How To Manage Your Money Like The 1%
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- čas přidán 22. 05. 2024
- Here's how to manage your money like the 1%: the 75/10/15 Rule will allow you to build wealth regardless of how much you earn.
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⌚️Timestamps:
00:00 How The 1% Manage Their Money
00:16 The 75 in the 75/10/15 Rule
02:35 The 10 in the 75/10/15 Rule
05:27 The 15 in the 75/10/15 Rule
06:51 The 2 Accounts To Start With
10:10 But What Should YOU Invest In?
______
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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.
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People who rely on their 401K can end up with nothing.
That money is being "invested" or as I prefer to say it... used to gamble.
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.
I think the next big thing will be A.I. For enduring growth akin to META, it's vital to avoid impulsive decisions driven by short-term fluctuations. Prioritize patience and a long-term perspective most importantly consider financial advisory for informed buying and selling decisions.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now
Viviana Marisa Coelho is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets
SCAM
The best skill to learn for saving money is cooking.
do you like cooking?
Cooking, staying home, stop comparing/watching other people be stupid, not caring what u or anyone think u should have and planning for a future so bright it leads to early retirement 💯
Facts
Correct
i would say meal prep/organization is more important. most people can cook a meal for themselves that is edible, but some dont know how to budget correctly, buy the correct proportions, etc. so grocery shopping becomes much more expensive than just buying a cheap meal or two out per day. not to mention, some people dont have time, energy or the desire to cook.
80% equities 20% cash. I plan to take advantage of the s&p 500 as leading indicators predict above 10% rise by this year, my only issue is how to properly allocate a large stock/bond portfolio for substantial gains at minimum risk.
the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
I was taught well on how to save, nothing on dividends, but now in my mid 30s, I'm really ratcheting up investments with the help of a reputable advisor, realized nearly $800k after subsequent investments in barely 4 years so far. I do think I have dropped a lot of stress about finances having a long term perspective about investing.
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
She goes by Tenley Megan Amerson, I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
Thank you for sharing. Financial education is crucial today to show incredible resilience and discipline in the volatile market, masterfully balancing strategy and insight for success.
This dedication to continuous learning is inspiring. managed to grow a nest egg of around 100k to a decent 432k in the space of a few months... I'm especially grateful to Sophia Elaine, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..
she's mostly on Telegrams, using the verified user name.
@PhiaElaine 💯:That's her Handle!
This isn't the first time l've seen her name. I think her good reputation speaks for her, thank you for the recommendation I just reached her
Lmao these bots are crazy
I want a balanced portfolio with growth investments, safe investments, and also focus on dividends to gain up to $20K monthly, my concern is picking the right stocks that can survive a recession. How do i go about this?
Purchasing a stock may seem straightforward, but selecting the correct stock without a proven strategy can be exceedingly challenging. I've been working on expanding my $210K portfolio for a while, and my primary obstacle is the lack of clear entry and exit strategies. Any advice on this matter would be greatly appreciated.
True. This is why I work with an investment advlsor. I currently have $690k in a well-diversified portfollo that has experienced exponential growth and is well-matched for every season of the market. We are now working on a more figures for this year.
May I know the name of the advisor who has been assisting you, please?
She's known as ‘Monica Shawn Marti’. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals and scheduled a call
I wanted to hear Vincent's opinion on this as well. Currently retired and I have most of my 401k contributions of $200K going into small cap and utility funds, because these seem to be at a "discount" right now.I'm hoping this is a valid thought process?
IMO, Adding JEPI and JEPQ is smart for retirement. As for staying committed to low-risk investments, it's all about balancing your risk tolerance with your long-term goals. Maybe also consider working with an advisor to help in diversifying your portfolio to spread out the risk
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an advisor..
I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Jennifer Leigh Hickman” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
After covid, I decided to start saving as much as I could reasonably. Saved me a few days ago when car needed repairs. The more you have in the emergency fund, the less stress you will ultimately have. Still hurts, but so much better than worrying about how to get the funds
Small purchases add up quick. Small bad habits will easily over take single time big purchases by the laws of large numbers
Exactly.
