How to Be a Millionaire on a Low Salary

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2 жыл бұрын

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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.
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Пікірлер: 860

@drew8235 8 ай бұрын

The important thing to remember is that side hustles often take up so much of your free time that you're basically not even living. That's not much different than the guy who hoards money his entire life while eating only oatmeal and then dies before ever really using it. True wealth would be finding a way to balance securing your future with actually living your life here and now.

@schuylergeery-zink1923 7 ай бұрын

Depends on the side hustle… I play music with my band. I don’t have a huge interest in touring full time bc it’s a lot of work but I do love writing and playing music. I also love writing novels and feel fulfilled by this and sell them on the side. If that was full time then yah, I’d be happy with it… some side hustles are just to make money but others are about filling your soul, it’s more of a vocation.

@Gleichtritt 23 күн бұрын

With the right side hustle, you need to invest less time in it and compensate that with money. I started with an online business during my time I studied. I never finished the studies, but I have passive income of around 3,5-4k every month. The time I used to spend in this, is now done by two people I hired. After all costs, I might just have 1600$, but I barely have to work for it at this point. At the same time, the money I invest into the people I hired, is not to sustain my income, its to grow it. I could fire them immediatly and it would not impact my current income. However by keeping them work for me, I can help them making a living and increase my income for the future.

@zachary9925 Жыл бұрын

My great uncle was a junk collector. He had the worst house in town. It was an old dump that he never took care of (mental health), and in the back yard he basically had a junk yard. Old cars, piles of scrap metal, coffee cans filled with nuts and bolts. When he died his daughters learned that he at around $7 million..... in a checking account.... Turns out the junk yard was the primary sourcing grounds for local mechanics. Anything he couldn't sell he scrapped. He ate oatmeal and hotdogs for nearly every meal, and never did anything besides work and watch TV. He was the meanest person I ever knew and I didn't really like him. When he died and we learned about all of this my dad just said "That's one way to live, I guess." Point taken.

@1boi593 Жыл бұрын

but why did he never spend anything of this money? do your inherit it?

@cioccolatamania3622 Жыл бұрын

So he compromised his health and happiness for wealth that he never enjoyed to use - at least he had his daughters who would inherit it.

@zachary9925 Жыл бұрын

@@cioccolatamania3622 they live the same way.

@deneigh9445 Жыл бұрын

That's sad to hear. My neighbor is a scrapper and is having the tike of his life. He loves to share all of his experiences as a Carpenter as well as the oddities he treasures. Different strokes for different folks. I hope you find your own way to keep your cost of living low, your income at an acceptable range and your peace. Many blessings

@ozzierabbit587 Жыл бұрын

Ronald Read also didn't spend the money he made. He wore ragged clothes and once had someone buy a meal for him because they thought he was needy.

@daktusdurggery5505 Жыл бұрын

That’s great but making $10 an hour and minimum rent is $1200 per month, there is no way to improve cash flow

@elvismark5172 Жыл бұрын

Is now a good time to invest in stocks? I know everyone says stocks are cheap, but how long will it take for us to recover? Obviously, there are strategies to be used in this market, but these strategies are not available to the average person, so am I better off putting my money elsewhere?

@waynestones Жыл бұрын

Indeed, many individuals minimize the importance of financial experts until they are in emotional distress. I can very clearly recall requiring encouragement to keep my business going. If the market has taught me anything, it's that it always recovers, but I can't seem to focus on the long run, when major factors like my retirement and my reserve are wreaking havoc on inflation.

@oscarjiron6974 Жыл бұрын

Professionals are now dominating the market since they have access to both the essential strategy for making money in this industry and exclusive insider market information. . Hiring a skilled professional with a platform that offers a variety of investing possibilities can help you do this. You may even get more by doing this, and you leave little space for regrets

@AnthonyHart34 Жыл бұрын

@@oscarjiron6974 Due to the significant dips, I want help in order to rebuild my portfolio and develop new tactics. Where is this adviser located?

@oscarjiron6974 Жыл бұрын

@@AnthonyHart34 It's funny you brought it up because I totally get it. Although I have dealt with several financial advisers, "sharon lee casey" has so far shown to be the most knowledgeable and capable. I'm not sure whether I can disclose this. She also manages my portfolio.

@thomaslewis514 Жыл бұрын

@@oscarjiron6974 I can see why she is so busy because she has a respectable career and strong credentials. So without waiting, I quickly copied Sharon's full name and entered it into my browser.

@Susanhartman. 6 ай бұрын

At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.

