6 Middle Class Money Traps You Need To AVOID

Рет қаралды 357,380

2 жыл бұрын

🚀 Get 2 free stocks valued up to $7,000 for depositing $1: bit.ly/3kpn5wa
Cool perks for you that support the channel:
⮕ 📰 FREE daily stock market newsletter: dailymarketbriefs.com/
⮕ 📈 TipRanks:did.li/X4caa
Let's be friends:
⮕ 👨‍💻 hivincentchan.com/
⮕ 🚀 Patreon/Discord: bit.ly/patreonvc
⮕ 📷 Instagram: hivincentc
⮕ 📩 Business inquires: c.chanvincent@gmail.com
⮕ Join our team, apply here: forms.gle/EFe12NJuEKJrHXNb6
My Setup:
⮕ 📷 My Gear: kit.co/hivincentc
⮕ 🎵 My Music: www.epidemicsound.com/referral/o5s06j/
0:00 - I learned this after 4 years studying economics
0:28 - Most people forget about this
1:46 - How this makes you likely to fall for money traps
4:49 - Why this impacts everything you do in life
7:38 - The most frequent trap you’re guilty of
9:55 - You’ve been exploited this way since birth
12:04 - I really hope you’re not doing this
14:59 - The biggest money trap & predictor of future wealth
16:35 - Final words of advice
______
DISCLAIMER: Some of the links on this page are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. Affiliate commissions help fund videos like this one.
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.
Past performance is not indicative of future results. Vincent Chan does not guarantee any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed. Strategies or investments discussed may fluctuate in price or value. Investors may get back less than invested. Investments or strategies mentioned may not be suitable for you. This material does not take into account your particular investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. You must make an independent decision regarding investments or strategies mentioned. Before acting on information, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Пікірлер: 437

@VincentChan 2 жыл бұрын

💵 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 KZfaq Channel & Build an Income-Generating Machine → vincentchan.co/cba-training/

@lrdalucardart 2 жыл бұрын

Fallacy of mental accounting right here! But hey, regardless if anyone buys that or not, you have got some good stuff on your channel.

@JoJoboiWav 2 жыл бұрын

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.

@Bjornensover 2 жыл бұрын

Thanks for saving 17 minutes of my life🙏

@jet9078 2 жыл бұрын

bless you good sir/maam/it

@somtamtim 2 жыл бұрын

Too much fluffing about, clearly the video is summed up as 'opportunity cost'

@JoJoboiWav 2 жыл бұрын

@Off Road Guy Same for me cause I gotta find a job to start with, but here we are 🤣

@mikah1147 2 жыл бұрын

Thank you

@AndreiDante 2 жыл бұрын

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.

@MichaelOblitey 2 жыл бұрын

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.

@VincentChan 2 жыл бұрын

couldn't have said it better myself, thank you andrei!

@Naomi-ec1rc 2 жыл бұрын

@@VincentChan hi can we be friends

@matttran7161 2 жыл бұрын

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.

@joannapatterson4625 2 жыл бұрын

Totally agree re: having enough money vs actually buying the thing.

@nmplab 2 жыл бұрын

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.

@Lolidropz 2 жыл бұрын

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 %"

@demoniack81 2 жыл бұрын

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.

@JulianaGockos Жыл бұрын

@@Lolidropz Julius Rock

@babybbbb 2 жыл бұрын

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.

@judiko142 2 жыл бұрын

Thanks!

@He1iconia 2 жыл бұрын

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”).

@TheCinnamondemon 2 жыл бұрын

I don’t really believe this. Shouldn’t random sampling have accounted for this?

@milpin4696 2 жыл бұрын

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.

@fentonsasmrchannel6334 2 жыл бұрын

Your research is from a political movement called Global Citizen and not really based on actual scientific fact. They even say our own research.

@reevesjustin 2 жыл бұрын

They were told they would get a marshmallow from abstaining. What's your source for the incorrect conclusion?

@kateajurors8640 11 ай бұрын

Came here to mention this love that it was already here

@DrJessicaLouie 2 жыл бұрын

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!

