5.5 Top Wealth Killers Keeping You Poor

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⌚️Timestamps:
0:00 Start here
0:04 Wealth Killer #1
3:08 Wealth Killer #2
5:33 Wealth Killer #3
8:52 Wealth Killer #4
11:21 Wealth Killer #5
14:26 Wealth Killer #5.5

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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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[foodlover]

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

[brandell-ug]

Unfortunately, not all of us were financially literate early. I was 35 when I finally educated myself and started taking steps. I went from $176, 000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000, 000 net worth. I know that doesn't SOUND like a lot, but l'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400, 000 annually) and don't owe a dime to anyone. It's a good feeling., ,

[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 👍

[binry_dstructr]

Here's a list of life-saving steps on avoiding getting divorced:

Step 1. Never get married!
Step 2.

[briand.]

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.

[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.

[JasonAmir-qouo]

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

[Veganisbadhunter-wxnt]

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.

[LoveLife-oocz]

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.

[cindyvan]

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

[peternguyen]

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

[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

[ianboard]

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

[SigFrid]

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.

[Pottapatri]

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.

[miosoderberg]

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

[beatrice]

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

[damahom]

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.

[SabreLeonheart]

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

[Aenion]

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