💸 Earn up to 5.25% APY with the Best High Yield Savings Accounts → vincentchan.co/best-savings-accounts

At 26 I am so grateful to be learning this at my age while I’m still living at home. I feel a lil weird that I don’t have certain adult financial things yet like my own credit card. But I’m not letting my financial shame or guilt stop me from learning, growing, stretching and strategies

@rsevn

Ай бұрын

that’s awesome. I’m pretty close to your age and live on my own. definitely save but I would highly advise on getting your first credit card. I got mine a few years ago but wish I had it sooner, I was too afraid to commit because of hearing stories that you can easily mess up your credit etc etc but definitely jump on it as soon as you can. There’s a lot of good subreddits that you can read about regarding credit cards and building credit. good luck dude!

in case you guys were wondering what 2^64 was in numbers it's: 18,446,744,073,709,551,616... that's insane.

@VincentChan

3 ай бұрын

yeah it's a massive number haha. glad you did the math :D

@yomoma6141

3 ай бұрын

Which is written as eighteen quintillion, four hundred and forty six quadrillion, seven hundred and forty four trillion, seventy three billion, seven hundred and nine million, five hundred and fifty one thousand, six hundred sixteen

@RTMonitor

3 ай бұрын

"18 quintilluon, with a Q..."

@samiamagainagain

3 ай бұрын

For those of us aiming for a centillion bucks, that's a good start.

USA is in 35 trillion dollar debt but still wants to know our credit scores is crazy.

@MaGiikLeAvEs

3 ай бұрын

USA has leverage, you dont.

@Niffumable

Ай бұрын

@@MaGiikLeAvEs YOU DONT KNO ME!

I kid you not, yesterday I was trying to figure out how I could plan my life so that I’d know how to allocate my money before I get my first paycheck. Your video got recommended at the perfect moment and it was very insightful. My initial plan is to build up my emergency fund all the while saving up for a separate “health fund” which I plan to use once I avail of an HMO. I’ve been tracking my expenses since I was in college and been keeping up with it up to this day. Thank you so much for this well-edited and educational video! More power to you :)

I really like the blueprint idea, I've never really sat down with myself and thought about planning my future in that depth

@VincentChan

3 ай бұрын

Thanks so much!! I'm glad you found that idea helpful :) What did you think of the others?

@mmd2035

2 ай бұрын

All plans are worthless but planning is everything🎉

Thanks Vincent for this video. Life in my 20s was filled with fun that cost me in the long term. This also took away from opportunities cost of owning a rental property and investing in my IRA. 👀 looking backwards is always 20/20. Change our environment and increase our financial education

@thelifewithnate

3 ай бұрын

I'm kind of struggling with that right now at the moment between trying to have fun but also not financially cripple myself in the process. How did you balance the two?

@janebaker4912

3 ай бұрын

...wait...do you have regret?

This is such an amazing video!!

I love the idea of the life blueprint coupled with knowing your halfway point! Knowing what you want is soooo valuable to every aspect of your life. It's part of why I decided to not be scared and move to live in China now instead of waiting for the right time

Excellent overview of foundational financial strategies for young adults! Emphasizing the balance between saving and spending is crucial, and I'd also recommend periodically revisiting your life blueprint to adapt to life's inevitable changes and ensure it still aligns with your goals. 👌

Hey Vincent, been watching you for years now but let me appreciate how cool the background music starting on 9:02 is. Very cool way to explain compounding. XD more powah to you and Mr. Magic Lamp!

@janebaker4912

3 ай бұрын

And his hair is longee with a curl, cute!

Really great editing, what's your recommended posterized time/fps setting for motion graphics? It looks so cool! Also, thanks for the free savings goal tracker!

I did achieve by saving for the emergency situation.

@VincentChan

3 ай бұрын

That’s awesome :) how are you doing with the other goals?

@gamereditor59ner22

3 ай бұрын

@@VincentChan I say pretty good. I don't spend as much money when I go the store, maintaining my investment, and checking my credit score along with credit card bill to pay. Unfortunately, I have no luck finding a job for entry level IT, but still searching and applying for the right job.