@VincentChan 2 жыл бұрын

I appreciate that!

@akale2620 2 жыл бұрын

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.

@ashley_smith 2 жыл бұрын

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 .

@ashley_smith 2 жыл бұрын

@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.

@DemetriPanici 2 жыл бұрын

“It’s on sale I gotta buy it” is my favorite money trap to point out to people

@Revolicious 2 жыл бұрын

It's how my business grows, while trying to stay away from it myself haha

@vickym9221 2 жыл бұрын

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.

@TheTreWalker 2 жыл бұрын

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

@VincentChan 2 жыл бұрын

exactly! gotta work the psychology into it too

@beer601 2 жыл бұрын

@@VincentChan yu77yyybyv7y7uyy7y77yy77gyyby7h

@ggukiescave 2 жыл бұрын

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!

@paulacostescu1041 2 жыл бұрын

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

@casualproductivity2 2 жыл бұрын

@@paulacostescu1041 I agree. That’s all 😁

@farrahsusulan538 2 жыл бұрын

Mr. Chan is your “Rich Dad” 🤗

@sazcxieo 2 жыл бұрын

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!

@lydiastagg296 5 ай бұрын

You can freeze the milk

@CamirrasKitchen 2 жыл бұрын

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

@allyssajonsson7145 2 жыл бұрын

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.

@Lawrence330 2 жыл бұрын

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.

@amac8487 2 жыл бұрын

You’re so good at finding clips to correlate with your story. No idea how you find and piece that all together. Great work!

@michellelach 2 жыл бұрын

I binge watched all your videos over the weekend. Greatly appreciate all your valuable insight. Thank you!

@longduong3110 2 жыл бұрын

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 ☺️☺️☺️

@nevvo2972 2 жыл бұрын

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

@Saniijo 2 жыл бұрын

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 !

@Syn 2 жыл бұрын

This KZfaq 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! :)

@StockInvestmentAnalysis 2 жыл бұрын

Awesome video and the traps are valuable to know. There's a great deal of psychology that goes into our success.

@Peg38542 2 жыл бұрын

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. :)

@icypeanutpolo 2 жыл бұрын

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.

@joeymullins5142 2 жыл бұрын

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!

@Anonymous-cx1lr 2 жыл бұрын

I got this video in my recommend and the thumbnail did it’s job. Your thumbnails are absolutely perfect

@carlosrodriquezofficial 2 жыл бұрын

You sir, you get how being a KZfaqr 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 2 жыл бұрын

haha thank you carlos! what do you mean by playing your audience? D:

@carlosrodriquezofficial 2 жыл бұрын

@@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

@Potatoking783 2 жыл бұрын

my guy said “especially the 3rd reason”. That line alone hooked me to watch the whole vid 👍🏼

@VincentChan 2 жыл бұрын

@@Potatoking783 hahah thank you

@sallycrisostomo2882 2 жыл бұрын

I love watching your videos. I always have "that's why" moments. Thanks heaps!

@GOxHAM 2 жыл бұрын

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.

@VincentChan 2 жыл бұрын

you the real one Long!!

@AnimalFarm341 6 ай бұрын

Just found your channel and am binging a bit. Really enjoy your content so far.

@lidiacardoso123 2 жыл бұрын

Great content and insights! This is really important info, thank you for sharing it with us 🤑

@shriyatiwari2780 2 жыл бұрын

Informative video, thanks for sharing.

@CebiGreen 2 жыл бұрын

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.

@alvinmaruti6167 2 жыл бұрын

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.

@CelestialBothollow 2 жыл бұрын

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 😁👍👍

@Chris-on5bt 2 жыл бұрын

Great content, thank you!

@MarketingHarry 2 жыл бұрын

4 years of experience shared in a 17 minutes video, what better than that? 😉 Thanks, man for always sharing interesting and useful content!

@SnowWhite-dr6xh 2 жыл бұрын

Appreciate the tips, Mr Sulu.

