my savings. (Note: I originally went for Laurel Road as they had a 5.35% APY but they were AWFUL so I switched to Sofi)
that's awesome!! im so glad that you were able to set that up :) was it a lot of work doing it?
@@VincentChan Honestly? No! It was way easier than my mind made it out to be 🤭
On #7: I'd advise the folks to do some homework before investing in education. First of all, know yourself and identify the fit of the training instead of letting others to tell you what you should learn. In addition, skeptical about any education offering including the outcome of the learners: So many online and brick-and-mortar schools just want to take your money and nothing else.
Yo I love your vids I’m 14 and you have made my mindset better and made me more productive but I was wondering if you could make a video for teens starting a business please if you can that would be amazing
that's a great suggestion! ill make a video about it in 2025 :) thanks again
I've been enjoying your videos a lot lately. It took me a long time to get better with money and I'm still far from perfect. Just knowing that I can afford to deal with most emergencies now is a freeing feeling. It's also incredible to be done with debt. Even my next car (not brand new, of course) will be paid in cash. It feels good.
You never fail man, please publish a book soon!
haha that really means a lot, thanks for your support!! which step were you missing in your payday routine?
Nice work on this video! I'm learning a lot from your speaking style and how you engage the audience. It's really helpful for my channel growth
thank you so much! im glad i can help :)
fancy avocados are what I live for honestly
So thankful for financial TH-cam for helping me understand this shit so I can eventually retire
Quality content as always 👑
thank you so much!! did you find the video helpful?
Forget everything else and pick up Guarded Laws of Money Manifestation. It’s the only book that truly delivers.
Merry Christmas and Happy New Year! Again, great video. Useful information when every YT is about impending doom.
This year I managed to save 10k into my index funds, totaling 14k there now. As my initial goal was minimum 500€/month but preferring 650€, I'm happy I managed to exceed it and can also finally see some substantial profits in the last months which motivates me more. I've also reflected that there are still many things I used a bit of excess money on last year, so even if I spend a bit more on clothes this year(which I didn't buy almost any of last year) I should still be able to save 10k next year.
Thank you for this! ❤
Love your content ! But please account for inflation in your S&P return numbers, 10% becomes just 6% and I think that's important for folks to know!
10% is 10% trying to “adjust” for inflation is something the financial world feels like needs correcting but it does not your money is going to grow at the actual rate of return regardless to what kind of inflation environment we are in. Yes it may be more expensive to buy eggs, buy a car, basic necessities etc. but your money will hit whatever amount you calculated regardless of inflation.
A good example is how when people talk about people like Warren Buffett when he made his first million in 1962 we say that’s 11 Million in today’s money, but let’s say you hit a million dollars in 2030 60 years later people will be saying how that’s worth 11 million in their today’s money too. The amount never changed!
Great video! Which editing course was it?
ahhh it's been years so i dont remember :( are you looking for one?
To get my savings/emergency fund started, I opened up a 2nd bank account and through ADP I have it pulling $250 from every check and putting it into the separate bank (hide the debit card from the 2nd bank also) and then any extra money I have left goes into the 2nd bank account also
I’ll be starting from scratch. I have medical debt , and loan / credi debt I’m working on.
Which high yield savings account do you have ?
Great guide note some employers might match money in your HSA mines does and each year I transfer employers HSA to my personal HSA
Step 5 about paying down high-interest debt is 🔥. Honestly, why invest when you can get 25% return just by clearing that credit card debt?
My fiance and I live in Hawaii (I was born and raised here and he's continuing education to his PhD) and we found the most "affordable" place we could, and the rent still comes out to %80+ of our shared monthly income... You're talking about having living expenses be less than %50 and I wish that was reality. And that's not even including paying off student loans or even food.
Thanks Vinny. 👍
I prefer a brokerage account over HYSA
It’s hard to get rent down to that percentage tbh
What’s your HSYA? There should be a 5% apy as interest rates has fallen.