@ThomasChai05 6 ай бұрын

Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .

@mariaguerrero08 6 ай бұрын

I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.

@mikegarvey17 6 ай бұрын

@@mariaguerrero08This is exactly how i wish to get my finances coordinated ahead or retirement. Can you recommend the financial advisor you used to get ahead?

@mariaguerrero08 6 ай бұрын

CAMILLE ALICIA GARCIA maintains an online presence. Just make a simple search for her name online.

@diane.moore- 6 ай бұрын

Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.

@e-spy Жыл бұрын

At the age of 47, I found that my financial "professional" had misappropriated my retirement funds ($250k) and lost it all. Didn't do one thing I said. I had to start over. with zero. I decided to manage my own money, and 12 years later I had 400k saved. Not enough, but hey. Still under the 8 ball, as covid caused a catastrophic loss in my income (I was forced to retire early). I had planned on working another 6 years to get to that million mark. well, life has a way of changing your plans, no? So now I just have to figure it out as always. I will, but it will take some time. Gotta tell ya though, after going from extreme poverty to middle class and back to poverty? I am one disgruntled camper.

@vickijohnson9367 6 ай бұрын

Be careful in marriage. It can be the best decision to stabilize 2 people, and reach prosperity. But choose wisely, the best friend in life that is a loyal team member, because if you divorce, you will have to start over. There are very clear events in capitalism that are money killers.

@DJDOUBLE077 2 жыл бұрын

Saving money doesn't work because it's constantly being devalued...you need a hedge against inflation. Investing is key to financial freedom. The problem is it's easier said than done.

@ladybird491 2 жыл бұрын

SAVING MONEY ALLOWS YOU TO HAVE MONEY TO INVEST SO YOU CAN GET MORR MONEY, SO IT CAN WORK IN SOME WAY. only people who can't save money say what you said.

@stevenhull5025 2 жыл бұрын

If you save cash for the long term I agree with you. It will devalue because of inflation. However, if you save cash for a shorter period then you have the money to 'invest' in an asset which over time increases in value.

@DJDOUBLE077 2 жыл бұрын

@@stevenhull5025 my point was cash is useless if it's not invested. I didn't mean burn through your money. You have to save it but not in a savings or under your mattress...it's gotta go into an investment.

@DJDOUBLE077 2 жыл бұрын

@@ladybird491maybe I didn't clarify thoroughly enough. I didn't mean dont save money literally...you save it to invest as opposed to it(cash) sitting in the bank losing value. I'm guilty of the latter because of wanting rainy day funds.

@rainforestsanctuary-sounds6489 2 жыл бұрын

If you invest in stocks they’ve all dropped/been choppy lately and cash would hand held value 😂 tricky times

@TheGreatWasian_ 2 жыл бұрын

I’m 19 and saved up my first $10,000. Wish me luck everyone, I’m trying to make it in this world

@Dami6042 2 жыл бұрын

Almost $10k soon and 19 as well!! Can't waittt

@Emophilosophy 2 жыл бұрын

Keep it up dog that’s great

@ladyd5381 Жыл бұрын

You will young man you will. I'm absolutely positive about that because you are starting early not only that because you are interested in finance at such a early age.

@Hvad554 8 күн бұрын

Good luck, young man. I'll pray for your succes.

@TheGreatWasian_ 8 күн бұрын

@@Hvad554 update after 2 years, got a fully paid off car now with good reliability and mileage, and just landed a really good internship at a corporation hopefully I get the long-term offer after the internship ends. Keep praying for me because I need it🙏

@jbusyiii Жыл бұрын

"It's not how much you make. It's how much you keep."

@morganwallen2005 Жыл бұрын

After a horrendous 2022, shell-stunned financial backers have misfortunes to recover and a lot to consider, as an expansion report and a pile of different information did close to nothing to change assumptions that the Central bank would probably keep climbing interest rates regardless of whether the economy dials back, And that implies more red ink for portfolios for the principal quarter of year 2023. How might I benefit from the ongoing unstable market, I'm currently at a junction choosing if to exchange my $250k security/stock portfolio

@marcelrobert9569 Жыл бұрын

Centre around two key targets. In the first place, remain safeguarded by realising when to offer stocks to cut misfortunes and catch benefits. Second, get ready to benefit when the market turns around. I suggest you look for the direction a representative or monetary consultant.

