🚀 Friends, I've partnered with moomoo, the latest stock investing platform, and they're giving you 2 FREE stocks (worth up to $7,000) if you deposit just $1 into your account! Sign up here: bit.ly/3kpn5wa 🚀 Comment how many of these things you're already doing :). Let's be friends on IG: instagram.com/hivincentc
@@goddesswen I'm glad you found them helpful :) Let me know if there's anything else I can do to make it easier to digest the content. I know finance is a bit boring and complex so I try to make it as fun as possible :)
Nice to meet you today Vincent. Watched 4 of your videos in 1 seating. The most I've watched so far in youtube. I don't wanna make this too lengthy but I'm just gonna reply here that if I'm gonna be extra rich I'm gonna buy - no, I'm gonna pay debts first, then invest in real estate and in my skills that would help me have sustainable sources of income and yeah you know the drill 😂
I think there is 4 main parts of every business. 1.Sales and Marketing: this is the thing that creat money. 2. Finance : this helps you to manage your money. 3. Security: This will Secure your money.(CCTV, Computer Systems) 4. Reinvesting : Reinvest money to your business,so that can grow really fast.
Ex-Bridgewater employee here - I recommend taking full advantage of the roth 401k (after tax) option when you are young, as your current tax bracket is likely lower than what it will be at retirement age. Definitely great info in this video!
is it worth it even if you arent making a lot of money at the time? I'm 20 making min wage but haven't started doing my taxes so I was unsure if it would even help
@@HedgeFundAnalyst is that because the tax bracket at which you establish your IRA will be the tax bracket you are taxed at when you retire or because the time factor of compound interest?
@@Redditor6079 Taxes are paid on Roth investments when you contribute them (401(k) or IRA), but grow tax free (you don't pay any more taxes at withdrawal, either on the principal or on the growth). Traditional investments are tax deferred (allows you lower your taxable income the year you invest them), but then are taxed when you withdraw them in retirement (both the principal and the growth, at whatever bracket you're in then, which depends on the amount you withdraw from taxable accounts, any amount of pension income, and potentially Social Security income). The younger you invest in Roth, the longer amount of time and more potential it has for growth (all tax free). Also, if you're in a lower tax bracket now than you predict you will be in retirement the less overall tax you'll pay if you invest now with a Roth option. You'll likely want a mix of both in retirement (i.e. also some taxable withdrawals to fill in those lower tax brackets).
Your idea of budgeting through different accounts is great, and exactly what I do. I find it helpful to have one checking account for fix bills, and a separate account for all of the truly discretionary expenses like restaurants and shopping. I put 15% in the discretionary account, and when it's gone.. well then it's time to cook. lol It really makes things easy.
I don’t like using the term “rich” because broadly speaking we are already rich - we have food, shelter, family and hopefully health and that makes us VERY RICH. We define the people who have a lot of money as rich but some of them are the “poorest people” not generalizing but don’t have time to be with family, have nanny’s who are the actual children confidant, poor in relationships, etc.If I had”great sums of money” which is the term I like to use and should be use to change people psychology of what it really means to be “rich.” Is just a beautiful vacation with all my family.
chair is chair, table is table, rich is rich, come on man is not big deal. don't criticize other people's videos when they are trying to teach you something.
Superb distinction that I teach my son. Rich comprised of the intrinsic rewards difficult to value…happy, healthy, wise (Maslow). Wealth is the extrinsic such as bank account, house, cars, etc.
Omg you're rich guy doing his budgeting impression killed me 🤣🤣 I've felt this way about budgeting for a while, I'm so glad to see a finance guru talking about it!
I use a wealth rule of "Save 50% of all income to be invested". This requires reducing expenses in the highest categories, challenging what you really think you need to survive, then taking each expense category slightly over to feel happy and thrive. Build Emergency fund, get rid of all bad debts, build investments of assets weekly, educate daily, build positive cashflow weekly to free your chains!
A stock call option gives the holder the right (but not the obligation) to buy a stock from the seller by a certain date (the expiry), for a certain price (the strike price).
Trading options offers you an opportunity to work both sides of the market since you can buy and sell both call and put options. Therefore, you can shield much of your capital in the event that something goes wrong on the short or long side. If you don't understand the market too well, work with an advisor.
The first thing I'd buy when I'm rich is a coffee for you for this great advice :) a lot of finance gurus tell us to cut out as many expenses as we can but I loved your perspective on how we define value. The principles of minimizing expenses while maximizing income still hold true, but there are more sensible and realistic ways to abide by them. Love the comedy and b-roll shots you're incorporating too!
I’ve heard some of these recommendations before. However, I enjoyed and actually prefer the way you shared your message. Simple and straight to the point! Thank you
@@VincentChan Perhaps talking about stock valuation? How to pick index funds given specific market conditions? How to diversify your stock market portfolio? Those are some topics which I’d be interested to hear your thoughts on. Thanks for responding! I appreciate your time.
