The 5.5 Wealth Killers That No One Talks About...

[@VincentChan]

Sign-up for Rakuten and get a $30 sign-up bonus: www.rakuten.com/r/CCHANV 📝 Join 20,000+ people and get your FREE personalized Money Plan to achieve your financial dreams → vincentchan.co/quiz

[@foodlover8151]

Choosing the wrong partner can really wreck you financially for years. Financial compatibility is more important than we realize for a happy, enduring relationship

[@sactopyrshep]

Excellent point. I am living with my partner but we will never marry due to the chronic financial irresponsibility of my partner.

[@JohnBeeblebrox]

Marry in haste, repent at leisure...😊

[@nickstark8479]

Based on the first sentence, I thought this was going to be one of those bot comment threads 😂

[@alexanderaamaya]

Facts 🙏

[@elivasquez5976]

I 100% believe in your statement, but shaping that person and guiding them is also important. My wife was terrible with money when we got married, but after many difficult conversations and clashes, we are debt-free, have a house, and are living a happy marriage with healthy money conversations. It takes time. She was raised in a family that believed in "I work for nice things" but pushed savings and emergency funds to the future. It was tough, but possible.

[@Adiyasa2011]

I think point 5 on taxes can't really be considered a wealth killer, it's a fixed amount that goes towards facilitating the society you live under, and you basically have no decision to make on this other than political reform They're more built-in, hereby not related to our personal wealth-building decisions Just my take, but I strongly believe this

[@tatianastarcic]

To attain upper-class wealth, a wise individual recognizes that building financial success requires smart investments, strategic tax planning, and informed decision-making. Although the stock market offers growth potential, effectively seizing these opportunities demands both skill and expertise.

[@Vincent-j8u]

Stock investments can offer great potential, but it's essential to approach them with caution. I recommend consulting a financial advisor who can help you determine the optimal times to buy and sell.

[@nicolasbenson009]

Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.

[@sharonwinson-m8g]

How can I reach this advisor of yours? because I'm seeking for a more effective investment approach on my savings

[@nicolasbenson009]

My CFA ’ Sophia Maurine Lanting’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@TinaJames222]

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

[@briand.4687]

My divorce cost me $80k over a five year period. Besides being financially devastating, it was also mentally and emotionally devastating as well. Thankfully, it’s all over with now and I can finally start trying to save for retirement at 41. Time to start over from the beginning.

[@yaoyaokx.7842]

Oh wow wish you all the best!,Would you recommend to not get married at all then?

[@levishanholtz1639]

Only thing my dad taught me

[@LoveLife-oo9cz]

Is that $80K alimony over 5 years or child support? Btw, if you were married, the money during the marriage length belonged to both. Doesn't matter how you look at it. The court doesn't care she has $0 income as a housewife, and you have $200K. With her free labor $20K per year is still cheap. Marriage and children are always expensive.

[@larryronhartfield55]

High debt levels, which can lead to significant interest payments; poor spending habits that drain finances; a lack of financial education resulting in poor decisions; neglecting savings and investments and inflation that diminishes purchasing power. Being financially aware would be of great deal. i can say that helped me in life to reach my first million and i also sought help to handle my portfolio which was my foundation. i'm ever grateful to Susan Kay Mack my FA.

[@AurucciLou]

Looks like she really knows her stuff. I also found her online page and read through her resume, educational background, qualifications and it was really impressive.

[@KirbyIneson]

Consistently investing in quality dividend paying companies over the long term is a relatively easy strategy to create generational wealth

[@JimboJS]

Unrelated to this video specifically but I wrote out a goal for october to pay at least $2500 towards my credit card when over the past year I was only paying the minimum of less than $200 a month. I had to really lock in by cutting out BS spending, taking a few extra shifts at work Happy to report that with it still being october, I was able to pay off $3600 of that debt You’re one of the very few finance guys I watch and I’d like to think you had a hand in stimulating the habits it took for me to make this possible, thanks bro 👍

[@VincentChan]

wow thats amazing! im so proud of you!!! thank you so much for sharing that with me.

[@VincentChan]

what are some big tips you can share for people who were in your position?

