How To Manage Your Money Like The 1%

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How many times have you read or watched some complex financial crap that you just don't understand? Well today is your lucky day because I'm breaking down how the 1% manages their money.
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0:00 Has This Ever Happened To You?
0:38 Let's Get Pumped & Ready So We're Not Bored
0:55 The Biggest Mistake The 1% Didn't Make
1:39 The Secret Formula The Rich Uses
2:15 The 1st Thing 90% Of Finance Gurus Get Wrong
3:31 Why You Need To Stop Budgeting
5:10 You Need To Take Advantage Of These Loopholes
7:18 The Smartest Strategy The 1% Uses To Pay Off Debt
8:41 The Next Thing To Tackle
9:02 How Nearly All Wealthy People Made Money
10:26 The 2nd Thing 90% Of Finance Gurus Get Wrong
11:34 The Easiest Way To Enhance 50% Of The Secret Formula
12:17 1st Way To Supercharge The Secret Formula
13:30 2nd Way To Supercharge The Secret Formula
15:16 This Is The Best Time To Start
This video was sponsored by HM Bradley
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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: 536

@VincentChan 2 жыл бұрын

🚀 Friends, I've partnered with moomoo, the latest stock investing platform, and they're giving you 2 FREE stocks (worth up to $7,000) if you deposit just $1 into your account! Sign up here: bit.ly/3kpn5wa 🚀 Comment how many of these things you're already doing :). Let's be friends on IG: instagram.com/hivincentc

@JazzcidTRiP 2 жыл бұрын

I love your videos and my 2014 Honda Civic (it’s blue so it has +2 hp).

@VincentChan 2 жыл бұрын

@@JazzcidTRiP hahahha thanks so much brett!!

@goddesswen 2 жыл бұрын

The chapters really help! Thank you taking the time to list those out Vincent! :)

@VincentChan 2 жыл бұрын

@@goddesswen I'm glad you found them helpful :) Let me know if there's anything else I can do to make it easier to digest the content. I know finance is a bit boring and complex so I try to make it as fun as possible :)

@amies1940 2 жыл бұрын

Nice to meet you today Vincent. Watched 4 of your videos in 1 seating. The most I've watched so far in youtube. I don't wanna make this too lengthy but I'm just gonna reply here that if I'm gonna be extra rich I'm gonna buy - no, I'm gonna pay debts first, then invest in real estate and in my skills that would help me have sustainable sources of income and yeah you know the drill 😂

@PierceJordan 2 жыл бұрын

Finance and wealth management don't have to be nearly as complicated as many people may think. Great information Vin!

@toonthinker2533 2 жыл бұрын

I think there is 4 main parts of every business. 1.Sales and Marketing: this is the thing that creat money. 2. Finance : this helps you to manage your money. 3. Security: This will Secure your money.(CCTV, Computer Systems) 4. Reinvesting : Reinvest money to your business,so that can grow really fast.

@HedgeFundAnalyst 2 жыл бұрын

Ex-Bridgewater employee here - I recommend taking full advantage of the roth 401k (after tax) option when you are young, as your current tax bracket is likely lower than what it will be at retirement age. Definitely great info in this video!

@lorimcadoo5143 2 жыл бұрын

is it worth it even if you arent making a lot of money at the time? I'm 20 making min wage but haven't started doing my taxes so I was unsure if it would even help

@HedgeFundAnalyst 2 жыл бұрын

@@lorimcadoo5143 The less you make now, the more "worth it" it becomes

@Redditor6079 2 жыл бұрын

@@HedgeFundAnalyst is that because the tax bracket at which you establish your IRA will be the tax bracket you are taxed at when you retire or because the time factor of compound interest?