@charlotteflair1043 Жыл бұрын

@@lucid480 Insightful... I curiously looked up her name on the internet and I found her site, thanks for sharing

@haywoodjablowme699 Жыл бұрын

It begs the question: who's the bigger schmuck? The guy who lives life to the fullest and dies penniless or the guy that deprives himself of all of life's luxuries and dies with $8M?

@exaltedalpha2610 Жыл бұрын

I would have stopped at $2M, had it invested in the S&P 500, and just lived off of dividends at that point lol. Enjoyed life, being frugal still. No point dying rich with out enjoying it 🤷‍♂️

@Player-gn3dc Жыл бұрын

Yea, I think you should aim for the middle ground. Grind, invest and save until you have generational wealth for your grand kids, and then enjoy the hell out of the rest of it.

@leonrobinson8180 5 ай бұрын

The guy who dies penniless. He didn't "live life to the fullest." He simply squandered his wealth on consumer goods. The guy who deprived himself left his kids an inheritance.

@joshobrien8995 5 ай бұрын

The guy who dies with 8 million. He could of had everything, including 5 million in saving...lol

@aiahzohar5636 2 жыл бұрын

I get that this is just an example, but if you're going to use a monthly salary/income figure, choose something that represents either the median income or better the income of the folks who desperately need financial help--not the people who already have financial advisors. According to US fed stats, the average salary in 2021 was ~ $50K before taxes. That's already a lot less than $5K per month. And since the vid's title suggests we're dealing with "a low salary," we're looking at something much less than $5K after taxes. Just makes people who don't make near $5K/month after taxes feel this, like most financial advice, won't help them. Add to this exploding housing costs, mandatory insurance premiums now, and college loans and that tiny savings burns up quickly. Too many YT financial vids are geared to people who already have a decent income. Everybody forgets the rest of the population which is growing.

@donaldlyons17 2 жыл бұрын

What you say is true but you do realize many of the bigger youtubers had 40-50K while living on a lot less. It is almost impossible to make high quality stuff without money and those who did not make it are not the ones with the high view counts. Switching career paths is a lot more difficult than people make it seem because ability and skill are both needed.

@aiahzohar5636 2 жыл бұрын

@@donaldlyons17 Are you saying a lot of YTers had a lot of cash on hand while their living expenses were low? If so, I agree. I watched this vid by this multi-million dollar trader guy around my age. He said he got started when he graduated from high school and got a "gift" from his grandparents of $200K. (!!!) So he invested it in real estate and began a real estate company. Most of us don't have anyone to give us $200K to start. And a lot of these young people my age or younger started when they were living at home and had very low expenses. They could save $500-$1K each month and afford to invest and lose and invest again. That's not the typical US adult. You're also right that switching careers is expensive. If you're living off parents, then you can do it b/c THEY will pay for your survival needs. Again, not most American adults.

@zodi9783 Жыл бұрын

The whole concept of sacrifice now so that you can not worry later is novel but, I find that, like some others have said, that money is constantly losing its value, and you'll likely still be worried about it when you reach retirement age. I try to live in the moment more. Enjoy things while I can, because tomorrow isn't promised. That being said, I have gotten into the habit of investing a little bit whenever I feel like I've got some extra money lying around and I can see how saving a bit more can essentially make you more over the same period.

@jamiebaxter9143 Жыл бұрын

Eventually compound interest and Your paycheck would catch up to inflation. Inflation is not a serious negative contributor, but it's there

@LavaCreeperPeople Жыл бұрын

@@jamiebaxter9143 i see

@user-im6fy4qp6m 6 ай бұрын

all of this advice is boomer tier before boomers wrecked the country. money is now losing 20% value per year and peoples housing costs alone cost their entire monthly paycheck so to cover food and utility bills they have to max out credit cards. the economy is over we are heading for the greatest depression in national history.

@jpdst29 11 ай бұрын

My parents always taught me to live below my means. It was hard when I was younger, because I always wanted the nicest things or coolest clothes. But now that I am in my late 30s, it doesn’t really seem to bother me anymore.

@rawasya3148 6 ай бұрын

Me too

@kristens2769 2 жыл бұрын

Budgeting has helped me get out of debt and have a plan for my income. I'm now saving & investing. Every dollar needs a job.

@VI_Yai_iV Жыл бұрын

The best way to think of it

@jaszzy09 Жыл бұрын

😂😂 Great video! You won me over with the pot pies!!! SO LOVING your videos! I’m learning so much with your videos and newsletter. Awesome content for a biologist that knows hardly anything about banking and finances! 👏🏻👏🏻

@mic5417 Жыл бұрын

Glad that I found ur channel.... Simple, on point, very helpful.👍 exactly what I needed

@ch3ngg 2 жыл бұрын

really helpful video! would you please be able to do a video on understanding stocks and performance? eg why is understanding day gain important and what does that tell you about your investments.

