6 Middle Class Habits That Will Keep You Broke Forever

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⌚️Timestamps:
00:00 Start here
00:17 Middle Class Habit 1
02:20 Middle Class Habit 2
04:36 Middle Class Habit 3
06:19 Middle Class Habit 4
08:10 Middle Class Habit 5
11:01 Middle Class Habit 6
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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.
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.

[@VincentChan]

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[@foodlover8151]

#1 is definitely a killer for almost everyone I know. A big pay increase with a new job, people already spend on new cars, fancy restaurant or designer fashion. No wonder why people complain that they live paycheck to paycheck.

[@VincentChan]

yeah it's very common :( do u fall for it?

[@foodlover8151]

@VincentChan I used to but your content has really opened my eyes on my spending. You're really good at breaking down information to be easily digested. Thank you!

[@jollama]

It’s free comedy when you see them complain while for the rest of us, we get more breathing room to invest

[@lorenzozapaton4031]

Not working is also a bad habit that keeps you poor.

[@VincentChan]

valid

[@Mexicobeanpole]

Gen Z seems to have perfected it.

[@karakol86]

I know many individuals who have jobs who don't work who collect a paycheck

[@lorenzozapaton4031]

@@karakol86 Living the dream!

[@Tlj10144]

I like how genuine and realistic your content is and way better than some fake guru telling people to invest in Bitcoin and selling snake oil. Keep it up, Vincent!

[@PhilFlock]

Usually I'm just a silent listener. But I gotta say. I do enjoy your content a lot. Thank you for your hard work and research. Once it's gonna make me a millionaire I'll buy you a pineapple pizza

[@d947]

2:00 $6000/month in the US is crazy. In Belgium (Western Europe) it’s just €2400

[@joannat1898]

Yeah, but you also have universal health care and lower higher education costs. I had a recent medical issue and had to pay over $10k-with insurance.

[@d947]

@@joannat1898 that’s a lot… Thanks for sharing

[@can1687]

10K for Health isssues? Oh my god. But we pay a lot of our income to the health System

[@transitengineer]

As always Vincent Chan, thank you for sharing these very useful tips. For myself, the most important two were 4th) "Career Capital; and 5th) "Work Smarter". However, the best advise I now yearly provide to both new trade school grads as well as college grads is: "while working at your first job, please live with other people for a five (5)-year period after school" this way, you are able to save up to 50 percent of your take-home pay. Once all your money "pots" are full including emergency fund, investment accounts, and retirement accounts, you then will be miles ahead of all your peers when, you then step out into your own apartment or town-home. Also. during this 5-year period when living with others, please try not to buy a new automobile and strive to remain debit free (smile ... smile)

[@mrsamtheman80]

Imagine going back in time 25 years and telling people that families will buy everyone 10 or older a new computer every 2 years, plus individual phone lines monthly. They would say it was a huge waste of money. Yet, now people do it with smart phones, and wonder why they are living paycheck to paycheck.

[@OroborusFMA]

That's because capitalism has mutated from a purchase/ownership model of consumption to a subscription/rental model of consumption. It's the perfect vampiric relationship. They suck your lifeblood forever, not just once.

[@lilibethvilella]

Thank u for sharing ❤ encourage u to read “THE SUN ALWAYS PIERCES THROUGH” in this season

[@can1687]

I am nearly out of debt. Snowball system baby. Studentloan paid, medical bill paid, left is only 1 personal loan. Then freedom baby. Emergency fund set. Now working on the last loan

[@seanmontague6479]

If one earns a 10% return, it will take approximately 7 years to double.

[@OroborusFMA]

Said the same thing. I thought it sounded off.

[@redleo380]

Homeless don't pay taxes.

[@VincentChan]

that's true

[@OroborusFMA]

Do you envy them or something?

[@redleo380]

@@OroborusFMA silly

[@mart1n10601]

I always apprecaite a video with timestamps and sections that are broken out for each of the 6 things listed. Automatic Like from me. Thanks for putting this much effort in the video!

[@victoriarose850]

I like how you edit your videos! Satisfying edits

[@bkaren04]

Great video!! Does your insurance need to provide the HSA account or can you open one on your own like with the IRA?

[@VincentChan]

it depends but you will need a high deductible health insurance to qualify for one. do you have one?

[@bensmith5413]

Roth ira. All the way. Tax rates are only ever going up thanks to government debt levels. Social security not being funded and just endless entitlement for handouts.

[@duanehean3364]

What stops the government from imposing a tax in the future?

[@OroborusFMA]

@@duanehean3364 Nothing save the broken election system where money is "speech" and cannot be regulate.

[@jollama]

@@duanehean3364They’re more than fine with giving us tax incentives on Roth accounts as that means they force us to fund our own retirement rather than them doing it themselves

[@elizabethgracefashion]

Your apartment is goals! So cute 😊

[@mitchthornton1820]

Car insurance what a concept .

[@letsdomath1750]

12:51 This is all under the assumption that you have money leftover after paying a little bit over the minimum payments. 🤔 Also, groceries are required to feed yourself to them work to then pay these bills. If you have to pay them with a credit card for the time being, you pay them with the credit card. Something more helpful would be ways to consolidate debt securely after emergency funds were used up during emergencies.

