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I love watching this after years of learning how to take control of my personal finance. At first, I've tought that these ideas are stupid, but after some time, I came to the conclution that if you can make a difference between 'I want' a new pair of shoes and 'I need' a new pair of shoes, you are unstoppable. You no longer buy things because they are on sale. Another thing that blew my mind was the fact that having enough money to buy something gives you more joy than actually buying that thing.
Dude I'm in this spot. It's that peace of mind from just a tiny, tenuous degree of "stability". That's all we want. Shit not to be on fire all the time.
So basically : - Don't overthink about money - Avoid useless expensive purchases, always think about what more profitable things you could do with all this money. - Never look back too much. Anything done is done, so stop overthinking about it and just move on. - When considering buying something, ask yourself "Do I really need that ? Will I use it ? - Money still money, no matter where it comes from. If you can invest it cleverly, do so.
Econ prof told my class “if you think you are saving 30%, you are not saving 30%. You are spending 70% of the price. You still are spending.” I finally came to realize that I should only buy something if I truly need or want it and if there’s a promotion or discount, then that’s a bonus. The need or want comes before the desire of a discount.
That isn't always true though, especially when it comes to food for example. When it's on sale you can often pick up the better name brand product for less than the cheaper alternatives.
Summary: #1 limited bandwidth to make choices, can lead to making bad decisions, scarcity mindset. #2 opportunity cost - you could spend money on other items, includes time value of money, #3 sunk cost - have trouble cutting your losses, try to recoup your value, #4 buying things you don’t need just because they are on sale, #5 budgeting your money mentally (I don’t think this one is so bad), #6 delayed gratification - if you can wait for the reward, you will be more successful in life since you have more discipline. Hope this was helpful. Happy holidays.
I only buy new shirts once every few years. I bought about a dozen or so back in 2017. It'll be a while before I buy any more. I waited until they were 50% on sale , about to be discontinued, and got them. Maybe in another couple of years I'll buy more clothes, maybe not. But if it's something fun and graphic I won't pay full price, and I won't feel bad for waiting so long plus getting it on sale .
@Jeremiah Bakker .... I'm not spending recklessly. I'm required to wear clothes to go out in public. I buy clothes on sale, but, not very often. Other people buy new clothes all the time, which is how we end up with piles of clothes in landfills, and that is bad.
The marshmallow experiment turned out to have an incorrect conclusion. At the time, the researchers hadn’t taken into account the socioeconomic status of the children, and when they did, the updated findings showed that the REAL reason some kids could delay gratification was because they were wealthier. See, kids who grow up with abundance, and get their needs met consistently, have an easier time believing in future rewards. Whereas kids who grew up in homes with inconsistent or insufficient resources, had a scarcity mindset (“no guarantee of future rewards; gotta get what I can while it’s available”).
Odd to hear seeming from my experience the people that I know that have scarcity tend to focus more on future rewards because they need to delegate resources while ones with abundence have no real understanding of scarcity. This could literally be seen both ways.
I think that's a hard one because if you really do need something, it is better to get it on sale. But you also have to comparison shop to make sure the sale or clearance is really a good deal. Sometimes stores will mark up the price of an item before they put it on sale, so it's not really much of a discount.
this reminds me of one time my uncle told me "a sale isnt a sale if you don't need it." he said that years ago and it stuck with me. even if they giving it away for cheap doeant matter if you dont need it
I grew up with parents who were not financially literate so for the majority of my upbringing we lived paycheck to paycheck. Thank you for your channel, Mr. Chan. As a 17 year old, you are almost like a mentor to me in terms of finance and I'm learning a lot from content creators like you. Although my parents were not the ones to teach me how to manage my money in a way that will set me up to be financially sound, you and many others have and I will be forever thankful for that. Again, thank you!
As a parent, you cannot teach everything... i think the goal is to allow kids to have the space and confidence to experience and even maibe failure. Sounds like you are in a good spot. Thanks for sharing
I think the psychology behind financial decisions is the part many people do not address. When I was a financial advisor I had to double as a psychologist lol
10:15 my mom is guilty of this. This is the example of 2 dollar 1 liter of milk vs buying 20 dollar 20 liters of milk. Its a great discount but unless you're the milkman or selling milkshakes, we cant consume all of it!
Another interpretation of the marshmallow study is children who had lived experiences where they could trust promises of adults were more likely to wait and delay gratification because they trusted that there really was an opportunity for more marshmallows. While children growing up in an environment where promises were constantly broken would have no expectation that more marshmallow were coming and would make the logical choice to enjoy the marshmallows they had.
The conclusion of the "insecure/scarcity-mindset" children is equally valid, however. In this love of wealth modern worldview, we see these kids as lacking discipline and patience. The social-darwinists among us will blame their adult poverty on these moral failings. The alternative, of course, is to always deny yourself and live a life of austerity. You can own and enjoy nothing, safe in the knowledge that your hoard of money is growing larger by the day. As with everything, you should set realistic goals for yourself and formulate a plan to achieve them. Being a millionaire by 50 is fun, but not if you die at 40. Living for the day is great, until you're 77 and still bagging groceries. There's a middle-ground where (those able to earn a decent wage) can eat healthily, spend with some discretion, partake of the finer things, and generate some security for their golden years.
Thank you for making these videos. I grew up with very financially insecure parents which led to me being a very financially insecure 18 year old who knows nothing about money cause we never had it. They always told me that things like investing were simply money pits and I'd never be able to afford to do it. Having watched a bunch of your videos now, I feel a lot more prepared to take control of my own finances
There is a second price attached to everything you do in life. Time. Your time has a direct monetary value, and if you engage in wasteful uses of your time, even if it’s financially advantageous, you might still be on the losing end of thing. If you live a life where you’re too busy slaving away at a corporate job for 40 years and then retire, yes you’ll probably have a nice nest egg, but you will have wasted your youth doing things that didn’t necessarily fulfill you. If you make $100k yearly, you don’t need to spend time nitpicking over getting the correct change for your cheeseburger, you just hand them the dollar and say keep the change. The time it will take the cashier to open a new roll of pennie’s and count out the 4¢ will be ten seconds of your life that you won’t get back. And that sounds really stupid until you add those seconds up. Those ten seconds you save there give you an extra moment to sit in your car before you head back into the office, they let you relax. Stress is the leading cause of shortened lifespans in the United States. People who live high stress lives die, on average, 2.8 years earlier than their contemporaries. I’m not saying go out and become a yoga guru, but it’s important to indulge yourself every once in a while. Vacations, time with family/friends, even a stupid expensive cheeseburger made with the worlds most wasted gold foil. As my friend likes to remind me, self care is sexy. Being happy is sexy. Take care of yourselves people, and if it means you don’t make a perfectly rational financial decision sometimes, then accept that and move on. We only get one life, don’t waste it chasing money unless you absolutely need to.