@toha9460 Жыл бұрын

i save between 1000-3000 a month depending on overtime im 22 and work in warehouses

@charlottet7548 2 жыл бұрын

I always found the idea of using spreadsheets very time consuming and unnecessary. I just dump a bunch of money into my savings/investment accounts each month and keep my spending money in a separate account and try to spend as little as possible. I don’t have a full time job, I’m just self-employed with various income streams and and regardless of how much I make each month I stick to the same budget and live below my means.

@perilousentree 2 жыл бұрын

Agreeed

@luckwealthsuccess1686 2 жыл бұрын

Same here. I don't budget. My friends budget each week because they get pay biweekly. Been telling them to increase their incomes, not let the income control them. They cannot get out of their comfort zone.

@user-ee5om8wy7u 2 жыл бұрын

My income flow is $1900.00. My cash flow is $1000....I'm a janitor too and I'm investing🙏 and I budget too. I allocate where my money will go every 4 weeks (almost monthly): X% for bills and living, X% for short-term savings, X% for long term investments, and X% for ROTH IRA.....the percentages are always the same.

@reneebarnes7225 5 ай бұрын

Open a brokerage account and invest in dividend stocks check out Ashley fox

@travisslagle1961 Жыл бұрын

Awesome!!! Very informative :)

@daviddominguez7545 Жыл бұрын

I have a system that helps me save money and also keeps me from buying things I don't need. I started by saving $5000. If I wanted to buy something big I would use the money out of that $5000 and I couldn't buy anything else until I payed that money back. I have more now but it really kept me grounded and helped me save alot of money without spending foolishly. I now invest my money with the money I dont spend.

@oblitusunum6979 6 ай бұрын

5 k is a lot. You do a major slip up and 5k is down the drain

@rorykr 6 ай бұрын

@@oblitusunum69795k is nothing in the grand scheme of things. You should have at least half of your yearly income in savings for emergency plus whatever you’ve allocated in the stock market. If you fear putting more than 5k into the market you will never be financially free.

@davisallen1235 2 жыл бұрын

The answer is you can't. Basically if you are 20 and making 10 an hour you will not be a millionaire in 20 years. You will most likely not be one in 20 years after your 40th either. You have to make at least like 17 and up. Or get paid a better salary. 500 a week or more take home. If you don't make that, you will not become a millionaire.

@favourajuobi27 Жыл бұрын

Thanks so much for this content

@rightinthedome9973 Жыл бұрын

Here's what I do. I zeroed out my credit card so I didn't owe anything. Whenever I need to buy something it goes on the credit card and it's always paid off at the end. Every dollar afterward is invested. Took 3 years to saved a lil more than 100k

@redmen4real08 Жыл бұрын

You still have to make the CC PAYMENT HOW ARE YOU MAKING MONEY OFF CREDIT?

@rightinthedome9973 Жыл бұрын

@@redmen4real08I don't make money off credit? I pay it off at the end of the month and anything unspent gets invested

@marissaboland958 Жыл бұрын

@@redmen4real08 cash back rewards

@tashawnahamilton6558 6 ай бұрын

This is a good idea. I only have one credit card that I never max out but I don’t need to pay the balance off. I also think I should look at my account for subscriptions some of them are not needed but I don’t cancel them.

@kathylyons4029 Жыл бұрын

Thank you for your advice. Great. Thank you.

@iCarloTV Жыл бұрын

I am glad i found this channel, especially i am in a situation in my life wherein I am so confuse what to do and how to be financially free.

@SkewedMinds Жыл бұрын

Manage money, do not let it damage you. ✌🏾

@braydenhebert 2 жыл бұрын

The production of this video is absolutely amazing. Kudos to you and the team Vincent! The principle of the video is a simple one, but the way you tie in a story and make it understandable and very enjoyable to watch doesn’t go unnoticed. 10/10

@corporatemcmahon2815 2 жыл бұрын

Yeah, and his commercials in between, you sheep.

@LockedInMiiso Жыл бұрын

@@corporatemcmahon2815 Why you out here people calling sheep bro that's cringy lmfao.

