Do This EVERY Time You Get Paid (Paycheck Routine)

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.

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.

[scttgjq]

The fact that nobody talks about the book whispers of manifestation on borlest speaks volumes about how people are stuck in a trance

[PeterIsATeacher]

I built up my emergency fund and was very happy with it, a good chunk of money, about 6 months of expenses. Then a family trip to Europe happened, but it's fine! I had budgeted for it. What I hadn't budgeted for was a tree behind my house to break and fall on my roof. New roof and hvac system wiped out a huge chunk of that. My friends thought I'd have to take a loan... but nah, I paid that off cash lol. Now to rebuild that emergency fund! I'm hoping to have it back up to 4 months by the end of this year. Just gotta save save save!

That emergency fund gave me so much peace of mind, that even though I was chilling in Barcelona when a tree fell on my house and broke a good chunk of my roof I was able to know that I could still enjoy my vacation, would be able to handle the financial strain, and get back to where I was sooner rather than later without taking on debt.

Build an emergency fund folks, it's the best

[DCFanatic]

With rent pricing hikes.. essentially unrealistic to have a 30% rent base to income ratio.. unfortunately

[dragofand]

For step 7. It is okay to not be maximizing productivity in every hour of your life.

[yolanda]

Wish I knew this when I was younger. Trying to start at 60 is very hard. You are very smart young man

[ashlvxxy_]

I’m 15 and I’m watching this video because, I want to learn how to be financially educated since it’s a essential life skill that I’ll have to use later on in life.

[Dantursi]

As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.

[TheJackCain-]

Interesting, the stock market is currently experiencing a decline while bond yields are on the rise. However, there seems to be skepticism amongst investors regarding the Federal Reserve's plan to continue increasing interest rates until inflation is stabilized. As for myself, I find myself at a crossroads, uncertain whether to liquidate my $250, 000 stock portfolio> I'm seeking advice on the best strategy to capitalize on this current bear market.

[foodlover]

That 6 month of expenses in savings is so important right now. I'm unable to save as much as I like due to inflation. Spending more to maintain.

[deegaming]

This video only applies for well-established people with high paying jobs. Looks like I still need to think up my own unique formula to build wealth in difficult times while living with my parents and earning a crappy salary.

[wickedlouisiana]

VC your channel has changed the course of my future. Thanks.

[Qymar]

For step 4, TINY correction:

The avg. return stated for a long time was anywhere between 5-8%, during and after COVID people stated anywhere between 6-12%.

At 10%, it will take 7 point something years to double. Given the reversibility of percentages, at 7% per year it will take 10 point something years to double.

The two rules that are commonly used for this are the rule of 70 and the rule of 72. For finance related stuff, it is typical to use the rule of 72 which is to divide 72 by the rate as a whole number to get how many years it will take the principal to double at that rate. The rule of 70 is used outside of Finance and typical in Economics and is basically the same thing.

Some of this may be OVERSIMPLIFIED and SLIGHTLY and COMPLETELY UNNECESSARY to explain and very nit-picky, but as a kid it blew my mind to learn this so maybe another kid watching your video would love this explanation.

Cheers!

[MiquelMorterero]

Roughly £120k in my portfolio are in tech/TSLA stocks, can I get an advice on any other stocks that I can acquire to diversify my reserve across multiple markets while creating a comprehensive portfolio allocation that balances my concerns of risk aversion and returns that meet yearly inflation.

[IamHattman]

This is the second video I've seen from this guy and I can confidently say I've learned two things. He has a thing for pineapple pizza and Mr. Magic Lamp

[Simon-jeko]

I love this channel. I did contract several times a house cleaning company. After all I did prefer to buy a Roomba and a Braava. It's just my favorite choice. It can clean when I want to and how many times I want to. They are already paid. So I can do whatever I want to with my time and my money. It's just a personal choice. I can be in the woods walking and send a command for Braava to clean the house. Then I come home and it's done. She works, me I enjoy life. It's really up to you to decide what you want to do with your life. Me I really don't see myself cleaning my house or my floor everyday. But I see Roomba and Braava doing it. Also they will never complain. People do. A bit too much for my taste.

[BrianaBudgets]

I’m slowly but surely working on my 6 month emergency fund. :) This is such a good video!!!! It popped up on my recommended👏🏼

[markamark]

I was able to do this. It allowed me to build a 25k emergency fund, max 401k, and max hsa. I am also looking at maxing my roth IRA. I have no credit, school or car debt. My next goal is paying off my house by the end of 2024. (140k remaining @ 4% - 30 year mortgage)

[BSGSV]

8:14 There are a couple of tax advantages for saving and investing in an after-tax brokerage account. 1) The stocks you invest in can appreciate over time and you owe no tax until you sell them and realize your gains. And if you wait a year before selling, your tax rate on those capital gains is much lower than your regular income tax rate. 2) If you invest in dividend stocks and hold them longer than a year, you can get qualified dividends which are also taxed at a much lower rate. Therefore you can get regular income without selling your stocks without paying a high income tax rate.

[believerofchrist]

Hey Vincent, your video come across to my algorithm time to time and I really enjoy your channel and tips on how to save money etc, I haven’t personally achieved my goal yet but by just watching your clips inspire me to move forward for better and quality life that’s ahead of me. Keep doing you and God bless!!😊

[StarlightKii]

Now factor in children and a low income..