🏆 Learn the best way to save money with the largest FREE 5-Day $1,000 Savings Challenge starting on Oct 1st → learn.vincentchan.co/save1k 🏆 Get your financial plan in minutes to cut your tax bill and grow your wealth with Playbook: www.helloplaybook.com/vincent
That honestly isn't a bad thing. I'm 36 and had a negative net worth (assets - debt) ie. broke last year now I'm on track. For you this is easy cause you have time on your side. Just start saving or investing. Open a high yield savings account(hysa) and just start putting money in it. Doesn't have to be a lot. Start with $10/month if you have more add more like $100/month. Don't spend any of it if you can. In a year you'll have $1000 over the next 8 years + compounding in a good hysa (5%) you should have $10k or more if you invest it in something easy like mutual funds. There are apps and services that will essentially do the investing for you. ya its going to grow slowly until you have $10000 but at that point that $10k should be making you $500 a year just for having it. and it gets even crazier after $100k (see this guys video) the important thing is to start learning good money habits. Ideally don't carry a CC balance from month to month and spend less than you make so that you can always put some of it away even its only $10.
Whatever you do, don't be 72 years old, in debt, with no retirement saved and still working. I watched this on YT a few years ago and it unlocked a new found fear in me. Don't be this guy!
Newbies need to learn the ropes, know how much risk they can handle and diversify their portfolio. Some folks get help from money experts or do their homework before making investment moves. It's all about being smart with your funds.
Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $$275k to $850K...
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.
I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.
i agree 3 months is fast, it's more to get people in the habit of saving in their early 20s :) i usually recommend 6 months of essential expenses. btw are you on track given the numbers in the video?
Yes. When I got laid off in the early 2000s, the rule was give yourself at least 1 month for every $10k of salary you are looking for. It took me about 8 months to land a job as a scientist making $75k. That rule might be somewhat out of date in today's job market, but your dad's idea is sound.
Your doing okay dude Ur only 20 Get another side gig Or side buisness Im 38 You got lots of time Start the grind One job aint going do shit Grind now Chill in ur 40s
It is advisable to save at least 15% of your income in a 401(k). Online calculators can help you estimate the appropriate savings amount based on your age and income. By saving at least 15% of your income in a 401(k), you can work towards a comfortable retirement. This strategy allows you to benefit from compound interest, potentially growing your retirement savings significantly over time.
In my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Don't be an authorized user on someone elses credit card and don't let other people be authorized users of your credit card. I don't care if they are family or Jesus himself. If you are just starting out, get your own credit card and build your own credit. You want start developing good money habits before you start borrowing money. Too many people out there focus on the monthly payment and not the debt, interest, etc. You know what's better than having a low payment on a loan? Not having a loan and payment.
First, learn how to calculate present and future value, basic finance 101. Second, know how much annually you would need to live off now and future. Third, prioritize saving over spending, and avoid debt. Fourth, don’t get screwed up by divorce, medical, or other “accidents.” plan ahead. Fifth, be consistent on your income. Sixth, develop your skills and experience to better your income potential… this comment is turning into a video script… 😂
3:00 that’s incorrect to my knowledge - money going in to a Roth IRA is NOT tax free, but the money you withdraw from it years later is tax free. It’s a post tax investment account but careful that your messaging comes off as a completely taxless account.
I've been at my Job for 8 years and never jobbed hopped and my pay has gone up an additional $18.33 per hour. Job hopping is not always the best thing to do. I'm 35 and have a net worth of 475k.
Yeah, im kinda in that predicament now. In which i got a Masters within the last two years thats different from current industry, and i've been hesitant to change careers given ive been at current company for 5 years.
@@malignantredneck6194 I’m still renting an apartment but I have 268k in Savings, CD’s and a little in personal stocks. I have a little over 150k in retirement accounts pension, 457k and HSA.
According to my calculations, my FIRE number is 5 million dollars to live the retirement life I want. According to my current salary and wage, at 7% historical average, it will take me 65 years to reach it. Now, for a more realistic number, its around 800K. This will let me live an okay life in the city I live in.
Back In My Age Of 20s I've Messed Up Partying and Clubbing Chasing After Females Left and Right, Now That I'm In My Age Of 30s I've SaddleDown Relaxing My Mind Enjoying Life Hitting The Gym Thanks For Sharing Sir May God Bless You.
When you say in your 30's you should have x1 of your salary saved, does that mean in savings account or just in general? Such as x1 salary saved between savings accounts, retirement accts etc?