@corporatemcmahon2815 Жыл бұрын

@@LockedInMiiso Did the reality hurt your lefty fee fees 😂 Meeeeehhhh Meeeeeeehhhhh Meeeeeehhhhhh. Sheep

@kroguegaming8891 7 ай бұрын

wtf u talking abt

@mylittledutchkitchen4452 Жыл бұрын

Thanks for explaining, great to see that I'm on the right way to be a millionaire! Now, make it happen :)

@kohlee888 2 жыл бұрын

Thank you 👍

@Back_To_Basics 2 жыл бұрын

Just brilliant Vincent! I’m gonna add watching your videos to my daily to do list. Till this day, I’m puzzled as to why money management is not one of the core subjects in school.

@BlacksmithBets Жыл бұрын

Otherwise the super rich would have a smaller share of the worlds wealth, the education system is a scam to keep you poor.

@nicksrandomness8116 Жыл бұрын

Because society wants you to spend spend spend and your trained to work for other people in school, not yourself.

@kevinkane1405 Жыл бұрын

Because US schooling system was funded massively by Rockefeller, who aimed to make employees rather than free thinkers

@NateClay Жыл бұрын

Liberals teach consumerism and individuality while giving you only the tools to work for someone else. If all these kids could manage their money, who's going to make your McDonalds?

@cramsa 2 жыл бұрын

Real inflation is about 10-13% so every year you would need to increase your savings rate by that amount.

@donaldlyons17 2 жыл бұрын

Why is it that people making videos forget about infraction when that effects purchasing power.

@gogobergie2000 Жыл бұрын

Thanks for this video.

@mawhit1176 2 жыл бұрын

Such usefull advice, unfortunately I don't have any cash flow lol

@anmaiinh9357 2 жыл бұрын

wow, thank for your shared

@creativesolutions902 6 ай бұрын

Thank you, from the bottom of my bank account… This is probably the most valuable video I have seen on the subject and believe me I have been watching a lot of them lately.… I have been doing guided automation without knowing what it has been called all of my life mostly, trying to budget was simply impossible in the sense of tracking and spreadsheets because real life doesn’t follow those. my common sense and intuition has always told me that holding onto investments and riding the waves of ups and downs was the logical thing to do. i’m getting started very late in life, but I believe it is doable and I’m also starting with a lot of debt. My income options are limited because I have a severe disability… And I know the odds are against me but I still believe it’s possible and your video was very encouraging :-)

@vit8250 2 жыл бұрын

Money is just a concept until you spend it. 8 million in the bank doesn’t do anybody any good until you spend it. Especially if you die with it still in the bank and nobody knows about it.

@Emophilosophy 2 жыл бұрын

He donated it to local hospitals and schools I believe

@Me-eb3wv Жыл бұрын

Yeah, what’s the point of working hard for all of your life for something you will never use I’m not saying we should live paycheck to paycheck, but being afraid to use even a single cent is not good either, there should be a decent balance

@MonsterHobbiesModelCarGarage Жыл бұрын

Actually, if you park 8 million into mutual funds that pay dividends, you can keep the 8 million in the bank and live off the interest from the dividend fund. I'm teaching my kids the theory of that lesson so if I get to that point where I can get my own dividend mutual fund and then get enough in there to cover my expenses, and more, when i depart this world, my wife and kids can split that money and re-invest it into their own Dividend fund, thus creating generational wealth. ...at least that's a plan.

@Dakidpepe Жыл бұрын

Money isn't real in general it's people who make it valuable.

@MonsterHobbiesModelCarGarage Жыл бұрын

@@Dakidpepe You are right. Look at the Russian Ruble in the 1960`s (and possibly today too!)

@MalluStyleMultiMedia 2 жыл бұрын

Another excellent video ...good info

@user-SZ888 Жыл бұрын

Thanks!

@user-oy9zy4ds9m 9 ай бұрын

I don’t budget at all but I do only tend to buy necessities and I always try to find the best or atleast a good deal when shopping for them. Buying generic brands, etc. I have a spending problem but my most powerful implementation is that I only buy assets or collector’s items that I’ve researched and I’ve determined will hold or potentially go up in value. This satisfies both my impulsive buying habits AND investing

@traderflex 2 жыл бұрын

In a perfect world you might be right. There is inflation, covid, recessions, accidents, fires, taxes, health issues, maintenance, etc. you get the point. Besides, the economy and the markets are controlled. Don't save money in a bank that has 4 percent liquidly. You'll have to pay taxes on that earned income. Millionaires don't pay income tax because they reinvest.

@liamk9906 2 жыл бұрын

how do you not pay taxes?

