9 Financial Goals to Achieve Before You’re 31

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0:00 Studies shows financial ruin
0:35 Do this before doing anything else
2:03 But here’s the truth…
4:09 The fastest way to get rid of debt
5:03 You need to understand the true power of this
7:03 At the bare minimum, know this
8:54 The 2nd thing most people don't ever talk about
10:37 This conventional advice is a lie. Here’s what’s to do instead
11:54 My favorite financial goal that I'm focusing on right now
13:31 The 1 determining factor of wealth
14:48 Unfortunately you can't avoid this
16:25 My final advice to you
______
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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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[@mattmansfield7155]

Watching this at 32 is a risky click for me

[@VincentChan]

LOL it's never too late man! you got this :) which financial goal are you working towards?

[@kionaassing7031]

Watching at 33 😅😅😅

[@fashionspy96]

Bravery

[@ebonnyperez5413]

Would you say that it is something that would be helpful/you wished you did?

[@bingobeatz4678]

31 here lol 😂

[@graywilliams_77.]

Its quiet interesting how we reject the reality of our situation and expect to be able to observe it, control it and even change it. I used to be financially depressed until I read a book that made me realized that the secret to making a million is making better investments.

[@graywilliams_77.]

Jenny Pamogas Canaya, that's whom i work with..

[@themoalani]

You mentioned that putting a 100k down on a 500k home is better than buying a 100k home cash because the 500k home appreciates by 25k a year and the 100k home appreciates by only 5k. However, you did not mention that for the 500k home you have interest payments that, depending on your interest rate, might exceed the appreciate rate of the house.

[@scaled-daddy22]

People don't actually know how the world works they just make vids for dumb people who don't know shit lol

[@magdalenaos8215]

Also, there is a property tax, that will be higher on a 500k home and risk that comes with the loan. Your situation might change and you will lose your home.

[@xslyspectrex]

1. Not all debt is bad, learn to use debt for assets instead of liabilities. 2. Use avalanche method to pay off debt with highest interest. 3. Increase your credit score to get good interest rates on purchases. 4. Learn about the stock market to capitalize on compound interest. 5. Invest in your education and pick up high income skills with books/videos. 6. Take your average salary from 20 - 30 and save that amount by 30. 7. Create multiple streams of income with side hustles. 8. Make it normal to talk positively about money with other people. 9. Take advantage of tax advantage accounts like 401k and Roth IRA.

[@VincentChan]

What other financial goals do you recommend?

[@swapnilchakma868]

Do u have multiple instagram id?2 id messaged me undee ur name

[@VincentChan]

@@swapnilchakma868 hey there are scam imposters out there. please be careful. the IG in the video description is my ONLY IG account

[@waffloki]

Buy crypto

[@crit2074]

Even if you are employed, never stop applying at jobs. Especially if you are remote worker. Linkedin has a really neat feature that allows you to receive job openings in your e-mail and many come with "Easy Apply" button, that through a few clicks lets you apply to the job. This is great because by constantly applying and doing interviews you get a better view of the skills and techiniques that the market is using and you get a better notion of how much your expertise is worth. Besides you can end up finding opportunities you were ignoring, and even getting jobs that you can do in the same work shift since remote work is usually very flexible.

[@chrisvarone87]

The good debt bad debt explanation is way to simplified. You completely disregard the actual loan and the interest it incurs. Say that 400k mortgage was higher than 4%. The immediate unrealized gains is lower than the 100k home. As the debt shrinks and equity increase the gains become larger than the 100k home. The math equation becomes more complex as you consider other things like potentially renting each home how much you could rent for or cost of maintenance even. The also consider yearly property tax on each home. Many many Factors. Overall feels like a bad example to even misleading.

[@wilbertdelarosa5545]

This is one of the best financial videos I’ve seen on KZbin!

[@bogxd]

Great storytelling!

[@RebeccaEvans]

Intj. No wonder I appreciate the flow of your videos. Excellent

[@wavo6389]

Great hook 👍🏽 my heart DROPPED when I heard you say this

[@VincentChan]

hahah thank you wavo! which financial goal are you working towards?

[@sianpoteat6899]

INFJ here, without a doubt I want to live a free lifestyle but also positively impact as many lives as I can. That’s why my business plans, once I’m financially able all revolve around that ideal.

[@GabrielMartinez-sd8pc]

Dave Ramsey is not against mortgages. To use your example: if you had $100,00 and looked to buy a $500,000 house you would be within the Ramsey plan as paying 20% down on the house.

[@maxxtrollster4730]

As a fellow INTJ, this is exactly what I needed at this exact moment 😩

[@FinancialFreedomMadeSimple]

Great list Vincent!

