🏆 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.
i know, that break down was sooooo unrealistic, especially given the fact he JUST stated a minute before - that 47% of Americans live paycheck to paycheck 🥴 like please read the room lol. do you think a bunch of people would be living paycheck to paycheck if their rent was only 30% of their income??? and i just spent $50 on five grocery items at costco. bfr 🤣😭
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'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.
I followed the list down the expenses thing and i realized… 60% of my “needs” is actually not important. The money im gonna save up will go to my investment fund and emergency fund. Thank you
My house payment is 539.00 a month. i round up to 550.00 and i have been paying on it for 15 years. it's a nice house in a preemo neighborhood. Great schools. Everyone wants to live here. My house i bought for 120,000.00 in 2010. The houses in my neighborhood are now going for about 240,000.00 and up. i have taken a serious pay cut due to spine surgeries and nerve damage in my upper and lower back. i am now on disability. i am making it with a 40% paycut. so far anyway. i do not have a lot of retirement as this happened to me when i was 61 but i haven't taken much out of my 401k and nothing out of my ira's. i can't take care of it though so thats a problem. i want to move but i was looking at apartments and they are ridiculous. i might go for a tiny house and move to tennessee.
Not really. If you meal plan, shop your pantry BEFORE you grocery shop, and shop with a list, and check the sales. I got my shopping down to $50 every two weeks pre pandemic, now I am at around 75, 80. If I need to restock, I will give myself 150 one of the biweekly shops amd allow myself some treats. I am just one person tho.
@@blackmownkeycould you lay out some common things you cook using those principles? young buck here looking to move out soon and i’d love to absorb some ideas 🙂
As a single mother who has a degree, works full time, and in Australia 🇳🇿pays a whopping 6.79% mortgage rate, saving is close to impossible 😢. Great advice though 🌟
@@charlieann6321 Agreed. Great theoretical advice. Silly me, I fritters away my time and money raising a family and dealing with multiple moves, educations and major illnesses. Happy just to have a roof over my head, a paid for vehicle and a decently stocked pantry. Life could certainly be worse.😉
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!
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.
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)
@@Sportdiva7I did the 80/20 split with sofi 2 years ago. By having that less money in my main account it does help save more. It's easy to transfer between them. Shortly after doing this my bank (PNC) started offering 5% (now down to 4.5%). I thought about moving it back but then it's closer by and I'll see it more
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
How about you continue to enjoy your childhood while you still can. Keep saving your money & learning, but for the love of god enjoy your childhood. Start your business at 18 if you must. I think this hustle culture mindset is toxic, & I just learned that there are all these youth that are being exposed to it. Continue to develop wonderful skills that feed your soul. Explore the world, don't grow up so fast.
@@samurai9559 I would have rather started my business for fun at 14 than doing nothing and suffering for money 4 years later when you turn 18 and adulthood comes like a hecking tsunami XD
I’m approaching 40, didn’t take savings/investments until my late 20s, so good on you for thinking ahead and getting started so early! If I knew even half this stuff at 18, I’d be in a much better place right now. But, as Samurai said, enjoy being young while it lasts. If I’d known how much I’d struggle in early adulthood, I would’ve appreciated those younger years so much more. So go out and make good memories, enjoy time with your friends as much as possible, enjoy the little things that bring you joy. There are things other than money that make a person feel rich. 😊 Best of luck to you! ❤
My grandson has been in the market with an Acorns account, since he was 8 years old. He got an electronic bank when he was 3 years old. He understands how important saving is. We have regular portfolio reviews. His parents occasionally ask him for loans. He is the driving force. He wrote me (in pencil) a business plan for when he turns 19. It was more detailed than most adults could provide. Some people are born savers, some spenders.
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 😅
This helps me understand my finances while learning how to save! Thanks so much for sharing! This is absolutely the advice that fits my current financial situation.
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.
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.
Yeah I'd have to leave my job because I'd have to leave my state and build a support system elsewhere. Not exactly something I can just do on a whim. Hell it's hard enough to plan out in advance. Not to mention helping out my elderly mother who is the full time carer of my elderly grandfather.
