💵 Increase your cashflow in 5 minutes every week, for free → vincentchan.co/cashflow 📈 Prepare for the investing day in just 1 minute, for free → dailymarketbriefs.com/ 🎬 Grow Your Educational RUclips Channel & Build an Income-Generating Machine → vincentchan.co/cba-training/
1. Not all debt is bad, learn to use debt for assets instead of liabilities. 2. Use avalanche method to pay off debt with highest interest. 3. Increase your credit score to get good interest rates on purchases. 4. Learn about the stock market to capitalize on compound interest. 5. Invest in your education and pick up high income skills with books/videos. 6. Take your average salary from 20 - 30 and save that amount by 30. 7. Create multiple streams of income with side hustles. 8. Make it normal to talk positively about money with other people. 9. Take advantage of tax advantage accounts like 401k and Roth IRA.
You mentioned that putting a 100k down on a 500k home is better than buying a 100k home cash because the 500k home appreciates by 25k a year and the 100k home appreciates by only 5k. However, you did not mention that for the 500k home you have interest payments that, depending on your interest rate, might exceed the appreciate rate of the house.
Also, there is a property tax, that will be higher on a 500k home and risk that comes with the loan. Your situation might change and you will lose your home.
His advice is bad. Even going into the avalanche method. Debt is a behavioural problem not a money spread problem. So doing the snowball method is scientifically better. This video advice is trash
Its quiet interesting how we reject the reality of our situation and expect to be able to observe it, control it and even change it. I used to be financially depressed until I read a book that made me realized that the secret to making a million is making better investments.
My advisor is JENNY PAMOGAS CANAYA highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Dave Ramsey is not against mortgages. To use your example: if you had $100,00 and looked to buy a $500,000 house you would be within the Ramsey plan as paying 20% down on the house.
100% agreed! definitely no age requirement - something i mentioned in the beginning and end of the video. the most important thing is to just get started
Exactly. There's no "too late" or "too early," when we are talking about our own individual timeline and life. Keep doing good in your financial journey, all the best and see you around :)
INFJ here, without a doubt I want to live a free lifestyle but also positively impact as many lives as I can. That’s why my business plans, once I’m financially able all revolve around that ideal.
❗ *6 GUIDELINES FOR LIFE:* *1) When you are alone, mind your thoughts.* *2) When you are with your friends, mind your tongue.* *3) When you are angry, mind your temper.* *4) When you are with a group, mind your behaviour.* *5) When you are in trouble, mind your emotions.* *6) When God starts blessing you, mind your ego.*
INTJ too! Also read Dave Ramsey, honestly only a few pages, and got rid of my debt within six months from a dark time of being almost broke to realize what debt meant for the life I would have. Was blessed with a way out. Praise God. Read it.
Fellow INTJ here, love your videos! You both teach and help confirm if I understand concepts that I've started trying to learn about on own. Keep up the great work.
1. Get good debt: good debt that will benefit your financial goals (mortgages etc.) rather than bad debt that takes away from your money and doesn’t build (car loans, quick loans etc.) 2. Harness the power of your credit score: the better your credit score the less in interest rates you pay, get better loan terms and get more loans. You have to be responsible , use credit card only as an ease of payment mechanism for money you do have to spend vs magic money cards that give you money that you don’t have to buy things you want. 3. Learn about the stock market: the earlier you start your stock market journey the better off you’ll be. Find a strategy that best fits your lifestyle. 4. Start investing in yourself: invest in your education, skills and productivity and finances. Books, videos, podcasts etc are all mediums you can use to learn more for free or paid. Invest in your health to save in the long term. 5. You don’t have to save 1 year’s salary before 30, go with what fits you the best. If you can save more awesome if not save the most you can because you are paying it forward to your future self. 6. Create additional income: millionaires usually have more than one income, you don’t always have to invest in education, you don’t have to mooch up for a raise you can start a side hustle to supplement your income. (I personally don’t recommend unless you know what you are doing or are at a point where this is beneficial) 7. Talk about finances regularly with your group, family, friends and co workers. You need to make sure you fly with a flock that has the same goals as you otherwise you’ll never fit in and find it hard to find motivation, advice or initiative to reach your goals. 8. Contribute to your 401k to reduce your taxable income, find ways to not evade taxes but avoid them legally and play the system in your favor than against (disclaimer it does need a certain amount of money in order to play it in your field beneficially)
I took a new car out on lease and while it was nice at first having no mechanical problems to deal with and great safety features, it's really denting my bank account now that I lost my 2nd job. Now I must find a used car for cheap. Cosmetics are nothing to me, only that it drives at this point.🙁
I bought a 2001 camry in 2021 with 85k miles or so. Paid a little more because of inflation issues during Covid and have put about $1500 into it (tires, mechanical tune ups, new radiator, timing belt, etc.). So all in around $9k and 30k miles later I’m glad that I don’t have to ever worry about it starting just normal maintenance plus I can resell for close to 5-6k depending.
