5 Essential Financial Goals To Achieve Before 30
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- เผยแพร่เมื่อ 2 มิ.ย. 2024
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⌚️Timestamps:
00:00 Start Here
00:04 Build Your Life Blueprint
01:53 The Halfway Point
04:32 Maximize Your Limit
07:58 The Chess and Rice Strategy
10:21 Proof Yourself, Not Prove Yourself
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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.
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At 26 I am so grateful to be learning this at my age while I’m still living at home. I feel a lil weird that I don’t have certain adult financial things yet like my own credit card. But I’m not letting my financial shame or guilt stop me from learning, growing, stretching and strategies
that’s awesome. I’m pretty close to your age and live on my own. definitely save but I would highly advise on getting your first credit card. I got mine a few years ago but wish I had it sooner, I was too afraid to commit because of hearing stories that you can easily mess up your credit etc etc but definitely jump on it as soon as you can. There’s a lot of good subreddits that you can read about regarding credit cards and building credit. good luck dude!
I kid you not, yesterday I was trying to figure out how I could plan my life so that I’d know how to allocate my money before I get my first paycheck. Your video got recommended at the perfect moment and it was very insightful. My initial plan is to build up my emergency fund all the while saving up for a separate “health fund” which I plan to use once I avail of an HMO. I’ve been tracking my expenses since I was in college and been keeping up with it up to this day. Thank you so much for this well-edited and educational video! More power to you :)
in case you guys were wondering what 2^64 was in numbers it's: 18,446,744,073,709,551,616... that's insane.
yeah it's a massive number haha. glad you did the math :D
Which is written as eighteen quintillion, four hundred and forty six quadrillion, seven hundred and forty four trillion, seventy three billion, seven hundred and nine million, five hundred and fifty one thousand, six hundred sixteen
"18 quintilluon, with a Q..."
For those of us aiming for a centillion bucks, that's a good start.
I really like the blueprint idea, I've never really sat down with myself and thought about planning my future in that depth
Thanks so much!! I'm glad you found that idea helpful :) What did you think of the others?
All plans are worthless but planning is everything🎉
Really great editing, what's your recommended posterized time/fps setting for motion graphics? It looks so cool! Also, thanks for the free savings goal tracker!
Excellent overview of foundational financial strategies for young adults! Emphasizing the balance between saving and spending is crucial, and I'd also recommend periodically revisiting your life blueprint to adapt to life's inevitable changes and ensure it still aligns with your goals. 👌
Thanks Vincent for this video. Life in my 20s was filled with fun that cost me in the long term. This also took away from opportunities cost of owning a rental property and investing in my IRA. 👀 looking backwards is always 20/20. Change our environment and increase our financial education
I'm kind of struggling with that right now at the moment between trying to have fun but also not financially cripple myself in the process. How did you balance the two?
...wait...do you have regret?
This is such an amazing video!!
I love the idea of the life blueprint coupled with knowing your halfway point! Knowing what you want is soooo valuable to every aspect of your life. It's part of why I decided to not be scared and move to live in China now instead of waiting for the right time
USA is in 35 trillion dollar debt but still wants to know our credit scores is crazy.
USA has leverage, you dont.
@@MaGiikLeAvEs YOU DONT KNO ME!
Hey Vincent, been watching you for years now but let me appreciate how cool the background music starting on 9:02 is. Very cool way to explain compounding. XD more powah to you and Mr. Magic Lamp!
And his hair is longee with a curl, cute!
Wonderful video 😊
Thank you! Did you do any of these financial goals in your 20s?
I did achieve by saving for the emergency situation.
That’s awesome :) how are you doing with the other goals?
@@VincentChan I say pretty good. I don't spend as much money when I go the store, maintaining my investment, and checking my credit score along with credit card bill to pay.
Unfortunately, I have no luck finding a job for entry level IT, but still searching and applying for the right job.
@@gamereditor59ner22you will get the job you are searching for. Don’t give up and keep trying.
the blueprint idea is so good! i never think about it that way ngl. i just try and save save save lol
First off, I was extremely lucky. In my 20s, I had dropped out of college and was literally living under a bridge. Ran into a friend that needed someone to work for a day. This was 1978. Worked my way up to better positions in the same industry. I get paid, (very well), to travel the world going to concerts.
Glad you made it. I don’t understand what you really do though
Hold up, hold up. Can you tell me more about how you get paid to travel the world to go to concerts? What type of job is this?
Has a 23 year old have been doing this saving is very important very important!!!
Yes!!! Did you do this at 23?
It is the people too and enjoying work without slacking.
I’m 54. I didn’t spreadsheet anything in my 20s, or later. But I was non mathematically realistic in those post education years. I dabbled in independent stock investments for about a year and just a bit of money and learned quickly, not my place to dwell! So I saved conservatively instead. Bought my home with 20% cash down in 2003 at 34. Paid off mortgage two years ago, 2022. It’s not a cheap place, I live in LA, but no other debt and a dedication to ballon mortgage payments made the difference. Around 2016 when Trump came in, the swap between property tax owed and mortgage interest tax deductible disappeared. That’s when I knew there was no advantage to carrying a mortgage debt bi don’t think that’ll be relevant or sensible to the 20s but it’s a financial lesson nonetheless. Thank you for trying to educate everyone! 😊
That's AMAZING, owning a place in LA is no small feat. I'm envious but you are an example that it can be done.