Hi Vincent. Thanks for sharing. Like your videos. I am retired; never had a budget, but did have this lifestyle; always bought other peoples stuff/scrap cash and fixed it. Whatever I bought, it must have the potential to add value in order to be sold for more whenever I needed to part with it. Nothing changed over night but after decades this practise paid off dearly. In 1976 I started with a salary of almost $2pm (after finishing secondary school as an ordinary nobody) I never received a sent from my parents but a solid sound basis of reading the Bible and trust the invisible God. I started working as an apprentice at a steel company, working my but off. Studied after hours like crazy and utilized every opportunity. As an introvert, I didn't participate in socializing. There for I didn't care about others opinions. Eventually I was fixed my own old cars, constructing my first house over the span of ten years. Best of all I prayed over all things and donated 10% of my income. Looking back. God blessed me in all ways and always provided me in whatever i needed. Just as He promised in the Bible. So I hope you also learned something spiritual because one day after death, we will be accountable for our former lives and will be received by Jesus or rejected. Todays dissition's will determine that outcome.
I so needed this. The cost difference with insurance plans these days is bananas. This video was incredibly helpful with crunching the numbers to save on the big things outside of housing.
I agree about the coffee thing. Look, about once a week or so, I make it a habit to go to Starbucks, buy some coffee, and go over my finances. Sure I spend 8 bucks, but I'm actively looking over my expenses and learning new way to manage money. It's what I'm doing now, and why I'm watching. (: It makes me happy. I like going out and seeing people.
That's the thing I hate so much when I read some financial advice articles - AVOID DEBT. As in those financial writers and gurus do not identify the difference between good and bad debt, which is so annoying.
Thanks to the TH-cam algy, I get a person that looks remotely like me and isn't as stingy as Graham and not use credit as Ramsey :) Keep it up Mr. Chan!
I learned about the avalanche method when I was looking at how to pay off my student debt. I went with the snowball method though. While it probably would have been cheaper, it was just so much more rewarding to see one debt disappear and pile that payment onto the next lowest owed amount. At the end of the day, its more about what keeps you on track. Do what makes the most sense to you with debt reduction, and carry on.
I feel like I took an educational field trip to finance land and don't understand 70% of what I just watched, but it's a good thing. You're right it is a good investment to watch your videos and educate myself because most of the scams out there are made for financially uneducated people like me. Is there a dumbed down version for me to slowly catch up to understand what's going on?
If I was rich, the first thing I would do is pay for the rest of my life. Buy the best insurance from now, buy a house and set aside taxes for the next 70 years, a food budget ect. Once my entire life is completely paid for, then the rest I can do what ever I feel like with.
I started off using the snowball method but once I got the hang of budgeting I switched to the avalanche method. I was on the Dave Ramsey train for a bit but switched once I started better understanding finances. Really good video and I love your editing style! New sub!
I love the point about not stressing too much about the little things! If a fancy coffee brightens up your day, do it as a treat/pick me up. However, it is good to notice when it becomes habit it ceases to be the boost of happiness anymore.
Hi Vincent, thanks for everything; that helps alot. My only financial goal in life is to be able to buy some beautiful lands where I can live peacefully in the nature and create healthy food for myself, my family and my friends while doing something that I love at work. You're amazing!
I just keep thinking about how silly it felt for Vincent to film himself eating Hot Cheetos hehe. Jokes aside, great video! I already take note of my cashflow and I'm currently working on the avalanche method of paying off my debt. I'm about halfway finished with paying off all debt now c: I'm still in college and I get told often that the minute purchases we make add up to a lot (coffee and other things that make us happy), but I'm glad that you touched upon the greater value of the things we purchase. I mean, in that aspect, college can seem like a waste of money to a lot of people, but it has greater value for me in the greater scheme (non-financial reasons) of things.
I'm doing my makeup so I absolutely need to re-watch but I'm loving the content particularly that your money advice meshes with philosophy. Just dropping some love. Thank you!
Funded Forex trader here, Good advice here on long term investment. You said 90/10 odds but this is not how it works... 90% of small businesses fail too. It’s about a solid trading plan, risk Management per trade, aiming for 2%-10% per month realistic returns 😀 and Don’t have kids until your 30 & follow your advice on long term investing 😀 good luck guys On becoming a day trader it’s possible if You manage your ego
Yo Vincent, I dont want to shame your calculation at 9:47 but 10% return is unrealistic considering decreasing risk tollerance with higher balance and no adjustment for (potential) inflation. I know youre a finance guy, but it dissorts the picture. Either you discount the future cashflow or use extrapolated forward rates.
It is a better method to use debt snowball. Pay off smallest balance first, minimum payments on the rest. It allows you to compound the amount of money you are putting toward each debt to pay them off quicker. I have used this method myself, and found it very successful. The issue with the avalanche method mentioned is that it focuses on interest rate over balance. If your highest interest rate also happened to be one the highest balance, you’d actually be slowing yourself down in paying off your debt, extending the payments on a smaller balance that you could just pay off.
Omgg, I love your philosophy. Everyone values and enjoys different things. I have no interest in buying materialistic things like clothes, make up, beauty products, cars, or jewellery. Like.. it just doesn’t interest me. BUT I absolutely love dining out and trying new restaurants with family & friends. It’s the only indulgence I spend money on, so that’s defo something I value. And when finance youtubers are like “never eat out” or DR is like “the only time you’ll see the inside of a restaurant is if you’re working in one” 😭😭💀💀💀. I’m just like, hell no! I cannot live like I have no life. Lemme have this one thing pls lol
Used my unemployment on compound saving in Fidelity and saved up for a car , also looking for jobs close to home so I dont have to drive. Got rid of sports car and drive a Prius to save on gas , I come from being back and forth from homelessness since I was 17 , no matter how shitty life can be , taking little steps goes along way to a less stressful life , just take as much information you can get and you will find financial peace . For single mothers it's hard, one thing to think about is working at your child's school as entry level to no experience or " on site training " that ways you get paid and have child care . Hope this helps .