INFP; when I define wealth, I define it by being able to go to work because I want to, not because I have to. Paid off my 5-figure student loan last year and became debt-free on a meager income, and am now going all in on building a diversified portfolio at 29. As an "in my head guy", I've discovered the biggest behavioral assist is simply getting a financial plan on paper; a written budget, alone, makes all the difference in knowing what order to use the extra money left over each month.
The stock market have always and will always be a volatile market, that is why it is important to have proper research, analysis and strategy when investing
@@VincentChan No big financial goals atm, mainly investing in myself and learning. Happy you mentioned it in the video too, very powerful to understand!
@@VincentChan I have no debt, bought my car in cash, saved/invested a years worth of my salary (as of my current salary, which isn’t crazy but it’s a good step!). I’d love to buy a house this year or next, but it seems like a huge intimidating task.
INTP I made lots of financial mistakes in my early 20s, resulting in large credit card balances that I took lower interest rate loans out to pay off, THEN pay those loans off. After some saving, I bought a home at 30, only other debt besides that is my consolidated student loan. Got into stock investing kinda late, and learning more about it now.
@@VincentChan saving money throughout the years till i’m 30, it’s crazy bc it changes a lot depending on your personal life but overall it’s a really good advice and obviously the side hustle tip is the icing on the cake hahah
That house advice is dangerous and not necessarily true. There are many hidden costs that need to be considered with purchasing property. Also, cash flow is King.
@vincentchan In the good debt property example, the Net Worth calculation is false. Net Worth is value after subtracting liabilities. At 500k, yes the property appreciated but your Net Worth is still negative since you still owe 400k. While the 100k property gives the owner a Net Worth of 105k since the property is not in debt.
First thing you gotta start when you’re young time is everything. For starters Pay yourself first Save 25% Of what you make keep 5% in cash invest the 20% in what you think will earn you some revenue maybe stocks, cryptos, precious metals like gold silver or platinum if you see a good business opportunity you may wanna get into that. You also may want to invest in a passive income like rental property and real estate. There’s a lot of options out there you’ll have to find the one that suits you best. Most importantly don’t go into debt for things you don’t need in time you will get what you want.
This is by far one of the best pieces of advice I found in the comment section and I wish a lot of people who needs to read this have done so. Having a good investment can really save us a lot of time and savings in the future. I wish you all the best :)
I am really sorry, but *journaling* has never been something I've admired. If anything, I write things down and forget about it. I find it a waste of my time, even if I do feel a bit good doing it. Perhaps I need to have a particular topic to follow when I write journals, but I seriously doubt I'll do it in the long run. I've taken the Myers Briggs personality test twice in 2020 and landed on the exact same one; an INFP-T. I resonate a lot with this personality type, although I don't think most would associate me as an introverted person - I'm usually the louder one among my friends, and have this odd relationship when it comes to confidence. I don't mean to suggest introverted people can't be confident, but that I am a lot more confident when I'm out with friends, I don't know if that stems from me believing I'm better than them in/at certain things, of perhaps if their introversion contrasts with my extroversion and I feel compelled to be a lot more confident in the group. By that, louder, striking up conversations with interesting looking strangers, being strong when I speak - all things my friends seriously lack in social settings. They're a lot more reserved. I hope none of this sounds rude to say, I'm just being introspective here. Anyway, this was a great video. I enjoyed most of your points and loved the story about your school side hustle, that's hilariously smart!
