Latest news with #VincentChan
Yahoo
15 hours ago
- Business
- Yahoo
New To Investing? Vincent Chan Says Low-Cost Index Funds Are the Easiest Way to Get Started
Investing is one of the common paths to long-term wealth, but it can feel complex if you are just getting started. Luckily, financial guru Vincent Chan recently revealed the simplest way to get started. Not only is it easy to start investing based on Chan's advice, but his strategy has a proven track record of multiplying your money in the long run. The Easiest Things To Invest In Are Low-Cost Index Funds' Chan explained in the video. It sounds basic, but that doesn't make it a bad suggestion. Here's why index funds remain one of the most popular ways for people to invest. Don't Miss: GoSun's breakthrough rooftop EV charger already has 2,000+ units reserved — become an investor in this $41.3M clean energy brand today. Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential. Index funds offer investors exposure to a basket of companies. Some index funds contain a few dozen companies, while other index funds contain hundreds of publicly traded corporations. A couple of index funds even have well over 1,000 stocks, offering broad exposure to the market. You don't have to get the most diversified index fund to get good results. Some funds with 100 stocks perform better than funds with 500 stocks. The main strength of index funds is that they enable automatic portfolio diversification and streamline investing. You don't have to research a bunch of stocks, know what to look for in a good stock or follow the news every day. A portfolio manager can do all of those things for you as your money grows in an index fund. You can accumulate index funds in any investment account that lets you trade stocks. However, Chan suggests giving preference to tax-advantaged accounts like your 401(k), HSA, and Roth IRA when you make investments. These accounts let you reduce your tax bill as you grow your investments. Traditional retirement accounts let you reduce your taxes right now, while you won't have to pay any taxes on withdrawals from your Roth IRA. Trending: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100. Chan suggests investing any remaining money into a brokerage account once you have maxed out your tax-advantaged accounts. Investors should also monitor any changes the IRS makes to the maximum amount they can contribute to retirement accounts. You also get to make catch-up contributions to your retirement accounts the moment you turn 50. Chan recommends looking for index funds that have low expense ratios. This ratio reflects the cost of holding the fund and having an investment firm manage it on your behalf. Passively managed ETFs that mirror benchmarks like the S&P 500 typically have low expense ratios. It's realistic to find passively managed ETFs that have expense ratios below 0.10%. Investors can further explore index funds by analyzing their total returns. You can look at how much a fund has returned over the past five and ten years to gauge if it's consistent or volatile. It's also good to look at a fund's asset allocation to see if most of the stocks are in the tech sector or another industry. Some investors also look at a fund's yield to see how much cash flow they will receive just by holding on to shares. While most investors shouldn't prioritize a fund based on its yield, receiving passive income from investments becomes more valuable as you get closer to retirement. See Next: $100k in assets? Maximize your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation. Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's how you can earn passive income with just $100. Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article New To Investing? Vincent Chan Says Low-Cost Index Funds Are the Easiest Way to Get Started originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
15-06-2025
- Automotive
- Yahoo
Financial Influencer Vincent Chan Says No One Is Talking About These 5 Wealth Killers
Vincent Chan is a popular financial influencer with 746,000 subscribers and counting on YouTube. Recently, he published a video called 'The 5.5 Wealth Killers No One Talks About.' Discover More: Find Out: In his video, he shared several purchases and decisions that could be preventing people from building wealth. He also offered strategies and tips for making big purchases, like houses and cars. Viewers who watch his video or read the advice below should leave with a solid understanding of how to make big life decisions and purchases that can impact them for a lifetime. Cars have become incredibly expensive to own. In fact, the average new car payment is now $745 per month, according to Q3 2024 data from Transunion. As Chan pointed out, cars also significantly depreciate in value. He explains that in just the first year, new cars lose 20% of their value. There are some tactics consumers can use to purchase a car the smart way. Chan advised following what he calls the 20/4/10 rule, which is to make a 20% down payment for four years. Additionally, he said car expenses should not exceed 10% of a person's monthly income. Consumers should also consider buying used to avoid the initial depreciation new cars experience, and to avoid rolling negative equity into a new loan. Read Next: While no one wants to think about divorce, it's a good idea for people to understand early on that their choice in a partner affects their long-term wealth-building goals. People should consider signing a prenuptial agreement before getting married to protect any assets they have before getting married. Divorces cost, on average, just under $20,000 per couple, according to data cited by Self. That, combined with a loss of assets, can be a big wealth killer. According to Federal Reserve data, the average credit card interest rate as of Q4 2024 was over 21.47%. This high interest rate can make it incredibly difficult for consumers to get out of debt and have enough cash flow to invest. One tactic to eliminate high interest debt is to consolidate it. Consumers can apply for a balance transfer card that has a 0% introductory APR for a set term. This can help them to pay down the principle much faster. Alternatively, consumers can apply for a personal loan with a lower interest rate, and use funds from the personal loan to pay off their credit card debt. Houses are supposed