@taikessler5778 2 жыл бұрын

@@liamk9906 be a rich person

@robyhartland852 2 жыл бұрын

@@liamk9906 Own a business or dump all your income into a tax incentived investment like a home.

@tashawnahamilton6558 6 ай бұрын

@@robyhartland852 explain please?

@lyingasshoes9455 Жыл бұрын

Thank you

@edenveronica 2 жыл бұрын

I love your videos... Very good and informative content... Thank you.

@MonsterHobbiesModelCarGarage Жыл бұрын

Saving is only really good for short term purchases. Investing in the stock market can be tricky for new investors as the stock market can be temperamental and volatile. Even old time stock market investors can have a huge loss. Mutual funds are a more secure route to go and starting on the S&P 500 with $500 down and $125 a month can get you $2000 on the mutual fund each year. - Making a budget, paying off debt and knowing when your paychecks come in and when your expenses (And how much) go out each month is also very crucial. The more debt you pay off, the more of your money is not going to someone else and staying in your pocket. - Also, look into Mutual Funds that pay dividends. If you have enough money in those, you can live off the interest.

@nemekSI 2 жыл бұрын

*another insightful vid, you have def helped me a lot on the financial freedom journey!*

@a100savage Жыл бұрын

I love how you connect your videos cuz now I’m on the 3rd one😎 which I have already seen this one

@samsmusichub 2 жыл бұрын

And set goals for yourself! I just set one!

@darkevilazn Жыл бұрын

Yeah, on average, regardless of whether its up or down, its best to just invest in an index fund as much as you can for as long as possible, or some rare earth mineral like gold or silver (basically the easiest to obtain and dispose of). The average return rate has always been above 5%, and its almost always outperforms everyone in the long run. This is especially so if you are young. However, if you are older, you may have to think about less risky ones like government bonds or something. If you are in your 30's to 40's, then index funds are your best bet.

@Ian.lifts. 2 жыл бұрын

Wonderful, commenting for the algorithm.

@patogf4235 2 жыл бұрын

Nice video saludos desde monterrey , hi from Monterrey 🇲🇽

@JosephSimon_ 2 жыл бұрын

Always producing bangers 🔥

@CL3ARHOUSE 2 жыл бұрын

Good content bruh!

@jenniferchu4122 7 ай бұрын

Great video. I am most interested in the chess story and would like more information on it as it will be a reoccurring bedtime story for my kids. May you please tell me which emperor or dynasty it was? Thanks in advance.

@TammyWhelan 2 жыл бұрын

Upstart helped me pay off my debt. It was hefty per month rate, but it was worth it. I am debt-free. Now I am trying to figure out how to invest. Thank you for this video.

@jurybounackoff3025 Жыл бұрын

Insane production!

@joshuakhokhlan 2 жыл бұрын

This was timed perfectly with where I’m at in my financial journey. Your videos help so much in developing a higher level of financial literacy.

@VincentChan 2 жыл бұрын

thanks so much joshua im glad i was able to help :)

@jonyxsenpai 2 жыл бұрын

I had the same thought as I watched, THANK YOU 🙏🏼

@LetsFIRELife 2 жыл бұрын

Nice lessons. 👍

@kaydiemama868 2 жыл бұрын

Not the Popeye chicken sandwiches lol!!! Great content!

@Lucky_McHugh_38C 6 ай бұрын

Your teachings are helpfull to a certain degree... Problem is Im a disabled veteran on disability and my options for savin is limited because of the SSA rules regardin assets. You got anything for that kinda situation ???

@Shigididi 2 жыл бұрын

I shall use this and will try the other concepts on how to use this 4% rule. This is very useful for me now that I am planning and starting to have my retirement plan at an early age. Start early so I can finish early. Thank you for this.

@jomccaughey6531 7 ай бұрын

Great Video! 👍

@crappychef1960 2 жыл бұрын

Great video, so many concepts I’ve learned in books compacted into one video! So much value!!

@VincentChan 2 жыл бұрын

thanks so much for watching :)

@daniellebee9 2 жыл бұрын

Your videos are art 💗

@johnnyede 2 жыл бұрын

compound interest is awesome | Also swag way of putting the like button in our horizon

@FinancialFreedomMadeSimple 2 жыл бұрын

Thanks for sharing this Vincent.

@rombusworkmoney22 2 жыл бұрын

Regarding "You can't time the market": 1. That depends on who the "you" is. 2. The janitor didn't have access to data and technology that we do now.