Job hopping used to be nothing to me. And I was getting a good 5-7K with each new job. Now I’m with an organization I’ve had my sights on since graduating and I’m just not sure if the reward would outweigh the joy I get out of logging on for work each day.
Hell yeah you are! If don't add anything else to that $15k it will grow into $500k by the time you're 65 (assuming an 8% return). DO keep saving and finding ways to boost that income!! You're crushing it
@beckybrer5278 save as early as possible and save as much as you can (assuming no debt). Make saving a habit (automatic) and you'll be far ahead of most by 25 and coasting by 30 when higher earning years begin
Job hopping is overrated. I went from entry level to six-figures corporate management by staying in a promising company from age 27 to 36 (and still going). I would absolutely not have progressed this way by hopping. It really depends on your job and sector. Now I'm a hiring manager and I strongly favour candidates who don't hop, when hiring for the job I started in. It's so much more nuanced and not all companies have the budget to quickly progress people and salaries - you have to be able to analyse your environment and figure out what you will or won't be sticking around for; and where you'll be if down the line you're 40 and have only hopped between 10 companies doing the same job.
I agree that it all depends on industry/sector but I would highly encourage throughout your 20's to always know your value on the market. Some people get underpaid without realizing it. Check job listings every few months for similar job titles that fit your existing job description. Understand your salary range across different industries. Corporations are businesses at the end of the day, and entry levels positions will always be paid the lowest amount (they can get away with) while trying to maximize productivity (not to mention additional tasks given when you are efficient). I was paid at an "entry level" position (Manufacturing) in 2017 because I was fresh out of college with no experience but was doing senior level and arguably managerial tasks. Was there 5 years and eventually left to a smaller company doing the same job but easier work for a 45% bump in pay. Stuck with that for a year and a half with no growth potential in sight. And just recently job hopped once more into a position replacing a manager about to retire. With a 55% pay raise for work I learned in my first 5 years in the corporate world. Know your worth/value and always ask for more. Timing and looking for opportunities more than doubled my income in less than 2 years from job hopping. My pay raises each year for the 5 years I stayed averaged at 5%. Job hopping works, but it all depends. Don't be afraid to advocate for yourself on the market as you develop your skillset. You have more room to negotiate your worth to prospective companies as opposed to your current employers budget.
I job hopped 6 months after my first post grad job and make 6 figures now. Plan on hopping again after 1.5 years and will probably make 30k raise. For creatives or those on tech, job hopping is the way to go
i wonder if these prescriptive amounts are based on stats that don't consider single/married/divorced people. i know this is PERSONAL finance, but if i am comparing average/median net worth of a married person who for example, needs that money because their expenses are higher than mine, that doesn't help.
SPYs average return is 7% INFLATION ADJUSTED> 99.990% regular people don't know this. They just think money will be less purchasing power because inflation will eat it away. Its 10% without inflation Shows we need basic education and logic
I’m 23 and was pleasantly surprised when i actually added up my net worth of 60,000. I am 2/3 of the way through paying off my house so that’s my main focus for the next couple years while also putting 10% into my Roth IRA/ 401k
The average and median net worth numbers are higher than I imagined honestly. I assumed the even the average 20 something yr old American would have a negative net worth due to student loans, car payments, etc. so this is nice to see
You gotta account for inflation these aren’t exact numbers but they’re like an example 1.5mil in 2060 it’s probably gonna be worth like $400,000 in today’s money due to inflation and purchasing power will decrease
@@EstherRoss-gm8qv you can’t get insurance for every imaginable circumstance (lawsuit, divorce) often times we choose not to get insurance for things because the probability is so low (death of a child, illness of a pet, short-term disability), other times insurance doesn’t cover us 100% (unemployment), and sometimes insurance companies don’t adequately make you whole. Most frighteningly, sometimes risk is correlated: the death of a child leads to depression and alcoholism, leads to inability to work, leads to job loss, leads to fighting with your spouse, leads to divorce. I have literally seen this sad situation in a friend of mine. Your surest insurance is keeping a certain amount of money liquid even if it is not an optimal investment strategy.
Why are you talking a foreign language 😅 I’ve been obsessed with financial freedom but goodness I have to much to learn! I’m a stay at home mom with 2 toddles trying to manage my husband’s money the best I can. We are both in our early 30’s my goal is to pay our house ASAP, don’t really have other debts! Now time to think how can we put some money to work it self 😎
Where the FIRE number gets fuzzy in my opinion is considering the balance of your accounts in pre vs post taxable state like Roth vs 401k. BTW I think you should have mentioned HSA accounts. I've recently started dumping a lot into my HSA since I've found I've been maxing out my 401k and Roth for the last few years and dumping all extra income to a taxed brokerage account seems dumb due to the risk although I do invest some there still. I'd like to see your opinion on precious metal investments also. Good vid though.