Good post Vincent, I enjoy your presentation of these issues, especially the debt / depreciation on vehicles and white goods. Observation of your example on the appreciation on the $100k v $500k home purchase: The repayments on the $400k loan at would effectively wipe out the appreciation value. Would be wiser to do a 'Warren' and live in the $100k home and invested the repayment fees. At the end of the year there would be: a. still no mortgage debt, b. returns on capital employed, c. initial capital investment remains intact and not given to a bank as repayment.
Even if you are employed, never stop applying at jobs. Especially if you are remote worker. Linkedin has a really neat feature that allows you to receive job openings in your e-mail and many come with "Easy Apply" button, that through a few clicks lets you apply to the job. This is great because by constantly applying and doing interviews you get a better view of the skills and techiniques that the market is using and you get a better notion of how much your expertise is worth. Besides you can end up finding opportunities you were ignoring, and even getting jobs that you can do in the same work shift since remote work is usually very flexible.
The good debt bad debt explanation is way to simplified. You completely disregard the actual loan and the interest it incurs. Say that 400k mortgage was higher than 4%. The immediate unrealized gains is lower than the 100k home. As the debt shrinks and equity increase the gains become larger than the 100k home. The math equation becomes more complex as you consider other things like potentially renting each home how much you could rent for or cost of maintenance even. The also consider yearly property tax on each home. Many many Factors. Overall feels like a bad example to even misleading.
My first side hustle was selling cds in elementary school and then snacks from middle and high school. Made enough to help with college (1st year no debt) and help my working parents with bills ♡ Side hustles are real ♡
Gosh. So many things I want to accomplish and I see myself with no end goal. I want to retire and be financially stable but want to work abroad and no guarantee if I will live permanently out of the USA. I own my “newly” model car but I want a house. I also want to work abroad as a professor but that not a guarantee long term. This is so not my ISTJ side. I’m 28 btw.
The journaling method Vincent mentioned is a great place to start. Another good thing to ponder is: What freedoms or securities are most important for you? For me, it's making sure I never have to worry about a bill. So my goal is to have enough passive income that it exceeds my regular bills. Think about what it means for you though, what type of life do you REALLY want to live?
How should I start earning as I'm in college and the user testing sites and other typing sites are not accepting...I want to earn for becoming financially independent..so help me
At 11:29, when you say "saved up" (calculating the average salary you earned in your 20s), do you mean in total-including assets (401k, Roth IRA, HSA, brokerage, liquid cash, etc)? Or in liquid cash?
In my country all the banks are banned and blocked worldwide and my country in general is so isolated , can i get any suggestions to how to solve this problem as a broke teen
@@VincentChan I don't know what's the exact reason but I'm sure that its a political one , i live in Kurdistan region (located in northern iraq - Southern turkey ) , there's no paypal no credit cards , the trading platforms and everything are blocked as well .
Don't pay $10 for a book borrow it from your local library. Only buy it if you've read and loved it and plan to read it again. You can rent audiobooks from the library too so don't pay for them either
Vincent your videos are great. I enjoy watching them and find them useful. . One suggestion, regarding that example about the purchase of the $100,000 house (with no debt) vs $500,000 (with a mortgage of $400,000) house. You’re saying that the value increased by $25,000 by purchasing the latter, then what about mortgage payments of $2,000/month ($24,000/year) on average? That defeats the purpose of taking the $500k option vs $100k. I would appreciate if you could clarify.
well it depends on the type of loan u get and also, in the second year, 5% of 525,000 is more than 5% of 100,000, so yeah, i think the latter option would be better
This video was calling my name! I'm currently 30 and have lately gotten so interested in improving my finances and learning every way I can do so. You've been so helpful. Thank you!