@xxxxMonkeyGirlxxxx

3 ай бұрын

⁠@@gamereditor59ner22you will get the job you are searching for. Don’t give up and keep trying.

Wonderful video 😊

@VincentChan

3 ай бұрын

Thank you! Did you do any of these financial goals in your 20s?

I’m 54. I didn’t spreadsheet anything in my 20s, or later. But I was non mathematically realistic in those post education years. I dabbled in independent stock investments for about a year and just a bit of money and learned quickly, not my place to dwell! So I saved conservatively instead. Bought my home with 20% cash down in 2003 at 34. Paid off mortgage two years ago, 2022. It’s not a cheap place, I live in LA, but no other debt and a dedication to ballon mortgage payments made the difference. Around 2016 when Trump came in, the swap between property tax owed and mortgage interest tax deductible disappeared. That’s when I knew there was no advantage to carrying a mortgage debt bi don’t think that’ll be relevant or sensible to the 20s but it’s a financial lesson nonetheless. Thank you for trying to educate everyone! 😊

@thelifewithnate

3 ай бұрын

That's AMAZING, owning a place in LA is no small feat. I'm envious but you are an example that it can be done.

the blueprint idea is so good! i never think about it that way ngl. i just try and save save save lol

First off, I was extremely lucky. In my 20s, I had dropped out of college and was literally living under a bridge. Ran into a friend that needed someone to work for a day. This was 1978. Worked my way up to better positions in the same industry. I get paid, (very well), to travel the world going to concerts.

@marcussorensen5549

3 ай бұрын

Glad you made it. I don’t understand what you really do though

@thelifewithnate

3 ай бұрын

Hold up, hold up. Can you tell me more about how you get paid to travel the world to go to concerts? What type of job is this?

So y'all make 6K a month in your early 20s? 🫠

@lifeintheword384

2 ай бұрын

😂

@frost6296

Ай бұрын

Yeah basically, only if you work in technology you might be making this money in your early 20s.

@daylonsmith5283

Ай бұрын

Yeah I work for the railroad, apply online, no education required besides high school, no previous experience required, you don’t need to know somebody to get in, they pay you while they train you. I worked 10 days last month and made $12,000 pre-tax. You have to be reasonably healthy (no major damage that makes it where you can’t walk or lift things) and pass a drug, hearing, and vision test. It’s also not hard physical labor either. School isn’t the only option out there. Also, all of this is assuming you’re in the U.S.

@Mawleenevrbored

Ай бұрын

@@daylonsmith5283what do you do exactly this sounds interesting

@sararay1130

Ай бұрын

@@daylonsmith5283what state is this in? Tell me more please🙏🥹

Has a 23 year old have been doing this saving is very important very important!!!

@VincentChan

3 ай бұрын

Yes!!! Did you do this at 23?

It is the people too and enjoying work without slacking.

I did all that by 29. Then I got married at 30. Big mistake

@emiliognecco

3 ай бұрын

Maybe the mistake is the person you get married with

@moderatioon2854

3 ай бұрын

@@emiliognecco emilio speaking facts towards emily

@PineOakio

2 ай бұрын

how could you said that? There's a lot of things you can do at 30

I used the money muscle strategy Basically my physical muscles aren't great, so I knew I had to make money my muscle. It worked. I'm okay :).

Subscribed 👍

This is so true that you should have a blueprint. I have one because my dad told me it would be a good idea.

@VincentChan

3 ай бұрын

Nice! Do you mind sharing what’s on your blueprint?

@Courtney-Alice-Gargani

3 ай бұрын

@@VincentChan Managing my money better, planning for retirement even though I'm in my 20's. Starting an Online business. This video is helpful.

I’m 37. What advice would you give to someone just starting their savings journey?

The moment he says “if you make 6k a month”… just as I started to feel I’m getting somewhere here. 💀

If I only saw this sooner then I would not be miserable all in my 20’s as I am basically past that point of financial redemption and establishment at 28 still living at home because I can’t find a job high paying enough that allows me to rent, pay the bills, etc and build from there.