I have a process that I use to buy clothing that helps with the whole concept of buying something just because I think it's a "good deal." This is for all my big shoppers out there, or those who have clothing they feel "guilty" for having bought. Step 1 - see item I like Step 2 - check material tag (NOT price tag DO NOT look at the price tag) to make sure that it fits my washing needs. For example, I will not buy dry-clean only Step 3 - try it on to see if I like it Step 4 (this is the good one) - While it have it on in the fitting room, *give* it a price. Determine how many dollars I would part with to add this item to my closet. Bonus: If it is an item that I didn't actually need more of (I always have too many sweaters) then I also have to pick a comparable piece I will get rid of in order to have space for the new one. Step 5 - Check the price tag, and if it is the same or less than I said I would pay, then I can buy it. This has helped me keep my closet to a manageable size and not feel guilty about the items I have bought. Oh also if you do all this and you still are not sure then you can always leave the store and take a day or two to think about the decision. Most likely it'll still be there when you get back.
While I love all of the pieces of advice in this video, the one that I've always been the best at, and that has given me the most benefit has been delayed gratification. One of the biggest things for me has been learning to enjoy as simple of a life as possible. I don't care how big of a house or how fancy of a car my peers drive. I only care about freedom, and as I've spent years in this mindset and practice, it's easier and easier to take every extra piece of money I get and invest it in the stock market and to watch it grow over time.
You sir, you get how being a RUclipsr works and are a master at playing your audience (and i'm saying that in a positive way). Subscribed not for financial advice, but to learn how to make good youtube video's!
@@VincentChan hey man! cool that you actually respond! Yeah, I probably said it a little wrong. "playing your audience" has a bit of a negative connotaction, that was not intended. I meant to say that on several occasion during your video you make smart use of some tricks to, for example: - encourage your audience to take action - hold the attention of your audience (re-engaging) - explain concepts that are difficult to understand in simple terms - keep the barrier to entry low for certain idea's/concepts But that would have taken a lot of words and i wanted to keep it short and sweet ah well hahaha X Carlos
We all fall for these traps at some point in our lives. It all comes down to learning from your mistakes, even if you have to learn that one lesson over and over again.
I am so so guilty of always trying to get my moneys worth! Seriously, I've wasted my time, I've even wasted more money. It's amazing how easy it is to get trapped. Not gonna lie, I was sitting here feeling quite a bit of shame at how many dumb purchases I've made because of money traps👀. Argh! Like they say, awareness is always the first step☺
It's good to question everything all the time. Example, I consider cars to be a scam, because there are so many future and hidden costs than it's just ridiculous. Insurance, gas, tires, maintenance, parking, driving risks etc.
I recently got a decent paying job. Something I noticed recently is that I tend to browse online/in-person stores, pick something I kinda like, add it to cart, go through the checkout, and close the tab without buying anything. I always end up thinking of the use cases first, if I can do it cheaply and/or if I really need it.
I learned number 4 and have been aware of it ever since. Discounts, coupons and sales no longer effect me. But 30% off the Mr. Magic Lamp though.... shutup and take my money!
I’m so glad I came across your channel ! My New Year’s goal is to be more financially discipline with money and build a stronger credit score. I spoke with a financial advisor at my university who pretty much said the same things as you did in the video especially about building a emergency fund since a little can go a long way 👌🏾 thank you for sharing the knowledge! It helps a lot !
This RUclips channel is a gold mine of information. I'm currently taking econ courses and I just want to thank you for helping make my classes fun and enjoyable! :)
I'm currently studying economics in college, but tbh I feel like I learn more from RUclips. In a way I view college as the accredited value that employers value, so I need to get a good grade in my courses, but I actually learn from sources outside of college.
Your video really remind me of my dad. He taught me all these lessons in the past but I was too young to understand. Now, you helped me recall. Thank you ☺️☺️☺️
Not every situation that appears to be a sunk cost fallacy is. Sometimes, there are rewards you only get when you leverage the investment you've already made rather than starting from scratch. Continuing working at a job, for example, to make it to the next promotion or bonus. It does depend on the options you have available, and sometimes the best thing you can do for yourself at the time is to keep going.
The concept of sunk cost fallacy is SO important to understand & it should be taught more broadly, because it's not just something that each of us individually deals with. I work in public administration and way too many failed projects are being kept alive just because the individuals responsible for it cannot seem to accept that an investment failed. The public sector in general suffers from so many of these issues on a big scale.
1. scarcity mindset 2. opportunity cost 3. sunk cost 4. transactional utility. buy things u don’t want because you thought it was a good deal 5. not seeing that money is money and all money has equal value regardless of how you got it /spend it 6. not able to delay gratification don’t think the example was a good example though. the example assumes that buying a car is preferred to getting an uber even though a car is a depreciating asset. it also assumes that people who get an uber can’t afford a car and had to somehow delay gratification in order to own a car. it also doesn’t consider the pros of getting an uber such as reduced mental load of having to drive through busy traffic as well as the flexibility. (eg no need to maintain or service a car, and leaving the car to rot in the garage during WFH)
And the most important. Time is money. If I take uber I can comfortably work there and earn the more money than I spend on the ride. If I take the bus it is wasted time.
It's wild watching this video and thinking "These things are all common sense though, right?". Guess I've been raised to avoid these traps and the self driven research has solidified these points. Great and insightful video to confirm my mentality towards spending habits :)
Omg I love that a clip of Costco was used in the retail "sale" portion. This is why I have a rule that I never go through the center isles at Costco. I make a BLine right to meat and produce get what I need and dip TF out.
Vincent I think you should look into or invest into some kind of collab with other personal growth and finance channels to get your name out there more, this content is too high quality to get low viewership.