I used the money muscle strategy Basically my physical muscles aren't great, so I knew I had to make money my muscle. It worked. I'm okay :).
Subscribed 👍
I’m 37. What advice would you give to someone just starting their savings journey?
This is so true that you should have a blueprint. I have one because my dad told me it would be a good idea.
Nice! Do you mind sharing what’s on your blueprint?
@@VincentChan Managing my money better, planning for retirement even though I'm in my 20's. Starting an Online business. This video is helpful.
I did all that by 29. Then I got married at 30. Big mistake
Maybe the mistake is the person you get married with
@@emiliognecco emilio speaking facts towards emily
how could you said that? There's a lot of things you can do at 30
How have you been, Mr. Chan?
I’m still fairly new to investing. For the passively managed index funds, is it good to have both FXIAX and VOO under my roth ira? Or is just 1 of them good?
I can't access the savings tracker
If I only saw this sooner then I would not be miserable all in my 20’s as I am basically past that point of financial redemption and establishment at 28 still living at home because I can’t find a job high paying enough that allows me to rent, pay the bills, etc and build from there.
I'm sorry to hear you're going through this :( I know it can seem really tough right now but it's never too late to start! I'm wishing you the best of luck with everything. Let me know if you have any questions I can help answer
If it helps, a lot of folks are still living at home because its insanely expensive out here. Work on developing a portfolio while you are saving money, take some classes at a community college, take some free courses to boost your resume, etc. You got this!
Last 1 min of this video >>>>>
Got here over 7 years too late, should I reboot? J/k 😅
In a way, I hate the fact that in Finland money comes before life and the general rule of thumb is that you shouldn't live until you have enough money because it costs and therefore you should start planning life's blueprints only when you have enough money to be the foundation of your life. Because of this, if you are low-income, poor or unemployed in Finland, you realize quickly that you only just exist, you are alone and you are miserable because you are not living and because society is built in such a way that it won't allow you to live until you have enough money for your life including social life and friends.
Its the same in the USA.
is your watch a Cartier de Santos? paused at 4:25. Looks insane.
The only thing I dont agree about this video is when he compared his financial life to love life lol it sounds kind of childish, other than that the videos are somewhat informative. It is not unique since a lot of other youtubers talk about the same things
I'm 35 and have done none of these :(
Don’t give up and keep going. Try to be a better version of yourself today. Don’t dwell on the past and keep moving. You can only go forward so keep moving forward and try hard everyday to get better. Goodluck dude.
not the spiderman wallet :((((
Thank you for the advice. Please tell me you got a rabies shot after you got bitten.
I definitely need to track more of what I spend honestly. It gets demotivating when someone from my generation can't even afford to buy a house in this current timeframe.
I read an article stating that Gen Z was spending more than what they normally saved or something like that since their goal is to enjoy life more through experiences than buy a house or something like that.
Great video but he reality is most 20 years do not have the maturity to watcha channel like this and take your word seriously
That's a good point but hopefully some do see it and take some action so they can change their lives for the better :) appreciate you taking the time to watch and comment
🙋🏼I’m 21 with 10k in my 401k from my management job
NOOOOO. I turned 30 a few weeks ago
Wait, you visited Myanmar 🥹
Me watching at 33 =D
I think its shady for checking your credit score to hurt your credit, that doesn't make sense.
I have no credit because I have something better....
Money!!
You don't have any credit history?
@@VincentChan
You don’t need a credit history. Being debt free and paying for things in cash is the best way to build wealth.
@@VincentChanno, I don't have any credit history and I'm 49 years old.
By the way, I'm an accountant 😉
Who the fuck makes 6000 a month and how do I do it
Job and a decent side hustle, or two jobs
So y'all make 6K a month in your early 20s? 🫠
😂
Yeah basically, only if you work in technology you might be making this money in your early 20s.
Yeah I work for the railroad, apply online, no education required besides high school, no previous experience required, you don’t need to know somebody to get in, they pay you while they train you. I worked 10 days last month and made $12,000 pre-tax. You have to be reasonably healthy (no major damage that makes it where you can’t walk or lift things) and pass a drug, hearing, and vision test. It’s also not hard physical labor either. School isn’t the only option out there. Also, all of this is assuming you’re in the U.S.
@@daylonsmith5283what do you do exactly this sounds interesting
Like this comment if your in your 20’s and still living with mom or dad because the cost of living is asanine. 😭
Youre not alone!!!
4 years 😂
You lost me at the 50/30/20 rule. That’s dumb. You need to save 50% gross of what you bring in. Can’t do it? Too bad. Figure it out.
It's 50% towards needs (housing food utilities), 30% to wants (vacations etc) 20% to savings
It's 50% towards needs, not savings. Also, I never said "too bad, figure it out." If you kept on watching, I say, "but the 50/30/20 rule isn't a one size fit all solution. You need to understand your own personal financial situation and readjust the ratio accordingly. Personal finance is personal for a reason."