@rinzor 2 жыл бұрын

@@Redditor6079 Taxes are paid on Roth investments when you contribute them (401(k) or IRA), but grow tax free (you don't pay any more taxes at withdrawal, either on the principal or on the growth). Traditional investments are tax deferred (allows you lower your taxable income the year you invest them), but then are taxed when you withdraw them in retirement (both the principal and the growth, at whatever bracket you're in then, which depends on the amount you withdraw from taxable accounts, any amount of pension income, and potentially Social Security income). The younger you invest in Roth, the longer amount of time and more potential it has for growth (all tax free). Also, if you're in a lower tax bracket now than you predict you will be in retirement the less overall tax you'll pay if you invest now with a Roth option. You'll likely want a mix of both in retirement (i.e. also some taxable withdrawals to fill in those lower tax brackets).

@fallen546 2 жыл бұрын

Your idea of budgeting through different accounts is great, and exactly what I do. I find it helpful to have one checking account for fix bills, and a separate account for all of the truly discretionary expenses like restaurants and shopping. I put 15% in the discretionary account, and when it's gone.. well then it's time to cook. lol It really makes things easy.

@darkexcalibur87 2 жыл бұрын

Omg you're rich guy doing his budgeting impression killed me 🤣🤣 I've felt this way about budgeting for a while, I'm so glad to see a finance guru talking about it!

@legendteller4893 2 жыл бұрын

@Vincent° Chan° Gotta work on your scam game dude, your fake username impression doesn't even have a Verification check lol 😆

@otherryan 2 жыл бұрын

The first thing I'd buy when I'm rich is a coffee for you for this great advice :) a lot of finance gurus tell us to cut out as many expenses as we can but I loved your perspective on how we define value. The principles of minimizing expenses while maximizing income still hold true, but there are more sensible and realistic ways to abide by them. Love the comedy and b-roll shots you're incorporating too!

@vicioustide 2 жыл бұрын

I use a wealth rule of "Save 50% of all income to be invested". This requires reducing expenses in the highest categories, challenging what you really think you need to survive, then taking each expense category slightly over to feel happy and thrive. Build Emergency fund, get rid of all bad debts, build investments of assets weekly, educate daily, build positive cashflow weekly to free your chains!

@kauigirl808 2 жыл бұрын

50% wow!

@averagegymenjoyer 2 жыл бұрын

I was always frugal and due to me being lucky getting a good finance job, I can save up to 70%-80%. Tbh I dont even know what to spend the money on.

@carenwhite7954 2 жыл бұрын

I so needed this. The cost difference with insurance plans these days is bananas. This video was incredibly helpful with crunching the numbers to save on the big things outside of housing.

@Sinnombrefs 2 жыл бұрын

I don’t like using the term “rich” because broadly speaking we are already rich - we have food, shelter, family and hopefully health and that makes us VERY RICH. We define the people who have a lot of money as rich but some of them are the “poorest people” not generalizing but don’t have time to be with family, have nanny’s who are the actual children confidant, poor in relationships, etc.If I had”great sums of money” which is the term I like to use and should be use to change people psychology of what it really means to be “rich.” Is just a beautiful vacation with all my family.

@VincentChan 2 жыл бұрын

thanks so much for sharing!

@sct4040 2 жыл бұрын

Assuming my family is not toxic.

@NaidelPro 2 жыл бұрын

chair is chair, table is table, rich is rich, come on man is not big deal. don't criticize other people's videos when they are trying to teach you something.

@tnecvol75 2 жыл бұрын

Superb distinction that I teach my son. Rich comprised of the intrinsic rewards difficult to value…happy, healthy, wise (Maslow). Wealth is the extrinsic such as bank account, house, cars, etc.

@istvanlopez8757 2 жыл бұрын

I’ve heard some of these recommendations before. However, I enjoyed and actually prefer the way you shared your message. Simple and straight to the point! Thank you

@VincentChan 2 жыл бұрын

thanks so much istvan! which strategy are you trying to get better at?

@istvanlopez8757 2 жыл бұрын

@@VincentChan Perhaps talking about stock valuation? How to pick index funds given specific market conditions? How to diversify your stock market portfolio? Those are some topics which I’d be interested to hear your thoughts on. Thanks for responding! I appreciate your time.

@davidhudson3001 2 жыл бұрын

A stock call option gives the holder the right (but not the obligation) to buy a stock from the seller by a certain date (the expiry), for a certain price (the strike price).