Getting laid off in 2010, after the financial crash, was the best thing that ever happened to me. I was out of a job, an expensive car payment, and a mortgage for a house that was more than I needed. I probably only had 5 months of reserves. I knew I never wanted to be in that position ever again. Over time, deploying many financial strategies, I found myself not wanting things at all (not everything, just unnecessary items no longer had any control over emotions). Something started to become more natural in me, that I can only sum up as: “The only thing greater than having money to buy anything I ever wanted, is not to have anything have power in making me want it, when I don’t need it.” Just over a decade later, semi-retired by choice (completely self funded through saving/investing), I still walk through the store, see lots of items I like, but still walk out empty handed, with no emotions about it at all (good or bad). Most items I don’t need, or have a perfectly fine version. I guess my view of all purchases as opportunity costs naturally took over.
"You could sit at the Motherlode mine for 3 hours or go 3tick mine for 1 and do 2 hours of Zulrah" Another way to think about time sink fallacy is think about prices and the amount you spent in terms of hours you worked. It brings money down to a level most people don't think about. If a minimum wage employee at 7.25 bought 2 meals at a fast food restaurant they'd be spending 2 hours of their life instead of "just 14 bucks" essentially.
The problem i got is this: at 3:40. "People with scarcity mindset." This ignoring the systematic problem of people exploiting the poor. Its not" the poor doint know this" its. They have no other choice. People that get paid weekly can not buy bulk, or buy cheap because they dont have any means of transportation to the cheaper markets etc. I dont say scarcity mindset does not exist. It does. But most finance people i know choose to ignore this part about reality because they are not able to see this part of of the system and just blame everything on individual level behaviorism.
I am honestly surprised by that fact that you only have 341k subs and the quality of content is easily for a 5 million plus channel, I discovered your channel yesterday and have watched all of your vids without skipping. Keep up the content and thanks for the help 😁👍👍
Wow Vincent! This video has been incredibly eye opening. I think the point you made about assigning different values to our money or breaking the "pool" up into different categories really helped me to understand that I am doing things wrong. I know this one point alone is going to help me a lot! Thank you so much for sharing your wisdom. :)
Fire info as always! Things we overlook everyday. Mr mustache magic lamp! The mental accounting is soooo true. Crazy how this happens, glad I'm consciously more aware of it now. The free money example was very good, I've seen myself and countless others fall for that.
There is another explanation to the marshmallow example you gave. What if it's actually a test of wealth? Wealthy kids would much more likely to not take the marshmallow immediately because they have plenty sweets stock up at home. To test someone's ability of having delated gratification on taking candies is pretty silly to begin with.
Apparently they were Stanford faculty kids, so socioeconomic differences wasn’t much of an issue. Delayed gratification is extremely important, as it effects the future abilities to gain wealth at a foundational level. Delayed gratification leads to paying with cash, avoiding excessive credit card interest rates, leaving more money in your pocket. Often delayed gratification leads to not buying the item at all, because 1-2 days afterwards, you don’t even want the product anymore, leaving more money in your pocket. Etc... Having more money in your pocket leads to less rash decisions. The greater the amount of savings one has, the more logical advancements they can make. I.e. willing to move across country for another job opportunity, not taking out payday loans, etc. This saving money from delayed gratification, leading to more rational economical decisions, also leads into opportunity costs. This additional money can be put into investments (which also require delayed gratification, from tax purposes to growth potential.) This coming from a lower middle class guy that was laid off in 2010, with only about 5 months reserves to 12 years later financially independent, semi-retired by choice, almost zero stress, focus on my own hobbies/goals, completely self funded (no pension etc, only through savings/investments), considering taking a job only because I think it might be fun to work again... please hear me with the sincere intention I am saying it: Delayed gratification is extremely important. It’s almost the base of the pyramid. So if one doesn’t have it, or has very little of it (like me in 2010), I’d strongly suggest improving it. It’s foundational.
Great content. Saw your video for the first time and subscribed within the first 5 minutes. A small observation though. I remember reading that during the marshmallow experiment, they also realized the children who were able to wait for the second marshmallow generally came from families that were more well off than the families of the children who couldn't wait. Unsurprisingly, this background played a role in their success later in life. Just thought I should point that out.
Very nice summary video! I have been in both sides of the road. I used to love spending money I did not have to prove a point. Later…older and wiser I hope, I live more comfortably and became better with money. I spend less money on none essentials. Happy Holidays everyone.
Nice vid! I studied marketing/business for a couple years and I love it how you went over the Sunk Cost Fallacy... It's weird, since it was only discussed in 1st year courses for me, but it always stuck, as if it should've been brought up more often in later courses (but it never was...). It's such a brilliant reminder for overall happiness in conjunction with finances too. I'm a new fan of your channel, keep it up Vincent!
I like your videos, thank you very much for this content that more people need to see. Here is a tip, don't take it too seriously: This information is very, useful. But when you keep on making, pauses. Stressing non important, words. It starts getting, tiering.
The mental accounting thing is what I'm trying to explain to my spouse. She has it as when something is on sale, then it's worth purchasing for future -- sort of this nesting mentality. But in my mind, it's a volume / spending issue, where you will spend money on things you may not use otherwise, but simply by having the things, you use them but not necessarily need them (single use snacks and flimsy accessory household items are examples). Not only does it save money, it also is a way of keeping clutter and trash out of your life -- not to mention the environmental impact.
Have you found a way to explain your point of view? I'm curious... as it sounds like a values difference. She might actually value a future dollar more than a dollar right now (I.e. the pain of paying full price for a thing, IF needed, ykwim?)
@@paperheartzz Yeah, well I explain my point of view and, since there is a philosophical difference, she believes there are social conventions she needs to fill with stuff to be accepted (kid's birthdays, treats for others, holiday fluff, comfort items that make people feel at home). And I guess I get it, but I feel crowded out and nickel and dimed, always thinking that a crafted card, or some DIY thing, or use the clutter and stuff we've already purchased should be used. Just can't convince - I also really hate trash, packaging, and waste we put out as consumers.
Opportunity cost applies to so many aspects of life. Though definitely worth learning how to better invest in better "opportunities" and help better shape certain perceptions we have of money.
It’s well worth it if: You’re good at it Treat it like a job Can endure the market rollercoasters And most importantly I’d say: Emotionally detached from money: buying options is leveraged money, the swings in your account are very large... can you maintain composure during these times? Can you make calculated decisions, as opposed to emotional decisions during these times?