Rather than having a budget (I certainly don’t), find your values and priorities. Every item ask do I need this? Or want it? This of course is rather dangerous as most people think 90% of what they “need” is actually just something they want. Always have money for things you need. Think about wants for a few days, if 3 days later you still REALLY want it. Get it, nothing wrong with splurging on yourself. You might find most wants are impulse. Always go to stores with a to get list. Never get anything that isn’t on it. Just doing this I honestly feel rich while being technically classified as poverty level income. Just the tip of the iceberg, and this video covers several very good ideas, and not the small ones that sure can add up to big changes (like what I mentioned) but game changers if executed properly.
Save, invest, diversify. I have 403b, ROTH, IRA, non IRA accounts Index fund, Wait 25 years, boom! Remember to never deprive yourself. If you love coffee, go out and treat yourself. Life is too short.
I have a limit that I set for myself like I don't want my credit bill to be above a certain amount. I don't budget what I will spend it on but try to keep it below that limit. It has worked for me. I obviously pay attention to how much I spend on eating out which I limit to about twice a week and my friends have become more open to doing things other than going to a restaurant when we get together.
Hi Vincent, I love your videos, for the first time in 30yrs, I feel like I actually understand my finances! Please continue making these helpful videos! :D
My parents live paycheck to paycheck and complain about not having money, but don't even bat an eye when they get more debt. My aunt retired early at 36 years old. So I made that my goal, have to get out of debt myself first. That only gives me 10 years to do it.
Hey Vincent, I just started watching your videos maybe 2 days ago ? Well on one of your videos you mentioned we can just call our bank and ask for a increase on our revolving credit, I did it today and just simple as that they increased my credit limit 10 minutes after I finished the call with them over the phone ! Thank you !
Thinking about buying something "when you're rich" is not the best move. I see a lot of people who consider themselves wealthy and start spending but that's really just because they have no idea how much further they really have to go. For instance, I used to think a person with an 80k/year job was "rich" because I didn't have personal experience with that level of income.
the environment where you are in are also a biggest factor unless you have the discipline to resist them. For example, I have relatives who treat you well based on what they see. So they impress you with fancy cars, buying expensive things, etc so others tried to follow the trend to be like them.
Love your channel! However, a person earning $35 000 will not pay 25% of it for taxes. Even if you don't go deep, standard deduction will reduce have of the income, and you pay only the highest tax rate on a portion of your income. So it would be more like $1200 in taxes not accounting for other deductions and credits. However, the message is great! Looking forward to more videos 😁
We're paying double mortgage payments so we can finally own this house. I invest 10% of what we make, this is in addition to our 401ks. Every week I shove extra money in savings which eventually gets invested. This is on top of the 10% of our paychecks.
This video hits home because I grew up poor! For (u.s.a standards). It took me YEARS to find my mentors and change my life, but the possibility are out there especially if you live and work in a major city. One thing for sure I always thought once I have money I would buy expensive shit and FUCK THAT! I own a rental car company at 33 along with other businesses, and trust me it's nice when you buy 10 cars at once, but emotionally nothing changes, my 209k miles beat up 2 door honda still takes me to the same place a 2021 Audi S7 does, and I soor realize material items dont mean SHIT! I still have more fun just meeting up with my friends smoking weed and playing video games. It's cool when you're friends are true! No matter how much money or success I acquire I'll still be the same, living with my parents as a millionaire in the making🤭🤭
@@VincentChan I didnt create it, we are using the turo app, and me and my partner are up to 80 cars right now. This doesn't even count all the other business we have
I've considered this idea before but have never heard someone talk about it, the idea of having a spending account rather than a savings account makes a lot of sense
I work for a retirement company and although Roth funds are not taxed at the time of withdrawal, the earnings are taxed. Much less than you can expect other funds, but they are still taxed
Thank you, really appreciate these videos, I saw your I quite one.. and know started following the rest... your creating clarity to my existing thinking...
the value of things! yes! ive heard people tell me how i shouldn’t buy this or that and should instead get something i really need. Which is true for the most part, but if it makes me happy imma spend my 💵 on that yes
I started selling stuff on offer up and used to donating plasma. Right now, they are offering $$ more than before. I stopped but recently started doing fit for a few weeks because I wanted to make extra money to save up for a car and for a short trip
One thing you didn't mention for tax saving is that the rich also have life insurance that is used as a savings account. Today many TH-camrs are calling it "be your own bank" because you can make purchases for cars, properties, and other large purchases with the money from the life insurance policy. The one that comes to mind is an IUL, there are others but this is the only one that comes to mind. I'm paying off my debt so I can save all of my money in one of these policies.
It's great to see if an investment gets to 1 million in 30-40 years from now. But one concern I have is what is that 1 million dollars worth by then. Shouldn't we consider a decrease in the average spending power in 30-40 years when inflation sky-rockets because of an expanding economy?