Check out Caleb Hammer’s $300 a month grocery meal plan! He’s a different type of financial advisor that does case studies but he has some really solid resources.
@hannahbunny2773 $300 is probably a good amount depending on the place you live. As a college kid I've figured i can live on $200 a month but this is Idaho.
@@hannahbunny2773that would be a 25 dollar an hour salary for at least 40 hours the median salary is 20.16 for men 18.11 for women not possible still but go off.
The easiest way for me to save was to put the entire paycheck in savings. I didn't have debt for at least 10 years because I saved to buy a car (I biked to work or walked) and I didn't have a credit card. I bought a car when I moved but I moved to a house where I paid $35 a month. I had a sink but no bathroom. Small fridge, heated with oil and no cable. My vacations were at the beach or on the mountains where I camped. Low cost for a campsite, brought food and beverages from home. Rigorous maybe but I was young. Also never had to worry about bills and I saved money to buy land and later a house.
One big thing I just learned about employers contributions in a Roth 401k is this: even though your contributions are POST tax, the employer is PRE tax. So even though it is a Roth account, when you withdraw from the account, you will still have to pay taxes on the employer’s contribution to the account.
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”?
Probably still contribute if it can put you in a lower tax bracket. Otherwise I see no point. Kill debt, invest, self improvement to make more money etc would be good uses.
@ yea so in terms of debt. I’m pretty much debt free. (Took me a handful of years but I got it done) So when you say invest* are you implying invest in a brokerage account? (The only positive I see from that is that I can access it whenever I like although at the cost of taxation) I also already invest in an IRA. I’m also investing daily into crypto as well. So outside of real estate which I’m not trying to do physically, that would mean investing in a brokerage account that has zero tax advantages in the present and zero tax advantages in the future since the capital gains will be taxed anyway, but will give me access to my money without a 10% penalty. In other words, do I value accessing my money over tax advantages such as lowering my taxable income in the present? (This is the tough question to answer as of course everyone’s situation is different, but I think having the money locked in the 401K is 100% beneficial for someone that may be more inclined to spend that money senselessly. (I’m not saying I’m that person but maybe I am lol) Thanks for the response though @yolo-qr2fq
Actually such a good video and really well explained, I wanted to ask how you set up financial automation. I’m 19 years old and I find finances very interesting because it seems like really easy things to do to completely set up your future. Either way thanks for the very insightful video
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
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!
Sheesh, I found a spot in ATL somehow for 1300, 900 sqft and we lucked out with a wrap around balcony! We're thinking on moving but idk if we will ever get this opportunity again!!
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?
Unfortunately, if one's income doesn't allow them to meet their floor, it is truly impossible to do any of this. It is all great information but for many folks, it's irrelevant. What would be helpful would be to have an acknowledgement of what the baseline income is of the audience you're trying to reach. Another great thing would be if you created a series of videos with doable advice for folks who are barely scraping by thanks to minimum wage jobs, disabilities, etc. Personally, I am disabled and my total income is from SSI. It is less than 1K per month. I also am responsible for caring for my adult child who is disabled and has zero income. Our floor is never met. I mean never. There's really only 2 ways I can see for our finances to improve: a sudden enormous windfall (lottery/inheritance) or a series of miraculous healings for both of us. Daily we plug away at improving our health and circumstances and things are better now than 10 years ago but it is truly hard to keep my chin up. I DO appreciate your advice and tips though! Keep up the good work. You are an inspiration! 😊
50/20/30 Budget: =============== 50% - Foundation Bare necessities: Shelter, Utilities, Groceries, & Transportation. 20% - Future Investment Rainy Day, FU Possibilities, Max out a 401k, Savings or Child College/Education. 30% - Fun Money/Entertainment Enjoy life but be very strict about it!!