@guangfang9961 2 жыл бұрын

The value of a call option goes up when the price of the underlying stock price increases.

@jewellwalker9808 2 жыл бұрын

Trading options offers you an opportunity to work both sides of the market since you can buy and sell both call and put options. Therefore, you can shield much of your capital in the event that something goes wrong on the short or long side. If you don't understand the market too well, work with an advisor.

@dr.ervingalen1777 2 жыл бұрын

Your analysis are good. who do you work with ?

@jewellwalker9808 2 жыл бұрын

I work with TAMARA DIANE HAGAN. Best decision i ever made. you should look her up on the web.

@investorwest8735 2 жыл бұрын

Good choice. Tamara Diane Hagan understands the market perfectly. i worked with her as a beginner.

@VC0L 2 жыл бұрын

can we all take a moment to appreciate that intro? wonderfully done.

@VincentChan 2 жыл бұрын

thank you!!

@maihealthnow6716 2 жыл бұрын

Love love love your channel!!! So great to give simple language for complex financial ideas!!

@carlomalabanan 2 жыл бұрын

That's the thing I hate so much when I read some financial advice articles - AVOID DEBT. As in those financial writers and gurus do not identify the difference between good and bad debt, which is so annoying.

@bingbong6478 2 жыл бұрын

So glad I found your channel! I’ve been watching non stop all morning. Really enjoying your content 👌🏻

@VincentChan 2 жыл бұрын

Welcome to the family :)

@jackkeychain 2 жыл бұрын

Thanks to the KZfaq algy, I get a person that looks remotely like me and isn't as stingy as Graham and not use credit as Ramsey :) Keep it up Mr. Chan!

@KrisVictoria 2 жыл бұрын

So happy I found your channel Vincent! Thank you for sharing your knowledge with us. 🙂

@Ally_Leaf 2 жыл бұрын

Thank you so much for educating the newer generations on these important concepts! Much appreciation!

@ayeshacheema4848 2 жыл бұрын

Love this realistic and entertaining take on financial freedom. Great job!

@shadowz7677 2 жыл бұрын

Appreciate you for educating people on money fam. You teach me more in one video about money than school ever did.

@johnpaulculotta5575 2 жыл бұрын

can we like take a second to recognize vincent’s effort in his thumbnails and videos like dang

@VincentChan 2 жыл бұрын

thanks so much john, really appreciate you noticing :) you the man!

@melissadelatorre8056 2 жыл бұрын

Yesss!

@natedog526 2 жыл бұрын

I learned about the avalanche method when I was looking at how to pay off my student debt. I went with the snowball method though. While it probably would have been cheaper, it was just so much more rewarding to see one debt disappear and pile that payment onto the next lowest owed amount. At the end of the day, its more about what keeps you on track. Do what makes the most sense to you with debt reduction, and carry on.

@FinanceInvestNetwork 2 жыл бұрын

I like how your videos are getting more practical and life style content, keep doing great job 👏👍

@jrbear12182000 2 жыл бұрын

Thank you for this information. I didn't all this. I knew some but not all. Keep growing. Your doing great.

@CourtneyLaBree 2 жыл бұрын

I started off using the snowball method but once I got the hang of budgeting I switched to the avalanche method. I was on the Dave Ramsey train for a bit but switched once I started better understanding finances. Really good video and I love your editing style! New sub!

@nicoleventura3499 2 жыл бұрын

I just keep thinking about how silly it felt for Vincent to film himself eating Hot Cheetos hehe. Jokes aside, great video! I already take note of my cashflow and I'm currently working on the avalanche method of paying off my debt. I'm about halfway finished with paying off all debt now c: I'm still in college and I get told often that the minute purchases we make add up to a lot (coffee and other things that make us happy), but I'm glad that you touched upon the greater value of the things we purchase. I mean, in that aspect, college can seem like a waste of money to a lot of people, but it has greater value for me in the greater scheme (non-financial reasons) of things.

@nikiclaypool8800 2 жыл бұрын

Loving and sharing this video!!

@rickmoorey8961 2 жыл бұрын

Really enjoying these videos. Well put together, thank you!