I had 80k pesos last year but I need to help my parents because I was the one who encouraged them to transfer to another city and I'm back to zero now. But I'm earning little by little and invest in permanent property instead of renting
Its fine. You can start now. You are relatively early don't worry. Even if you save steadily for 12 years by the time you reach 40 you would have financial freedom.
$3,000/month in your 20’s?? Not realistic, most people are lucky to make $17/hour into their late 20’s. Also, the job market of the city you reside in and cost of living plays a huge role in your expenditure and Income. I had to move to another city to be in the job I’m currently at.
@@beatricerights Yeah. Which is was before the “Education Inflation” in the proceeding 2000’s, in this current century. Didn’t think I needed to even state that. But, neither did my “comment” warrant a “response” as it wasn’t a question to the audience, simply an observation regarding the “tendency” of the job market within this “current” societal structure we are “currently” in. Are you satisfied!?!?!?!?
Hi, Vincent. I’ve been a fan of your videos. I am planning on taking a Registered Nurse license in Australia/New Zealand with the intention of working there in the next 2 years. Is it wise if I take a bank loan with 8-10% annual interest rate to finance it? I will not quit my current job until I make sure that I get the nursing job in Australia/New Zealand, and with my current income I estimate I could pay up the debt 30% from my take home pay every month for the next 24 months, and I would still have money left to save and invest. My current saving could cover the whole process, but I feel like it is not right to take all my savings and be out of market when I have been consistently saving and investing for the last 2 years and I already see my networth grow over these past years. I am 33 y.o, single, have emergency reserved for the next 12 months, live below my means and currently have zero debts. Thank you in advanced for your insights.
My suggestion would be to go to the US and try to work as a nurse there. Places like texas and california are amazing for nursing. Im going to nursing school right now to do that
Cool! I can't wait to earn and save large amount of money after finding a entry-level job. Thank you! Edit: I am also frugal when I was a kid. Wear the same clothes and save a lot. To this day, I still do and I started of long term investments.
I love your videos and information but its too repetitive now, I already do all these things , how can we take it a step further? Im in my 20's . Thanks
very good financial advise, thanks for sharing all this great information. I find myself both watching and trying to upload (not the only topic) videos about money so I appreciate you posting this content
He explained in another comment that’s he recommends 3 months to get people started on saving. Smaller goals are more realistic and faster to achieve than larger ones.
@@VincentChan Same here! According to Marx, it's the poor (proletariat) against the middle class (burgeoisie) I think he popularized those terms and relatively speaking, the burgeoisie is more wealthy compared to the proletariat, and that might be why we misunderstood those terms.
I think the advice to join an account on someone’s credit card is a terrible idea. It just takes a few years to build good credit. No need to risk your own credit score on someone who may screw yiu over.
LMAO I had to rewind after he put Pokemon card collections in the assets column 😭😭😭😭 It's def sizeable enough to be under the assets column HAHAHAH oops
@@TheBroadcastGuide thats a disgusting comment to make. Hating on others because you lack financial literacy is insane. Maybe you should get your own life together
Hallelujah 🙌🏻!!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11,000 and got my payout of $290,500 every month…God bless Mrs Susan jane Christy♥️
His parents were frugal and he got an XL shirt. This was my dream. My parents let me wear off my brother's old clothes. Luckily I am a girl, imagine my brother would have to wear my old clothes off😂
As someone that's interviewed a bunch of people for jobs, job hopping is a huge red flag for me. Even if someone is a good fit for a job, I'm not going to waste my time with someone that has only spent 2 years at previous jobs.
Haha! I assume you probably don’t hire for high end management very often. The highest earning employees BY FAR are the ones who job hop. The reason is because most companies don’t allow meaningful upward momentum. Your advice is a near surefire way to never upgrade your pay in meaningful ways. That’s just the way western capitalism works.
As someone who has interviewed with many different companies, it is a huge red flag for me to see other employees at the company who have been there for many years but have little to show for it. Would you mind sharing how your employer (or employers you’re contracted out to) reward loyalty?
Roth IRA was really the only safe and legit option for younger people to start… that authorized user shit was super irresponsible to even recommend even with your disclaimer. imo you should be alittle ashamed to even mention it, especially to young people with little knowledge. shame on you.