The fin-Market;s have underperformed the U.S. economy as fear of inflation hammers the prices of stock;s and bonds. My portfoliio of $750k is down to $592k any recommendation;s to scale up my return;s during this crash will be highly appreciated.
For the average individual, the tactics are rather demanding. Actually, most of them are effectively completed by professionals who possess the necessary knowledge and skill sets to carry out such trades.
A downtrend offers an equally high-yielding avenue if you have the necessary skills and knowledge. This is why I've been using an investment advisor to scale up during this difficult time, and it's the only way I've been able to raise up to $150K in the last six months. It all comes down to technique. The downtrend gives you room to focus on the market and grow-substantially whether in the long or short run.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
@@BeverleeR.Ziegler
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Jennifer Lea Jenson” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Jennifer Lea Jenson” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I like these points. Something people should definitely keep in mind.
I think there's a difference between being mindful of your spending and being cheap. People say they are mindful, but really they're being cheap.
Also, there's a difference between "cheaper" alternatives and just being cheap. I rather buy an "expensive" shirt that will last me years than a "cheap" shirt that will degrade quickly.
But if your car says use 91. Use 91
This is very important lol
Came here for this haha
Yes
Vincent, as a CPA and fee-only financial planner, I have to say: solid financial advice! Thanks for making it relatable and actionable. Great job! 🤑
I started using this rule this time last year and I was able to buy a house this year! The 75/10/15 rule is peak.
this is my new favorite chanel
I'm an intentional financial minimalist because I'd rather have the money than the thing 9 times out of ten. Or the investment for that matter. Other than required expenses I rarely splurge. My last splurge was an 8 string guitar, and I play that everyday. And that was only a fourth of one paycheck.
Thank you sir
I love how he went straight to the point.
Very useful knowledge thank you!
The 75/15/10 rule is a brilliant framework for financial discipline and building wealth. Prioritizing spending on value and not just cost can fundamentally change your financial landscape and grow your assets. 👌
Hi, love your videos and newsletter! how much of your income represents the rent? personal finances have a magic number for this? like 30% or more?
Premium gas vs regular depends on the car you bought. You’ll be spending more in maintenance if you put lower octane fuel in a high octane car.
I love your videos.
What would be the best 5 etfs for a beginner
What I do is that every paycheck, I put everything into a savings account. Every quarter, the 15% I accumulated throughout the quarter gets invested in my individual stocks and anything above the 15% I saved up, remains in my High Yield Savings account. When October 1st arrives (I prefer that date over January 1st), the extra cash I saved, I decided how much I will put in my Investments and keep just a little bit for emergency...and I rinse and repeat for the whole year. It has worked for me so far.
Love your videos! I’m trying my hardest to stretch my salary and pay off my mountain of student debt. Your videos help me keep focused!
So I have a 401K setup with my current employer, but is a 401K (through Fidelity) auto-investing in stocks or do I need to choose what stocks it's invested in?
Roth IRA have salary limitations, which means you can't contribute to it if you make the cut off and will pay penalties to the IRS. You can get an Traditional IRA then do backdoor transfers to a ROTH IRA so long as you don't through yourself into a higher tax bracket.
I practice the 50/30/20 rule but I have not heard of the 75/15/10 rule. Now that I think about it, I can switch up the percentages during the times where my bills for the period don’t take up a huge chunk of my check. This would also allow me to put more into my retirement and investment accounts too. I did pause the video at one point to look up the 75/15/10 rule and it is talked about on financial sites. So I’m definitely going to give this a try!
Hey, there is no link on the savings goal tracker or any button to press?
Thx Vincent hope all is going well these days.
Still watching your vids and staying busy. Great info in this one.😎✌️🤙🤙
im so glad to hear mike :) what's been new with you?
Technically you are already investing in an index fund with a roth and a 401k, why would you invest in a separate index fund?