@atomosvolando 2 жыл бұрын

Awesome advice man! Simple, honest and authentic. Thanks and keep it up!!

@khxeangvfx 2 жыл бұрын

Your videos always helped, Thank you!

@CafeLu 2 жыл бұрын

I love the point about not stressing too much about the little things! If a fancy coffee brightens up your day, do it as a treat/pick me up. However, it is good to notice when it becomes habit it ceases to be the boost of happiness anymore.

@Sonny0276 2 жыл бұрын

Great Video. Thank you for posting.

@KennTollens 2 жыл бұрын

If I was rich, the first thing I would do is pay for the rest of my life. Buy the best insurance from now, buy a house and set aside taxes for the next 70 years, a food budget ect. Once my entire life is completely paid for, then the rest I can do what ever I feel like with.

@vaelectrical 2 жыл бұрын

Thank you so much for this video

@alexandervanwyk7669 2 жыл бұрын

Hi Vincent. Thanks for sharing. Like your videos. I am retired; never had a budget, but did have this lifestyle; always bought other peoples stuff/scrap cash and fixed it. Whatever I bought, it must have the potential to add value in order to be sold for more whenever I needed to part with it. Nothing changed over night but after decades this practise paid off dearly. In 1976 I started with a salary of almost $2pm (after finishing secondary school as an ordinary nobody) I never received a sent from my parents but a solid sound basis of reading the Bible and trust the invisible God. I started working as an apprentice at a steel company, working my but off. Studied after hours like crazy and utilized every opportunity. As an introvert, I didn't participate in socializing. There for I didn't care about others opinions. Eventually I was fixed my own old cars, constructing my first house over the span of ten years. Best of all I prayed over all things and donated 10% of my income. Looking back. God blessed me in all ways and always provided me in whatever i needed. Just as He promised in the Bible. So I hope you also learned something spiritual because one day after death, we will be accountable for our former lives and will be received by Jesus or rejected. Todays dissition's will determine that outcome.

@abrahamhagos1655 2 жыл бұрын

Great tips thank you

@davidgerregano4464 2 жыл бұрын

Thanks for the great video

@VinceLymburn 2 жыл бұрын

Great advice!

@esined00 2 жыл бұрын

THANK YOU SO MUCH FOR THIS!!!

@AsiaMare 2 жыл бұрын

Love this channel ✨

@maryd8216 2 жыл бұрын

I love your sense of humor. Thanks for all the tips

@goddesswen 2 жыл бұрын

Thank you Vincent! :) So helpful!

@Beathumble 2 жыл бұрын

I love this! Can’t believe I just discovered your channel now. Keep up the great videos! :)

@VincentChan 2 жыл бұрын

Thank you so much!!

@mzkiki998 2 жыл бұрын

I found your channel yesterday and watched a few of your videos. Today I am a subscriber! Love your content and advice!

@VincentChan 2 жыл бұрын

Welcome aboard!

@silviaung18 2 жыл бұрын

Hi Vincent, I love your videos, for the first time in 30yrs, I feel like I actually understand my finances! Please continue making these helpful videos! :D

@estudiantesinversores9453 2 жыл бұрын

this video was super interesting!!!! thank you vincent!!!

@surimaribo24 2 жыл бұрын

THIS HIT THE SPOT . THANK YOU BROTHER

@DavidLatham868 2 жыл бұрын

This video was confirmation for me, some points reminded me of the book the automatic millionaire from David Bach that I'm currently reading. Thank you!

@acevisionaire8621 2 жыл бұрын

Very informative. I agree with strategic planning and money management. Things I am definitely learning and considering. So far I am learning about Stocks and Forex along with building my own blog site. Investment account in Wealthfront. Last I am apart of an e-commerce business as well. I started late but not out!

@dulcegarcia6862 2 жыл бұрын

I'm doing my makeup so I absolutely need to re-watch but I'm loving the content particularly that your money advice meshes with philosophy. Just dropping some love. Thank you!