Selling 2 dollar bill for 5 dollars!! Brilliant lol. The power of side hustle is definitely underrated, especially the scalable ones that use the interwebs. We are definitely in a new age… I learned more from the internet than I did in college (and I have a doctorate). Great stuff Vincent!
@@VincentChan I started out chasing FIRE…then one of your early videos inspired me to start a RUclips channel and share my journey. I still wanna get FI…. But my goal morphed into, how can I do something I love sustainably.
I want to be a rich hobo. I want to own multiple rental properties but I live on the street myself. I'll buy Starbucks every day and people will shake their heads at me saying how Starbucks is keeping me poor. Then I'll show up when someone asks to see one of my rental units and I'll confuse the hell out of them... that's my dream.
![Blox Fruits Dragon Rework Update [Full Stream]](http://i.ytimg.com/vi/EqDAp8udhm0/mqdefault.jpg)
💵 Increase your cashflow in 5 minutes every week, for free → vincentchan.co/cashflow
📈 Prepare for the investing day in just 1 minute, for free → dailymarketbriefs.com/
🎬 Grow Your Educational RUclips Channel & Build an Income-Generating Machine → vincentchan.co/cba-training/
1. Not all debt is bad, learn to use debt for assets instead of liabilities.
2. Use avalanche method to pay off debt with highest interest.
3. Increase your credit score to get good interest rates on purchases.
4. Learn about the stock market to capitalize on compound interest.
5. Invest in your education and pick up high income skills with books/videos.
6. Take your average salary from 20 - 30 and save that amount by 30.
7. Create multiple streams of income with side hustles.
8. Make it normal to talk positively about money with other people.
9. Take advantage of tax advantage accounts like 401k and Roth IRA.
Watching this at 32 is a risky click for me
LOL it's never too late man! you got this :) which financial goal are you working towards?
Watching at 33 😅😅😅
Bravery
Would you say that it is something that would be helpful/you wished you did?
31 here lol 😂
You mentioned that putting a 100k down on a 500k home is better than buying a 100k home cash because the 500k home appreciates by 25k a year and the 100k home appreciates by only 5k. However, you did not mention that for the 500k home you have interest payments that, depending on your interest rate, might exceed the appreciate rate of the house.
People don't actually know how the world works they just make vids for dumb people who don't know shit lol
Also, there is a property tax, that will be higher on a 500k home and risk that comes with the loan. Your situation might change and you will lose your home.
His advice is bad. Even going into the avalanche method. Debt is a behavioural problem not a money spread problem. So doing the snowball method is scientifically better. This video advice is trash
Its quiet interesting how we reject the reality of our situation and expect to be able to observe it, control it and even change it. I used to be financially depressed until I read a book that made me realized that the secret to making a million is making better investments.
My advisor is JENNY PAMOGAS CANAYA highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Jenny Pamogas Canaya, that's whom i work with..
Dave Ramsey is not against mortgages. To use your example: if you had $100,00 and looked to buy a $500,000 house you would be within the Ramsey plan as paying 20% down on the house.
There is no age to achieve those goals. I am 33 ans just getting into it. Hope everyone here will reach there goals by the end of the year
100% agreed! definitely no age requirement - something i mentioned in the beginning and end of the video. the most important thing is to just get started
Exactly. There's no "too late" or "too early," when we are talking about our own individual timeline and life. Keep doing good in your financial journey, all the best and see you around :)
Nah, no hoping. We ARE gonna reach our goals by the end of the year ! 👏🏼👏🏼👏🏼 💯💯💯
Godpseed Jude! Let's crush it this year!
We're all going to make it brahz
INFJ here, without a doubt I want to live a free lifestyle but also positively impact as many lives as I can. That’s why my business plans, once I’m financially able all revolve around that ideal.
*“You can’t go back and change the beginning, but you can start where you are and change the ending...”*
*―C. S. Lewis*
"... a new creature: old things are passed away; behold, all things are become new."