I'm in food service 😅 I'm broke broke, 100% of my income goes to surviving. I save on groceries by eating at work, my subscriptions are TH-cam, Netflix, and some art parteons I enjoy. I have a HYSA, but it never gets very full bc life sucks. Unfortunately cost of living is so high I can barely make my financial floor. I don't buy fancy coffee, or organic stuff. Frozen veggies, banquet chicken strips bc they're cheaper and protein is protein, eggs are a luxury now so there's go another protein source....
I've just recently discovered your channel, like your content, and have subscribed. I'm wondering about money management software. Quicken appears to require a subscription, I've seen alternatives with subscriptions as well. Empower appears to be free. Some financial companies offer some management as well. What type would you recommend?
I save every cash/coin that has a 5. Example: nickels, quarters, $5.00, $50.00. In one year I save over $5,000 without missing the money. I absolutely refuse to use my 5’s. This is my personal fund I use for buying presents for birthdays and Christmas. (Note: I do not go crazy spending at Christmas.). We have joint accounts in different banks. One is for my Fives only. We started poor out poor. Today, in our 70’s, we are very comfortable.
Don't celebrate Christmas with expensive, materialistic people. Christmas is a narcissistic show. I realize that all the problems in my family had to do with these holidays at the end of the year. Now as an adult, I am not repeating the same mistakes my parents did with forcing false holidays and false ways to show love. This is why you have to find a girlfriend and wife who do not put much importance on materialistic things if you get lucky to find one.
Under 30% for housing is almost impossible these days and I'm blessed enough to be making just under 100k a year which is well over the National and even my states average
It definitely possible but ppl just prefer to live in houses/flats 1 months rent is enough to buy and own a used a caravan now you're living almost rent free without having to spend hundreds of thousands to own a house just to not pay rent
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
Nice video. Not a criticism, I enjoy your insights. I tend to think prices could go higher if XAI47K rockets. But understand the logic for sandbagging estimates. My opinion is XAI47K breaks 1, perhaps reaches 10 ATH, if conditions are right. But broader forces are at play now. We’re moving into really unknown territory. And these entities are shrewd. I think there’s massive manipulation ahead. If XAI47K survives that, well, we’re likely in for a good pump.
I will never be stupid enough to EVER open another 401k in my life! Worst thing I’ve ever done for myself, it’s not worth it. I’m good with my high yield savings accounts 🤷🏽♀️
Is there any way to adjust this plan for a higher living expense? I’ve heard this 30% rule and it’s just never been a reality for me or most ppl I know that are making normal wages, ie not pulling 6+ figures. Apart from just getting a better job do you just have to adjust your timeline expectations?
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'm going to try to stick with the rest of this video but I find it really ignorant to still be quoting that housing should be 30% of your income and all the other percentage ideas. Those are basically fantasy with housing costs at this point, and especially with how wages have not kept up with those expenses. I'm not sure I trust you to have advice that is practical for the modern era
Renting a house is not practical in the modern era that where everyone going wrong if youre single just buy a cheap caravan yeah it might be smaller but you now have a extra $1200 every month just from not renting a house
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?
My job doesn’t match our 401k at all. Should I still be contributing to it??? It’s all confusing and there’s seemingly nobody here at work to ask for actual information about the 401k and how it works..
I’ve seen a lot of people talk about the s&p 500 and how a lot of people invest in it. Is it worth it and mind you I’m new to investing but I’m wanting to invest so should I start there
🏆 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?
Hello Vincent! I just wanted to ask where does maintenance medications fall under? Thank you. I just recently followed you and I am doing this now.
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
YESS!!🎉
same here very close to being debt free. I believe in you!!
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!
All finance books are the same at this point. Same advice from every TH-camr
My rent is 50 percent of my income, bills are 35 percent, food is 10 percent, gas is 5 percent. Now I'm at 100 percent 💀
Sucks
Same. Shit. Life is so expensive 🇳🇿🇳🇿. People who can save must be earning over 100K and be in a relationship to share the bills.
i know, that break down was sooooo unrealistic, especially given the fact he JUST stated a minute before - that 47% of Americans live paycheck to paycheck 🥴 like please read the room lol. do you think a bunch of people would be living paycheck to paycheck if their rent was only 30% of their income??? and i just spent $50 on five grocery items at costco. bfr 🤣😭
try to invest in passive income funds then. Every month a bit your cashflow will raise every month. Every month becomes easier
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.