@NathanielPhillip-xe1ej 9 ай бұрын

thank you for teaching us

@Keanu-hj9mk 2 жыл бұрын

Really stoked to have found your channel. Great, digestible info :) !

@VincentChan 2 жыл бұрын

Glad you enjoy it!

@wishfulthinking7909 2 жыл бұрын

I love these money concepts! Something to rewatch later

@MichaelOblitey 2 жыл бұрын

Appreciate your insight Vincent, nice video!

@VincentChan 2 жыл бұрын

Glad it was helpful!

@fiveplates 2 жыл бұрын

High quality content and video editing Vincent. Well done Sir.

@Kyraann. 2 жыл бұрын

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.

@RebeccaEvans 2 жыл бұрын

Nicely done

@OracleofDelphiTarot 2 жыл бұрын

What fantastic content you provide 🙌

@siasharma2736 2 жыл бұрын

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☺

@FalconRS 2 жыл бұрын

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.

@Sunrisestarshine 2 жыл бұрын

This is true the delay gratification, very interesting research and mindset.

@ragingocto7919 2 жыл бұрын

This was so informative and refreshingly funny!

@AheartFixedInChrist 2 жыл бұрын

nice ads men.. Straight forward advice.. very helpful..im new to your channel

@jsinister_vq8303 2 жыл бұрын

You very smart dude. Subscribed!!

@emilyc3676 2 жыл бұрын

Awesome video!

@ilene_music 2 жыл бұрын

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.

@computerguy1579 2 жыл бұрын

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.

@VC0L 2 жыл бұрын

great video!!!

@eveliina1438 2 жыл бұрын

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!

@alysharosay1363 2 жыл бұрын

Great video. Thank you !

@VincentChan 2 жыл бұрын

Glad you liked it!

@acevisionaire8621 2 жыл бұрын

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.

@xUnic31x 2 жыл бұрын

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.

@Zaerki 2 жыл бұрын

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!

@VincentChan 2 жыл бұрын

LOL gotta get yourself a mr magic lamp :)

@illustratornamedkasper 2 жыл бұрын

Loved the pink panther car scenes. Great content, Vincent!

@TheDemonisedMenace Жыл бұрын

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 :)

@kaniaamahaaranni 2 жыл бұрын

Thank you so much Vincent 🙏🔥

@VincentChan 2 жыл бұрын

thank you so much for watching :)

@mattanderson6672 2 жыл бұрын

Thank you

@George2D 2 жыл бұрын

Mr. Magic Mustache. Great Points Vincent as always! Learning so much for you and really appreciate the quality content!

@ZebrazRus 2 жыл бұрын

Great channel, you really are helping future generations be more careful and introspective about $$. 👏🏾 Bravo

@clarmso 2 жыл бұрын

Love the snippet of movies and cartoons to illustrate your points!

@JaineLock 2 жыл бұрын

yeah! likewise

@primorock8141 2 жыл бұрын

This is such an informative video, it almost scary how easy it is to fall for some of these

@RWAquariumPages 2 жыл бұрын

Love the video and the concepts. Thanks for this, now I need a cheeseburger 🍔

@nedhenry292 2 жыл бұрын

I watch your video all the time and love them. I also watch the Kwak Brothers talk about a HELOC to pay off your home faster. Can you speak on this.

@trentc1098 2 жыл бұрын

editing is getting more engaging bro nice work

@travisguide4516 2 жыл бұрын

I had to subscribe after hearing this wisdom nice

@natashtepa 2 жыл бұрын

Great content, Vincent! Psychology of money should be tough in school. Off topic question: you are using a lot of clips from movies and cartoons - how do you avoid copyright claims? What’s the trick? Thank you:)

@neousic 2 жыл бұрын

You got me at. I studied economics, and forget what I learned. Haha same!

@kayseacamp 2 жыл бұрын

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.

@JR-ys7bp 2 жыл бұрын

cannot thank you enough! this video brought so much value to me. i am guilty of all of these mistakes.

@VincentChan 2 жыл бұрын

Glad it was helpful!