2 Corinthians 5:17b
Thanks!
❗ *6 GUIDELINES FOR LIFE:*
*1) When you are alone, mind your thoughts.*
*2) When you are with your friends, mind your tongue.*
*3) When you are angry, mind your temper.*
*4) When you are with a group, mind your behaviour.*
*5) When you are in trouble, mind your emotions.*
*6) When God starts blessing you, mind your ego.*
This is one of the best financial videos I’ve seen on RUclips!
As a fellow INTJ, this is exactly what I needed at this exact moment 😩
ISTJ 23, still finishing my master degree, found a job this year. Saving as much as I can and investing, also trying to find some side hustle.
Do you have college debt?
INTJ too! Also read Dave Ramsey, honestly only a few pages, and got rid of my debt within six months from a dark time of being almost broke to realize what debt meant for the life I would have. Was blessed with a way out. Praise God. Read it.
Fellow INTJ here, love your videos! You both teach and help confirm if I understand concepts that I've started trying to learn about on own. Keep up the great work.
So funny I’m also an INTJ. INTJ is supposed to be one of the rarest, but we all end up on RUclips lol
Great storytelling!
I’m gen x and didn’t know RUclips can teach me about financial independence, lucky I found out and understand about financial freedom 10 years ago
1. Get good debt: good debt that will benefit your financial goals (mortgages etc.) rather than bad debt that takes away from your money and doesn’t build (car loans, quick loans etc.)
2. Harness the power of your credit score: the better your credit score the less in interest rates you pay, get better loan terms and get more loans. You have to be responsible , use credit card only as an ease of payment mechanism for money you do have to spend vs magic money cards that give you money that you don’t have to buy things you want.
3. Learn about the stock market: the earlier you start your stock market journey the better off you’ll be. Find a strategy that best fits your lifestyle.
4. Start investing in yourself: invest in your education, skills and productivity and finances. Books, videos, podcasts etc are all mediums you can use to learn more for free or paid. Invest in your health to save in the long term.
5. You don’t have to save 1 year’s salary before 30, go with what fits you the best. If you can save more awesome if not save the most you can because you are paying it forward to your future self.
6. Create additional income: millionaires usually have more than one income, you don’t always have to invest in education, you don’t have to mooch up for a raise you can start a side hustle to supplement your income.
(I personally don’t recommend unless you know what you are doing or are at a point where this is beneficial)
7. Talk about finances regularly with your group, family, friends and co workers. You need to make sure you fly with a flock that has the same goals as you otherwise you’ll never fit in and find it hard to find motivation, advice or initiative to reach your goals.
8. Contribute to your 401k to reduce your taxable income, find ways to not evade taxes but avoid them legally and play the system in your favor than against (disclaimer it does need a certain amount of money in order to play it in your field beneficially)
I took a new car out on lease and while it was nice at first having no mechanical problems to deal with and great safety features, it's really denting my bank account now that I lost my 2nd job. Now I must find a used car for cheap. Cosmetics are nothing to me, only that it drives at this point.🙁
I bought a 2001 camry in 2021 with 85k miles or so. Paid a little more because of inflation issues during Covid and have put about $1500 into it (tires, mechanical tune ups, new radiator, timing belt, etc.). So all in around $9k and 30k miles later I’m glad that I don’t have to ever worry about it starting just normal maintenance plus I can resell for close to 5-6k depending.
INFP; when I define wealth, I define it by being able to go to work because I want to, not because I have to. Paid off my 5-figure student loan last year and became debt-free on a meager income, and am now going all in on building a diversified portfolio at 29. As an "in my head guy", I've discovered the biggest behavioral assist is simply getting a financial plan on paper; a written budget, alone, makes all the difference in knowing what order to use the extra money left over each month.