![[MV] A leap of faith...ความเชื่อใจครั้งสุดท้าย (From "Petrichor the series")](http://i.ytimg.com/vi/U1piZH2CNXA/mqdefault.jpg)
🏆 Learn the best way to save money with the largest FREE 5-Day $1,000 Savings Challenge starting on Oct 1st → learn.vincentchan.co/save1k 🏆
Get your financial plan in minutes to cut your tax bill and grow your wealth with Playbook: www.helloplaybook.com/vincent
not me watching this at 22 and broke💀
Its ok ur still young n have time
You're in prime position to take advantage of this video!
That honestly isn't a bad thing. I'm 36 and had a negative net worth (assets - debt) ie. broke last year now I'm on track. For you this is easy cause you have time on your side. Just start saving or investing. Open a high yield savings account(hysa) and just start putting money in it. Doesn't have to be a lot. Start with $10/month if you have more add more like $100/month. Don't spend any of it if you can. In a year you'll have $1000 over the next 8 years + compounding in a good hysa (5%) you should have $10k or more if you invest it in something easy like mutual funds. There are apps and services that will essentially do the investing for you. ya its going to grow slowly until you have $10000 but at that point that $10k should be making you $500 a year just for having it. and it gets even crazier after $100k (see this guys video)
the important thing is to start learning good money habits. Ideally don't carry a CC balance from month to month and spend less than you make so that you can always put some of it away even its only $10.
Whatever you do, don't be 72 years old, in debt, with no retirement saved and still working. I watched this on YT a few years ago and it unlocked a new found fear in me. Don't be this guy!
21 and no job yet🫠
Newbies need to learn the ropes, know how much risk they can handle and diversify their portfolio. Some folks get help from money experts or do their homework before making investment moves. It's all about being smart with your funds.
Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $$275k to $850K...
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.
Her name is “Annette Christine Conte” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.
Three months go fast on your money. My dad said have a year worth of reserves is a good safety net.
i agree 3 months is fast, it's more to get people in the habit of saving in their early 20s :) i usually recommend 6 months of essential expenses. btw are you on track given the numbers in the video?
@@VincentChan I'm doing pretty well. My goal is to do better than I am now. I'm above what your saying for this video for my age. I'm in my mid 20's.
Yes. When I got laid off in the early 2000s, the rule was give yourself at least 1 month for every $10k of salary you are looking for. It took me about 8 months to land a job as a scientist making $75k. That rule might be somewhat out of date in today's job market, but your dad's idea is sound.
Dad's a smart man
@@Courtney-Alice-Garganino 1 carez. Give me your moneee.
I love how you put what could have been 3 videos into 1 video.
That average net worth stat for 20s is hard slanted so badly due to wealth distributions it's not even worth bringing up.
78k at 20 years old inflation as become ridiculous
Inheritance or parents money hahaha
I guess it's ages 20-30 and it's mostly on the older end
Your doing okay dude
Ur only 20
Get another side gig
Or side buisness
Im 38
You got lots of time
Start the grind
One job aint going do shit
Grind now
Chill in ur 40s
@@darmbains9727 How are your back and your knees feeling bud? Chilling?
Im feeling great
Lol
😂
Dont get me wrong fuck i wish i was 18 again
Lol but i feel 28
It is advisable to save at least 15% of your income in a 401(k). Online calculators can help you estimate the appropriate savings amount based on your age and income. By saving at least 15% of your income in a 401(k), you can work towards a comfortable retirement. This strategy allows you to benefit from compound interest, potentially growing your retirement savings significantly over time.
In my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Mind if I ask you to recommend this particular coach you using their service?
These savings are TRULY unrealistic in 2024. ESPECIALLY if you live in places like NYC!!! 210,000 in savings??????👀
Don't be an authorized user on someone elses credit card and don't let other people be authorized users of your credit card. I don't care if they are family or Jesus himself.
If you are just starting out, get your own credit card and build your own credit.
You want start developing good money habits before you start borrowing money. Too many people out there focus on the monthly payment and not the debt, interest, etc. You know what's better than having a low payment on a loan? Not having a loan and payment.
Mortgages are an exception, they are virtually unavoidable
First, learn how to calculate present and future value, basic finance 101. Second, know how much annually you would need to live off now and future. Third, prioritize saving over spending, and avoid debt. Fourth, don’t get screwed up by divorce, medical, or other “accidents.” plan ahead. Fifth, be consistent on your income. Sixth, develop your skills and experience to better your income potential… this comment is turning into a video script… 😂
Get the forbidden book Whispers of Manifestation on Borlest, and uncover the secrets they've been hiding.