@Prim3Pursuits 2 жыл бұрын

Great video!!! And amazing tips thank you for shaking!

@TheJiggyTapes 2 жыл бұрын

This is literal content gold.

@pinayinuk 2 жыл бұрын

Thank u

@PierceJordan 2 жыл бұрын

Van Chan providing all of this valuable information completely for free 🔥🔥🔥

@VincentChan 2 жыл бұрын

Glad you think so!

@FalconRS 2 жыл бұрын

I am sure Mr. Chan would confirm that even his own informations contain hidden costs and biased opinions.

@floatingzuzu3327 2 жыл бұрын

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.

@shaneoneil894 2 жыл бұрын

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

@Island_Bag 2 жыл бұрын

Any book recomendations?? great video as usual

@thatcallofdutygamer2823 2 жыл бұрын

I'm currently studying economics in college, but tbh I feel like I learn more from KZfaq. 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.

@maazatif3240 2 жыл бұрын

Good man

@em8969 2 жыл бұрын

What a fantastic video brother!

@VincentChan 2 жыл бұрын

Much appreciated! happy new year!

@thepursuerofdreams8575 2 жыл бұрын

Damn I'm mind blown 🤯. Can't stop watching your videos!!!! Grrrr.

@VincentChan 2 жыл бұрын

hahaha thanks so much!! that means a lot :)

@ajanianderson3709 2 жыл бұрын

Good video man 👍🏾

@VincentChan 2 жыл бұрын

Glad you enjoyed

@chuckandary7115 2 жыл бұрын

He I just stumbled upon your videos, great work lots of good messages I really no enjoy them

@mrIpodmagic 2 жыл бұрын

Interesting points. I definitely have fallen for the bucks of money

@MPLetsTalk 2 жыл бұрын

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

@cricielleramirez8588 2 жыл бұрын

I love how you sneak in your advertisement in every video, quite unexpected 😆

@sarahdiehl9156 2 жыл бұрын

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.

@jacksonzheng3103 2 жыл бұрын

Just discovered this channel. Sorta gives me a mix of Ali Abdaal and Andrei Jikh vibes.

@Nezireis 2 жыл бұрын

Hi, Loved the content!! Thanks for sharing. BTW, what's the name of the movie you showed during "Sunk cost fallacy"? Thanks.

@higrm4099 2 жыл бұрын

@Nezireis Fight Club

@syuan5889 2 жыл бұрын

Great video! I really liked how clear but thorough you were explaining these concepts. However, I'm p sure the Marshmallow experiment results were debunked by more recent research from UCLA and Columbia though? I understand the point about delaying your gratification, but the experiment isn't a great example imo. A couple of labs have tried to replicate the results with a more diverse group (the original study was mainly kids of Stanford staff and faculty so... not reflective of the general public) and found that the delayed gratification behavior is highly assoc with household wealth (middle & upper class households) and is not a good predictor for future success/wealth at all.

@JH-qy7zw 2 жыл бұрын

If the kids came from the same socioeconomic class (Stanford kids)... and it still came out, that of those kids, the ability to delay gratification led to a better future, then it’s a BETTER study than previously thought. That means the variables were controlled, and delayed gratification was a significant indicator determining their future. One would actually want variables to be controlled to get an accurate assessment. With that being said, it means that any socioeconomic class of person, is better off to learn delayed gratification. Because in a study, with controlled variables, it was shown to be a strong net positive.

@Bmore2Htown 2 жыл бұрын

This is GOLD. So many gems! 💎 💎

@backtolove 2 жыл бұрын

This was a good vid, I like the marshmallow experiments

@ringrinka 2 жыл бұрын

Thanks.

@VincentChan 2 жыл бұрын

thank you for watching

@nedhenry292 2 жыл бұрын

A HELOC is mortgage vs home equity line of credit. Many say don't refinance but HELOC

@DaveTalksBusiness 2 жыл бұрын

Sticking to the theory and having self control folks! 😁😆🤑🤑

@cee8226 2 жыл бұрын

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.