[@stacybraun7587]

that's awesome!

[@LoveLife-oo9cz]

Buying a house with a fixed rate 2.5% in 2016 saved us tons of money. Today, the average rents in not good area is $1800 near my area and we pay $1400/month with 15 years. House is 3000 sq.

[@SammieOlin]

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charlotte Miller.

[@nickmcdonarld]

I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.

[@sarapalin]

The very first time we tried, we invested $1400 and after a week, we received $5230. That really helped us a lot to pay up our bills.

[@ZahirFriedman]

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

[@stephaniebeddis8069]

I'm new at this, please how can I reach her?

[@GertonTootle]

I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

[@JasonAmir-qo4uo]

Planning and discipline are key. I prioritize needs over wants and review my budget quarterly to ensure I'm on track. For example, I avoided buying a luxury car and invested the difference

[@tondenhei23]

About the car. If you buy a car and use it for more than 10 years, i think it doesn't matter how much its price. You use it from 0 and from o, u maintein it properly. Also, if you get a used car, it has too many repair costs, also higher tax and other payments.

[@aussieexpat]

Just buy a Toyota 3 years old. You'll have zero issues and lots of money.

[@chappy3125]

Get a Hyundai or Toyota you'll be set

[@F.elip3]

Make a video on saving on taxes 🙏🏼

[@Close_Call]

Hi, listening from Edinburgh, Scotland. Rent for a 2bed flat here is around £1200/pcm, our mortgage for a 3 bed house is around £950/pcm. Home ownership is the anwser for most people

[@MorRobots]

I bought a 2015 honda Civic SI for like 24k in 2014 It's worth 18k today, gets 28 MPG and I have zero complaints. I have no plans on replacing it. I can afford an insane amount of maintenance and repairs to that vehicle before it's financially smarter to replace the vehicle. Cars are insane wealth killers.

[@rdp8148]

10% rule on cars don’t exist in the UK Car insurance and tax can be at least 300+ a month by itself, way above the avg salary of people

[@jochenkraus7016]

Both depends on the car and I learned that when I bought a C-class. Taxes were OK due to the small engine (in Germany it's partly displacement and partly CO2). But the insurance 😮 Someone in my family got a Smart FortTwo a bit later, that was much cheaper 🎉

[@Aenion11]

5 years ago I bought a new Toyota Auris Hybrid with a 7 year green loan at 0.8%, I don't regret taking this long loan at all and intend to drive this car until it won't drive anymore

[@peternguyen7607]

5.5 that’s something different you don’t see often

[@VincentChan]

thanks! what did you think about the wealth killers :)

[@sammm_cc]

Richard fain just did “5.5 things you need to buy now” I think this a KZbin creator search thing KZbin does for creators. Thanks for the content though Vincent 🙏🏽. Knowledge is power

[@hking6232]

Buying a home can be a good investment depending in the circumstances.

[@damahom92]

Just trying to spread goodness here. Prayers out to all those struggling with wealth, debt , food water or shelter. Hoping you’re all doing okay.

[@MattMcConaha]

When people say it is ok to pay a higher percentage for housing in HCOL areas, are they saying it's ok because it's necessary, or because the distributions of costs in HCOL areas is just different? I ask this because I've frequently thought that the majority of the increased cost of living of an HCOL city is just housing. You might pay 2x on housing, but groceries and other consumer goods basically cost the same as they would anywhere else. People often say it's pointless to take a 2x pay bump to move where cost of living is 2x anyway, but (1) COL is partially based on lifestyle choices, and if you don't eat out and stuff like that then it won't actually be 2x COL, and (2) even if you maintain all of the same percentages in your budget, the total value of your saving/investing percentage is higher than if you stayed LCOL, so when it comes time to move on with your life and live somewhere else, you have a lot more savings than if you didn't take the pay bump/COL bump combo. So hypothetically you can just go ahead and increase your housing cost percentage and you can still come out even with or ahead of someone else who didn't live in the HCOL area.

[@majo6677]

Where can i learn to invest ?