3:00 that’s incorrect to my knowledge - money going in to a Roth IRA is NOT tax free, but the money you withdraw from it years later is tax free. It’s a post tax investment account but careful that your messaging comes off as a completely taxless account.
Based on this video, I would never stop working...
I've been at my Job for 8 years and never jobbed hopped and my pay has gone up an additional $18.33 per hour. Job hopping is not always the best thing to do. I'm 35 and have a net worth of 475k.
Yeah, im kinda in that predicament now. In which i got a Masters within the last two years thats different from current industry, and i've been hesitant to change careers given ive been at current company for 5 years.
@@LucksacGamesbroke self.
So you have a paid off house and a retirement account?
excellent! you must be single!
@@malignantredneck6194 I’m still renting an apartment but I have 268k in Savings, CD’s and a little in personal stocks. I have a little over 150k in retirement accounts pension, 457k and HSA.
According to my calculations, my FIRE number is 5 million dollars to live the retirement life I want. According to my current salary and wage, at 7% historical average, it will take me 65 years to reach it.
Now, for a more realistic number, its around 800K. This will let me live an okay life in the city I live in.
Never add a person as an authorized user on your account. If they are not responsible, it could potentially qreck your credit as well!
I added my kids, but I never issued them credit cards.....I built up their credit, because I don't cosign for anyone.....I have an 850 credit score!
Back In My Age Of 20s I've Messed Up Partying and Clubbing Chasing After Females Left and Right, Now That I'm In My Age Of 30s I've SaddleDown Relaxing My Mind Enjoying Life Hitting The Gym Thanks For Sharing Sir May God Bless You.
It’s too late! 🧙🏿♀️it’s tooo latteee! 🦇 🦇🦇🧙🏿♀️🧙🏿♀️heeeheheheheeee! 🦇🦇
@@TheMeanGirlz It's Never Too Late Or Over Until God Says So 🤡
Same
Should have bougjt hpuse in 2008
Fuck
@darmbains9727 In 2008 I Was Still In High School
When you say in your 30's you should have x1 of your salary saved, does that mean in savings account or just in general? Such as x1 salary saved between savings accounts, retirement accts etc?
Yes, I believe overall your savings, including retirement and all.
I also think it's everything combined.
Thank you for not having an annoying intro !
4:00 I can really tell that you're thinking about your future here. Nice work!
Job hopping used to be nothing to me. And I was getting a good 5-7K with each new job. Now I’m with an organization I’ve had my sights on since graduating and I’m just not sure if the reward would outweigh the joy I get out of logging on for work each day.
Just turned 19 with 15k invested and 1k in hysa. I think i’m doing good (?)
Hell yeah you are! If don't add anything else to that $15k it will grow into $500k by the time you're 65 (assuming an 8% return). DO keep saving and finding ways to boost that income!! You're crushing it
@@wyattstrange385565 🤓 no one’s waiting that long 😒
I'm 19yrs 😢too can you guide mi pliz
@beckybrer5278 save as early as possible and save as much as you can (assuming no debt). Make saving a habit (automatic) and you'll be far ahead of most by 25 and coasting by 30 when higher earning years begin
@@wyattstrange3855 thanks for de advice
Job hopping is overrated. I went from entry level to six-figures corporate management by staying in a promising company from age 27 to 36 (and still going). I would absolutely not have progressed this way by hopping. It really depends on your job and sector. Now I'm a hiring manager and I strongly favour candidates who don't hop, when hiring for the job I started in. It's so much more nuanced and not all companies have the budget to quickly progress people and salaries - you have to be able to analyse your environment and figure out what you will or won't be sticking around for; and where you'll be if down the line you're 40 and have only hopped between 10 companies doing the same job.
I agree that it all depends on industry/sector but I would highly encourage throughout your 20's to always know your value on the market. Some people get underpaid without realizing it.
Check job listings every few months for similar job titles that fit your existing job description. Understand your salary range across different industries.
Corporations are businesses at the end of the day, and entry levels positions will always be paid the lowest amount (they can get away with) while trying to maximize productivity (not to mention additional tasks given when you are efficient).
I was paid at an "entry level" position (Manufacturing) in 2017 because I was fresh out of college with no experience but was doing senior level and arguably managerial tasks.
Was there 5 years and eventually left to a smaller company doing the same job but easier work for a 45% bump in pay. Stuck with that for a year and a half with no growth potential in sight. And just recently job hopped once more into a position replacing a manager about to retire. With a 55% pay raise for work I learned in my first 5 years in the corporate world.