[@bryonnajones]

This guy is so helpful and I like him

[@VincentChan]

i like you! :)

[@TheMotoKing]

Great video brother

[@FJames]

Dude this video is great… thanks so much

[@izamaramarcolino3431]

Simple Cheeky banter Informative Subscribed

[@VincentChan]

Welcome aboard!

[@kato_sga]

Great video

[@iammichaelamonique]

Loved this video!

[@VincentChan]

Thank you!! whats your favorite financial goal?

[@Angell_Lee]

Great video, thank you Vincent!

[@ohmmis]

omg i love this channel !!

[@neilrebollos9176]

Wow! your videos are so informative.

[@VincentChan]

I appreciate it! that means a lot :) what financial goal are you working towards?

[@annfisher5429]

Hey Vincent, I really appreciate your videos. I am an ENTJ.

[@amartin2324]

Fellow INTJ here, love your videos! You both teach and help confirm if I understand concepts that I've started trying to learn about on own. Keep up the great work.

[@MangoManZ1]

Top notch video again! Loving the funny clips :D

[@muru7514]

right information tho! there's so much info out there :)

[@Sup3rman124]

Nice video Vincent (also loving the Spiderman memes!)

[@faresal-huri643]

a review for goals would be grat btw, but this was handy 👍🏽

[@Chloera503]

Great video 💗🌷

[@avip9]

The pressure

[@judeg6105]

There is no age to achieve those goals. I am 33 ans just getting into it. Hope everyone here will reach there goals by the end of the year

[@VincentChan]

100% agreed! definitely no age requirement - something i mentioned in the beginning and end of the video. the most important thing is to just get started

[@site_is_down]

Exactly. There's no "too late" or "too early," when we are talking about our own individual timeline and life. Keep doing good in your financial journey, all the best and see you around :)

[@PrincessMultiracial]

Nah, no hoping. We ARE gonna reach our goals by the end of the year ! 👏🏼👏🏼👏🏼 💯💯💯

[@GItoKeG]

Godpseed Jude! Let's crush it this year!

[@rubenjimenez8433]

We're all going to make it brahz

[@88Nieznany88]

ISTJ 23, still finishing my master degree, found a job this year. Saving as much as I can and investing, also trying to find some side hustle.

[@scaled-daddy22]

Do you have college debt?

[@kemkong-will8823]

I am an INTJ-T as well brother ! I truly appreciate your videos

[@TheTreWalker]

So funny I’m also an INTJ. INTJ is supposed to be one of the rarest, but we all end up on KZbin lol

[@DangerousKaos]

Thanks!

[@happy9461]

Nice tips!!!

[@VincentChan]

thanks so much :) which one is your favorite?

[@MatthewGMarin]

ENFP! Trying to be more involved in my finances! Thanks for your videos :)

[@BoostAndRedline]

Love your quality of videos bro! Keep up the good work 👍🏼

[@VincentChan]

Appreciate it! which financial goal are you working towards?

[@khuongle877]

I’m gen x and didn’t know KZbin can teach me about financial independence, lucky I found out and understand about financial freedom 10 years ago

[@AlekcisIwiye]

2:16 to 2:22 had me dying. Dave can't believe you went there 😂😭😭😭😭😭😭 #wow

[@raylubin]

Hey Vincent, do you think you could make a video tutorial for moomoo (and/or webull) showing how to buy ETF's and setup automatic payments?

[@sandorvarga.6982]

Success

[@AlejandroHernandez-cw7pv]

Hello Vincent, is there any stock broker/platform you would recommend for non-US residents and citizens? very good content by the way.

[@kirajiya]

i'm also intj!

[@amethyst3099]

Nice video, Vincent! It's the first video I watched from ur channel & I liked it & subscribed! Btw, I'm an INTJ :)

[@VincentChan]

Thanks so much that really means a lot :)!!! I'm so glad you enjoyed the video. Which financial goal are you trying to tackle next?

[@rover-t]

Good post Vincent, I enjoy your presentation of these issues, especially the debt / depreciation on vehicles and white goods. Observation of your example on the appreciation on the $100k v $500k home purchase: The repayments on the $400k loan at would effectively wipe out the appreciation value. Would be wiser to do a 'Warren' and live in the $100k home and invested the repayment fees. At the end of the year there would be: a. still no mortgage debt, b. returns on capital employed, c. initial capital investment remains intact and not given to a bank as repayment.

[@brnalima]

i’m always amazed by how well made your videos are, so detailed and yet so simple!!

[@VincentChan]

Thank you so much! That really means a lot :) Which goal was your favorite?