Should you leave job you hate? Yes and No To leave it on a spot would be stupid decision. But should you suffer then for many years? No, but don't rush, make it at least 3 month plan, start saving, take a course for new career, start exploring, after that go to interviews, failing, learning more and after 3-6 or 9 months you will leave this job for good without sinking all your financial future and risk of homelessness. Believe me, people suffering when they can't see way out, but when they have it all problems becomes only temporarily and they becomes 10 times more manageable. Even when you start saving money and learning new skills/exploring other opportunities - you will feel in control again and way more powerful. You also could change you mind and find that you job is not that bad as you thought and habit of savings and having emergency fund and learning new skills (for your field or different one) would make your life way more stressful and enjoyable even if you decide against leave your job.
Its about resource management and acquisitions, people settle into spending habits they know "work" or produce a predicable result. even if its harmful in the long run. they rarely take a chance to spend money on new "opportunities" without seeing these results. This is why RUclips has became a big platform. Everyone in the past had trade secrets, keeping these results in a closed circle. When collages got big, everyone invested years and millions to get this information and results. Now in 2022, everyone roams the web looking for it. But if everyone jumps on the same opportunity at once, the return on that time invested is cut down by oversaturation.
So interesting. I had a minor in economics. Pursued a career in the arts and the cursory knowledge gleamed from economic classes really set parameters for how I view money and debt and risk. I live my life and kinda run our businesses thru the prism of a cost/benefit analysis even if most of the time it is subconscious. You must be pretty happy making informative videos instead of working for the man.
Hey Vincent saw your video it’s great hearing about opportunity cost, I just want to know is your claim of a £6000 burger really worth £60000? Considering inflation and the risks associated to investing?
It's worth noting that the marshmallow test has been debunked. It has not shown to be replicable, and analyses of the original results suggest a very strong correlation between future success and starting socioeconomic status (shocking, I'm sure).
This video is exactly what I needed. I have limited money, but I was just accepted to grad school. I feel like my three squares are filling up, and I don’t want to make a bad financial decision, like taking on more debt. I need to evaluate my opportunity cost. How else could I spend 40,000?
Your videos are overloaded with ads which make us totally lose track of the information flow and value ! I'm not against ads in general cause you need to generate passive income...., but too much ads is overwhelming !!
Yeah I had my mid life crisis during Covid pandemic lmao. Not the best timing of quitting a job when everyone else been trying to keep their jobs at a crucial time.
If I never bought anything I didn't have to, I would be pretty rich by now. But I would do very little different if I could go back in time. The reason is simple- I derived a lot of pleasure from my purchases, especially vacations, on which I have spent something around $100K combined. IF I knew I would live to be 100 and stay healthy and able until then, I would spend less and invest more. But as it turned out in reality, I became very ill at 53, and I will never totally recover, so I am glad I did the things I did. The things I would change would be to replace clothes less often, eat out less (but still some), never order the call brand, and the big one- not date any woman for long who was leaching off of me.
although if you schedule the uber correctly, you could offer a uber ride to some one else while going to your desire destination. Getting paid to car pooling with extra steps, so to speak. But assume the trip is frequent enough to justify the planning, you could potentially turn all your consumption activity into an asset generating activity. But does require some foresight and planning, and inconvenience. Even the 6 thousand burger example, you could get a job as poison taste tester for political figure, so get paid to eat expensive food. Risk of dying included.
![Digital Circus Episode 4 [TRAILER]](http://i.ytimg.com/vi/abZtsmMUbJo/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/
Fallacy of mental accounting right here!
But hey, regardless if anyone buys that or not, you have got some good stuff on your channel.
I love watching this after years of learning how to take control of my personal finance. At first, I've tought that these ideas are stupid, but after some time, I came to the conclution that if you can make a difference between 'I want' a new pair of shoes and 'I need' a new pair of shoes, you are unstoppable. You no longer buy things because they are on sale. Another thing that blew my mind was the fact that having enough money to buy something gives you more joy than actually buying that thing.
Wow this is well said. I love the “having enough money to buy something gives you more joy than actually buying that thing.” You said it perfect.
couldn't have said it better myself, thank you andrei!
@@VincentChan hi can we be friends
Dude I'm in this spot. It's that peace of mind from just a tiny, tenuous degree of "stability". That's all we want. Shit not to be on fire all the time.
Totally agree re: having enough money vs actually buying the thing.
So basically :
- Don't overthink about money
- Avoid useless expensive purchases, always think about what more profitable things you could do with all this money.
- Never look back too much. Anything done is done, so stop overthinking about it and just move on.
- When considering buying something, ask yourself "Do I really need that ? Will I use it ?
- Money still money, no matter where it comes from. If you can invest it cleverly, do so.
Thanks for saving 17 minutes of my life🙏
bless you good sir/maam/it
Too much fluffing about, clearly the video is summed up as 'opportunity cost'
@Off Road Guy Same for me cause I gotta find a job to start with, but here we are 🤣
Thank you
Econ prof told my class “if you think you are saving 30%, you are not saving 30%. You are spending 70% of the price. You still are spending.” I finally came to realize that I should only buy something if I truly need or want it and if there’s a promotion or discount, then that’s a bonus. The need or want comes before the desire of a discount.
With the same principle, my friend told me already when we were 10:"Instead of saving 30 %, if you don't buy that thing, you save 100 %"
That isn't always true though, especially when it comes to food for example. When it's on sale you can often pick up the better name brand product for less than the cheaper alternatives.
@@ateljeer Julius Rock
Summary: #1 limited bandwidth to make choices, can lead to making bad decisions, scarcity mindset. #2 opportunity cost - you could spend money on other items, includes time value of money, #3 sunk cost - have trouble cutting your losses, try to recoup your value, #4 buying things you don’t need just because they are on sale, #5 budgeting your money mentally (I don’t think this one is so bad), #6 delayed gratification - if you can wait for the reward, you will be more successful in life since you have more discipline. Hope this was helpful. Happy holidays.
Thanks!
If you wouldn't buy something at full price, you shouldn't buy it on sale. Great storytelling and examples in your videos as always Vincent!
I appreciate that!
That's not entirely true. There's things that you would buy at full price but can't actually afford it so save up and wait till it's at a discount.
I only buy new shirts once every few years. I bought about a dozen or so back in 2017. It'll be a while before I buy any more. I waited until they were 50% on sale , about to be discontinued, and got them. Maybe in another couple of years I'll buy more clothes, maybe not. But if it's something fun and graphic I won't pay full price, and I won't feel bad for waiting so long plus getting it on sale .