Know your worth/value and always ask for more.
Timing and looking for opportunities more than doubled my income in less than 2 years from job hopping. My pay raises each year for the 5 years I stayed averaged at 5%.
Job hopping works, but it all depends. Don't be afraid to advocate for yourself on the market as you develop your skillset. You have more room to negotiate your worth to prospective companies as opposed to your current employers budget.
@@wyattstrange3855quiet.
I job hopped 6 months after my first post grad job and make 6 figures now. Plan on hopping again after 1.5 years and will probably make 30k raise. For creatives or those on tech, job hopping is the way to go
i wonder if these prescriptive amounts are based on stats that don't consider single/married/divorced people. i know this is PERSONAL finance, but if i am comparing average/median net worth of a married person who for example, needs that money because their expenses are higher than mine, that doesn't help.
May it be better to switch the 20/30 focus Vin?!
SPYs average return is 7% INFLATION ADJUSTED> 99.990% regular people don't know this. They just think money will be less purchasing power because inflation will eat it away. Its 10% without inflation Shows we need basic education and logic
i’m 21 with $20k in my retirement accounts and $9k in savings. Saving everything I can every month!
I'm staying at my job for now. Almost 2 years. Before I move to a new city to get a new job. Have compound intrest ofcorse
Will there not be tax on the interest each year?
Un realized gains are not taxed unless you make them realized ( selling the assest )then youl pay capitol gains tax on the profits
I’m 23 and was pleasantly surprised when i actually added up my net worth of 60,000. I am 2/3 of the way through paying off my house so that’s my main focus for the next couple years while also putting 10% into my Roth IRA/ 401k
You’re ahead!
how do you save more than you earn?
The list has 10 years long ranges. If you could start saving in early 20s and look at net worth at 35, that's more than 10 years building up.
@@jochenkraus7016 that doesn't answer the question
In the uk u can do 20k a year when u us does 7k
The average and median net worth numbers are higher than I imagined honestly. I assumed the even the average 20 something yr old American would have a negative net worth due to student loans, car payments, etc. so this is nice to see
And if you lose your career at 40?
You gotta account for inflation these aren’t exact numbers but they’re like an example 1.5mil in 2060 it’s probably gonna be worth like $400,000 in today’s money due to inflation and purchasing power will decrease
I'm 25 and had $200 in my savings account😢. Give a like to this comment so that I can update my net worth😅.
We don’t really care lil bro.
@@TheMeanGirlz if you dont care then don’t comment in here, why do you have to spread your negative mindset. No one care about you neither huh?
@@korenanii we still don’t care lil bro.
@@TheMeanGirlz i care 🫱🏻🫲🏼
@@TheMeanGirlz Nobody cares that you don't care. SMH
I don't think its necessary to have a specific amount saved up if someone has a steady and liquid flow of income, although saving is important.
It's always important to save despite the amount of income one has. Emergencies can arise, you know!
Isn't that why insurance exists?
To cover up any future emergencies
Actually insurance doesn't cover a lot of things well
@@EstherRoss-gm8qv you can’t get insurance for every imaginable circumstance (lawsuit, divorce) often times we choose not to get insurance for things because the probability is so low (death of a child, illness of a pet, short-term disability), other times insurance doesn’t cover us 100% (unemployment), and sometimes insurance companies don’t adequately make you whole. Most frighteningly, sometimes risk is correlated: the death of a child leads to depression and alcoholism, leads to inability to work, leads to job loss, leads to fighting with your spouse, leads to divorce. I have literally seen this sad situation in a friend of mine.
Your surest insurance is keeping a certain amount of money liquid even if it is not an optimal investment strategy.
@@sethkramer3834 You can cover lawsuits with an umbrella policy.
how does putting money in a Roth IRA equate to having it earn stock money and interest etc???
you buy stocks with the money you put in the roth IRA. it's an investing account not a savings account
the money is placed in the Roth IRA how would the process of buying go, would you call up your bank, how?
Why are you talking a foreign language 😅
I’ve been obsessed with financial freedom but goodness I have to much to learn! I’m a stay at home mom with 2 toddles trying to manage my husband’s money the best I can. We are both in our early 30’s my goal is to pay our house ASAP, don’t really have other debts! Now time to think how can we put some money to work it self 😎
I think the 20s should be split into younger than 25 and over 25 as your earning as savings are going to massively different between 22 and 28.
Nice Vincent!
Knowing an exact amount brings real time financial goals
100% are you on track with your age?