Another great bank that can help you automate and separate your money into “pockets” within your bank is One Finance. 👌 You’re welcome. And thank you for explaining this the way that you did. I think I’ve heard some/most of this before, but the way you said it (and drawing it out) just made more sense to me.
401k is good but that's if a person makes it for retirement I heard someone say. He knew ppl that have money saved for retirement but pass away before there 60s to even enjoy the retirement money. Also I heard Social Security from what I heard will run out of funds for full payments by the year 2034. My friend he plans to just have different streams of income passive and non passive and not deal with retirement cause some ppl don't take that chance.
No one should depend solely on what's taught in school. I learned all that by myself prior to the internet. I went to to library and started reading. It's common sense.
@@cryptojonny6837 you can start withdrawals at age 59-1/2. I intend to take SS immediately, after I retire from my job at 62. Then ROTH, then IRA. Don't wait too long to enjoy your money, and never starve yourself from doing what you love.
Very informative. I agree with strategic planning and money management. Things I am definitely learning and considering. So far I am learning about Stocks and Forex along with building my own blog site. Investment account in Wealthfront. Last I am apart of an e-commerce business as well. I started late but not out!
Stumbled across another video, maybe three, perhaps five videos ago... Anyway, been listening to them for a little but on auto-play, and I think your content is super valuable. Well worth the subscription. Thanks Vincent!
It's easy just keep writing checks on an account that doesn't exist .and borrow on assets that don't exist. Then Spend spend spend and when the bill comes due get on your private jet and go to your island remotely file for bankruptcy then in two years do it again.
This video was confirmation for me, some points reminded me of the book the automatic millionaire from David Bach that I'm currently reading. Thank you!
The side hustle is arguably the worst bit of advice anyone can give. Unless that person hates their job then it's a possible way out. Choose a craft and master it. The money will flow.
There's some good advice here but also a lot wrong. The 1% didn't get rich by investing in index funds. Investing in index funds is good to preserve wealth, but not necessarily to grow it. If you're lucky, perhaps you'll at least beat the true rate of inflation which is NOT the CPI.
You should make a video similar to this one that talks about what you would advise someone to do who won or inherited a large amount of money. Like hundreds of thousands or millions. What would you do with it? Etc...
This makes total sense! I always wonder what people's goal is when I see them researching and calculating Gas station deals everyday to save 0.00005c per gallon.
🚀 Friends, I've partnered with moomoo, the latest stock investing platform, and they're giving you 2 FREE stocks (worth up to $7,000) if you deposit just $1 into your account! Sign up here: bit.ly/3kpn5wa 🚀
Comment how many of these things you're already doing :).
Let's be friends on IG: instagram.com/hivincentc
I love your videos and my 2014 Honda Civic (it’s blue so it has +2 hp).
@@JazzcidTRiP hahahha thanks so much brett!!
The chapters really help! Thank you taking the time to list those out Vincent! :)
@@goddesswen I'm glad you found them helpful :) Let me know if there's anything else I can do to make it easier to digest the content. I know finance is a bit boring and complex so I try to make it as fun as possible :)
Nice to meet you today Vincent. Watched 4 of your videos in 1 seating. The most I've watched so far in youtube. I don't wanna make this too lengthy but I'm just gonna reply here that if I'm gonna be extra rich I'm gonna buy - no, I'm gonna pay debts first, then invest in real estate and in my skills that would help me have sustainable sources of income and yeah you know the drill 😂
Finance and wealth management don't have to be nearly as complicated as many people may think. Great information Vin!
I think there is 4 main parts of every business.
1.Sales and Marketing: this is the thing that creat money.
2. Finance : this helps you to manage your money.
3. Security: This will Secure your money.(CCTV, Computer Systems)
4. Reinvesting : Reinvest money to your business,so that can grow really fast.
Ex-Bridgewater employee here - I recommend taking full advantage of the roth 401k (after tax) option when you are young, as your current tax bracket is likely lower than what it will be at retirement age. Definitely great info in this video!
is it worth it even if you arent making a lot of money at the time? I'm 20 making min wage but haven't started doing my taxes so I was unsure if it would even help
@@lorimcadoo5143 The less you make now, the more "worth it" it becomes
@@HedgeFundAnalyst is that because the tax bracket at which you establish your IRA will be the tax bracket you are taxed at when you retire or because the time factor of compound interest?
@@Redditor6079 Taxes are paid on Roth investments when you contribute them (401(k) or IRA), but grow tax free (you don't pay any more taxes at withdrawal, either on the principal or on the growth). Traditional investments are tax deferred (allows you lower your taxable income the year you invest them), but then are taxed when you withdraw them in retirement (both the principal and the growth, at whatever bracket you're in then, which depends on the amount you withdraw from taxable accounts, any amount of pension income, and potentially Social Security income). The younger you invest in Roth, the longer amount of time and more potential it has for growth (all tax free). Also, if you're in a lower tax bracket now than you predict you will be in retirement the less overall tax you'll pay if you invest now with a Roth option. You'll likely want a mix of both in retirement (i.e. also some taxable withdrawals to fill in those lower tax brackets).
