Make sure to do this every time AFTER you get paid. This is a great paycheck budget routine, ritual and habit. It’s what I did in the past to maximize the value of my money.
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00:00 Start Here
00:14 Step 1
02:18 Step 2
03:46 Step 3
05:46 Step 4
07:42 Step 5
08:14 Step 6
10:57 Step 7
12:09 Step 8
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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.
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For me, I always see to it that I save at least 5000 pesos (around 100 dollars per month). Also, I don't over spend my money that much, I don' t travel, eat at too expensive restaurants, and buy useless stuff online. My last big spend was buying a flagship phone, which I also had a discount for trading in my old phone.
I usually use up 98% for bills, debts and some food for the house. then the rest is for fare until the next payday.
Not that easy when the cheapest housing is already 45-50% of your income. And groceries would be a minimum of 15%
(I'm reffering to average income in my country, Yes I can handle it, but only because I work three jobs.)
bro 30% of my income that means £480 per month on rent hahaha, gotta be kidding me the cheapeast in my area is 650 plus!
clicked off as soon as i heard pineapple pizza. i won’t take financial advice from someone that commits such a crime.
How is he not at a million subs yet?! This is great advice. My parents drilled most of this into me at a young age. Mostly mom who’s from another country so she was very meticulous about money lol! It wasn’t until later on that my Dad started teaching me investing because of his own realization on how his was working for him. I hope our younger generations can take this on. It’s really helped me to this point at 35.
It would be nice if rent really is just 30% of the income. Yearly, the rent just keeps on increasing.
I really damn appreciate this videp really gives me an insight on how i can better manage my finances
You reminded me …someone recommended no online money decisions after 6 pm due to decison fatigue. Im going to call it at 1300hrs because digestive shock is real 😂
So…what's the difference between groceries and food?
What to do after we wake from the dreamland you just explained?💀
Establishing a solid paycheck routine is paramount for financial stability. From budgeting to saving and investing, each step plays a crucial role. However, many individuals face challenges in crafting an effective routine, often leading to financial stress. Introducing the idea of having a financial advisor can significantly enhance the efficiency of this process.
The magic lamp gets a lot of hits 😂😂😂😂
These are some classically sound points but the baseline %’s are out to lunch. 10% on food is bonkers unless you want to have diabetes and be a burden to your family.
I started watching a video by you on retirement issues, because I am in that category and like to find out what some YouTubers are sharing. I then discovered a video about jobs (losses). Now I am here. I like the way you move people from one topic to the next. 🙂
I noticed investing in this video. I like to warn people about how fragile the economy is, with banks failing, the government way too far in debt and in jeopardy of collapsing or causing hyper-inflation, and the stock market dependent on a healthy economy. Retirement plans seem to be founded on stock incomes, including charity annuities. All the money people have struggled to save for their futures is in jeopardy of disappearing in the blink of an eye.
Maybe you can find a better way to provide for the future. I have been thinking about this for many years and I don't know the answer. Even debt free home ownership has the burden of taxes, which means the government might own everything eventually. The government can't pay the nominal funds guaranteed by the FDIC if it is the one who collapses. We are really just a short way away from being bankrupt by the printing of money with no value for programs and jobs that will not exist in a collapsed economy. I understand printing money and new debt are both forms of the same problem. ONE major disaster could destroy everything… I believe it was the Twin Towers and/or Katrina that made the debt rise from a good position to a bad one, way back when. We are looking at terrorism and attacks on the Grid and major earthquakes and EMP attacks and more. Any day.
Everything is connected. If power goes (for a long time, which would happen with a major grid attack) then so goes the Internet for many (and all those new incomes, like yours). If the government finally prints too much money, that would be more lost jobs and houses and program incomes that millions are dependent on. It's really a scary thing for all those who cannot protect themselves from these issues. I don't see any easy answers. Most people are separated from their families these days. There are already videos about how the recent COVID consequences have forced many to become homeless.
You seem to be very smart. I am telling you all this so you might think about solutions. If we end up with global digital currency, cash won't help. For Christians, digital currency is just ONE step away from forcing the financial microchip into our bodies, and that becomes the MARK of the Beast, and the end of this life for them.
I hope you can find a path forward for us in the midst of all these very serious issues.
Deborah Martin, work2gather.us
I like snowball betr
Rachel Cruz of the Dave Ramsey club is ripping off your video titles verbatim
Totally unrealistic
Made my first $300 k this year but it been a marathon, I am 26, No useless spending, just work, save and mostly day trading, thanks to my fiduciary Mr ravies Benjamin, I am blessed and I believe I will keep growing
In the span of two months, $10k in the day trading the stock market (S&P 500, Bonds etc) has generated an impressive $8,000 in profits. This equates to a remarkable eighty percent return on my initial investment, underscoring the success of the stock market strategy during this relatively short timeframe that’s what I get for choosing good mentorship, Mr Ravies benjamin
BUY SHIBA! 💰🐕🎉🎉 🍾 🥂
06:25
no one gives you 10% interest on your savings. So, what's next?
Never really understood what it means to live "paycheck to paycheck". I get paid once a month. I only have two bills to pay, rent and electricity. Company pays for phone&internet and I can use lunch benefit once every day. After rent and electricity, I put 300 euros to my safe for rainy day (or to be eaten by inflation, I never seem to have such rainy days). Rest goes to food and weed. Bank account is always empty a day before next payday. Am I not living from paycheck to paycheck and what is the problem with that?
This is completely unrealistic with inflation and pricing todays. Easy to say this as a YouTuber. Entirely different for those just barely barely getting by.
You forgot car. that is a core expense!
Good video, but a mistake at time 6:20 – you say the stock marked returns are 10%, and that over 10 years you will have x2 your money. That is not correct, because of the compound interest it only takes 7 years. Cheers.
Einstein never said that
Wtf??? Food extras and utilityes is 60% in my case
Can someone help me with the difference with having an emergency fund and having a credit line? I am putting all my monthly savings into paying down my line of credit. Ive been advised to keep an emergency fund before paying off debt, but that seems illogical when i have debt on a credit line.
10% return in the stock market is pretty unrealistic 10 years going forward
This guy just told me to save 18k???
mortgage under 30% is mad 😂
If a mortgage is 2000 or more than you need to make at least 6000 a month based on these projections. Adding 10% for food and 10% for Internet and utilities, which is a very low estimate, but would still come out to another 4000. Who makes 10,000 a month! It’s more realistic to say that 50% or more will be used for living expenses. Probably more like 80%.
quick! someone tell me if they've seen this man and jake gyllenhaal in the same room
Please I don't how to buy shares on Coca-Cola or company's Please can you help me
Please I really need your help on this trend
You can have a Roth 401k
Would it not be smarter to pay off debt before building up an emergency fund? By putting money that you would have put toward an emergency fund towards the debt instead, you’re now lowering the interest every month and paying it off sooner, therefore lowering the amount of time paying that interest as well. And if it’s credit card debt you’re paying off, you can then just use that credit card for an emergency.
The thing about how it is just your regular income that the tax is giving you back blue my mind it’s not just fun money. Shows me how brainwashed we are with the taxes taken out every day without us noticing
love the video helped a lot 👍
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.
HSA should be #5. It is super important, and some employers even contribute. IRA OR a Roth is fine. IRA lowers taxes now and Roth you pay taxes now but no taxes later.