@Jeremiah Bakker .... I'm not spending recklessly. I'm required to wear clothes to go out in public. I buy clothes on sale, but, not very often. Other people buy new clothes all the time, which is how we end up with piles of clothes in landfills, and that is bad.
The marshmallow experiment turned out to have an incorrect conclusion. At the time, the researchers hadn’t taken into account the socioeconomic status of the children, and when they did, the updated findings showed that the REAL reason some kids could delay gratification was because they were wealthier. See, kids who grow up with abundance, and get their needs met consistently, have an easier time believing in future rewards. Whereas kids who grew up in homes with inconsistent or insufficient resources, had a scarcity mindset (“no guarantee of future rewards; gotta get what I can while it’s available”).
I don’t really believe this. Shouldn’t random sampling have accounted for this?
Odd to hear seeming from my experience the people that I know that have scarcity tend to focus more on future rewards because they need to delegate resources while ones with abundence have no real understanding of scarcity. This could literally be seen both ways.
Your research is from a political movement called Global Citizen and not really based on actual scientific fact. They even say our own research.
They were told they would get a marshmallow from abstaining. What's your source for the incorrect conclusion?
Came here to mention this love that it was already here
“It’s on sale I gotta buy it” is my favorite money trap to point out to people
It's how my business grows, while trying to stay away from it myself haha
I think that's a hard one because if you really do need something, it is better to get it on sale. But you also have to comparison shop to make sure the sale or clearance is really a good deal. Sometimes stores will mark up the price of an item before they put it on sale, so it's not really much of a discount.
this reminds me of one time my uncle told me "a sale isnt a sale if you don't need it." he said that years ago and it stuck with me. even if they giving it away for cheap doeant matter if you dont need it
I grew up with parents who were not financially literate so for the majority of my upbringing we lived paycheck to paycheck. Thank you for your channel, Mr. Chan. As a 17 year old, you are almost like a mentor to me in terms of finance and I'm learning a lot from content creators like you. Although my parents were not the ones to teach me how to manage my money in a way that will set me up to be financially sound, you and many others have and I will be forever thankful for that. Again, thank you!
As a parent, you cannot teach everything... i think the goal is to allow kids to have the space and confidence to experience and even maibe failure. Sounds like you are in a good spot. Thanks for sharing
@@paulacostescu1041 I agree. That’s all 😁
Mr. Chan is your “Rich Dad” 🤗
I think the psychology behind financial decisions is the part many people do not address. When I was a financial advisor I had to double as a psychologist lol
exactly! gotta work the psychology into it too
@@VincentChan yu77yyybyv7y7uyy7y77yy77gyyby7h
10:15 my mom is guilty of this.
This is the example of 2 dollar 1 liter of milk vs buying 20 dollar 20 liters of milk. Its a great discount but unless you're the milkman or selling milkshakes, we cant consume all of it!
You can freeze the milk
Another interpretation of the marshmallow study is children who had lived experiences where they could trust promises of adults were more likely to wait and delay gratification because they trusted that there really was an opportunity for more marshmallows. While children growing up in an environment where promises were constantly broken would have no expectation that more marshmallow were coming and would make the logical choice to enjoy the marshmallows they had.
The conclusion of the "insecure/scarcity-mindset" children is equally valid, however. In this love of wealth modern worldview, we see these kids as lacking discipline and patience. The social-darwinists among us will blame their adult poverty on these moral failings. The alternative, of course, is to always deny yourself and live a life of austerity. You can own and enjoy nothing, safe in the knowledge that your hoard of money is growing larger by the day.
As with everything, you should set realistic goals for yourself and formulate a plan to achieve them. Being a millionaire by 50 is fun, but not if you die at 40. Living for the day is great, until you're 77 and still bagging groceries. There's a middle-ground where (those able to earn a decent wage) can eat healthily, spend with some discretion, partake of the finer things, and generate some security for their golden years.
Thank you for making these videos. I grew up with very financially insecure parents which led to me being a very financially insecure 18 year old who knows nothing about money cause we never had it. They always told me that things like investing were simply money pits and I'd never be able to afford to do it. Having watched a bunch of your videos now, I feel a lot more prepared to take control of my own finances
There is a second price attached to everything you do in life. Time. Your time has a direct monetary value, and if you engage in wasteful uses of your time, even if it’s financially advantageous, you might still be on the losing end of thing. If you live a life where you’re too busy slaving away at a corporate job for 40 years and then retire, yes you’ll probably have a nice nest egg, but you will have wasted your youth doing things that didn’t necessarily fulfill you. If you make $100k yearly, you don’t need to spend time nitpicking over getting the correct change for your cheeseburger, you just hand them the dollar and say keep the change. The time it will take the cashier to open a new roll of pennie’s and count out the 4¢ will be ten seconds of your life that you won’t get back.
And that sounds really stupid until you add those seconds up.
Those ten seconds you save there give you an extra moment to sit in your car before you head back into the office, they let you relax. Stress is the leading cause of shortened lifespans in the United States. People who live high stress lives die, on average, 2.8 years earlier than their contemporaries.
I’m not saying go out and become a yoga guru, but it’s important to indulge yourself every once in a while. Vacations, time with family/friends, even a stupid expensive cheeseburger made with the worlds most wasted gold foil. As my friend likes to remind me, self care is sexy. Being happy is sexy. Take care of yourselves people, and if it means you don’t make a perfectly rational financial decision sometimes, then accept that and move on. We only get one life, don’t waste it chasing money unless you absolutely need to.
I have a process that I use to buy clothing that helps with the whole concept of buying something just because I think it's a "good deal." This is for all my big shoppers out there, or those who have clothing they feel "guilty" for having bought.
Step 1 - see item I like
Step 2 - check material tag (NOT price tag DO NOT look at the price tag) to make sure that it fits my washing needs. For example, I will not buy dry-clean only
Step 3 - try it on to see if I like it
Step 4 (this is the good one) - While it have it on in the fitting room, *give* it a price. Determine how many dollars I would part with to add this item to my closet. Bonus: If it is an item that I didn't actually need more of (I always have too many sweaters) then I also have to pick a comparable piece I will get rid of in order to have space for the new one.
Step 5 - Check the price tag, and if it is the same or less than I said I would pay, then I can buy it.