[@brnalima]

@@VincentChan saving money throughout the years till i’m 30, it’s crazy bc it changes a lot depending on your personal life but overall it’s a really good advice and obviously the side hustle tip is the icing on the cake hahah

[@rafacanada1]

Vincent your videos are great. I enjoy watching them and find them useful. . One suggestion, regarding that example about the purchase of the $100,000 house (with no debt) vs $500,000 (with a mortgage of $400,000) house. You’re saying that the value increased by $25,000 by purchasing the latter, then what about mortgage payments of $2,000/month ($24,000/year) on average? That defeats the purpose of taking the $500k option vs $100k. I would appreciate if you could clarify.

[@user-hy8ld9ue5k]

well it depends on the type of loan u get and also, in the second year, 5% of 525,000 is more than 5% of 100,000, so yeah, i think the latter option would be better

[@PierceJordan]

Great goals to start working toward, no matter what age you are at today. Love the editing as always my man!

[@rosaleen1004]

INTJ too! Also read Dave Ramsey, honestly only a few pages, and got rid of my debt within six months from a dark time of being almost broke to realize what debt meant for the life I would have. Was blessed with a way out. Praise God. Read it.

[@brianbordenkircher52]

Can’t agree more! Thank you for the awesome video, so many don’t understand these concepts

[@VincentChan]

Glad you enjoyed it!

[@dsadams17]

Alright. 15 days to go. No pressure.

[@marcanthonysalon]

New sub here and loving this channel 👍

[@VincentChan]

Welcome aboard!

[@marcanthonysalon]

@@VincentChan Thank you!

[@Islam.Mahmoud]

03:49 the next year you did not have enough equity in the house yet to say your net worth have increased by 25k

[@lukescapee1234]

I’m 24 and stoked to try to knock these out

[@VincentChan]

Which one first??

[@lukescapee1234]

@@VincentChan I have no debt, bought my car in cash, saved/invested a years worth of my salary (as of my current salary, which isn’t crazy but it’s a good step!). I’d love to buy a house this year or next, but it seems like a huge intimidating task.

[@thekimberlygill]

and just when I found this video, I'm already 31 lol

[@Vbabeszzz]

I prefer ROTH 401K, taxed and not taxed later when I retire.

[@anushkaeon]

Hey, I'm an INTJ too

[@604h22a]

Wait a min I’m already 30!!

[@ImKibitz]

Fellow INTJ let's go! 👌

[@VincentChan]

Yes!!! Let’s goooo :) which financial goal are you working towards?

[@ImKibitz]

@@VincentChan No big financial goals atm, mainly investing in myself and learning. Happy you mentioned it in the video too, very powerful to understand!

[@George-ps5]

Learn to invest, then keep at it for years. Enter the numbers into a compund intrest calculator if you need motivation :)

[@hannabilal8556]

I am intj too :)))

[@genevievecruz7]

INFP-T

[@jeffreydcampo]

the home comparison should have been the same picture but captioned, "in Indiana" or "In California"

[@detdara7059]

infp fam

[@joshualumbang4740]

ENFP

[@marcelprimes]

Vincent! Can you do a video on credit card management?

[@VincentChan]

Yes! What specifically would you like to learn about it? :)

[@marcelprimes]

@@VincentChan when to pay the balance, how many credit cards is too many, and possibly how to structure payments within a budget?

[@anabee95]

Thanks for the video! You can also get books and e-books for free through your local public library. I’m an avid reader and my library has good personal finance selections available. Additionally, your library may offer financial programming

[@bryllemutia404]

It's a bit hard to remember your points when it's not enumerated or shown on the screen.

[@yoandyvargas5547]

KNAWLEDGE!

[@VincentChan]

hahah yes!! which goal was your favorite?

[@ernier4592]

INTP I made lots of financial mistakes in my early 20s, resulting in large credit card balances that I took lower interest rate loans out to pay off, THEN pay those loans off. After some saving, I bought a home at 30, only other debt besides that is my consolidated student loan. Got into stock investing kinda late, and learning more about it now.

[@selfmadeforever]

watching this at 29

[@JubilantAntics]

skills pay da bills

[@celineramba]

At 11:29, when you say "saved up" (calculating the average salary you earned in your 20s), do you mean in total-including assets (401k, Roth IRA, HSA, brokerage, liquid cash, etc)? Or in liquid cash?

[@TheSavvyCouple]

Great video Vincent! Awesome tips on achieving financial freedom.

[@VincentChan]

Glad you liked it! which financial goal are you working towards?