@lynseychinnery5707 2 жыл бұрын

Any tips, hints, tricks, or suggestions for those of us working rural poor making 900-$1000/ month? (No moving isn't an option. no money=no move and the pandemic didn't exactly make housing more affordable or available (and Michigan is mostly rural-ish with the exception of the bottom part of the state). I live hundreds of miles away from the nearest populated city of only 25,000 people so I'm trying to find alternative solutions to increase my earnings in my tiny town of 831 people. And at 44 with a back problem (from a sledding accident as a kid) there are a lot of menial labor jobs I physically cannot do and apparently my bachelor's degree means nothing. I love your videos. They're thoughtful and articulate. Thanks for all the great videos!

@brritotoocold 2 жыл бұрын

Ecom is your best friend

@JL-ko6nr 2 жыл бұрын

Digital skills > freelance online jobs

@VincentChan 2 жыл бұрын

thanks so much lynsey! definitely check out some gigs you can pick up online. i have a few videos on this that you can check out

@michaelandujar8109 2 жыл бұрын

Tax lien certificates

@privateHandle731 Ай бұрын

Yes... yes we do

@mfox1450 Жыл бұрын

Great video! Thank you!

@erwinbourne7391 2 жыл бұрын

Once again, that was awesome. Loved the references, especially the books used along with the breakdowns. You provided clear and goal oriented details! Thanks Vin! 🙏🏾👍🏾💯

@VincentChan 2 жыл бұрын

thank you erwin! that means a lot :)

@JayFriedrichs 2 жыл бұрын

what do you use for the animations and title works? looks so dope

@bonniegaither3994 2 жыл бұрын

That’s all well and good. He raised a family, bought a house, etc on min wage. You cannot do that now. It’s literally impossible. He was also alive during the greatest, most prosperous time. We are not.

@robertefremov9380 2 жыл бұрын

That's why most people fail. They always find excuses instead of trying to find opportunities. Also, as Vincent mentioned in the video, he lived through several recessions so saying it was the greatest time doesn't make sense..

@doodahgurlie 2 жыл бұрын

You also live in a digital age, unlike him. You have WAY more options and opportunities to make extra income compared to him. Whether it be youtube, selling online classes that you have expertise in, selling tshirts/mugs/etc., doing business on Etsy/eBay/Amazon, etc. I also read those whom were born this millennium will be the richest generation ever. Your mind is your only limit.

@wrathofgrothendieck 2 жыл бұрын

@@doodahgurlie so get rich already… it’s easy

@doodahgurlie 2 жыл бұрын

@@wrathofgrothendieck I never said it was easy. My mind is my limit, but at least I know this. The original poster made it sound like the time period and the wage were the reasons - I believe the video said the janitor made $22k, which is not minimum wage (current minimum wage is like $7.25, which is maybe $15k/year...I'm going to assume cost of living was adjusted for the janitor's time period). The limitation and obstacles the person listed are all mental. This is the battle most people have to fight and overcome. If they lived in a country or during a time where the options are limited, then that's a different story...at least admit the opportunities are there, but the mental hurdles to financial freedom is all theirs. It's a victim mentality.

@ketovorecpa242 2 жыл бұрын

@Bonnie Gaither you are correct. Living on $1,800 a month will leave anyone, especially with a family in debt, not in a positive cash flow with money left over to save. Vincent even says there is a minimum amount you can live on. That amount is much higher now when rents have increased by 20% or even higher in some neighborhoods. Of course, IF you have a minimum wage job that has stable hours, you could work 60 - 80 hours at a second min wage job. But most jobs do not allow for that luxury. And just who is taking care of your kids while you work those hours? The myth of just work harder, longer is just that to keep employers from paying a livable wage and while putting their workers on social programs paid by taxpayers. The answer is to increase wages so that anyone working a full-time job can pay their modest living expenses and have something leftover to save. Most people that push the myth, do not have to survive on what they preach CURRENTLY, not years ago, when the equation was very different. People who are in a better financial position should be grateful and not judgmental about those stuck working at the bottom of our society.

@Docsamadhi Жыл бұрын

Great content! You spelled million wrong on thumbnail though!

@PierceJordan 2 жыл бұрын

Just goes to show that truly anyone can build long term wealth. Great video, Vincent! I enjoy talking about personal finance on my channel as well.

@Miklos211 2 жыл бұрын

What if I earn like $4 every hour? I live in a poor country

@EdwardFominykh 2 жыл бұрын

Take around 20 percent and invest it into american markets. Even if you don't save one million, you will still be very comfortable if your country has a low cost of living

@MH3GL 2 жыл бұрын

It's not about the number, it's about PERCENTAGES.