Premium gas vs unleaded isn't really a choice depending on what car you have.
Vincent do you contribute up the match only in the 401k and then contribute what’s left to the Roth? Or can I just choose one considering my income is average. For me I think I would have to choose one and just go all in.
Contribute every dollar you can into your 401k until you reach your full employer match. Do not contribute anything into your Roth IRA until you reach that max match percentage with your employer. As soon as you've hit that amount, do not contribute any excess money to the 401k, instead contribute all excess money to a Roth IRA. If you max out a Roth IRA and still have excess, start increasing your 401k contributions again. If you max out your 401k too and still have excess money, invest the excess in a brokerage account.
You don't want to go all in on a traditional 401k past the employer match and ignore a Roth IRA. Reason being, the money inside of them have different taxation rules, so when you decide to retire, having both accounts gives you flexibility to withdraw money in certain ways to avoid as much taxation as you can.
I work for the United States Postal Service so I believe that the 15% that I would put into an IRA and the 401K is already set up through them. If that’s the case then where else would I allocate the 15%?
So if you already have enough cushion funds, do you invest 25%?
In simple terms the 1% have a lower MPC, marginal propensity to consume which means they don’t spend all their income on the consumption of goods, such as low income earners they spend it all. This means with the remaining income they invest either themselves or through an asset manager, and the rest they save. That’s it, they spend less on consumption and the rest is saved and invested
I love “free range” 🥑. What kind of millionaires do you hang out with Vincent?
1:59 I would then rather invest in a proper coffee making setup at home so that you can have good coffee while still saving money on buying individual coffees. It’s not just either getting coffee or not, it’s to improve the economical angle.
I like this kind of advice, but it always tailored to americans. I would like to know how much the advice changes living in a european country, specifically one where the following assumptions are met, by the government/subscription to a trade union:
A 2 year unemployment fund that will pay for all basic expenses
A 100% guarantee that all medical costs are covered (i.e. not insurance shenanigans where 100% coverage still means that you will get 1000's of $ in expenses)
Credit scores dont exist.
What does an emergency fund look like in this situation, i.e. how big does it need to be?
I wish I could point you in the right direction, but unfortunately I know very little about European finances.
I drive a Mazda (CX-3) too!
I'm always happy to see Mr Magic Lamp😂
Can you provide an example of $400 being split using this rule?
Those "millionnaires" that were asking for the cheapest bottle were not true millionaires. True millionaire (cash millionaires - and I do know a few, not many) they splurge on things they consider tasteful, wine, art, experiences, comfort, convenience and they really don't spend on useless things for them. Some "millionaires" may not be interested in good wine (like the ones you maybe met) but most either ARE into good wine or don't drink at all. I think thats the secret, ie. driving a crap car because it takes you from A to B but flying business (not 1st...because 1st is actually overated compared to business...I've experienced both). Splurging on a limited edition wine but not doing door-dash etc. In general I agree with your overview however
great video
I am trying to save for a long time but for a long time now atleast once a month something happens which makes me to use my cushion funds. Car breaks down, dentist. Phone breaks. Got scammed for 1200. This all is just the past 4 months. I earn around 2300 a month and trying to save 1000 but always need it for emergencies.
you are so knowledgeable. Please tell me how best to invest retirement account with fixed income Or with equity.
Depends on your time horizon, and you’ll likely need a mix of both.
I think these ratios are more likely to keep you from building wealth. I prefer the 60/30/10 rule - live on 60% of your income, save 10% in liquid accounts and invest remaining 30% in long-term assets. If you can't afford to live on 60%, then you need to rethink how you earn and find ways to increase that amount, and probably need to reduce expenses as well. The reality is most people don't invest for 50 years. They only start investing once they feel stable ~age 30 and hope to retire early ~age 50 so a 20-year timeline is the most realistic.
Then there are those of us in certain states where our rent or mortgage is 50% of our income or more. The biggest thing that helped me put money in the bank was becoming single again.
oh I need a cheese machine
The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal?
Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
Money advice varies from person to person, but planning ahead is crucial. I started working at 19, bought my first home at 28, and sought financial advice after being laid off at 36 during the COVID outbreak. Today, I'm just 25% away from my $1 million goal thanks to strategic investments.
@@noah-greeneHow can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
*Gertrude Margaret Quinto* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
The thumbnail is a very good Kda
When I heard you say that your mechanic told you how many thousands your auto repairs would cost. My first thought was auto insurance and your $0, $500 or $1,000 deductible. Why don't you have auto insurance?
He recommends job hopping but worried you won’t be able to find a job. 😂
I like the way you didn’t spend time on intro and start speaking facts
I got a little confused on what to invest in, in a roth ira but I get it now. is it smart to invest in multiple different funds? Like bonds, international stocks, etc?
How about brokerage account?
Check out the Bogleheads Wiki
Honestly You may never know the value of that $1 you have until you go bankruptcy, the bad experience I had last year really made me feel that our school curriculum should contain more financial knowledge and education. It is never enough to have a good job, a huge salary and all the luxuries at your disposal. But saving money and investing it wisely is never a bad idea,... I learned how to invest, no matter how little, but life really believed it show me the hard way. Thank you for the nice video its always interesting to watch your content
I agree with you had a senior colleague at work who was doing well but never had an investment. Unfortunately he lost his job and went from living a comfortable life to hardship. There would had been something to fall back on if he had an investment
I urge everyone to start somewhere now no matter how small, this is literally the time for that, forget material things, don't get tempted,i became more better the moment i realized this
Obviously this investment requires more money and attention to start it ?
That's it not really true, it depends on how much you want to start the investment and with the help of a advisor you will surely be successful
I have been on forex trading since my retirement
"IF" you're not the "1%"...its 50/30/20!
How do you look for something similar to Roth IRA if you're not American? :(
4 month cd if u take out only 3 months if u reinvest it im under 24 im 22 so i have 2.5 years of no account fees at wells fargo that gives me 20% a year been doing this since 12 and u dont pay tax if u reinvest it and i only take out after tax time under 5k because if u dont pay tax on lottery wins under 5k why should i pay tax on money i worked for under 5k ?? So i uses that 5 k to put in a new account for the past 7 years now i have worked sinces i was 9 haven't bought brand shoes in 3 years and every coin i check thats sliver i have put in my safety deposit boc for the last 10 years im gona sell them when im 40 or when im old and look at the prices of sliver and laugh because my dad said in his time a OZ of gold was 300$ so imagine silver
The problem today is most people always think that, you only need a good job to get rich... These millionaires are operating on a whole other playbook that many don't know exists
You don’t choose which gas you use, you have to use what the manufacturer says too
Currently going to university. I’ve saved about 51k dedicated for school for next two years. Only need about 10k for one. I was hoping to put the rest in a savings account? Any advice where is best?
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 within months, I'm really just confused at this point.
This was brilliantly put together Vincent. I’ve been following your videos for months now and with professional help, I’m making outstanding progress with my money decisions.
You must really love pineapple pizza to spend $50 each month. That's a lot of pineapple pizza. 🍍
Lmao true. I stand behind Vincents pineapple pizza addiction 😂
LOL how much do you spend on pineapple pizza each month?
@@VincentChan man I haven't had a good pineapple pizza in months 😂
@@VincentChan Pineapple pizza sounds really good. I may get one today! 🍕
How much money actually need to achieve time location and finance freedom globally??
it really depends on where you live
Let's say USA
@@rahulsinha___ 2 million
Hey, the savings tracker link isn't working. No mail received yet despite of multiple attempts.
Hey did you check your spam or promotion folder?