Intj. No wonder I appreciate the flow of your videos. Excellent
The stock market have always and will always be a volatile market, that is why it is important to have proper research, analysis and strategy when investing
2:16 to 2:22 had me dying. Dave can't believe you went there 😂😭😭😭😭😭😭 #wow
Fellow INTJ let's go! 👌
Yes!!! Let’s goooo :) which financial goal are you working towards?
@@VincentChan No big financial goals atm, mainly investing in myself and learning. Happy you mentioned it in the video too, very powerful to understand!
I’m 24 and stoked to try to knock these out
Which one first??
@@VincentChan I have no debt, bought my car in cash, saved/invested a years worth of my salary (as of my current salary, which isn’t crazy but it’s a good step!). I’d love to buy a house this year or next, but it seems like a huge intimidating task.
the home comparison should have been the same picture but captioned, "in Indiana" or "In California"
INFP-T
03:49 the next year you did not have enough equity in the house yet to say your net worth have increased by 25k
INTP
I made lots of financial mistakes in my early 20s, resulting in large credit card balances that I took lower interest rate loans out to pay off, THEN pay those loans off.
After some saving, I bought a home at 30, only other debt besides that is my consolidated student loan. Got into stock investing kinda late, and learning more about it now.
This guy is so helpful and I like him
i like you! :)
i’m always amazed by how well made your videos are, so detailed and yet so simple!!
Thank you so much! That really means a lot :) Which goal was your favorite?
@@VincentChan saving money throughout the years till i’m 30, it’s crazy bc it changes a lot depending on your personal life but overall it’s a really good advice and obviously the side hustle tip is the icing on the cake hahah
It's a bit hard to remember your points when it's not enumerated or shown on the screen.
Journaling is so helpful, especially when it comes to figuring out what you truly want
That house advice is dangerous and not necessarily true. There are many hidden costs that need to be considered with purchasing property. Also, cash flow is King.
$1mil net worth at 45 took 23 years. $2.5 mil at 48. Last 3 years have been crazy. Scamming kids for $2 bills? Just go to the bank!
Great goals to start working toward, no matter what age you are at today. Love the editing as always my man!
Alright. 15 days to go. No pressure.
and just when I found this video, I'm already 31 lol
Great hook 👍🏽 my heart DROPPED when I heard you say this
hahah thank you wavo! which financial goal are you working towards?
Learn to invest, then keep at it for years. Enter the numbers into a compund intrest calculator if you need motivation :)
Hey Vincent, do you think you could make a video tutorial for moomoo (and/or webull) showing how to buy ETF's and setup automatic payments?
@vincentchan In the good debt property example, the Net Worth calculation is false. Net Worth is value after subtracting liabilities. At 500k, yes the property appreciated but your Net Worth is still negative since you still owe 400k. While the 100k property gives the owner a Net Worth of 105k since the property is not in debt.
for the $500k house, you would have $125k net worth ($525k-$400k). for the $100k house, you would only have $105k.
Great video brother
Great list Vincent!
omg i love this channel !!
Great video
First thing you gotta start when you’re young time is everything. For starters Pay yourself first Save 25% Of what you make keep 5% in cash invest the 20% in what you think will earn you some revenue maybe stocks, cryptos, precious metals like gold silver or platinum if you see a good business opportunity you may wanna get into that. You also may want to invest in a passive income like rental property and real estate. There’s a lot of options out there you’ll have to find the one that suits you best. Most importantly don’t go into debt for things you don’t need in time you will get what you want.
This is by far one of the best pieces of advice I found in the comment section and I wish a lot of people who needs to read this have done so. Having a good investment can really save us a lot of time and savings in the future. I wish you all the best :)
Im 17 and i plan on putting 300 a month in a index fund when I’m 18 hoping i can get a good retirement
Great video 💗🌷
Loved this video!
Thank you!! whats your favorite financial goal?