@mrTop-ik6zt 2 жыл бұрын

If you work 48 weeks fulltime a year, and save 20% for investment. You should be able to invest $128 per month. This will bring you to: 5 years: $8.500 - $10.000 10 years: $19.000 - $26.500 15 years: $31.000 - $53.000 20 years: $47.000 - $97.000 25 years: $66.000 - $169.000 30 years: $89.000 - $287.000 Enough for you to retire. And remember that you can NOT take any money out in this time!

@novaricos 2 жыл бұрын

"Time IN the market is far more important than trying to TIME the market! "

@site_is_down 2 жыл бұрын

This 💯 Also, the more consistent we are with our investing, the more we are likely to be reaping big returns compared to those who failed to make the first move.

@garrysanderson5793 2 жыл бұрын

You realise that during recessing this is literally called the debt formula, right? And yes, we are in a recession.

@garrysanderson5793 2 жыл бұрын

This comment aged better than the vid

@akshitarawat3583 2 жыл бұрын

I'm 14 rn and i know what I'm doing when i get a little older .

@georgerh3955 2 жыл бұрын

Same age my friend I can start working at 16 haha

@akshitarawat3583 2 жыл бұрын

@@georgerh3955 exactly!

@GrizzneyGames 2 жыл бұрын

@@georgerh3955 technically, you can both start hustling with lawnmowers and things like that. The trick is to not spend on things you don't need and instead invest as much as possible and keep the investments diverse. I believe in you!

@solusidarilangit 2 жыл бұрын

10:40 if you get the idea of interest... now why no body speaks about inflation?? i believe , inflation is happen every months and years how much money the central bank printed in their first operation..and if it get inflation (it always does) what would it be in 200 years?? 300 years?? i am still wondering why no body care of it

@kendrick8749 2 жыл бұрын

This was a lovely illustration except student loans is kicking my ass

@YasinNabi 2 жыл бұрын

Hello , you are amazing... I love all your videos

@hidayathafid7640 2 жыл бұрын

THIS IS GOLD!

@wamyy5 2 жыл бұрын

Interesting take and great explanation! How do you reconcile these concepts with what we read in the book Millionaire Fastlane? I just uploaded a video explaining the wealth equation from the book, and it tells a different story...

@gutrffd 2 жыл бұрын

buy the dip!best formula

@Bumblebee0819 6 ай бұрын

The link to the newsletter doesn’t work

@emchoe8865 2 жыл бұрын

Awesome video 🔥

@stuartparsons3771 2 жыл бұрын

I like how Vincent used a Pikachu Gameboy colour with Pokémon Blue cartridge to calculate the maths lol.

@majinvegeta1847 Жыл бұрын

Also theres 1000s jobs not paying anywhere near $5k a month … avg income between. 2-3.5k monthly ..

@Adamas223 2 жыл бұрын

Stuff this method. It would be good if you’re doing solely for your kids and their futures

@OscarGMata 6 ай бұрын

Moral of the story, he died with money in his bank account. And other people are enjoying his wealth. 😂

@RileyOutside 6 ай бұрын

I'm for sure gonna education myself reading the Shannara Chronicles ;)

@rawveganguru8381 2 жыл бұрын

So blessed to have found you. I genuinely appreciate your insight and selflessness to help humanity in an important way☀🌎👍 Thank you. Great information

@gamingrohan4589 2 жыл бұрын

I turn 18 next month and i’m very excited to start investing. I been watching videos like these to help me understand more about stocks and stuff. Do you guys have any tips for me?

@annamakesmusic 2 жыл бұрын

Dollar cost averaging is the way to go IMO. I buy fractional shares of a few different ETFS each week instead of using a savings account. I still keep enough cash liquid to cover rent for 3 months so I don’t have to sell shares in case I can’t work for some reason or if my business is slow. Hope that helps, it works for me.

@TheVapidArtist Жыл бұрын

Dave Ramsey and Robert Kiyosaki are my fave financial gurus. Read a lot too!

@heavenlypath1065 Жыл бұрын

@@TheVapidArtist Yup same

@nathangallagher5112 Жыл бұрын

If it's exciting you're probably doing it wrong. Be slow, well planned, and methodical. Don't even think of trying to put more than a paycheck into Bitcoin or penny stocks. But first you should save a $10,000 emergency fund, and then save even more if you are thinking of going to college or buying a house or car, or having a kid.