8:42
i save 60%
i wish I could do this. i need about 300% of my income to just cover rent / utilities / groceries
putting pizza and frivolous stuff in the cushion fund isn't necessary lol. it can be for bare fixed cost like rent, groceries and utilities. Ramit Sethi calls it an emergency fund which is what many folks call it. you dont need pizza and dining out if there is an emergency lol
To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market, what are your thoughts?
im not the sharpest tool in the shed but im just glad someone realizes you dont have to keep the percentages at 50 30 20.. hell dont even need to keep it in 3 cats 😂🤝🏽🍻
Must be nice to be able to save any part of your paycheck.
As someone from Northern Ireland I find all this chat about the IRA very confusing
:D
What kind of WEALTH do they have?
Real estate, blue chip stock, treasury bills, gold, all of the above?
Why haven't we made accounting/finance mandatory in the schools for boys and girls since Sputnik?
Hi! Great video, I have a question. Where does a mortgage fall on this framework? Not sure if it is part of the 10% of investment or if it’s part of the 75% as “housing expense”.
I'd it's a home you're going to be living in then it isn't primarily an investment
Just saying driving a 500hp subaru is nice and driving never gets boring😂
Always great insights Vincent! What's funny is it drives me crazy the way you use your mouse lol but to each their own.
hahha it helps with my carpal tunnel D: id love to use a regular mouse, theres a lot a lot more nicer looking regular ones :P
@@VincentChan I don't envy the carpal tunnel
You failed to mention the Roth 401k
You
Cant
Use
That
Rule
IRL
Only applicable when you have a big income
What’s the best free budget app
I live in Bermuda so most of the apps don’t work
Invest invest invest invest. That's all I'm hearing.
I'm 42 with $300k in my 401k and a stock and crypto portfolio worth a combined $850k. I started investing just 2 years ago after working for 15years and having just short of 70k in savings. I'm still with the same company but my decision to invest has made the difference for me and my family. Investing is your best friend. The sooner you start, the better off you are.
You could retire now If you moved to a
cheaper country. Good job.
It’s scary how this is the life of an average American. Years of working and very little or nothing to show for it.
Living from paycheck to paycheck is no way to live, Was stuck in the rat race for a long time, been there, and investing will always be better.
The importance of investing can never be overestimated.
I got laid off my job and started investing in February, invested 34k in the market and my portfolio is currently worth slightly over 97k. That's more than I make in a year from my job. I’m glad I didn’t shy away from investing
What about replacing a roth ira and a 401k with a IUL or any investment policies where my money grows with a higher interest and has a greater limitation on my contributions?
That's cool! Great video! Question : Is it better to make large of food/drinks and store it in freezer to save money?
Edit: this plan is something I want get start by spending less (i.e. limit on movie theater)
yeah! i think that's a really smart way to save time and money. buy in bulk and cook in bulk :)
Let me help you. Buy full coverage auto insurance.
Why does everyone use the Dave Ramsey coffee statement literally?
401ks are attached to the stock market which employees are in risk of a downfall in their savings. Also this money gets taxed if its taken out before the age 59 1/2. Will IULs have a better return and more benefits?
IUL returns are diluted by commissions and returns aren’t guaranteed. Very few people will benefit from that type of purchase over traditional investing
Is a Roth 401K? Any good
My goal has shifted from retirement to maximizing my estate. I do not have faith in the US economy, so I'm paying off 2 homes to leave to my children. I'm hoping rates and home prices fall so i can purchase a third and pay that off too.
I wish i had spent my money on assets to leave to my children. A fool i am.
I saw 199 likes my hand was itchin to make it 200🤣
haha thank you!!!
never heard of anyone call it a "cushion fund" its usually "emergency fund"
Did bro really just add pineapple pizza......
Lord Buddha told the same 2500 years ago.
Seems a bit strange to not at least mention a traditional IRA as an option
Aren't they decommissioned now?
So I make over median wage in my country but rent is roughly 65% of my income. Guess I’ll die poor
One lesson I've learnt from billionaires is to always put your money to work, and diversifying your investments. I'm planning to invest about $130k of my savings in stocks this year, and I hope I make profits
Where does debt fit into this?
I would think the 75%