@tanyabogdanova616 11 ай бұрын

🤟

@budgetwithjenny 2 жыл бұрын

I need to look into the guideline automation and start doing that! the Dave Ramsey reference 😂 Very helpful!

@VyNguyen-xl8cd 2 жыл бұрын

I just want to say that I love your voice and your content ^^ keep doing

@janecadousteau3370 2 жыл бұрын

Thank you, I am really enjoying your videos. Very helpful and enjoyable.

@VincentChan 2 жыл бұрын

Glad you like them!

@edchang9521 2 жыл бұрын

thanks for your great videos Vincent, never too late to learn how important it is to plan for the future.

@VincentChan 2 жыл бұрын

Absolutely!

@GodthiccFashions 2 жыл бұрын

Hey Vincent, love your content!

@jonathanboice 2 жыл бұрын

Thank you, really appreciate these videos, I saw your I quite one.. and know started following the rest... your creating clarity to my existing thinking...

@VincentChan 2 жыл бұрын

thank you so much jonathan, i appreciate your support :)

@ellensirca9915 2 жыл бұрын

Thank you for the amazing content

@kimmykero2421 11 ай бұрын

The opening skit totally cracks me up!😂😂... Great video, watched it several times already. Thank you!

@thecapone45 2 ай бұрын

I agree about the coffee thing. Look, about once a week or so, I make it a habit to go to Starbucks, buy some coffee, and go over my finances. Sure I spend 8 bucks, but I'm actively looking over my expenses and learning new way to manage money. It's what I'm doing now, and why I'm watching. (: It makes me happy. I like going out and seeing people.

@sydbrandsoncruz5326 2 жыл бұрын

hi Vincent! thank you for giving your time and effort in creating all your videos on your channel, this is very helpful for people that is looking for changes like me. :) I hope you create more and more helpful videos. :-) really an eye opener, keep it up :-)

@ninini3147 2 жыл бұрын

Hey Vincent, I just started watching your videos maybe 2 days ago ? Well on one of your videos you mentioned we can just call our bank and ask for a increase on our revolving credit, I did it today and just simple as that they increased my credit limit 10 minutes after I finished the call with them over the phone ! Thank you !

@phyllis2866 2 жыл бұрын

LOVE this. Lots of gems dropped here.

@Joehirst 2 жыл бұрын

Stumbled across another video, maybe three, perhaps five videos ago... Anyway, been listening to them for a little but on auto-play, and I think your content is super valuable. Well worth the subscription. Thanks Vincent!

@aprilschuppel 2 жыл бұрын

Loved the music + exercise pump up clip

@VincentChan 2 жыл бұрын

Hahha thank you april :) Hope you got pumped up!

@SneakersDD 2 жыл бұрын

Great job Vincent! For a gen Y'er, you are full of knowledge and ... wisdom! Best of luck!

@1371gabriela 2 жыл бұрын

you are so funny!! I love it. and thank you for giving advice, I appreciate it and am starting to learn about money and saving more so from you than any other youtuber.

@edwinsantonio 2 жыл бұрын

Great info Vincent🔥💪🏽

@VincentChan 2 жыл бұрын

Thanks edwin!!

@JonathanSorunke 2 жыл бұрын

These are really great tips! Thanks man!

@VincentChan 2 жыл бұрын

thanks for watching jonathan!

@jv-king 2 жыл бұрын

Always sharing awesome content. You have a bright future my man.

@rosem5361 2 жыл бұрын

This is awesome. Thank you and thank you!

@VincentChan 2 жыл бұрын

thank you rose :D

@unknowuser5665 2 жыл бұрын

Nice video! I watched many videos (From different content creators) and by far this video has the most and best information in a single video, keep up the good work!

@luffy_zam4694 2 жыл бұрын

I love your sense of humor and your love (and constancy) of cheese burger. 🤭🍔 Thank you for that touch and for put in a more common and understandable these knowledge about finance.

@Gurkahandy 2 жыл бұрын

Good video! Would love to hear your moves in the market!