Hey Vincent, I really appreciate your videos. I am an ENTJ.
a review for goals would be grat btw, but this was handy 👍🏽
I am really sorry, but *journaling* has never been something I've admired. If anything, I write things down and forget about it. I find it a waste of my time, even if I do feel a bit good doing it. Perhaps I need to have a particular topic to follow when I write journals, but I seriously doubt I'll do it in the long run. I've taken the Myers Briggs personality test twice in 2020 and landed on the exact same one; an INFP-T. I resonate a lot with this personality type, although I don't think most would associate me as an introverted person - I'm usually the louder one among my friends, and have this odd relationship when it comes to confidence. I don't mean to suggest introverted people can't be confident, but that I am a lot more confident when I'm out with friends, I don't know if that stems from me believing I'm better than them in/at certain things, of perhaps if their introversion contrasts with my extroversion and I feel compelled to be a lot more confident in the group. By that, louder, striking up conversations with interesting looking strangers, being strong when I speak - all things my friends seriously lack in social settings. They're a lot more reserved. I hope none of this sounds rude to say, I'm just being introspective here. Anyway, this was a great video. I enjoyed most of your points and loved the story about your school side hustle, that's hilariously smart!
I am an INTJ-T as well brother !
I truly appreciate your videos
I was on board till he said that there is “good debt”
Good post Vincent, I enjoy your presentation of these issues, especially the debt / depreciation on vehicles and white goods. Observation of your example on the appreciation on the $100k v $500k home purchase: The repayments on the $400k loan at would effectively wipe out the appreciation value. Would be wiser to do a 'Warren' and live in the $100k home and invested the repayment fees. At the end of the year there would be: a. still no mortgage debt, b. returns on capital employed, c. initial capital investment remains intact and not given to a bank as repayment.
I must have missed it because I’m so confused I can’t recall one financial goal
how are you at the age of 37? no credits and no savings
What other financial goals do you recommend?
Do u have multiple instagram id?2 id messaged me undee ur name
@@swapnilchakma868 hey there are scam imposters out there. please be careful. the IG in the video description is my ONLY IG account
Buy crypto
Even if you are employed, never stop applying at jobs. Especially if you are remote worker. Linkedin has a really neat feature that allows you to receive job openings in your e-mail and many come with "Easy Apply" button, that through a few clicks lets you apply to the job. This is great because by constantly applying and doing interviews you get a better view of the skills and techiniques that the market is using and you get a better notion of how much your expertise is worth.
Besides you can end up finding opportunities you were ignoring, and even getting jobs that you can do in the same work shift since remote work is usually very flexible.
The good debt bad debt explanation is way to simplified. You completely disregard the actual loan and the interest it incurs. Say that 400k mortgage was higher than 4%. The immediate unrealized gains is lower than the 100k home. As the debt shrinks and equity increase the gains become larger than the 100k home. The math equation becomes more complex as you consider other things like potentially renting each home how much you could rent for or cost of maintenance even. The also consider yearly property tax on each home. Many many Factors. Overall feels like a bad example to even misleading.
The pressure
I’m trying to figure out where he got those salaries. 100k by 29??? Let me know because life is crazy
Just an example
Simple
Cheeky banter
Informative
Subscribed
Welcome aboard!
Hello Vincent, is there any stock broker/platform you would recommend for non-US residents and citizens? very good content by the way.
Nice video Vincent (also loving the Spiderman memes!)
I'm 40, but I just showed up anyway.
Never too late to tackle these goals! Which one are you working towards?
Im 29 and I will be debt free before 30. This is my main goal
i'm also intj!
Dude this video is great… thanks so much
My first side hustle was selling cds in elementary school and then snacks from middle and high school. Made enough to help with college (1st year no debt) and help my working parents with bills ♡ Side hustles are real ♡
Entp or intp
INTJ! I knew there was a reason I enjoyed listening to your videos (: I’m an INFJ~
Gosh. So many things I want to accomplish and I see myself with no end goal. I want to retire and be financially stable but want to work abroad and no guarantee if I will live permanently out of the USA. I own my “newly” model car but I want a house. I also want to work abroad as a professor but that not a guarantee long term. This is so not my ISTJ side. I’m 28 btw.