Wish me luck making $192,000 a year 👌🏻 to fit the schedule
I hit my 2024 savings goals even after being laid off twice this year
Well played Boss.
Wow more power to yiu
Good for you!
👏🏾 awesome job
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.
I followed the list down the expenses thing and i realized… 60% of my “needs” is actually not important. The money im gonna save up will go to my investment fund and emergency fund. Thank you
Murphy's Law actually states that "Anything that can happen, will happen," not necessarily meaning it has to be something negative.
So thankful for financial TH-cam for helping me understand this shit so I can eventually retire
I dont know anyone who has housing for under 30%
My house payment is 539.00 a month. i round up to 550.00 and i have been paying on it for 15 years. it's a nice house in a preemo neighborhood. Great schools. Everyone wants to live here. My house i bought for 120,000.00 in 2010. The houses in my neighborhood are now going for about 240,000.00 and up. i have taken a serious pay cut due to spine surgeries and nerve damage in my upper and lower back. i am now on disability. i am making it with a 40% paycut. so far anyway. i do not have a lot of retirement as this happened to me when i was 61 but i haven't taken much out of my 401k and nothing out of my ira's. i can't take care of it though so thats a problem. i want to move but i was looking at apartments and they are ridiculous. i might go for a tiny house and move to tennessee.
My payment is $700 but the neighborhood is not great in the slightest
I pay $3000 and my income is $2400. 😢
Mine is $3000
I know! Rent in my area is so high. I pay almost 60% of my income to housing. It's horrible!
10% for groceries and food is ridiculous statement
Not really. If you meal plan, shop your pantry BEFORE you grocery shop, and shop with a list, and check the sales. I got my shopping down to $50 every two weeks pre pandemic, now I am at around 75, 80. If I need to restock, I will give myself 150 one of the biweekly shops amd allow myself some treats. I am just one person tho.
@@blackmownkeycould you lay out some common things you cook using those principles? young buck here looking to move out soon and i’d love to absorb some ideas 🙂
Not really. It really depends on how much you make.
Well done video, nice advice. Unfortunately, it applies mostly to middle-upper class lifestyle. Some of us are broke broke
As a single mother who has a degree, works full time, and in Australia 🇳🇿pays a whopping 6.79% mortgage rate, saving is close to impossible 😢. Great advice though 🌟
@@charlieann6321 Agreed. Great theoretical advice. Silly me, I fritters away my time and money raising a family and dealing with multiple moves, educations and major illnesses.
Happy just to have a roof over my head, a paid for vehicle and a decently stocked pantry.
Life could certainly be worse.😉
The who the whole thing is bull. Backpacking in India in 2020 and 2021??? This guy doesn’t play by the rules. Eff him I’m unsubscribing
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!
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?
Agreed! I’ve never heard it worded like this. Subtle mindset shift that’s huge.
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.
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 :)
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 🤭
I have been wondering about Sofi. I need a high yield stat. My money is not growing in the regular bank
@@Sportdiva7I did the 80/20 split with sofi 2 years ago. By having that less money in my main account it does help save more. It's easy to transfer between them.
Shortly after doing this my bank (PNC) started offering 5% (now down to 4.5%). I thought about moving it back but then it's closer by and I'll see it more
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
How about you continue to enjoy your childhood while you still can. Keep saving your money & learning, but for the love of god enjoy your childhood. Start your business at 18 if you must. I think this hustle culture mindset is toxic, & I just learned that there are all these youth that are being exposed to it. Continue to develop wonderful skills that feed your soul. Explore the world, don't grow up so fast.
