Investing your money can be get really confusing. What should you invest in? Where should you invest in first? Should you pay off your debt first? Max out your 401k? Today, I’ll share the optimal order to invest your money and what I personally invest in.
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00:00 Start Here
00:12 Step 1: Your Cushion Fund
02:17 Step 2: Match The Match
04:30 Step 3: Say Bye To High
06:11 Step 4: Rare Triple Tax Break
08:36 Step 5: Acceleration
10:04 Step 5.5: Beyond The Match
10:18 Step 6.5: The Regular One
11:36 Step 7.5: The 2 Priorities
12:37 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.
???? Join over 20,000 people and save money faster with my FREE Savings Goal Tracker → https://vincentchan.co/savings-tracker
???? Get 5.1% APY on your cash and 5 free stocks when you deposit $100 (limited time offer): → https://vincentchan.co/moomoo/
** Please note: I misspoke and said the 401(k) contribution limit is $24,000 in 2024. It is actually $23,000, and those 50 and older can contribute an additional $7,500.
Bitcoin
Distribution age restrictions is the main reason I don’t want to own an IRA.
I’d rather to put money on cash investment accounts and selling contracts or investing in stocks.
While Roth IRA is a good choices for stock investment, I am considering opening one.
The value of Mexico Piso increased over 20% over USD. Currency trade is also a good investment.
If you're paying $5k for someone to replace your bumper instead of doing it yourself then you're throwing money in the garbage and not managing your money wisely.
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in last 4months of 2023
HSA’s are quadruple advantaged—you forgot that it’s also FICA exempt
$5,000 to fix the front bumper? Hot damn did you drive a BMW or Mercedes or something? If I messed my bumper up I could just get one from a nearby scrapyard and install it myself.
I like using a custom whole life insurance to provide me a hedge against potential market crashes.
Nice wallet 🙂
Great summary. ????
4-wk T-Bills consistently paying higher than 4% (closer to 5.2% lately). Only ties your money up for 4 weeks at a time. I would recommend this option vs. HYSAs.
click bait? the savings tracker doesn’t appear anywhere after entering my email address and clicked the download button. Please advise.
You missed the biggest advantages of the HSA. If you pay for your health visits out of pocket, there is no time limit on when you can reimburse your health invoices. You let you HSA grow tax free and then when you're about to retire, you can pull those reimbursement out tax free!
Great video! One approach I've embraced is the 'priority pyramid' for investing: start with creating an emergency fund, then clear any high-interest debt, move onto tax-advantaged accounts like retirement savings, and finally, explore other investment opportunities. This pyramid strategy keeps us focused on building a strong financial base while aiming for growth. Thanks for sharing:)
Does the HSA count toward what you can contribute with an Roth IRA? Roth is $6500? so if I max that out, I can still max out the HSA?
Most people miss it but the secret to retiring comfortably is finding a way to make returns while your money works for you. My Dad, as i remember started saving for retirement quite late but I know he was making more than 10k returns from his investments monthly and it was completely passive.
Where’d you get that shirt??
BUY PHYSICAL SILVER!!!!!!!!!!!!!!!!!!!
Smallest to largest debt payoff is better because the wins work emotionally and psychologically encouraging you to continue. Kind of like a video game. Weaker enemies to gain experience points so you have more power to beat the bosses.
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my money goals?