Your idea of budgeting through different accounts is great, and exactly what I do. I find it helpful to have one checking account for fix bills, and a separate account for all of the truly discretionary expenses like restaurants and shopping. I put 15% in the discretionary account, and when it's gone.. well then it's time to cook. lol It really makes things easy.
I don’t like using the term “rich” because broadly speaking we are already rich - we have food, shelter, family and hopefully health and that makes us VERY RICH. We define the people who have a lot of money as rich but some of them are the “poorest people” not generalizing but don’t have time to be with family, have nanny’s who are the actual children confidant, poor in relationships, etc.If I had”great sums of money” which is the term I like to use and should be use to change people psychology of what it really means to be “rich.” Is just a beautiful vacation with all my family.
thanks so much for sharing!
Assuming my family is not toxic.
chair is chair, table is table, rich is rich, come on man is not big deal. don't criticize other people's videos when they are trying to teach you something.
Superb distinction that I teach my son. Rich comprised of the intrinsic rewards difficult to value…happy, healthy, wise (Maslow). Wealth is the extrinsic such as bank account, house, cars, etc.
Omg you're rich guy doing his budgeting impression killed me 🤣🤣 I've felt this way about budgeting for a while, I'm so glad to see a finance guru talking about it!
@Vincent° Chan° Gotta work on your scam game dude, your fake username impression doesn't even have a Verification check lol 😆
I use a wealth rule of "Save 50% of all income to be invested". This requires reducing expenses in the highest categories, challenging what you really think you need to survive, then taking each expense category slightly over to feel happy and thrive. Build Emergency fund, get rid of all bad debts, build investments of assets weekly, educate daily, build positive cashflow weekly to free your chains!
50% wow!
I was always frugal and due to me being lucky getting a good finance job, I can save up to 70%-80%. Tbh I dont even know what to spend the money on.
A stock call option gives the holder the right (but not the obligation) to buy a stock from the seller by a certain date (the expiry), for a certain price (the strike price).
The value of a call option goes up when the price of the underlying stock price increases.
Trading options offers you an opportunity to work both sides of the market since you can buy and sell both call and put options. Therefore, you can shield much of your capital in the event that something goes wrong on the short or long side. If you don't understand the market too well, work with an advisor.
Your analysis are good. who do you work with ?
I work with TAMARA DIANE HAGAN. Best decision i ever made. you should look her up on the web.
Good choice. Tamara Diane Hagan understands the market perfectly. i worked with her as a beginner.
can we all take a moment to appreciate that intro? wonderfully done.
thank you!!
The first thing I'd buy when I'm rich is a coffee for you for this great advice :) a lot of finance gurus tell us to cut out as many expenses as we can but I loved your perspective on how we define value. The principles of minimizing expenses while maximizing income still hold true, but there are more sensible and realistic ways to abide by them. Love the comedy and b-roll shots you're incorporating too!
I’ve heard some of these recommendations before. However, I enjoyed and actually prefer the way you shared your message. Simple and straight to the point! Thank you
thanks so much istvan! which strategy are you trying to get better at?
@@VincentChan Perhaps talking about stock valuation? How to pick index funds given specific market conditions? How to diversify your stock market portfolio? Those are some topics which I’d be interested to hear your thoughts on. Thanks for responding! I appreciate your time.
Hi Vincent. Thanks for sharing. Like your videos. I am retired; never had a budget, but did have this lifestyle; always bought other peoples stuff/scrap cash and fixed it. Whatever I bought, it must have the potential to add value in order to be sold for more whenever I needed to part with it. Nothing changed over night but after decades this practise paid off dearly. In 1976 I started with a salary of almost $2pm (after finishing secondary school as an ordinary nobody) I never received a sent from my parents but a solid sound basis of reading the Bible and trust the invisible God. I started working as an apprentice at a steel company, working my but off. Studied after hours like crazy and utilized every opportunity. As an introvert, I didn't participate in socializing. There for I didn't care about others opinions. Eventually I was fixed my own old cars, constructing my first house over the span of ten years. Best of all I prayed over all things and donated 10% of my income. Looking back. God blessed me in all ways and always provided me in whatever i needed. Just as He promised in the Bible. So I hope you also learned something spiritual because one day after death, we will be accountable for our former lives and will be received by Jesus or rejected. Todays dissition's will determine that outcome.
can we like take a second to recognize vincent’s effort in his thumbnails and videos like dang
thanks so much john, really appreciate you noticing :) you the man!
Yesss!
I so needed this. The cost difference with insurance plans these days is bananas. This video was incredibly helpful with crunching the numbers to save on the big things outside of housing.
I agree about the coffee thing. Look, about once a week or so, I make it a habit to go to Starbucks, buy some coffee, and go over my finances. Sure I spend 8 bucks, but I'm actively looking over my expenses and learning new way to manage money. It's what I'm doing now, and why I'm watching. (: It makes me happy. I like going out and seeing people.
That's the thing I hate so much when I read some financial advice articles - AVOID DEBT. As in those financial writers and gurus do not identify the difference between good and bad debt, which is so annoying.
Thanks to the TH-cam algy, I get a person that looks remotely like me and isn't as stingy as Graham and not use credit as Ramsey :) Keep it up Mr. Chan!
