How to Be a Millionaire on a Low Salary

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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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[drew]

The important thing to remember is that side hustles often take up so much of your free time that you're basically not even living. That's not much different than the guy who hoards money his entire life while eating only oatmeal and then dies before ever really using it.

True wealth would be finding a way to balance securing your future with actually living your life here and now.

[zachary]

My great uncle was a junk collector. He had the worst house in town. It was an old dump that he never took care of (mental health), and in the back yard he basically had a junk yard. Old cars, piles of scrap metal, coffee cans filled with nuts and bolts. When he died his daughters learned that he at around $7 in a checking account.... Turns out the junk yard was the primary sourcing grounds for local mechanics. Anything he couldn't sell he scrapped. He ate oatmeal and hotdogs for nearly every meal, and never did anything besides work and watch TV. He was the meanest person I ever knew and I didn't really like him. When he died and we learned about all of this my dad just said "That's one way to live, I guess." Point taken.

[daktusdurggery]

That’s great but making $10 an hour and minimum rent is $1200 per month, there is no way to improve cash flow

[Susanhartman.]

At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.

[elvismark]

Is now a good time to invest in stocks? I know everyone says stocks are cheap, but how long will it take for us to recover? Obviously, there are strategies to be used in this market, but these strategies are not available to the average person, so am I better off putting my money elsewhere?

[TheGreatWasian_]

I’m 19 and saved up my first $10, 000. Wish me luck everyone, I’m trying to make it in this world

[e-spy]

At the age of 47, I found that my financial "professional" had misappropriated my retirement funds ($250k) and lost it all. Didn't do one thing I said. I had to start over. with zero. I decided to manage my own money, and 12 years later I had 400k saved. Not enough, but hey. Still under the 8 ball, as covid caused a catastrophic loss in my income (I was forced to retire early). I had planned on working another 6 years to get to that million mark. well, life has a way of changing your plans, no? So now I just have to figure it out as always. I will, but it will take some time. Gotta tell ya though, after going from extreme poverty to middle class and back to poverty? I am one disgruntled camper.

[jbusyiii]

"It's not how much you make. It's how much you keep."

[haywoodjablowme]

It begs the question: who's the bigger schmuck? The guy who lives life to the fullest and dies penniless or the guy that deprives himself of all of life's luxuries and dies with $8M?

[morganwallen]

After a horrendous 2022, shell-stunned financial backers have misfortunes to recover and a lot to consider, as an expansion report and a pile of different information did close to nothing to change assumptions that the Central bank would probably keep climbing interest rates regardless of whether the economy dials back, And that implies more red ink for portfolios for the principal quarter of year 2023. How might I benefit from the ongoing unstable market, I'm currently at a junction choosing if to exchange my $250k security/stock portfolio

[zodi]

The whole concept of sacrifice now so that you can not worry later is novel but, I find that, like some others have said, that money is constantly losing its value, and you'll likely still be worried about it when you reach retirement age. I try to live in the moment more. Enjoy things while I can, because tomorrow isn't promised. That being said, I have gotten into the habit of investing a little bit whenever I feel like I've got some extra money lying around and I can see how saving a bit more can essentially make you more over the same period.

[jpdst]

My parents always taught me to live below my means. It was hard when I was younger, because I always wanted the nicest things or coolest clothes. But now that I am in my late 30s, it doesn’t really seem to bother me anymore.

[aiahzohar]

I get that this is just an example, but if you're going to use a monthly salary/income figure, choose something that represents either the median income or better the income of the folks who desperately need financial help--not the people who already have financial advisors. According to US fed stats, the average salary in 2021 was ~ $50K before taxes. That's already a lot less than $5K per month. And since the vid's title suggests we're dealing with "a low salary, " we're looking at something much less than $5K after taxes. Just makes people who don't make near $5K/month after taxes feel this, like most financial advice, won't help them. Add to this exploding housing costs, mandatory insurance premiums now, and college loans and that tiny savings burns up quickly.

Too many YT financial vids are geared to people who already have a decent income. Everybody forgets the rest of the population which is growing.

[mic]

Glad that I found ur channel.... Simple, on point, very helpful.👍 exactly what I needed

[kristens]

Budgeting has helped me get out of debt and have a plan for my income. I'm now saving & investing. Every dollar needs a job.

[toha]

i save between 1000-3000 a month depending on overtime im 22 and work in warehouses

[chngg]

really helpful video! would you please be able to do a video on understanding stocks and performance? eg why is understanding day gain important and what does that tell you about your investments.

[jaszzy]

😂😂 Great video! You won me over with the pot pies!!! SO LOVING your videos! I’m learning so much with your videos and newsletter. Awesome content for a biologist that knows hardly anything about banking and finances! 👏🏻👏🏻

[eeomwyu]

My income flow is $1900.00. My cash flow is $1000....I'm a janitor too and I'm investing🙏 and I budget too. I allocate where my money will go every 4 weeks (almost monthly): X% for bills and living, X% for short-term savings, X% for long term investments, and X% for ROTH percentages are always the same.

[davisallen]

The answer is you can't. Basically if you are 20 and making 10 an hour you will not be a millionaire in 20 years. You will most likely not be one in 20 years after your 40th either. You have to make at least like 17 and up. Or get paid a better salary. 500 a week or more take home. If you don't make that, you will not become a millionaire.