@@samurai9559 I would have rather started my business for fun at 14 than doing nothing and suffering for money 4 years later when you turn 18 and adulthood comes like a hecking tsunami XD
I’m approaching 40, didn’t take savings/investments until my late 20s, so good on you for thinking ahead and getting started so early! If I knew even half this stuff at 18, I’d be in a much better place right now. But, as Samurai said, enjoy being young while it lasts. If I’d known how much I’d struggle in early adulthood, I would’ve appreciated those younger years so much more. So go out and make good memories, enjoy time with your friends as much as possible, enjoy the little things that bring you joy. There are things other than money that make a person feel rich. 😊 Best of luck to you! ❤
My grandson has been in the market with an Acorns account, since he was 8 years old. He got an electronic bank when he was 3 years old. He understands how important saving is. We have regular portfolio reviews. His parents occasionally ask him for loans. He is the driving force. He wrote me (in pencil) a business plan for when he turns 19.
It was more detailed than most adults could provide. Some people are born savers, some spenders.
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 😅
This helps me understand my finances while learning how to save! Thanks so much for sharing! This is absolutely the advice that fits my current financial situation.
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?
Your page and Humphrey yang's TH-cam channel are my go to when i have that itch to buy a new car i want but dont need.
Merry Christmas and Happy New Year! Again, great video. Useful information when every YT is about impending doom.
I'm just starting out on this plan. I have got a steep hill to climb - heavy debt load, small paycheck, older - but I'm eager to give it a go.
You can do it!!
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.
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.
Great Editing !!!
I’ll be starting from scratch. I have medical debt , and loan / credi debt I’m working on.
Forget everything else and pick up Guarded Laws of Money Manifestation. It’s the only book that truly delivers.
Quality content as always 👑
thank you so much!! did you find the video helpful?
fancy avocados are what I live for honestly
Maybe invest on a tree and grow it.
It’s hard to get rent down to that percentage tbh
Yeah I'd have to leave my job because I'd have to leave my state and build a support system elsewhere. Not exactly something I can just do on a whim. Hell it's hard enough to plan out in advance. Not to mention helping out my elderly mother who is the full time carer of my elderly grandfather.
Some great advice presented in a understandable way. Thank you.
For step 10, how did you automate your finances? Is there a way to set this up through your bank or is it something more complicated?
My mortgage is 9% of our income. Locked in low interest rate in a modest home.
Groceries and food 10% of my income? Currently that’s impossible
Check out Caleb Hammer’s $300 a month grocery meal plan! He’s a different type of financial advisor that does case studies but he has some really solid resources.
@ thank you Hannah
@hannahbunny2773 $300 is probably a good amount depending on the place you live. As a college kid I've figured i can live on $200 a month but this is Idaho.
@@hannahbunny2773that would be a 25 dollar an hour salary for at least 40 hours the median salary is 20.16 for men 18.11 for women not possible still but go off.
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 😂)
The easiest way for me to save was to put the entire paycheck in savings. I didn't have debt for at least 10 years because I saved to buy a car (I biked to work or walked) and I didn't have a credit card. I bought a car when I moved but I moved to a house where I paid $35 a month. I had a sink but no bathroom. Small fridge, heated with oil and no cable. My vacations were at the beach or on the mountains where I camped. Low cost for a campsite, brought food and beverages from home. Rigorous maybe but I was young. Also never had to worry about bills and I saved money to buy land and later a house.
One big thing I just learned about employers contributions in a Roth 401k is this: even though your contributions are POST tax, the employer is PRE tax. So even though it is a Roth account, when you withdraw from the account, you will still have to pay taxes on the employer’s contribution to the account.
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”?
Probably still contribute if it can put you in a lower tax bracket. Otherwise I see no point. Kill debt, invest, self improvement to make more money etc would be good uses.
@ yea so in terms of debt. I’m pretty much debt free. (Took me a handful of years but I got it done) So when you say invest* are you implying invest in a brokerage account? (The only positive I see from that is that I can access it whenever I like although at the cost of taxation) I also already invest in an IRA. I’m also investing daily into crypto as well. So outside of real estate which I’m not trying to do physically, that would mean investing in a brokerage account that has zero tax advantages in the present and zero tax advantages in the future since the capital gains will be taxed anyway, but will give me access to my money without a 10% penalty. In other words, do I value accessing my money over tax advantages such as lowering my taxable income in the present? (This is the tough question to answer as of course everyone’s situation is different, but I think having the money locked in the 401K is 100% beneficial for someone that may be more inclined to spend that money senselessly. (I’m not saying I’m that person but maybe I am lol) Thanks for the response though @yolo-qr2fq
Making this my New Year’s resolution!