The journaling method Vincent mentioned is a great place to start. Another good thing to ponder is: What freedoms or securities are most important for you? For me, it's making sure I never have to worry about a bill. So my goal is to have enough passive income that it exceeds my regular bills. Think about what it means for you though, what type of life do you REALLY want to live?
right information tho! there's so much info out there :)
I like how grant cardone popped out in the advertisement. “I’m sorry I got a jet”
Moomoo doesn't work with chime...hope this saves someone some time
Am investing myself now, by watching youtube videos from many creator with useful info
How should I start earning as I'm in college and the user testing sites and other typing sites are not accepting...I want to earn for becoming financially independent..so help me
check out the best side hustle video in the description - i dont talk about any user testing or typing sites so you're golden
Wait a min I’m already 30!!
At 11:29, when you say "saved up" (calculating the average salary you earned in your 20s), do you mean in total-including assets (401k, Roth IRA, HSA, brokerage, liquid cash, etc)? Or in liquid cash?
I think watching this video was a great investment of my time and myself.
In my country all the banks are banned and blocked worldwide and my country in general is so isolated , can i get any suggestions to how to solve this problem as a broke teen
oh no! which country is this? Do you know why theyre banned
@@VincentChan I don't know what's the exact reason but I'm sure that its a political one , i live in Kurdistan region (located in northern iraq - Southern turkey ) , there's no paypal no credit cards , the trading platforms and everything are blocked as well .
Vincent! Can you do a video on credit card management?
Yes! What specifically would you like to learn about it? :)
@@VincentChan when to pay the balance, how many credit cards is too many, and possibly how to structure payments within a budget?
The richest man of Babylon is a good book I read.
Wow! your videos are so informative.
I appreciate it! that means a lot :) what financial goal are you working towards?
When you realise most people clicking into this video are fellow NFs or NTs - Fellow INFJ
Don't pay $10 for a book borrow it from your local library. Only buy it if you've read and loved it and plan to read it again. You can rent audiobooks from the library too so don't pay for them either
Vincent your videos are great. I enjoy watching them and find them useful. . One suggestion, regarding that example about the purchase of the $100,000 house (with no debt) vs $500,000 (with a mortgage of $400,000) house. You’re saying that the value increased by $25,000 by purchasing the latter, then what about mortgage payments of $2,000/month ($24,000/year) on average? That defeats the purpose of taking the $500k option vs $100k. I would appreciate if you could clarify.
well it depends on the type of loan u get and also, in the second year, 5% of 525,000 is more than 5% of 100,000, so yeah, i think the latter option would be better
This video was calling my name! I'm currently 30 and have lately gotten so interested in improving my finances and learning every way I can do so. You've been so helpful. Thank you!
You can still do better and it's never too late to who you might have been. Keep doing good in your finances and I wish you all the best!
Top notch video again! Loving the funny clips :D
I just turned 31 two weeks ago. I'm screwed.
Great video, thank you Vincent!
infp fam
Watching this as a 31 year old dude
Never too late to start man! what financial goal are you working towards?
New sub here and loving this channel 👍
Welcome aboard!
@@VincentChan Thank you!
Hey,
I'm an INTJ too
Nice tips!!!
thanks so much :) which one is your favorite?
Selling 2 dollar bill for 5 dollars!! Brilliant lol. The power of side hustle is definitely underrated, especially the scalable ones that use the interwebs. We are definitely in a new age… I learned more from the internet than I did in college (and I have a doctorate). Great stuff Vincent!
Totally agree! Thank you so much Rineil that means a lot :) Do you have any financial goal or advice that's your favorite?
@@VincentChan I started out chasing FIRE…then one of your early videos inspired me to start a RUclips channel and share my journey. I still wanna get FI…. But my goal morphed into, how can I do something I love sustainably.
I want to be a rich hobo. I want to own multiple rental properties but I live on the street myself. I'll buy Starbucks every day and people will shake their heads at me saying how Starbucks is keeping me poor. Then I'll show up when someone asks to see one of my rental units and I'll confuse the hell out of them... that's my dream.
Success