I learned about the avalanche method when I was looking at how to pay off my student debt. I went with the snowball method though. While it probably would have been cheaper, it was just so much more rewarding to see one debt disappear and pile that payment onto the next lowest owed amount. At the end of the day, its more about what keeps you on track. Do what makes the most sense to you with debt reduction, and carry on.
I feel like I took an educational field trip to finance land and don't understand 70% of what I just watched, but it's a good thing. You're right it is a good investment to watch your videos and educate myself because most of the scams out there are made for financially uneducated people like me. Is there a dumbed down version for me to slowly catch up to understand what's going on?
NVM I just have to digest this video slowly and look at the time stubs.
If I was rich, the first thing I would do is pay for the rest of my life. Buy the best insurance from now, buy a house and set aside taxes for the next 70 years, a food budget ect. Once my entire life is completely paid for, then the rest I can do what ever I feel like with.
Real advice:
1. budget/save
2. invest in rental properties
3. helocs
4. put that shiznats in anchor protocol
5. 19.5% apy
6. ur welcome :)
I started off using the snowball method but once I got the hang of budgeting I switched to the avalanche method. I was on the Dave Ramsey train for a bit but switched once I started better understanding finances. Really good video and I love your editing style! New sub!
I love the point about not stressing too much about the little things! If a fancy coffee brightens up your day, do it as a treat/pick me up. However, it is good to notice when it becomes habit it ceases to be the boost of happiness anymore.
Hi Vincent, thanks for everything; that helps alot.
My only financial goal in life is to be able to buy some beautiful lands where I can live peacefully in the nature and create healthy food for myself, my family and my friends while doing something that I love at work.
You're amazing!
we will reach our goals 🥰
I just keep thinking about how silly it felt for Vincent to film himself eating Hot Cheetos hehe. Jokes aside, great video!
I already take note of my cashflow and I'm currently working on the avalanche method of paying off my debt. I'm about halfway finished with paying off all debt now c:
I'm still in college and I get told often that the minute purchases we make add up to a lot (coffee and other things that make us happy), but I'm glad that you touched upon the greater value of the things we purchase. I mean, in that aspect, college can seem like a waste of money to a lot of people, but it has greater value for me in the greater scheme (non-financial reasons) of things.
I'm doing my makeup so I absolutely need to re-watch but I'm loving the content particularly that your money advice meshes with philosophy. Just dropping some love. Thank you!
🤟
The problem with mint (used it for ten years) is that they sell all your data for profit. Thats why I budget manually.
So does Google, Facebook, visa, big banks, apple, Amazon. Guess what, youtube is free but owned by Google.
Funded Forex trader here, Good advice here on long term investment. You said 90/10 odds but this is not how it works... 90% of small businesses fail too. It’s about a solid trading plan, risk Management per trade, aiming for 2%-10% per month realistic returns 😀 and Don’t have kids until your 30 & follow your advice on long term investing 😀 good luck guys On becoming a day trader it’s possible if You manage your ego
Yo Vincent, I dont want to shame your calculation at 9:47 but 10% return is unrealistic considering decreasing risk tollerance with higher balance and no adjustment for (potential) inflation. I know youre a finance guy, but it dissorts the picture. Either you discount the future cashflow or use extrapolated forward rates.
So glad I found your channel! I’ve been watching non stop all morning. Really enjoying your content 👌🏻
Welcome to the family :)
It is a better method to use debt snowball. Pay off smallest balance first, minimum payments on the rest. It allows you to compound the amount of money you are putting toward each debt to pay them off quicker. I have used this method myself, and found it very successful. The issue with the avalanche method mentioned is that it focuses on interest rate over balance. If your highest interest rate also happened to be one the highest balance, you’d actually be slowing yourself down in paying off your debt, extending the payments on a smaller balance that you could just pay off.
I like how your videos are getting more practical and life style content, keep doing great job 👏👍
Omgg, I love your philosophy. Everyone values and enjoys different things. I have no interest in buying materialistic things like clothes, make up, beauty products, cars, or jewellery. Like.. it just doesn’t interest me. BUT I absolutely love dining out and trying new restaurants with family & friends. It’s the only indulgence I spend money on, so that’s defo something I value. And when finance youtubers are like “never eat out” or DR is like “the only time you’ll see the inside of a restaurant is if you’re working in one” 😭😭💀💀💀. I’m just like, hell no! I cannot live like I have no life. Lemme have this one thing pls lol
thanks for your great videos Vincent, never too late to learn how important it is to plan for the future.
Absolutely!
Thank you so much for educating the newer generations on these important concepts! Much appreciation!
Love this realistic and entertaining take on financial freedom. Great job!
Used my unemployment on compound saving in Fidelity and saved up for a car , also looking for jobs close to home so I dont have to drive. Got rid of sports car and drive a Prius to save on gas , I come from being back and forth from homelessness since I was 17 , no matter how shitty life can be , taking little steps goes along way to a less stressful life , just take as much information you can get and you will find financial peace . For single mothers it's hard, one thing to think about is working at your child's school as entry level to no experience or " on site training " that ways you get paid and have child care . Hope this helps .
Thanks ! I'll introduce you to something new , write me directly via whasapp messenger .