[@wealthbuildingstory]

Journaling is so helpful, especially when it comes to figuring out what you truly want

[@evanlindsey8625]

I was on board till he said that there is “good debt”

[@edgitonga]

@vincentchan In the good debt property example, the Net Worth calculation is false. Net Worth is value after subtracting liabilities. At 500k, yes the property appreciated but your Net Worth is still negative since you still owe 400k. While the 100k property gives the owner a Net Worth of 105k since the property is not in debt.

[@kml.]

for the $500k house, you would have $125k net worth ($525k-$400k). for the $100k house, you would only have $105k.

[@alexissenft9090]

This video was calling my name! I'm currently 30 and have lately gotten so interested in improving my finances and learning every way I can do so. You've been so helpful. Thank you!

[@site_is_down]

You can still do better and it's never too late to who you might have been. Keep doing good in your finances and I wish you all the best!

[@dmlarry]

INTP-A

[@kionaassing7031]

That house advice is dangerous and not necessarily true. There are many hidden costs that need to be considered with purchasing property. Also, cash flow is King.

[@bluecrystal96]

ISFJ. Ended 2021 paying off my student loans in full! One of the most exciting feelings!

[@LaCrownedGamer]

My first side hustle was selling cds in elementary school and then snacks from middle and high school. Made enough to help with college (1st year no debt) and help my working parents with bills ♡ Side hustles are real ♡

[@JadenHercules]

I am really sorry, but *journaling* has never been something I've admired. If anything, I write things down and forget about it. I find it a waste of my time, even if I do feel a bit good doing it. Perhaps I need to have a particular topic to follow when I write journals, but I seriously doubt I'll do it in the long run. I've taken the Myers Briggs personality test twice in 2020 and landed on the exact same one; an INFP-T. I resonate a lot with this personality type, although I don't think most would associate me as an introverted person - I'm usually the louder one among my friends, and have this odd relationship when it comes to confidence. I don't mean to suggest introverted people can't be confident, but that I am a lot more confident when I'm out with friends, I don't know if that stems from me believing I'm better than them in/at certain things, of perhaps if their introversion contrasts with my extroversion and I feel compelled to be a lot more confident in the group. By that, louder, striking up conversations with interesting looking strangers, being strong when I speak - all things my friends seriously lack in social settings. They're a lot more reserved. I hope none of this sounds rude to say, I'm just being introspective here. Anyway, this was a great video. I enjoyed most of your points and loved the story about your school side hustle, that's hilariously smart!

[@christianreyquisto3163]

I am also an INTJ

[@ringrinka]

Am investing myself now, by watching youtube videos from many creator with useful info

[@definitelymaybe_cath]

I'm ENFP and as soon as I heard you know MBTI, I already want to comment mine before reaching your instruction to comment it HAHAHA Hello Mr. INTJ :)

[@waffloki]

Im 29 and I will be debt free before 30. This is my main goal

[@LadyCellar]

INFP

[@Adaywithjon]

Just came across your channel. Love the way you get your messages across. Incredible content and cant wait to keep watching!

[@VincentChan]

Thanks so much Jon! That means a lot :) what financial goal are you working towards?

[@Adaywithjon]

@@VincentChan I'm also working towards the second stream of income. Daily steps being taken to hopefully create something that will in the long run make my future more financially stable! Appreciate the reply!

[@LunaELugo]

"...but this isn't true. Nobody wears suits anymore." 😄

[@therenaissanceman441]

I'm 40, but I just showed up anyway.

[@VincentChan]

Never too late to tackle these goals! Which one are you working towards?

[@susana.i.gonzalez9874]

Gosh. So many things I want to accomplish and I see myself with no end goal. I want to retire and be financially stable but want to work abroad and no guarantee if I will live permanently out of the USA. I own my “newly” model car but I want a house. I also want to work abroad as a professor but that not a guarantee long term. This is so not my ISTJ side. I’m 28 btw.

[@Zaerki]

The journaling method Vincent mentioned is a great place to start. Another good thing to ponder is: What freedoms or securities are most important for you? For me, it's making sure I never have to worry about a bill. So my goal is to have enough passive income that it exceeds my regular bills. Think about what it means for you though, what type of life do you REALLY want to live?

[@XpertuZ29]

I’m INTJ too.

[@dbw1114]

I'm 33. Damn.

[@stufforganic]

How should I start earning as I'm in college and the user testing sites and other typing sites are not accepting...I want to earn for becoming financially independent..so help me

[@VincentChan]

check out the best side hustle video in the description - i dont talk about any user testing or typing sites so you're golden

[@kartikasari8351]

I feel bad for the magic lamp

[@VincentChan]

how come?? D:

[@kartikasari8351]

@@VincentChan you know why

[@Bryannaw127]

I must have missed it because I’m so confused I can’t recall one financial goal

[@KurekTomasz]

how are you at the age of 37? no credits and no savings