Where the FIRE number gets fuzzy in my opinion is considering the balance of your accounts in pre vs post taxable state like Roth vs 401k. BTW I think you should have mentioned HSA accounts. I've recently started dumping a lot into my HSA since I've found I've been maxing out my 401k and Roth for the last few years and dumping all extra income to a taxed brokerage account seems dumb due to the risk although I do invest some there still. I'd like to see your opinion on precious metal investments also. Good vid though.
I had 80k pesos last year but I need to help my parents because I was the one who encouraged them to transfer to another city and I'm back to zero now. But I'm earning little by little and invest in permanent property instead of renting
Excellent video! God bless!!
is it dumb to have a roth ira, and also have money in a mutual fund such as S&P 500? Should more money be allocated to one rather than adding to both?
I'd recommend maxing out your Roth first, because its post tax dollars and at 59 1/2 you wont pay taxes one you start withdrawing.
I’m already 27 turning 28 soon and have $0 saved… what do I do? 😱
Its fine. You can start now. You are relatively early don't worry. Even if you save steadily for 12 years by the time you reach 40 you would have financial freedom.
$3,000/month in your 20’s?? Not realistic, most people are lucky to make $17/hour into their late 20’s. Also, the job market of the city you reside in and cost of living plays a huge role in your expenditure and Income. I had to move to another city to be in the job I’m currently at.
I had 30k in my 20's and that was in 93.
@@beatricerights Yeah. Which is was before the “Education Inflation” in the proceeding 2000’s, in this current century. Didn’t think I needed to even state that. But, neither did my “comment” warrant a “response” as it wasn’t a question to the audience, simply an observation regarding the “tendency” of the job market within this “current” societal structure we are “currently” in. Are you satisfied!?!?!?!?
Hi, Vincent. I’ve been a fan of your videos.
I am planning on taking a Registered Nurse license in Australia/New Zealand with the intention of working there in the next 2 years. Is it wise if I take a bank loan with 8-10% annual interest rate to finance it? I will not quit my current job until I make sure that I get the nursing job in Australia/New Zealand, and with my current income I estimate I could pay up the debt 30% from my take home pay every month for the next 24 months, and I would still have money left to save and invest. My current saving could cover the whole process, but I feel like it is not right to take all my savings and be out of market when I have been consistently saving and investing for the last 2 years and I already see my networth grow over these past years. I am 33 y.o, single, have emergency reserved for the next 12 months, live below my means and currently have zero debts.
Thank you in advanced for your insights.
My suggestion would be to go to the US and try to work as a nurse there. Places like texas and california are amazing for nursing. Im going to nursing school right now to do that
Cool! I can't wait to earn and save large amount of money after finding a entry-level job. Thank you!
Edit: I am also frugal when I was a kid. Wear the same clothes and save a lot. To this day, I still do and I started of long term investments.
that's awesome haha it sounded a lot like me when i was younger !!! what do you mainly invest in?
@VincentChan Long-term investments like S&P 500 and started Vanguard. Plus, bitcoin and short-term, like Coca-Cola.
I love your videos and information but its too repetitive now, I already do all these things , how can we take it a step further? Im in my 20's . Thanks
very good financial advise, thanks for sharing all this great information. I find myself both watching and trying to upload (not the only topic) videos about money so I appreciate you posting this content
6:00 change shirt mid video
> "Here's exactly how much money you need to save by every age"
> Shows average and median net worth.
Net worth is different than savings Mr.Vincent.
It's a goal to meet for building real wealth, maybe consider rewatching the video and paying attention
3 months of INCOME.... why? i only spend 40% of my income. So my emergency fund is 6 months of my average expenses over the year.
He explained in another comment that’s he recommends 3 months to get people started on saving. Smaller goals are more realistic and faster to achieve than larger ones.
What’s the best move to make when you can’t have a money trail but you want to save money?
Avg net worth in your 40s is high but those numbers are for ppl in their late 40s
Im 26 and im at 35K but i spent at least 25K in luxury goods and i regret it. Wish i could have that money back
2% inflation equals 50% devaluation in 35years.
Study Bitcoin !
Basically 7k is just means that you own a car
Im 24 and just started saving, i feel bad.
Don't. Everyone's circumstances are different. You've made a big step. The hard part will be sticking to it.
You're using the word bourgeoisie wrong. It literally means middle class 🙂
Ooo what I always thought it meant the rich for some reason
@@VincentChan Same here!
According to Marx, it's the poor (proletariat) against the middle class (burgeoisie)
I think he popularized those terms and relatively speaking, the burgeoisie is more wealthy compared to the proletariat, and that might be why we misunderstood those terms.