Actually such a good video and really well explained, I wanted to ask how you set up financial automation. I’m 19 years old and I find finances very interesting because it seems like really easy things to do to completely set up your future. Either way thanks for the very insightful video
I love watching your videos which I recently discovered.
Paid off all my debt last October. Currently rebuilding my emergency fund then jumping into the world of investing
Your Strat to keep me clicking on your vids is amazing haha
Awesome videos. Learned some good steps. Are these percentages rules appiled ti gross or net salary ?
How do you save $1000 in a month when the leftover after bills is $350 for the month?
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
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!
Thanks for the 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..
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 🤣🤣🤣
Thank you for this! ❤
Great advice..... can you not make it have ads every minute?
Quick tip skip to the end wait for the video to end then press replay add free 😋
Hi Vincent. Do you have any experience with any AI investing tools? Really curious. Love your content btw!
I prefer a brokerage account over HYSA
Please do a video on automation, my bank says it isn't possible. Not just with them, but in general
Rent? 30% of my income????? My 1 bedroom with utilities is $1870/month!
Sheesh, I found a spot in ATL somehow for 1300, 900 sqft and we lucked out with a wrap around balcony! We're thinking on moving but idk if we will ever get this opportunity again!!
Sheesh i got a 3 bedroom 2 car garage house for 1350 im never gonna complain about rent again 😭
I live in MA 😭
@@CherubsCloudCo I live in California
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?
Unfortunately, if one's income doesn't allow them to meet their floor, it is truly impossible to do any of this. It is all great information but for many folks, it's irrelevant. What would be helpful would be to have an acknowledgement of what the baseline income is of the audience you're trying to reach. Another great thing would be if you created a series of videos with doable advice for folks who are barely scraping by thanks to minimum wage jobs, disabilities, etc. Personally, I am disabled and my total income is from SSI. It is less than 1K per month. I also am responsible for caring for my adult child who is disabled and has zero income. Our floor is never met. I mean never. There's really only 2 ways I can see for our finances to improve: a sudden enormous windfall (lottery/inheritance) or a series of miraculous healings for both of us. Daily we plug away at improving our health and circumstances and things are better now than 10 years ago but it is truly hard to keep my chin up. I DO appreciate your advice and tips though! Keep up the good work. You are an inspiration! 😊
50/20/30 Budget:
===============
50% - Foundation
Bare necessities: Shelter, Utilities, Groceries, & Transportation.
20% - Future Investment
Rainy Day, FU Possibilities, Max out a 401k, Savings or Child College/Education.
30% - Fun Money/Entertainment
Enjoy life but be very strict about it!!
Great guide note some employers might match money in your HSA mines does and each year I transfer employers HSA to my personal HSA
I'm in food service 😅 I'm broke broke, 100% of my income goes to surviving. I save on groceries by eating at work, my subscriptions are TH-cam, Netflix, and some art parteons I enjoy. I have a HYSA, but it never gets very full bc life sucks. Unfortunately cost of living is so high I can barely make my financial floor. I don't buy fancy coffee, or organic stuff. Frozen veggies, banquet chicken strips bc they're cheaper and protein is protein, eggs are a luxury now so there's go another protein source....
I've just recently discovered your channel, like your content, and have subscribed. I'm wondering about money management software. Quicken appears to require a subscription, I've seen alternatives with subscriptions as well. Empower appears to be free. Some financial companies offer some management as well. What type would you recommend?
Every dollar app has a free option. If you want transactions to sync you have to pay like $80/year or so.
I love you !!!