@VincentChan

3 ай бұрын

I'm sorry to hear you're going through this :( I know it can seem really tough right now but it's never too late to start! I'm wishing you the best of luck with everything. Let me know if you have any questions I can help answer

@thelifewithnate

3 ай бұрын

If it helps, a lot of folks are still living at home because its insanely expensive out here. Work on developing a portfolio while you are saving money, take some classes at a community college, take some free courses to boost your resume, etc. You got this!

How have you been, Mr. Chan?

I can't access the savings tracker

I’m still fairly new to investing. For the passively managed index funds, is it good to have both FXIAX and VOO under my roth ira? Or is just 1 of them good?

Last 1 min of this video >>>>>

I'm 29 and feel so behind on as my fiance and I are planning a wedding so things are tight and are carrying balances currently. After the wedding on October we will be going all in to clear up the debt

In a way, I hate the fact that in Finland money comes before life and the general rule of thumb is that you shouldn't live until you have enough money because it costs and therefore you should start planning life's blueprints only when you have enough money to be the foundation of your life. Because of this, if you are low-income, poor or unemployed in Finland, you realize quickly that you only just exist, you are alone and you are miserable because you are not living and because society is built in such a way that it won't allow you to live until you have enough money for your life including social life and friends.

@AnnCashes

3 ай бұрын

Its the same in the USA.

The only thing I dont agree about this video is when he compared his financial life to love life lol it sounds kind of childish, other than that the videos are somewhat informative. It is not unique since a lot of other youtubers talk about the same things

Got here over 7 years too late, should I reboot? J/k 😅

is your watch a Cartier de Santos? paused at 4:25. Looks insane.

Imagine actually doing all of these in your mid 20s all on your own and actually having a 700 fico to one day put your name on a car for your past fiance. 😢 I honestly wish more car companies had release forms because whether you do better on your credit or not it’s still determined by the one bad choice you made unless or until you can get them off.

I'm 35 and have done none of these :(

@premiumleader8948

3 ай бұрын

Don’t give up and keep going. Try to be a better version of yourself today. Don’t dwell on the past and keep moving. You can only go forward so keep moving forward and try hard everyday to get better. Goodluck dude.

not the spiderman wallet :((((

Thank you for the advice. Please tell me you got a rabies shot after you got bitten.

There is no evidence that Einstein actually said that quote. It's most likely misatributed. 9:38

Me watching at 33 =D

I definitely need to track more of what I spend honestly. It gets demotivating when someone from my generation can't even afford to buy a house in this current timeframe. I read an article stating that Gen Z was spending more than what they normally saved or something like that since their goal is to enjoy life more through experiences than buy a house or something like that.

I believe the chess story is actually Indian.

Me watching this video on my 31 😢

Great video but he reality is most 20 years do not have the maturity to watcha channel like this and take your word seriously

@VincentChan

3 ай бұрын

That's a good point but hopefully some do see it and take some action so they can change their lives for the better :) appreciate you taking the time to watch and comment

@brendanfishh2576

3 ай бұрын

🙋🏼I’m 21 with 10k in my 401k from my management job

Wait, you visited Myanmar 🥹

Who the fuck makes 6000 a month and how do I do it

@iateanentireleprechaun7294

Ай бұрын

Job and a decent side hustle, or two jobs

NOOOOO. I turned 30 a few weeks ago

I think its shady for checking your credit score to hurt your credit, that doesn't make sense.

Like this comment if your in your 20’s and still living with mom or dad because the cost of living is asanine. 😭 Youre not alone!!!

4 years 😂

You lost me at the 50/30/20 rule. That’s dumb. You need to save 50% gross of what you bring in. Can’t do it? Too bad. Figure it out.

@nabojeetdas2515

3 ай бұрын

It's 50% towards needs (housing food utilities), 30% to wants (vacations etc) 20% to savings

@VincentChan

3 ай бұрын

It's 50% towards needs, not savings. Also, I never said "too bad, figure it out." If you kept on watching, I say, "but the 50/30/20 rule isn't a one size fit all solution. You need to understand your own personal financial situation and readjust the ratio accordingly. Personal finance is personal for a reason."