This has helped me keep my closet to a manageable size and not feel guilty about the items I have bought.
Oh also if you do all this and you still are not sure then you can always leave the store and take a day or two to think about the decision. Most likely it'll still be there when you get back.
While I love all of the pieces of advice in this video, the one that I've always been the best at, and that has given me the most benefit has been delayed gratification. One of the biggest things for me has been learning to enjoy as simple of a life as possible. I don't care how big of a house or how fancy of a car my peers drive. I only care about freedom, and as I've spent years in this mindset and practice, it's easier and easier to take every extra piece of money I get and invest it in the stock market and to watch it grow over time.
You sir, you get how being a RUclipsr works and are a master at playing your audience (and i'm saying that in a positive way). Subscribed not for financial advice, but to learn how to make good youtube video's!
haha thank you carlos! what do you mean by playing your audience? D:
@@VincentChan hey man! cool that you actually respond! Yeah, I probably said it a little wrong. "playing your audience" has a bit of a negative connotaction, that was not intended. I meant to say that on several occasion during your video you make smart use of some tricks to, for example:
- encourage your audience to take action
- hold the attention of your audience (re-engaging)
- explain concepts that are difficult to understand in simple terms
- keep the barrier to entry low for certain idea's/concepts
But that would have taken a lot of words and i wanted to keep it short and sweet ah well hahaha
X Carlos
my guy said “especially the 3rd reason”. That line alone hooked me to watch the whole vid 👍🏼
@@Potatoking783 hahah thank you
We all fall for these traps at some point in our lives. It all comes down to learning from your mistakes, even if you have to learn that one lesson over and over again.
I am so so guilty of always trying to get my moneys worth! Seriously, I've wasted my time, I've even wasted more money. It's amazing how easy it is to get trapped. Not gonna lie, I was sitting here feeling quite a bit of shame at how many dumb purchases I've made because of money traps👀. Argh! Like they say, awareness is always the first step☺
It's good to question everything all the time. Example, I consider cars to be a scam, because there are so many future and hidden costs than it's just ridiculous. Insurance, gas, tires, maintenance, parking, driving risks etc.
I recently got a decent paying job. Something I noticed recently is that I tend to browse online/in-person stores, pick something I kinda like, add it to cart, go through the checkout, and close the tab without buying anything. I always end up thinking of the use cases first, if I can do it cheaply and/or if I really need it.
I learned number 4 and have been aware of it ever since. Discounts, coupons and sales no longer effect me. But 30% off the Mr. Magic Lamp though.... shutup and take my money!
LOL gotta get yourself a mr magic lamp :)
I’m so glad I came across your channel ! My New Year’s goal is to be more financially discipline with money and build a stronger credit score. I spoke with a financial advisor at my university who pretty much said the same things as you did in the video especially about building a emergency fund since a little can go a long way 👌🏾 thank you for sharing the knowledge! It helps a lot !
4 years of experience shared in a 17 minutes video, what better than that? 😉 Thanks, man for always sharing interesting and useful content!
This RUclips channel is a gold mine of information. I'm currently taking econ courses and I just want to thank you for helping make my classes fun and enjoyable! :)
You’re so good at finding clips to correlate with your story. No idea how you find and piece that all together. Great work!
The fact that you use a lot of Family Guy, The Simpsons and South Park clips as your b-roll makes me ridicilously happy. Thanks for the neat content!
I'm currently studying economics in college, but tbh I feel like I learn more from RUclips. In a way I view college as the accredited value that employers value, so I need to get a good grade in my courses, but I actually learn from sources outside of college.
Mister magic mustache lamp 😂😂😂
Just found your channel and am binging a bit. Really enjoy your content so far.
Your video really remind me of my dad. He taught me all these lessons in the past but I was too young to understand. Now, you helped me recall. Thank you ☺️☺️☺️
Not every situation that appears to be a sunk cost fallacy is. Sometimes, there are rewards you only get when you leverage the investment you've already made rather than starting from scratch. Continuing working at a job, for example, to make it to the next promotion or bonus. It does depend on the options you have available, and sometimes the best thing you can do for yourself at the time is to keep going.
bonuses are almost never guaranteed and promotion from within is a lie. Jump ship and switch jobs always
Nothing is always either/or. He’s just pointing out a trap that people can fall into... therefor they don’t jump, even though they should.
The concept of sunk cost fallacy is SO important to understand & it should be taught more broadly, because it's not just something that each of us individually deals with. I work in public administration and way too many failed projects are being kept alive just because the individuals responsible for it cannot seem to accept that an investment failed. The public sector in general suffers from so many of these issues on a big scale.
1. scarcity mindset
2. opportunity cost
3. sunk cost
4. transactional utility. buy things u don’t want because you thought it was a good deal
5. not seeing that money is money and all money has equal value regardless of how you got it /spend it
6. not able to delay gratification
don’t think the example was a good example though. the example assumes that buying a car is preferred to getting an uber even though a car is a depreciating asset. it also assumes that people who get an uber can’t afford a car and had to somehow delay gratification in order to own a car. it also doesn’t consider the pros of getting an uber such as reduced mental load of having to drive through busy traffic as well as the flexibility. (eg no need to maintain or service a car, and leaving the car to rot in the garage during WFH)
And the most important. Time is money. If I take uber I can comfortably work there and earn the more money than I spend on the ride. If I take the bus it is wasted time.
It's wild watching this video and thinking "These things are all common sense though, right?". Guess I've been raised to avoid these traps and the self driven research has solidified these points. Great and insightful video to confirm my mentality towards spending habits :)
Van Chan providing all of this valuable information completely for free 🔥🔥🔥
Glad you think so!
I am sure Mr. Chan would confirm that even his own informations contain hidden costs and biased opinions.
Omg I love that a clip of Costco was used in the retail "sale" portion. This is why I have a rule that I never go through the center isles at Costco. I make a BLine right to meat and produce get what I need and dip TF out.
Vincent I think you should look into or invest into some kind of collab with other personal growth and finance channels to get your name out there more, this content is too high quality to get low viewership.
aww that's very kind of you adam thank you
Getting laid off in 2010, after the financial crash, was the best thing that ever happened to me. I was out of a job, an expensive car payment, and a mortgage for a house that was more than I needed. I probably only had 5 months of reserves. I knew I never wanted to be in that position ever again.