✙➀➁⓪➀➃➀➅➂➅⓪➅
Rather than having a budget (I certainly don’t), find your values and priorities. Every item ask do I need this? Or want it? This of course is rather dangerous as most people think 90% of what they “need” is actually just something they want. Always have money for things you need. Think about wants for a few days, if 3 days later you still REALLY want it. Get it, nothing wrong with splurging on yourself. You might find most wants are impulse. Always go to stores with a to get list. Never get anything that isn’t on it. Just doing this I honestly feel rich while being technically classified as poverty level income. Just the tip of the iceberg, and this video covers several very good ideas, and not the small ones that sure can add up to big changes (like what I mentioned) but game changers if executed properly.
Save, invest, diversify. I have 403b, ROTH, IRA, non IRA accounts Index fund, Wait 25 years, boom! Remember to never deprive yourself. If you love coffee, go out and treat yourself. Life is too short.
Appreciate you for educating people on money fam. You teach me more in one video about money than school ever did.
This guy should have 8 billion subs, since everyone should know how to manage the most powerful key in the universe. Money.
I have a limit that I set for myself like I don't want my credit bill to be above a certain amount. I don't budget what I will spend it on but try to keep it below that limit. It has worked for me. I obviously pay attention to how much I spend on eating out which I limit to about twice a week and my friends have become more open to doing things other than going to a restaurant when we get together.
Hi Vincent, I love your videos, for the first time in 30yrs, I feel like I actually understand my finances! Please continue making these helpful videos! :D
Loved the music + exercise pump up clip
Hahha thank you april :) Hope you got pumped up!
My parents live paycheck to paycheck and complain about not having money, but don't even bat an eye when they get more debt. My aunt retired early at 36 years old. So I made that my goal, have to get out of debt myself first. That only gives me 10 years to do it.
Hey Vincent, I just started watching your videos maybe 2 days ago ? Well on one of your videos you mentioned we can just call our bank and ask for a increase on our revolving credit, I did it today and just simple as that they increased my credit limit 10 minutes after I finished the call with them over the phone ! Thank you !
Not trying to get rich, just becoming a homeowner
Thinking about buying something "when you're rich" is not the best move. I see a lot of people who consider themselves wealthy and start spending but that's really just because they have no idea how much further they really have to go. For instance, I used to think a person with an 80k/year job was "rich" because I didn't have personal experience with that level of income.
the environment where you are in are also a biggest factor unless you have the discipline to resist them. For example, I have relatives who treat you well based on what they see. So they impress you with fancy cars, buying expensive things, etc so others tried to follow the trend to be like them.
Love your channel! However, a person earning $35 000 will not pay 25% of it for taxes. Even if you don't go deep, standard deduction will reduce have of the income, and you pay only the highest tax rate on a portion of your income. So it would be more like $1200 in taxes not accounting for other deductions and credits. However, the message is great! Looking forward to more videos 😁
I've made 22k year to date and have been taxed 20% of my income. Idk maybe cuz I'm in California
In India, the one who earns more than average has to pay 30% of Income to taxes and honestly, the average earning is not even to live freely at all
THIS HIT THE SPOT . THANK YOU BROTHER
So happy I found your channel Vincent! Thank you for sharing your knowledge with us. 🙂
We're paying double mortgage payments so we can finally own this house. I invest 10% of what we make, this is in addition to our 401ks. Every week I shove extra money in savings which eventually gets invested. This is on top of the 10% of our paychecks.
This video hits home because I grew up poor! For (u.s.a standards).
It took me YEARS to find my mentors and change my life, but the possibility are out there especially if you live and work in a major city.
One thing for sure I always thought once I have money I would buy expensive shit and FUCK THAT!
I own a rental car company at 33 along with other businesses, and trust me it's nice when you buy 10 cars at once, but emotionally nothing changes, my 209k miles beat up 2 door honda still takes me to the same place a 2021 Audi S7 does, and I soor realize material items dont mean SHIT!
I still have more fun just meeting up with my friends smoking weed and playing video games. It's cool when you're friends are true! No matter how much money or success I acquire I'll still be the same, living with my parents as a millionaire in the making🤭🤭
Oh wow! How did you get to own a rental car company? I'd love to hear your story
@@VincentChan I didnt create it, we are using the turo app, and me and my partner are up to 80 cars right now.
This doesn't even count all the other business we have
Thank you for this information. I didn't all this. I knew some but not all. Keep growing. Your doing great.
I've considered this idea before but have never heard someone talk about it, the idea of having a spending account rather than a savings account makes a lot of sense
I work for a retirement company and although Roth funds are not taxed at the time of withdrawal, the earnings are taxed. Much less than you can expect other funds, but they are still taxed
4:40-spending acct
Thank you, really appreciate these videos, I saw your I quite one.. and know started following the rest... your creating clarity to my existing thinking...
thank you so much jonathan, i appreciate your support :)
the value of things! yes! ive heard people tell me how i shouldn’t buy this or that and should instead get something i really need. Which is true for the most part, but if it makes me happy imma spend my 💵 on that yes
I started selling stuff on offer up and used to donating plasma. Right now, they are offering $$ more than before. I stopped but recently started doing fit for a few weeks because I wanted to make extra money to save up for a car and for a short trip
this video was super interesting!!!! thank you vincent!!!
Love love love your channel!!! So great to give simple language for complex financial ideas!!