to be the American dream, but many people don't realize just how expensive homeownership can be. A 2024 Harvard University report claimed the number of households that were 'cost-burdened' — meaning their housing costs made up more than 30% of their income — grew by 3 million between 2019 and 2022 to a whopping 19.7 million. That means that for millions of people, their home is unaffordable and prevents them from building wealth. Although many financial experts agree that owning a home is a worthwhile investment, it's not worthwhile if owning it negatively affects someone's quality of life. In order to avoid this wealth killer, Chan said to run the numbers before buying a home. Potential homebuyers should wait until they can fulfill what Chan calls the 28/36/20 rule, which means people shouldn't put more than 28% of their monthly income towards housing. Then, they should make sure all their debt payments combined are less than 36% of their income. Finally, Chan recommended people save 20% for a down payment. At the end of the video, Chan reminded his viewers that procrastination is also a wealth killer. Every time people delay saving or investing, they lose out on potential growth in the future. The earlier someone starts investing, the better, thanks to the wonders of compound interest. Chan reminded his viewers that they can start small and automate their investments to make progress easier. More From GOBankingRates How Far $750K Plus Social Security Goes in Retirement in Every US Region This article originally appeared on Financial Influencer Vincent Chan Says No One Is Talking About These 5 Wealth Killers
Yahoo
15-06-2025
- Automotive
- Yahoo
Financial Influencer Vincent Chan Says No One Is Talking About These 5 Wealth Killers
Vincent Chan is a popular financial influencer with 746,000 subscribers and counting on YouTube. Recently, he published a video called 'The 5.5 Wealth Killers No One Talks About.' Discover More: Find Out: In his video, he shared several purchases and decisions that could be preventing people from building wealth. He also offered strategies and tips for making big purchases, like houses and cars. Viewers who watch his video or read the advice below should leave with a solid understanding of how to make big life decisions and purchases that can impact them for a lifetime. Cars have become incredibly expensive to own. In fact, the average new car payment is now $745 per month, according to Q3 2024 data from Transunion. As Chan pointed out, cars also significantly depreciate in value. He explains that in just the first year, new cars lose 20% of their value. There are some tactics consumers can use to purchase a car the smart way. Chan advised following what he calls the 20/4/10 rule, which is to make a 20% down payment for four years. Additionally, he said car expenses should not exceed 10% of a person's monthly income. Consumers should also consider buying used to avoid the initial depreciation new cars experience, and to avoid rolling negative equity into a new loan. Read Next: While no one wants to think about divorce, it's a good idea for people to understand early on that their choice in a partner affects their long-term wealth-building goals. People should consider signing a prenuptial agreement before getting married to protect any assets they have before getting married. Divorces cost, on average, just under $20,000 per couple, according to data cited by Self. That, combined with a loss of assets, can be a big wealth killer. According to Federal Reserve data, the average credit card interest rate as of Q4 2024 was over 21.47%. This high interest rate can make it incredibly difficult for consumers to get out of debt and have enough cash flow to invest. One tactic to eliminate high interest debt is to consolidate it. Consumers can apply for a balance transfer card that has a 0% introductory APR for a set term. This can help them to pay down the principle much faster. Alternatively, consumers can apply for a personal loan with a lower interest rate, and use funds from the personal loan to pay off their credit card debt. Houses are supposed to be the American dream, but many people don't realize just how expensive homeownership can be. A 2024 Harvard University report claimed the number of households that were 'cost-burdened' — meaning their housing costs made up more than 30% of their income — grew by 3 million between 2019 and 2022 to a whopping 19.7 million. That means that for millions of people, their home is unaffordable and prevents them from building wealth. Although many financial experts agree that owning a home is a worthwhile investment, it's not worthwhile if owning it negatively affects someone's quality of life. In order to avoid this wealth killer, Chan said to run the numbers before buying a home. Potential homebuyers should wait until they can fulfill what Chan calls the 28/36/20 rule, which means people shouldn't put more than 28% of their monthly income towards housing. Then, they should make sure all their debt payments combined are less than 36% of their income. Finally, Chan recommended people save 20% for a down payment. At the end of the video, Chan reminded his viewers that procrastination is also a wealth killer. Every time people delay saving or investing, they lose out on potential growth in the future. The earlier someone starts investing, the better, thanks to the wonders of compound interest. Chan reminded his viewers that they can start small and automate their investments to make progress easier. More From GOBankingRates 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on Financial Influencer Vincent Chan Says No One Is Talking About These 5 Wealth Killers Sign in to access your portfolio
Yahoo
07-06-2025
- Business
- Yahoo
Vincent Chan Unveils How You Can Make Your Children Rich: 'It's A Lot Easier Than You Think'