[@cindyvan7570]

I am interested in other tax strategies to lower my taxes. If you can, please make another video on reducing taxes. Thank you!

[@SabreLeonheart]

I had positive equity when I traded my car in. ❤ Not the norm... but was very nice. 😊

[@bin4ry_d3struct0r]

Here's a list of life-saving steps on avoiding getting divorced: Step 1. Never get married! Step 2.

[@joannaa.5101]

More life-saving steps: 2. Let someone interject here. 3. Don't be engaged beyond 5 years. 4. Refrain from moving in together and keep your places. 5. Need clarity see step 4. 6. It's getting old. Refer to step 3. 7. Last thing, if your nerves are bothering you, well see step 1.

[@joaquimrodriguez8961]

Make sure she or he signs a prenup.

[@bin4ry_d3struct0r]

@@joaquimrodriguez8961 It's not the prenup. It's the lawyers and the family court judge. There are plenty of divorcees who got screwed over even with a prenup.

[@hoopandhands3328]

@@bin4ry_d3struct0r True but you can at least protect things like your retirement with a prenup. It will still hurt you financially but having the right kind of prenup will stop you from being ruined. It's just a number of people don't have the right kind of prenup.

[@bin4ry_d3struct0r]

@@hoopandhands3328 Alrighty, let's say you really lucked out and got both: 1) a great lawyer who drew up an ironclad prenup for you; and 2) a friendly family court judge who rules in your favor (i.e., the judge looks at your prenup and agrees it's indeed ironclad). Congratulations! However, the 3 years it's gonna take for the judge to come to that conclusion is still going to cost you 3 years of your life you'll spend in limbo and $100k in legal fees. Option 2: Just avoid the damn marriage racket in the first place and save yourself from all that noise.

[@piusajabhu8763]

Greetings to you from Nigeria. Thank you so very much for your presentation. In the 75-10-15 rule applied by 1% is interesting. I am aware that they do a lot of charity work. You did not identify this in your presentation. Concerning the investment in Index Fund and Moomoo and ITF are these opportunities available to only Americans and those resident in America? Can some living in Nigeria invest in them?

[@ianboard544]

I would add: small 'leaks' like that $5/day starbucks habit, or eating out.

[@keem7910]

Ehhhh got me in a chokehold but you right

[@polawattantiransee3410]

Indeed, I feel like those are more of an "once-a-week/month" thing, as people would still need some kind of reward to themselves. Normally, cooking anything yourself in big bulk always save a lot of money!

[@isaacfitzgerald07]

Albert Einstein called compound interest the eighth wonder of the world, not Warren Buffet

[@shaneh3109]

Pay cash for everything. It saves you so much stress...also PRENUP ...mandatory.

[@ioriyagamy4777]

I totally agree with the house one, my father bought a house but us children didnt have clothes and barely could pay school. We lived by 3 sandwiches a day and took 3 busses to school because we couldnt do anything else. Now that we are adults and left home, my dad wants to sell the house, so in the end it was all in vain.

[@jochenkraus7016]

Why does he sell the house? Too big? Wants to live somewhere else?

[@samuelbalazs196]

Just to confirm, is 36% for debt inclusive of the mortgage repayments? Or is that separate?

[@alexandermiasoiedov6637]

That new trend is confusing and misleading imo. Being wealthy means being able to buy all those “wealth killers”. Yet people say don’t buy these and you will be wealthy. No, you won’t. While it’s ok resisting excessive consumerism it’s not a wealth recipe. I want to be wealthy to afford all these. I literally work to buy those things.

[@AznCracker13]

For #1, the loan advice doesn't always to people with great credit. For example I got 3.5% APR for my car so it makes sense to put less down and extend the loan term. I got better interest just putting my cash in a CD/bond (at 5-5.5% at the time), essentially free money from the lender :D

[@armintelker]

The 20-40-10 rule is not really good when you really want to build up wealth. The Frugal rule on this is more. 1. Try not to use a car at all. Okay this is not working in the US in the most places. 2. Only buy used cars. 3. Only buy it when you have 100% of the money for the car on your bank account. 4. Your car should not cost more than 3 to max 5 months of gross income.