My goal for next year is to stop letting people borrow my money or giving them stuff. I realized i could save a lot. Doordash wont see me either. But i need netflix and youtube premium 😅
Vincent, i wants to dollar average but am holding of buying stocks because they are so overvalued. Are you worried about "the lost decade of stocks"? Thx
I'm sorry I live in Toronto and rent is 50% of my income. I can't do it lol
You should start a side hustle like print on demand
ah that's tough. are you able to move outside the city?
Same I’m literally using my side hustle for food it’s crazy😂
Then you are living in the wrong city and need to change jobs
@lilykhandker6716 you don't know shit, clearly you don't live in Canada kid 🤣🤣🤣
@VincentChan delivering top notch as always. Respect!! :)
ayy thanks so much! were you missing any of the steps in the video?
I’ve been building wealth through covered calls on ETFs. Basically feels like free money at this point. (not a bot comment and not financial advice 😂)
I ended up paying all my credit cards last week and I just need to pay my card and my student loans for now..
Would like more information on how to do back door Roth.
I file married filing as single and with income > 10k I don't qualify to contribute to Roth IRA. What does back door Roth mean?
I get paid in three days.
Nice! Are you gonna follow these steps?
Go to a casino and bet on black
Groceries and food 10% of my income? Currently that’s impossible
How about no employer match? What’s your take on that scenario? I feel like that’s never mentioned in anyone’s videos. Rightfully so because maybe 99% of companies have an employer match. But I’m part of that 1% that don’t get a match. So should we be maxing the 401k without an employer match or what percentage makes “sense”?
👍🏿 video on how to invest n save for now n 2025
Few "investments" have a greater return than the interest rate on credit cards. Why "invest" in a 7% return when you are paying 18-33% on your credit card?
I signed up for your savings challenge. Will it be through email? Thanks!
Yes! You should’ve received a welcome email :)
@VincentChan Awesome, thanks! Looking forward to your advice!
Loved the video! I’m currently at the paying off my debt, getting close! I do have $1000 in an Amex hysa which is only pulling 3.8% but it is better than nothing! Anyways I’m on the part of my journey where I’m trying to figure out automations because I believe it’s better to not see your money so you don’t spend it and I also just don’t want to be thinking about it all the time. Are you able to help me set up automations or maybe point me a way so I can start?
Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires, thanks Charlotte Miller
I'm celebrating a $30k stock portfolio today. started this journey with 6k. I have invested on time and also with the right terms now I have time for my family and the life ahead of me
The very first time we tried, we invested $1000 and after a week, we received $7500. That really helped us a lot to pay up our bills.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
I am in Nigeria. How do I participate in all these
You can help so many people by sharing your math knowledge. Don’t ever stop. Also, as a mathematician with a degree you can pursue many high paying tech related careers like data science/analytics, software engineer, developer, machine learning engineer, etc. you can learn the skills needed online and build portfolio. Good luck!
Make a video on credit cards
Let me up my contribution on that 401k right now 😭
ayyy gotta max it up to your employer's match to get that free money!
10% for groceries and food is ridiculous statement
Should I buy a car fully cash, or take a loan and invest the free cash flow?
Cash
Fully cash
If you don't have to do a loan, it's advisable to not do a loan
10% a year return is not 10 years to double. It is compounding.
Rent? 30% of my income????? My 1 bedroom with utilities is $1870/month!
10% a year is wishful thinking, past results in the stock market are garanties of future result
I dedicated a very small, very tiny proportion of my portfolio to energy commodities in 2023. Mistaaaaaaaaaaaaaaake!
Yea yea yea max out everything like we all make enough money to do that. Ofcourse Roth IRA are not offered to people with high salaries they’re literally the ones that can max out, they have endless money
I dont know anyone who has housing for under 30%
I feel sorry for your loss of your belongings happened in India.
1st!!!
hello!
Isn’t it better to put your money in a money market fund SPAXX instead of HYSA?