Many parents want to set their children up for more financial success than what they had growing up. It's a noble goal that may sound challenging, but financial TikToker Vincent Chan recently revealed a simple roadmap for making your children rich. "It's a lot easier than you think," he explained. You've heard of investing, traditional retirement accounts, and Roth IRAs, but Chan is talking about a different account that most people are underutilizing. Here's how you can make your children rich. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Maximize saving for your retirement and cut down on taxes: . A 529 Plan is one of the best tax-advantaged accounts for building wealth. This account does not have a maximum contribution limit, and the money grows tax-free. If you're single, you can give up to $19,000 per year for each child. However, if you are married, you can give each child up to $38,000 per year without having those contributions count toward your lifetime gift tax exemption. You can only use 529 plan funds for educational expenses like college and school supplies. Paying for your child's education will give them a tremendous head start, but that's not the only benefit of this account. You don't even have to wait until you have children to create one of these accounts. Individuals can create 529 plans for themselves and list their children as beneficiaries later. You can save for your child's financial future before you even get married. Trending: Invest where it hurts — and help millions heal:. You don't have to make flashy financial moves to make your children rich. Chan recommends investing the money and watching it grow instead of trying to time the stock market or use options. Most investors just have to find a good ETF that tracks a popular benchmark like the S&P 500 or Nasdaq Composite. These ETFs are already diversified, and you can find ETFs that align with your long-term financial goals. Your children won't be able to access the money for a while, so it's usually a good idea to take a growth-oriented approach with these accounts. They have plenty of time to ride market volatility and corrections before they can access the money.A 529 savings plan is a great resource to cultivate generational wealth, but you still have to practice good money habits to make annual contributions. Chan regularly teaches people how to establish good money habits, but it rarely involves doing anything out of the ordinary. Chances are you know about most of the good money habits. Creating a budget, knowing your expenses, picking up a side hustle, investing your money, and pursuing career opportunities that boost your income are some of the top money habits. Building wealth for your children now can give you more motivation to stick with long-term financial goals and develop discipline. It's easier to act upon goals when you have a purpose that is bigger than yourself, and most people discover something bigger than themselves when they become parents. Read Next: Here's what Americans think you need to be considered wealthy. Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Vincent Chan Unveils How You Can Make Your Children Rich: 'It's A Lot Easier Than You Think' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-06-2025
- Business
- Yahoo
4 Legit Ways To Boost Your Pay This Year, According to Vincent Chan
It's quite common to hear that the current generation is lazy and doesn't want to work, but there's more to it than that. Financial guru Vincent Chan explained in a YouTube video that money is the main reason why people don't want to work anymore. While a minimum wage was enough to buy a house back in the day, many people who make six-figures still struggle with maintaining their monthly expenses. Student loans, housing, groceries, transportation, subscriptions and other costs all add up. Trending Now: Check Out: Chan also mentioned toxic environments and the disconnect between hard work and productivity as two key reasons why people don't want to work anymore. Productivity has soared since 1979 despite stagnant wages and people don't feel inclined to work in toxic environments when their money isn't enough to keep up with their living expenses. However, you can be the exception to the rule. There are people who can comfortably manage their expenses and these strategies can put you in that position. Your job may offer an opportunity to boost your income. While working more hours is an option, it's better to demand a raise. Chan suggests creating a 'Brag Folder' where you take screenshots of compliments you received via email and store them in an online folder. You can then present this folder to your employer during your performance review. This Brag Folder is similar to how businesses gather testimonials from happy customers. Read Next: Adding a side hustle to your schedule can boost your income, but you might end up earning more with your side hustle than your job. Some people replace their job with a side hustle in a few years, but you can also treat it as purely a side hustle if you like your job. A side hustle will diversify your income and help you develop new skills. You can also fall back on your side hustle if you get laid off and have to look for another full-time job. Some companies are more than happy to give you the raise you deserve and do everything they can to keep you. However, other companies take their employees for granted. If you find yourself in this position, you may want to do a job hop. Job hopping involves looking for higher-paying jobs and applying for them. You can get a higher income boost with this route, as it's possible to increase your income by 30% to 50% with the right job. Meanwhile, you're lucky if your current employer gives you a 3% raise each year. Regularly moving from one job to another can help you climb the corporate ladder much faster than staying in one spot. Knowing that you can move from one job to the next will also give you more confidence and leverage when negotiating a raise. There is a limit to how much money you can save. Chan explains that if you earn $5,000 per month, you cannot save $5,000 per month. However, it's still important to save and invest your money. If you have good money habits in place, you will know how to build your long-term financial future when your income doubles. While you shouldn't rush to use the money that you save and invest, these funds can boost your income. You can put the money in a high-yield savings account to receive guaranteed cash flow or you can put your cash in the stock market to potentially earn higher returns. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard Warren Buffett: 10 Things Poor People Waste Money On The 10 Most Reliable SUVs of 2025 This article originally appeared on 4 Legit Ways To Boost Your Pay This Year, According to Vincent Chan Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