[@keiseja8056]

I would disagree on the only buy used cars, depending on the brand and how the previous owners maintained their cars you could end up spending a lot on repairs. Rather buy cheaper models new

[@Pottapatri21]

I resonate with literally everything. But pineapple pizza. But hey if you like it, you like it. I don't like it because I don't like it.

[@somutfaydalarpesinde3289]

If you hold and use the car for more than its useful life , you’re better off than selling it for a new car, you will be creating value for your life and your long term retirement cash generation model.

[@hliask.9029]

Governments should support new families' housing needs. And adequate public transport should have made car ownership obsolete. BUT unfortunately that's not the case. Add to that that when you hit your 40s you wanna finally have your base (home). Because you realize that half of your life has already passed and "its time to settle". But things have changed. Almost nobody can afford a new house. And we won't retire from the same employer that hired us, unlike our parents situation. Stability is long gone. Flexibility is the key regarding our expenses and finances. Which is challenging in the times of consumerism. The real question is "will it get any better?" Or "in which country are things somewhat better?" Because middle class seems to be disappearing everywhere. Greetings from Greece.

[@SigFrid1985]

I really regreat that I only started investing when I turned 35 and not when I turned 25. But, in my defense, back in the day I had no idea how to do it nor a stable income - I live in Europe.

[@Lucas-wn5wm]

Europeans need more education for investing. 🙏🙏

[@Hubieee]

If you already had some money on your account and didn‘t wast everything to give you a headstart, I think that is okay. Here in Europe, investing is really not taught often at schools or by parents. Also, many people just waste their money each month. The reasons are all the same. Uneducated, bored, used to spending money regularly… amazon, Zalando or any electronics market online are just too easy a distraction in daily life.

[@SigFrid1985]

@@Hubieee I had some, but sadly due to RL issues almost all my savings were drained, but right now (at 39) I am on track and since I still have 20/25 years of work, it will be fine.

[@HM-gl5jq]

​@Lucas-wn5wm Same. I'm from Europe and at 25 I didn't even know the stock market was a thing. The concept was vaguely floating around in my consciousness somewhere but was something "not for me" or for any other normal person. I'm now 35 and #5 hurt. A lot. About to start now (soon as roof repaired because for real, there is water in my kitchen. I don't know how people find spare income 😅).

[@Lucas-wn5wm]

@@HM-gl5jq 💪💪💪. Ive been mindfking my european friends to invest (relying on your pension is shit sooner or later) its too unsustainable.

[@benjaminhendriksen]

Literally every video is about cars. Only 2.6% of the cars in the Netherlands is leased by a private individual and companies are very strict with it. Its always the US version of wealth killers and always the same stuff that no one talks about 😂😂

[@sandr6769]

There's hardly anything about zombie subsciptions which drainage pocket month to month.

[@beatrice3506]

I'm just here for the spiderman wallet ...love it

[@kccathyng]

Love the 20-4-10 rule

[@akhyarrayhka4048]

spending 16 minutes watching this already spending your wealth, remember time is money and watching videos spend your time.

[@mimo5383]

Wait. There are people in this world that buy and trade their cars every 2 years? I've only ever bought new cars, but 8~10 year stints have been the norm for me.

[@Uncommony]

Stay away from luxuries and liabilities. All you need is the top necessities. Stay Uncommon!

[@richardm5664]

Rent in the UK completely destroys the rule shown here. I live in an average town that is nothing special and rent is more like 50-75% of monthly income (depending on property type, size etc.) Payments on a mortgage are a lot cheaper than renting but it's getting that deposit together and getting accepted that is the major hurdle. And if you rent then it becomes so difficult to save up for the mortgage when you're bleeding so much money on rent 🤷‍♂️

[@zetaforever4953]

How about roommates? Surely rent can't be 50% of income if you're sharing a house with two other people?

[@miosoderberg6602]

11:39 I think we're getting things mixed up here😅

[@APRNVJ]

I always buy CPO (Certified Pre-owned) European cars, it’s the best of both world. You get a great car with great condition with low mileage and also with manufacture warranty. And you can buy them at 50% depreciated prices.