Over time, deploying many financial strategies, I found myself not wanting things at all (not everything, just unnecessary items no longer had any control over emotions). Something started to become more natural in me, that I can only sum up as:
“The only thing greater than having money to buy anything I ever wanted, is not to have anything have power in making me want it, when I don’t need it.”
Just over a decade later, semi-retired by choice (completely self funded through saving/investing), I still walk through the store, see lots of items I like, but still walk out empty handed, with no emotions about it at all (good or bad). Most items I don’t need, or have a perfectly fine version. I guess my view of all purchases as opportunity costs naturally took over.
I binge watched all your videos over the weekend. Greatly appreciate all your valuable insight. Thank you!
"You could sit at the Motherlode mine for 3 hours or go 3tick mine for 1 and do 2 hours of Zulrah"
Another way to think about time sink fallacy is think about prices and the amount you spent in terms of hours you worked. It brings money down to a level most people don't think about. If a minimum wage employee at 7.25 bought 2 meals at a fast food restaurant they'd be spending 2 hours of their life instead of "just 14 bucks" essentially.
Yes but if you start thinking like that you're never going to buy anything.
The problem i got is this:
at 3:40.
"People with scarcity mindset."
This ignoring the systematic problem of people exploiting the poor. Its not" the poor doint know this" its. They have no other choice.
People that get paid weekly can not buy bulk, or buy cheap because they dont have any means of transportation to the cheaper markets etc.
I dont say scarcity mindset does not exist. It does. But most finance people i know choose to ignore this part about reality because they are not able to see this part of of the system and just blame everything on individual level behaviorism.
I am honestly surprised by that fact that you only have 341k subs and the quality of content is easily for a 5 million plus channel, I discovered your channel yesterday and have watched all of your vids without skipping. Keep up the content and thanks for the help 😁👍👍
Wow Vincent! This video has been incredibly eye opening. I think the point you made about assigning different values to our money or breaking the "pool" up into different categories really helped me to understand that I am doing things wrong. I know this one point alone is going to help me a lot! Thank you so much for sharing your wisdom. :)
Fire info as always! Things we overlook everyday. Mr mustache magic lamp!
The mental accounting is soooo true. Crazy how this happens, glad I'm consciously more aware of it now. The free money example was very good, I've seen myself and countless others fall for that.
you the real one Long!!
I got this video in my recommend and the thumbnail did it’s job. Your thumbnails are absolutely perfect
There is another explanation to the marshmallow example you gave. What if it's actually a test of wealth? Wealthy kids would much more likely to not take the marshmallow immediately because they have plenty sweets stock up at home. To test someone's ability of having delated gratification on taking candies is pretty silly to begin with.
Apparently they were Stanford faculty kids, so socioeconomic differences wasn’t much of an issue.
Delayed gratification is extremely important, as it effects the future abilities to gain wealth at a foundational level.
Delayed gratification leads to paying with cash, avoiding excessive credit card interest rates, leaving more money in your pocket. Often delayed gratification leads to not buying the item at all, because 1-2 days afterwards, you don’t even want the product anymore, leaving more money in your pocket. Etc...
Having more money in your pocket leads to less rash decisions. The greater the amount of savings one has, the more logical advancements they can make. I.e. willing to move across country for another job opportunity, not taking out payday loans, etc.
This saving money from delayed gratification, leading to more rational economical decisions, also leads into opportunity costs. This additional money can be put into investments (which also require delayed gratification, from tax purposes to growth potential.)
This coming from a lower middle class guy that was laid off in 2010, with only about 5 months reserves to 12 years later financially independent, semi-retired by choice, almost zero stress, focus on my own hobbies/goals, completely self funded (no pension etc, only through savings/investments), considering taking a job only because I think it might be fun to work again... please hear me with the sincere intention I am saying it:
Delayed gratification is extremely important. It’s almost the base of the pyramid.
So if one doesn’t have it, or has very little of it (like me in 2010), I’d strongly suggest improving it. It’s foundational.
Great content. Saw your video for the first time and subscribed within the first 5 minutes.
A small observation though. I remember reading that during the marshmallow experiment, they also realized the children who were able to wait for the second marshmallow generally came from families that were more well off than the families of the children who couldn't wait. Unsurprisingly, this background played a role in their success later in life. Just thought I should point that out.
Very nice summary video! I have been in both sides of the road. I used to love spending money I did not have to prove a point. Later…older and wiser I hope, I live more comfortably and became better with money. I spend less money on none essentials. Happy Holidays everyone.
Nice vid!
I studied marketing/business for a couple years and I love it how you went over the Sunk Cost Fallacy... It's weird, since it was only discussed in 1st year courses for me, but it always stuck, as if it should've been brought up more often in later courses (but it never was...). It's such a brilliant reminder for overall happiness in conjunction with finances too. I'm a new fan of your channel, keep it up Vincent!
I like your videos, thank you very much for this content that more people need to see.
Here is a tip, don't take it too seriously:
This information is very,
useful.
But when you keep on making,
pauses.
Stressing non important,
words.
It starts getting,
tiering.
This is literal content gold.
oh damn, the mental spending bucket is something I do
Love the snippet of movies and cartoons to illustrate your points!
yeah! likewise
High quality content and video editing Vincent. Well done Sir.
Appreciate your insight Vincent, nice video!
Glad it was helpful!
Awesome video and the traps are valuable to know. There's a great deal of psychology that goes into our success.
The mental accounting thing is what I'm trying to explain to my spouse. She has it as when something is on sale, then it's worth purchasing for future -- sort of this nesting mentality. But in my mind, it's a volume / spending issue, where you will spend money on things you may not use otherwise, but simply by having the things, you use them but not necessarily need them (single use snacks and flimsy accessory household items are examples). Not only does it save money, it also is a way of keeping clutter and trash out of your life -- not to mention the environmental impact.
Have you found a way to explain your point of view? I'm curious... as it sounds like a values difference. She might actually value a future dollar more than a dollar right now (I.e. the pain of paying full price for a thing, IF needed, ykwim?)
@@paperheartzz Yeah, well I explain my point of view and, since there is a philosophical difference, she believes there are social conventions she needs to fill with stuff to be accepted (kid's birthdays, treats for others, holiday fluff, comfort items that make people feel at home). And I guess I get it, but I feel crowded out and nickel and dimed, always thinking that a crafted card, or some DIY thing, or use the clutter and stuff we've already purchased should be used. Just can't convince - I also really hate trash, packaging, and waste we put out as consumers.