One thing you didn't mention for tax saving is that the rich also have life insurance that is used as a savings account. Today many TH-camrs are calling it "be your own bank" because you can make purchases for cars, properties, and other large purchases with the money from the life insurance policy. The one that comes to mind is an IUL, there are others but this is the only one that comes to mind. I'm paying off my debt so I can save all of my money in one of these policies.
The way you put in like 5 shoutouts to your other videos was immaculate. Bravo my friend
hahaha
It's great to see if an investment gets to 1 million in 30-40 years from now. But one concern I have is what is that 1 million dollars worth by then. Shouldn't we consider a decrease in the average spending power in 30-40 years when inflation sky-rockets because of an expanding economy?
Another great bank that can help you automate and separate your money into “pockets” within your bank is One Finance. 👌 You’re welcome.
And thank you for explaining this the way that you did. I think I’ve heard some/most of this before, but the way you said it (and drawing it out) just made more sense to me.
Great easy to comprehend explanation on 05:25 why 401k is a huge advantage! I prefer your teaching style better :)
401k is good but that's if a person makes it for retirement I heard someone say. He knew ppl that have money saved for retirement but pass away before there 60s to even enjoy the retirement money. Also I heard Social Security from what I heard will run out of funds for full payments by the year 2034. My friend he plans to just have different streams of income passive and non passive and not deal with retirement cause some ppl don't take that chance.
thanks so much Billie! Did you start your 401k?
@@VincentChan Of course :)
No one should depend solely on what's taught in school. I learned all that by myself prior to the internet. I went to to library and started reading. It's common sense.
@@cryptojonny6837 you can start withdrawals at age 59-1/2. I intend to take SS immediately, after I retire from my job at 62. Then ROTH, then IRA. Don't wait too long to enjoy your money, and never starve yourself from doing what you love.
Very informative. I agree with strategic planning and money management. Things I am definitely learning and considering.
So far I am learning about Stocks and Forex along with building my own blog site. Investment account in Wealthfront. Last I am apart of an e-commerce business as well. I started late but not out!
Stumbled across another video, maybe three, perhaps five videos ago... Anyway, been listening to them for a little but on auto-play, and I think your content is super valuable. Well worth the subscription. Thanks Vincent!
3:29 Little things add up as well especially when you don't have lots of money or are just starting out
Great job Vincent! For a gen Y'er, you are full of knowledge and ... wisdom! Best of luck!
I love your sense of humor. Thanks for all the tips
It's easy just keep writing checks on an account that doesn't exist .and borrow on assets that don't exist. Then Spend spend spend and when the bill comes due get on your private jet and go to your island remotely file for bankruptcy then in two years do it again.
This video was confirmation for me, some points reminded me of the book the automatic millionaire from David Bach that I'm currently reading. Thank you!
The side hustle is arguably the worst bit of advice anyone can give. Unless that person hates their job then it's a possible way out. Choose a craft and master it. The money will flow.
Awesome advice man! Simple, honest and authentic. Thanks and keep it up!!
Advice - use a fan and save on A/C! Nice fan background at start of video; magic lamp feels slighted and is WATCHING you!
ahahhaha thank you
Haha lol lol
I’m cackling at the Dave Ramsey reference 😂 😂 used to be a loan-phobe too but I’m less in fear now that I’m aware of how to use debt to grow
9:54 keep in mind that by that time those fancy 1.6$m will only have a real value of... Well roughly 200000k$. Because of inflation.
LAND for Farming and to live in to when I retire.
There's some good advice here but also a lot wrong. The 1% didn't get rich by investing in index funds. Investing in index funds is good to preserve wealth, but not necessarily to grow it. If you're lucky, perhaps you'll at least beat the true rate of inflation which is NOT the CPI.
First thing I’d like to buy when I’m rich… probably season tickets to Sixers games (local NBA team). Great info, Vincent!
I need to look into the guideline automation and start doing that! the Dave Ramsey reference 😂 Very helpful!
I'm so glad that TH-cam recommended your channel to me. I instantly subscribed. I have to binge watch now.
Yay! Thank you!
I found your channel yesterday and watched a few of your videos. Today I am a subscriber! Love your content and advice!
Welcome aboard!
So smart to take advantage of those taxed advantaged accounts! Your future self will be so appreciative of what you can invest in those now!
You should make a video similar to this one that talks about what you would advise someone to do who won or inherited a large amount of money. Like hundreds of thousands or millions. What would you do with it? Etc...
Thanks ! I'll introduce you to something new , write me directly via whasapp messenger .
± ❶❷⓿❶❹❶❻❸❻⓿❻
This makes total sense! I always wonder what people's goal is when I see them researching and calculating Gas station deals everyday to save 0.00005c per gallon.
Positive cash flow is a must.
I want to be able to start on an apartment rental soon, hopefully in 3-5 years. Ill claim it!
good debt scares me cause i only grew up hearing about bad debt so im very borrowing adverse
Really enjoying these videos. Well put together, thank you!
LOVE this. Lots of gems dropped here.
Absolutely a good video
I hope you were just keeping the tax bracket example simple versus in reality we have a graduated tax bracket system.
These are really great tips! Thanks man!
thanks for watching jonathan!
Thank you! Someone finally said $5 coffee scenario can be an asset instead of a liability
Thank you, I am really enjoying your videos. Very helpful and enjoyable.
Glad you like them!