[@JuanChavez-ji9yy]

So if you make 4.5k a month, your rent can only be 1,260. Great in paper, but hard to do in real life.

[@Realistic_gamer111]

@Vincent Chan - As an Australian whose just become debt free at 31 years old and wanting to invest in the s&p 500, I don't know whether the American one where I lose money on currency conversion would still be worth it over the Australian version of the s&p. Any advice??

[@glenn7340]

I really don’t understand why Americans need to borrow so much money for everything they buy. Can’t you just save up €5,000 and buy a car with that? I mean, if you don’t have €20,000 or €30,000, then you shouldn’t buy a car that costs €20,000 or €30,000. It just doesn’t make any sense. Maybe it’s because we’re from Europe, but… in my opinion, the only thing you should take out a loan for is buying a house. Other than that, don’t buy expensive things if you can’t afford them.

[@sogggy]

Divorce is a wealth killer. It affects one side more than the other. One side, it can be a wealth maker. I am not talking about the lawyers. lol

[@christoferrage]

#1 not buying a Honda or Toyota

[@rebeltheharem7028]

Hmm, my car still has about 60% of its value after 5 years. Not bad, I guess. If I include the actual cost of purchase (after rebates and tax credits), it's worth about 120% the total amount it cost to buy it. I still got a ~2.5% interest, 5 year loan for the full cost of the car though. I put the rebates and tax credits into investments because after doing the calculations, it was stupid of me to NOT take the full loan. So in the end, including the investment growth, current value of the car, and the auto loan payments, I ended up with more net worth than the cost of the car. Nice. Thanks, "green" state incentives. I guess I got a very good deal.

[@pixelatedrevolt17]

Stop using Cars as an investment. It’s a means of transportation and it’s necessary. This is such a negative lens to use for BS. Buy something you like, and enjoy it. Moreover, my 2019 Rav 4 sold for 30k after 6 years, started at 40k. Woohoo 10k used over 6 years for a car I loved.

[@barrybobert9294]

"no one talks about" i hate the state of things with marketing and sales, it does work tho

[@aloysiusgregory]

Great video, Vincent!

[@Veganisbadhunter-wx5nt]

Live by the 5 NO's for financial freedom. 1. No wife 2. No children 3. No debt. 4. No pets 5. and finally when you achieved wealth, No Job.

[@Tymczasow]

It sounds like NO reason to live :)

[@maverickbonato8164]

My kinda life frfr. I can care for a goldfish but that's about it :D

[@michaelromeo1085]

Sounds like a real sad life to me. You’ve lost the plot bro

[@Gowst99]

If you do this, then comes the ultimate wealth killer, suicide 😮. Unfortunately, humans still need social contact so there some steps missing in this comment to avoid that particular wealth killer 😂

[@band.t2453]

Speed run at life fr

[@the_fynethyme]

mentioned buying new but not second hand, interesting

[@nandanbhat2327]

Based on this list, living is expensive and not a financially wise decision. Do consider dying, it is infinitely more affordable! From next time, plz consider emotional factors into economical decisions, were not cyborgs, were humans

[@tvb4227]

As a guy who has $250k at age 26. With a strong passive income. - IF YOU WANT TO BE FINNANCIAL FREE LIVING A NORMAL LIFE LISTEN TO HIM. There nothing wrong with it. - IF YOU WANT TO BE MILLIOANIRE. The knowledge is in the library. A youtuber can't help you they all say the same thing.

[@JazzyArtKL]

Financial literacy. Check. Pineapple on pizza. Big fail. Reconsider.

[@maxibon2129]

I mean do americans really get loans to pay for a 35k car? Can't you just buy a car they can pay in full even if it's used? It's full of cars that are like 5-6k that are pretty good for day-to-day

[@savagebeastking8703]

Are people buying cars as investments not to drive?

[@ethandavids8745]

Great advice but the Italians are watching you put pineapple on pizza….

[@KrozeNest]

@VincentChan 13:38 Person b should be "541,000.00" instead of "541.00". Thank you for your videos, very helpful.