@sanzharsmc 2 жыл бұрын

A great video! Thinking about subscribing to your channel Vincent. Your channel really amazing)💎

@kristiemao4275 2 жыл бұрын

I'm so glad that KZfaq recommended your channel to me. I instantly subscribed. I have to binge watch now.

@VincentChan 2 жыл бұрын

Yay! Thank you!

@farahasma4484 2 жыл бұрын

You truly are sooo creative the way u edit your video

@darkexcalibur87 2 жыл бұрын

Dude this video is 🔥 🔥

@Vincent_Desjardins 2 жыл бұрын

Hi Vincent, thanks for everything; that helps alot. My only financial goal in life is to be able to buy some beautiful lands where I can live peacefully in the nature and create healthy food for myself, my family and my friends while doing something that I love at work. You're amazing!

@tinktinka 2 жыл бұрын

we will reach our goals 🥰

@karakol86 2 жыл бұрын

I have a limit that I set for myself like I don't want my credit bill to be above a certain amount. I don't budget what I will spend it on but try to keep it below that limit. It has worked for me. I obviously pay attention to how much I spend on eating out which I limit to about twice a week and my friends have become more open to doing things other than going to a restaurant when we get together.

@languagegod 2 жыл бұрын

Absolutely a good video

@AisiAqueen 2 жыл бұрын

Glad I found your channel 👏🏾 SHOUTOUT TO THE ALGORITHM 🗣

@snippet2326 2 жыл бұрын

Love this

@VincentChan 2 жыл бұрын

thank you!

@alexandrasvdavis 2 жыл бұрын

Oh my goodness I love this so much

@handlemonium 2 жыл бұрын

Best video on your channel yet! Would you mind adding an standardized outro statement and animation? Makes the end feel less abrupt °o°

@goddesswen 2 жыл бұрын

I feel like I took an educational field trip to finance land and don't understand 70% of what I just watched, but it's a good thing. You're right it is a good investment to watch your videos and educate myself because most of the scams out there are made for financially uneducated people like me. Is there a dumbed down version for me to slowly catch up to understand what's going on?

@goddesswen 2 жыл бұрын

NVM I just have to digest this video slowly and look at the time stubs.

@aenigmatica8 2 жыл бұрын

This breaks it down so well! Thanks! 🙏🏻

@vincentchan6800 2 жыл бұрын

Thanks ! I'll introduce you to something new , write me directly via whasapp messenger .

@vincentchan6800 2 жыл бұрын

±①②⓪①④①⑥③⑥⓪⑥

@jacquiern2012 2 жыл бұрын

Thanks!

@VincentChan 2 жыл бұрын

You bet!

@trevoreff4906 2 жыл бұрын

I feel like we've read the same books. Love the video, Vincent! :)

@KOOKSSTATION 2 жыл бұрын

The way you put in like 5 shoutouts to your other videos was immaculate. Bravo my friend

@VincentChan 2 жыл бұрын

hahaha

@alexhung7158 2 жыл бұрын

those are some pretty good push ups!

@oboyz3732 2 жыл бұрын

Lmaooo this was great information and very entertaining!😂 love the content bro!

@VincentChan 2 жыл бұрын

Glad you enjoyed

@WestGeorgiaAirCooled 2 жыл бұрын

It is a better method to use debt snowball. Pay off smallest balance first, minimum payments on the rest. It allows you to compound the amount of money you are putting toward each debt to pay them off quicker. I have used this method myself, and found it very successful. The issue with the avalanche method mentioned is that it focuses on interest rate over balance. If your highest interest rate also happened to be one the highest balance, you’d actually be slowing yourself down in paying off your debt, extending the payments on a smaller balance that you could just pay off.

@PaulSebastianM 2 жыл бұрын

Cool tie!

@qianjin88 2 жыл бұрын

Real advice: 1. budget/save 2. invest in rental properties 3. helocs 4. put that shiznats in anchor protocol 5. 19.5% apy 6. ur welcome :)

@anushmitapaul3963 2 жыл бұрын

the value of things! yes! ive heard people tell me how i shouldn’t buy this or that and should instead get something i really need. Which is true for the most part, but if it makes me happy imma spend my 💵 on that yes