[@donaldsaintval8952]

Good stuff as always

[@VincentChan]

Glad you enjoyed it

[@OroborusFMA]

I thought a ten percent return would double your money in *seven* years. A seven percent return will double in *ten* years.

[@mbank3832]

What are you investing in specifically that net you 10% return a year ?

[@JD-ny9qj]

Any decent index fund? Literally the beginner level of investing? Maybe you should start your journey of financial education.

[@mbank3832]

@@JD-ny9qj you still didn’t say what index fund

[@mc1996]

​@@mbank3832Any SP500 ETF will do it when considering it's a long term average

[@JAMES.310]

ETF Tickers are SPY VOO VTI

[@jollama]

Bro acts like he’s never heard of the total U.S. stock market or the S&P 500

[@sct4040]

#1 is the reason why people who makes $100k per year are still complaining they have no money. This was me in my 50s, the decade when I finally made decent money.😅 DON’T do this.

[@stevenschmalzried5256]

You should list Vio and Bask banks their rates are better than the reveiw you just did

[@VincentChan]

do you have them?

[@moonshadow1221]

What is an organic free range avocado?

[@sct4040]

Sarcasm

[@OroborusFMA]

Organic yes, free-range is for poultry, beef lol.

[@letsdomath1750]

3:21 Emergency funds of six months dry up quickly during a pandemic that destabilizes your work and doesn't fully recover. This is a nice concept in theory when only one or two things go south. When a truly rough period hits, you will need to find other ways to navigate through those storms.

[@Mexicobeanpole]

Absolutely 100% agree. When the 2008 market crash put both my husband and I out of work, one of us for 18 months. Plus our rental apartments has renters not paying PLUS our investments accounts dropped 40%, our 2 year emergency account went pretty dang fast. I’m more comfortable with at least a 24 month emergency fund. And I hope to have a 5 year one before fully retiring.

[@letsdomath1750]

@@Mexicobeanpole Yes, at least 5 years worth of savings separate from more volatile investments because sometimes you need liquid cash to pay urgent/immediate bills.

[@jollama]

That’s why you combine an emergency fund with other streams of income like dividends

[@letsdomath1750]

@@jollama Cool, if you have significant amount of money from dividends coming in when disaster strikes, but if not, gig work and side hustles until something else picks up steam.

[@Nettingyournetworth]

$5000 to fix your car? Did you not have car insurance? 😳😳😳😳😳

[@toyotamanus]

Maybe only liability. If so, the collision wouldn't be covered :(

[@tinad8561]

Every time I watch your videos I end up wanting Hawaiian pizza. Are you getting kickbacks from Dole?

[@Nite_coder]

Learning Python, but chose JavaScript b roll 😂

[@jmtnr6787]

7:40 that's javascript

[@dukeduke7569]

Wow… I did not know that u can put money in a 401k and a IRA and report it on your taxes at the end of each year

[@themasculinismmovement]

lol gotta love those free range avocados

[@VincentChan]

hahaha only the organic free range ones

[@JinNani224]

If I hear one more quote about Warren Buffett paying less than his secretary….the guy pays millions elsewhere

[@gamereditor59ner22]

1:46 : Interesting.... 🤔 Is it possible to have 30 as saving and 20 as spending in your example? Great video and keep it up! 😎👍

[@VincentChan]

yup! the ratios are flexible :) is that what you currently have?

[@gamereditor59ner22]

As for now, I am planning to do that when I get a entry-level job and a place to live. Edited: Once I get a entry-level job, I will say as much money as I can while living and helping with my parents.

[@elliestewart7770]

Is the $5,000 for the car accident your deductible? That is super high, but probably drops your premiums quite nicely.

[@OroborusFMA]

A 5K deductible would be absurd.

[@katiesmith-dm7yn]

Car breakdown should be pay from Raining Day account not Emergency Fund.

[@toyotamanus]

He said car crash (with 4 other cars), not breakdown. I'd consider a crash to be an emergency, especially if you don't have collision insurance to cover it. Otherwise paying a deductible of say $500 - $1,000 wouldn't be so bad.

[@joemacdougall9205]

US tax advantaged accounts are dogshit compared to the UK ones, damn

[@JillsHouse]

I thought the first thing you bought with your paycheck would be a pineapple pizza at the most expensive Pizza place, like Round Table. 😁

[@VincentChan]

Haha I didn’t develop my love for pineapple pizza until a bit later 😬😂

[@humhum1311]

🥶

[@teddyruxpin7876]

poopoo peepee

[@VincentChan]

number 2 and number 1

[@time2eat850]

" PUT YOUR HEAD DOWN and WORK " As a ASIAN Myself. This is 💯 FACTS. However, this BS don't WORK in the real world. My advice is FIND A WAY TO BE FINANCIALLY INDEPENDENT ASAP!!! Working for SOMEONE IS A WASTE OF TIME ⏲️ please RESPECT YOURSELF ❤