[@matthewkesky8150]

Your friend that made that tax comment doesn't deserve the raise

[@yodoleheehoo90]

Too late for me on the very 1st thing on the list 😩🤚

[@VincentChan]

oh no D: how much does yours cost every month?

[@yodoleheehoo90]

@@VincentChan it's about 384 and some change. Much lower than other people's payments and it's (kinda) brand new, 2022

[@davidg11134]

@@yodoleheehoo90 better then $1000 a month lol

[@calbowa]

Love the videos

[@amarin8600]

Can you talk more about taxes. Let's say a person has a job, makes $80k before taxes, sells a ceramic pot they created on Etsy for $300, now they owe taxes on that $300. But that's just a sporadic, not consistent side hustle. Hmmm 🤔

[@enterthenameyo]

"Nobody talks about" when its full of tips repeated ad nauseam

[@Luka-xh6oh]

If you use car to make money its ok

[@ArcticSeraph]

Just dont get married or date

[@hazyy47]

13:35 you forgot to say thousand here lol

[@miosoderberg6602]

Look at 11:39 too lol

[@mbank3832]

First !

[@VincentChan]

ayyyy thank you!! what did you think of the video?

[@stanleywarren129]

😂#2 is definitely what killed me but in the long term it will be better from me since now i no longer have to spend it on her

[@paulistastars]

1. why the F. americans buy cars on a Loan? ur first point is that a car loses its value on 1. year, why would u borrow money to buy something that lose value? why not buy a 5 year old car upfront? why is this not ur recomendation? 2. yeah, price of trying to have a life 3. brings us back to 1. point, even thou as someone out of the USA student loan is inherently an american problem, but any type of Loan with high interest should be avoided, but ur recommendation is a rare one, and my opnion the correct. 4. buying a house is not a investment, when u rent u also pay to live, why the fuck someone should "rent a small place because they cant afford a bigger house" and not "buy a small place, live in it till u pay down8doing step 3) and then with the leverage buy a bigger place latter"? btw, is there a problem with buying apartments in the USA? why is allways a House? 5. Taxes? for real, thats point 2 again.

[@newyorknewyork933]

Divorce is basically ruining a man's life

[@Nom_AnorVSJedi]

I need a car

[@VincentChan]

are you able to follow the rule I suggested?

[@sparkyblazeup1]

NO ONE should buy pineapple pizza. Just don't. And with a VA loan you need no down payment and no PMI, plus it has a lower interest rate.

[@joannaa.5101]

Pineapple is good with me.

[@XDWellbob]

Always Pepperoni & Pinnapple is made to go together, but ham and Pinnapple NO

[@rob-fb5xs]

Pineapple is the original number 1 Italian pizza topping.

[@vedmaburuxova68]

How is it so normal to have a car loan? It's ridiculous, cars are not that expensive, most people should not need to loan money to buy a car

[@VincentChan]

people like to get higher end luxury cars like Audi, BMW, lambos etc

[@filiplou74]

That’s right, just drive a cheaper car. It’s just hard for some people not to show off…

[@livingworkingoutsidebox]

Ohhh Nooooooo..... Not you toooo...😮😳😭 The CROSSED ARMS in thumbnails X Are, as my teen daughter would say: "So Cringe "

[@RickRamTKD]

$3.50 😄 🤣

[@IrisP989]

If someone was not poor to begin with, then a car is not going to keep them poor... Why assume that about everyone with a car loan? We weren't poor before we took out our car loan at 2.49%, 50% down as a 6 figure income household and we are still not poor... Our net worth is still growing regardless of still having a car payment.. Not everyone cares about depreciation either. We are not planning on selling it.

[@CS-km5rk]

If you're not poor... then you aren't poor and this video isn't for you. There's nothing keeping you poor if you aren't poor...

[@leftoverpizza01]

Did you even watch the full video? He said make minimum 20% down and max 4 years to not let car loan affect your wealth. Your situation clearly passed those requirements. So obviously it doesn’t affect your wealth

[@vmurphs]

I guess you win..? Obviously not everyone is in the same boat.

[@gonzalezm244]

You can’t keep being poor if you aren’t poor 😂