@@Jerome-iwnl fascinating thanks for sharing with me. Is there a word for the rich? Do you know
@@VincentChan From my understanding, the class above the bourgeosie is the elites or (at that time) the nobility.
I like how these people tell you to save all this money. We work 9 to 5' s flipping burgers... How am I supposed to do this? Hahahah... 😢
Go homeless. Duh 🙄
I think the advice to join an account on someone’s credit card is a terrible idea. It just takes a few years to build good credit. No need to risk your own credit score on someone who may screw yiu over.
Aloha Vinnie. 🎉
Hello!!!! What did you think of the video?
You're like the MKBHD of the finance space u explain these concepts so well that even a complete novice can understand them
Love the video very detailed
I checked out when dude suggested getting added on somebody else’s CC to boost your credit.
That’s some of the dumbest shit I’ve ever heard.
If you say so but it’s a BIG credit hack in the personal finance space. If you know, you know :)
Because i have no faith in our government and economy, i still don't feel secure even though my numbers are good
I live at home with my mom as a 24 year old. My assets are bitcoin, sealed pokemon, and 401k lol. Each about 1/3 of my total assets 🤣
Hello
Source of your net worth by age?
27 and still broke 🙃
Meanwhile, having a uni degree and a stable freelance job
LMAO I had to rewind after he put Pokemon card collections in the assets column 😭😭😭😭 It's def sizeable enough to be under the assets column HAHAHAH oops
im 24 with $400 in my bank help
Hm I feel good that I actually have more than what you say
Nice!! That’s awesome :) what age range do you fall under?
Love it!
@@TheBroadcastGuide just because someone has money doesn’t mean they have rich parents 😂😂 seems like someone is salty
@@charlesk8851 i know that someone write this. hahaha but no im not salty :)
@@TheBroadcastGuide thats a disgusting comment to make. Hating on others because you lack financial literacy is insane. Maybe you should get your own life together
These arbitrary metrics aren’t realistic, especially considering we’re seeing the worst inflation since the 70s.
Hallelujah 🙌🏻!!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11,000 and got my payout of $290,500 every month…God bless Mrs Susan jane Christy♥️
if I subtract student loans my net worth is several thousand in the negative 😬
Go work for a government entity
What glasses are those?
17 years old guy suggestion : Dont save , Do invest 🤝
Do both
I‘m in my thirties and don‘t have a whole year on my savings account. So I will start with your 20s plan. 😅
But Vincent. Voo dropped like 0.80% the last couple days. Is it still good to invest?
His parents were frugal and he got an XL shirt. This was my dream. My parents let me wear off my brother's old clothes. Luckily I am a girl, imagine my brother would have to wear my old clothes off😂
Sorry for skewing the "20's" numbers guys, I'm sure you're going alright xD
I'm living in 3rd world country and I see I'm cooked 💀
Stop speaking like us as well you’re an imposter. Stop watching our country.
100k in your 20s ya right lol
I mean I’m 22 with a net worth of just over 100k, it’s not impossible (no it’s not my parents money, all mine)
@@luclavallee7413u Nepo baby.
292k USD ???? BROOOOOOO
I though i was poor...now I KNOW I am x)
Dam............
Those "average" net worth numbers" are bullshit 🤣
me watching this while living in a third world country ☠️
Always go based on average not median
$30k a year in expenses 😂
As someone that's interviewed a bunch of people for jobs, job hopping is a huge red flag for me. Even if someone is a good fit for a job, I'm not going to waste my time with someone that has only spent 2 years at previous jobs.
exactly.
okay so at some day you work alone in your company, have fun!
Haha! I assume you probably don’t hire for high end management very often. The highest earning employees BY FAR are the ones who job hop. The reason is because most companies don’t allow meaningful upward momentum. Your advice is a near surefire way to never upgrade your pay in meaningful ways. That’s just the way western capitalism works.
As someone who has interviewed with many different companies, it is a huge red flag for me to see other employees at the company who have been there for many years but have little to show for it. Would you mind sharing how your employer (or employers you’re contracted out to) reward loyalty?
dw
Roth IRA was really the only safe and legit option for younger people to start… that authorized user shit was super irresponsible to even recommend even with your disclaimer. imo you should be alittle ashamed to even mention it, especially to young people with little knowledge. shame on you.
The fact that nobody talks about the book whispers of manifestation on borlest speaks volumes about how people are stuck in a trance
as
☺️☺️
Ridiculous advice. Debt free is the only way
asd