Thanks Vinny. 👍
I save every cash/coin that has a 5. Example: nickels, quarters, $5.00, $50.00. In one year I save over $5,000 without missing the money. I absolutely refuse to use my 5’s. This is my personal fund I use for buying presents for birthdays and Christmas. (Note: I do not go crazy spending at Christmas.). We have joint accounts in different banks. One is for my Fives only. We started poor out poor. Today, in our 70’s, we are very comfortable.
Don't celebrate Christmas with expensive, materialistic people. Christmas is a narcissistic show. I realize that all the problems in my family had to do with these holidays at the end of the year. Now as an adult, I am not repeating the same mistakes my parents did with forcing false holidays and false ways to show love. This is why you have to find a girlfriend and wife who do not put much importance on materialistic things if you get lucky to find one.
Y would you not make 2 hysa accounts for the higher rights so that you can use one as a checking account?
@VincentChan delivering top notch as always. Respect!! :)
ayy thanks so much! were you missing any of the steps in the video?
Under 30% for housing is almost impossible these days and I'm blessed enough to be making just under 100k a year which is well over the National and even my states average
It definitely possible but ppl just prefer to live in houses/flats 1 months rent is enough to buy and own a used a caravan now you're living almost rent free without having to spend hundreds of thousands to own a house just to not pay rent
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
So I'm trying to learn investing. Very new. I want to do an s&p 500 index fund. Do you do this through Roth IRA or VOO?
Great video! Which editing course was it?
ahhh it's been years so i dont remember :( are you looking for one?
@@VincentChanyes!
how do I use my 401k to invest in the S&P500?
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
When you say housing 30% Groceries and food 10% ect, of your income. Do you mean those percentages of your gross monthly income? Or net?
👍🏿 video on how to invest n save for now n 2025
What’s your HSYA? There should be a 5% apy as interest rates has fallen.
I think the best remedy is decreasing taxes and increasing standard deduction. Employers pay too little.
Nice video. Not a criticism, I enjoy your insights. I tend to think prices could go higher if XAI47K rockets. But understand the logic for sandbagging estimates. My opinion is XAI47K breaks 1, perhaps reaches 10 ATH, if conditions are right. But broader forces are at play now. We’re moving into really unknown territory. And these entities are shrewd. I think there’s massive manipulation ahead. If XAI47K survives that, well, we’re likely in for a good pump.
I will never be stupid enough to EVER open another 401k in my life! Worst thing I’ve ever done for myself, it’s not worth it. I’m good with my high yield savings accounts 🤷🏽♀️
Food is expensive sorry 100 bucks a month for food aint gonna cut it my guy
Is there any way to adjust this plan for a higher living expense? I’ve heard this 30% rule and it’s just never been a reality for me or most ppl I know that are making normal wages, ie not pulling 6+ figures. Apart from just getting a better job do you just have to adjust your timeline expectations?
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 gotta bring in more income 😩 sitting down to do my monthly bills is whew....
I'm going to try to stick with the rest of this video but I find it really ignorant to still be quoting that housing should be 30% of your income and all the other percentage ideas. Those are basically fantasy with housing costs at this point, and especially with how wages have not kept up with those expenses. I'm not sure I trust you to have advice that is practical for the modern era
Renting a house is not practical in the modern era that where everyone going wrong if youre single just buy a cheap caravan yeah it might be smaller but you now have a extra $1200 every month just from not renting a house
food is about 28.5% of my income
Make a video on credit cards
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 am in Nigeria. How do I participate in all these
My job doesn’t match our 401k at all. Should I still be contributing to it??? It’s all confusing and there’s seemingly nobody here at work to ask for actual information about the 401k and how it works..
Why is there an ad every 60 seconds. 🙄
What HSA's u use & percentages?
Groceries is more than 10 percent now!
Where do you get a RothIRA?
Type that question into Google
I’ve seen a lot of people talk about the s&p 500 and how a lot of people invest in it. Is it worth it and mind you I’m new to investing but I’m wanting to invest so should I start there
Which high yield savings account do you have ?
I do have a 401k through my employer but they do not match... I am now no longer contributing to my 401k until I get my debt erased
Groceries are 10%?