Appreciate the tips, Mr Sulu.
cannot thank you enough! this video brought so much value to me. i am guilty of all of these mistakes.
Glad it was helpful!
I did the marshmallow test & delayed eating it 👍 And yes, in adulthood my friends refer to me as a diva on a budget.
This is true the delay gratification, very interesting research and mindset.
This was 10 months ago, you look really good.
Opportunity cost applies to so many aspects of life. Though definitely worth learning how to better invest in better "opportunities" and help better shape certain perceptions we have of money.
I love watching your videos. I always have "that's why" moments. Thanks heaps!
Can you do a video on if being a full time optioms trader is worth it or not
It’s well worth it if:
You’re good at it
Treat it like a job
Can endure the market rollercoasters
And most importantly I’d say:
Emotionally detached from money: buying options is leveraged money, the swings in your account are very large... can you maintain composure during these times? Can you make calculated decisions, as opposed to emotional decisions during these times?
Should you leave job you hate?
Yes and No
To leave it on a spot would be stupid decision.
But should you suffer then for many years?
No, but don't rush, make it at least 3 month plan, start saving, take a course for new career, start exploring, after that go to interviews, failing, learning more and after 3-6 or 9 months you will leave this job for good without sinking all your financial future and risk of homelessness.
Believe me, people suffering when they can't see way out, but when they have it all problems becomes only temporarily and they becomes 10 times more manageable.
Even when you start saving money and learning new skills/exploring other opportunities - you will feel in control again and way more powerful.
You also could change you mind and find that you job is not that bad as you thought and habit of savings and having emergency fund and learning new skills (for your field or different one) would make your life way more stressful and enjoyable even if you decide against leave your job.
A HELOC is mortgage vs home equity line of credit. Many say don't refinance but HELOC
Great channel, you really are helping future generations be more careful and introspective about $$. 👏🏾 Bravo
Why is your monitor rotated for 37 degrees to the left on the background?
This is why I don’t do Black Friday. I may do things that are arguably the same grift but I don’t do the Black Friday grift.
Its about resource management and acquisitions, people settle into spending habits they know "work" or produce a predicable result. even if its harmful in the long run. they rarely take a chance to spend money on new "opportunities" without seeing these results. This is why RUclips has became a big platform. Everyone in the past had trade secrets, keeping these results in a closed circle. When collages got big, everyone invested years and millions to get this information and results. Now in 2022, everyone roams the web looking for it. But if everyone jumps on the same opportunity at once, the return on that time invested is cut down by oversaturation.
So interesting. I had a minor in economics. Pursued a career in the arts and the cursory knowledge gleamed from economic classes really set parameters for how I view money and debt and risk. I live my life and kinda run our businesses thru the prism of a cost/benefit analysis even if most of the time it is subconscious. You must be pretty happy making informative videos instead of working for the man.
After watching Dave Ramsey , I have a different outlook on my purchases , no more being slave to the lender !
Hey Vincent saw your video it’s great hearing about opportunity cost, I just want to know is your claim of a £6000 burger really worth £60000? Considering inflation and the risks associated to investing?
I think this is a good video but I also think you should cover what you should do so people don't just come up with new ways of doing it wrong
editing is getting more engaging bro nice work
This is such an informative video, it almost scary how easy it is to fall for some of these
Yea I do value my passive income differently. Never spend that always reinvest . But my credit card rewards I spend easy. I got changes to make
$6000 with rate of return 8% and inflation rate 7.5% will not buy you a Tesla! You will barely keep your initial money
It’s sad, inflation is purposely designed to devalue dollars and keep people having to work. It’s the unseen tax on the average citizen.
It's worth noting that the marshmallow test has been debunked. It has not shown to be replicable, and analyses of the original results suggest a very strong correlation between future success and starting socioeconomic status (shocking, I'm sure).
I can assure you, learning/improving delayed gratification, is an extremely valuable tool to develop, regardless of socioeconomic background.
It's funny how our minds work. I have posesions I don't need anymore but I can't throw them away because I paid for them 🤣Silly really.
This video is exactly what I needed. I have limited money, but I was just accepted to grad school. I feel like my three squares are filling up, and I don’t want to make a bad financial decision, like taking on more debt. I need to evaluate my opportunity cost. How else could I spend 40,000?
That's how it is when you go to target. Your like in just looking around and then 5 minutes later end up with your hands full needing a cart lol
Your videos are overloaded with ads which make us totally lose track of the information flow and value ! I'm not against ads in general cause you need to generate passive income...., but too much ads is overwhelming !!
You got me at. I studied economics, and forget what I learned. Haha same!
aint nuttin wrong with a $6000 Supreme red Brick.
I love these money concepts! Something to rewatch later
Yeah I had my mid life crisis during Covid pandemic lmao. Not the best timing of quitting a job when everyone else been trying to keep their jobs at a crucial time.
thank you for teaching us
mental accounting- I don't have a choice but to pool my money because I have so little coming in.
If I never bought anything I didn't have to, I would be pretty rich by now. But I would do very little different if I could go back in time. The reason is simple- I derived a lot of pleasure from my purchases, especially vacations, on which I have spent something around $100K combined. IF I knew I would live to be 100 and stay healthy and able until then, I would spend less and invest more. But as it turned out in reality, I became very ill at 53, and I will never totally recover, so I am glad I did the things I did. The things I would change would be to replace clothes less often, eat out less (but still some), never order the call brand, and the big one- not date any woman for long who was leaching off of me.
although if you schedule the uber correctly, you could offer a uber ride to some one else while going to your desire destination. Getting paid to car pooling with extra steps, so to speak. But assume the trip is frequent enough to justify the planning, you could potentially turn all your consumption activity into an asset generating activity. But does require some foresight and planning, and inconvenience. Even the 6 thousand burger example, you could get a job as poison taste tester for political figure, so get paid to eat expensive food. Risk of dying included.
i have a question do you normally talk in this manner or did you adapt it for youtube?
What fantastic content you provide 🙌
Great content! But I think we can all agree that Sharknado is the greatest movie of all time
Nicely done
Loved the pink panther car scenes. Great content, Vincent!
nice ads men.. Straight forward advice.. very helpful..im new to your channel
Dude your noisegate has a super quick release time. It's a little jarring. Outside of that love your content