Money Traps The Middle Class Is Falling For

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  • Опубліковано 27 вер 2024

КОМЕНТАРІ • 89

  • @VincentChan
    @VincentChan  3 місяці тому +3

    💸 Earn up to 5.25% APY with my favorite High Yield Savings Accounts → vincentchan.co/best-savings-accounts

  • @Courtney-Alice-Gargani
    @Courtney-Alice-Gargani 3 місяці тому +40

    There is so true about banks. So we aren't actually borrowing the banks money. We are borrowing people's money who have an account with them. So I'm lending my money out if I have a checking or saving with them.

  • @moop15
    @moop15 Місяць тому +2

    The trap I keep falling for is clicking on your videos. I see you’re really taking the “work smarter not harder” thing to heart because I’ve seen almost all of these clips in your other videos

  • @kyungshim6483
    @kyungshim6483 3 місяці тому +18

    If you feel duped by the banks, then own some bank stocks. That's what I do. I also own shares of insurance companies because I always feel duped when I pay insurance premiums.

    • @ShawnJames310
      @ShawnJames310 16 днів тому

      Amen that's the truth if we don't get into any accidents they should just roll it over or give it back to us so we can buy the insurance policy for the next year...

  • @Brandon.Kucera
    @Brandon.Kucera 3 місяці тому +7

    When used responsibly, credit cards can be a huge resource to you. Despite $900 in annual fees, we earned over 3k in rewards last year. Plus, our card's travel insurance perk saved my parents $1,100 when they got COVID days before their vacation. I will say, one downside to credit cards not spoken about often is the reduced "pain of payment" swiping a card has over paying in cash. The money doesn't leave your hands for upwards of 30 days, so credit card owners often spend more on average than people who pay in cash.

  • @hunterandchavy
    @hunterandchavy 3 місяці тому +13

    Banks are only required to have $250k FIDC insurance. All of it is just numbers on a screen. Yo money is being lent out already

    • @hitomikagewaki31
      @hitomikagewaki31 3 місяці тому +1

      Its not money, its fiat. Its also not specie either.

  • @AutoroTink
    @AutoroTink 3 місяці тому +2

    THANK YOU! I've been watching other videos about BBD, and couldn't get my head around it! You broke it down so very well! Thanks a ton!

  • @BSGSV
    @BSGSV 3 місяці тому +6

    4:14 Now we know Vincent keeps his money next to the plastic forks instead of inside the Mr. Magic Lamp as we had previously assumed.

    • @VincentChan
      @VincentChan  3 місяці тому +2

      damnit now i gotta change my hiding spot D:

  • @westbccoast
    @westbccoast 3 місяці тому +4

    Awesome video, thank you. Well articulated.

  • @xRino
    @xRino 3 місяці тому +3

    7:50 You missed step zero in bbd strategy.. get starting capital somewhere. 9:35 Also if you can get somewhere money with less interest that you can make with this money.. its basically free money cheat

  • @Harry-u4p
    @Harry-u4p 3 місяці тому +3

    Do not take out a $1,000,000 loan.
    If you had a portfolio that could support such a loan, you wouldn’t be watching this video.

  • @LeeePowers
    @LeeePowers 15 днів тому

    Picture of you in Yahoo Finance article, has you looking like Eason Chan the singer✊🏾🤙🏾✌🏾🙏🏾.

  • @Miclpea
    @Miclpea 3 місяці тому +1

    Vincent, are you going to San Diego Comic Con? I saw your Spider Man wallet.

  • @charlottet7548
    @charlottet7548 3 місяці тому +1

    In the UK we get 5.1% interest on chase savings accounts 😅 one of the highest in the country

    • @SevenEllen
      @SevenEllen 3 місяці тому

      Switch to Cynergy's Easy Access Account (UK), it's 5.15%. Santander has the highest at 7% but you have to be an existing member and they only allow you to put in £50 per month, so it's barely worth it.

  • @FranciscoGarcia-bf5rp
    @FranciscoGarcia-bf5rp 3 місяці тому +2

    Almost all student loan is “bad” debt.

    • @nielp91
      @nielp91 3 місяці тому

      Please expand

    • @VincentChan
      @VincentChan  3 місяці тому

      Why do you say that?

  • @michaeldew7904
    @michaeldew7904 20 днів тому

    Why would you use a savings account that has under 1% interest? 4% is easy at the time of the video.

  • @Divyv520
    @Divyv520 3 місяці тому

    Hey Vincent , really nice video ! I was wondering if I could help you with more Quality Editing in your videos and also make a highly engaging Thumbnail and also help you with the overall youtube strategy and growth ! Pls let me know what do you think ?

  • @meganmindcreates
    @meganmindcreates 3 місяці тому

    what about US bank?

  • @foodlover8151
    @foodlover8151 3 місяці тому +3

    This is so messy. Now i hear Capital 1 BANK wants to buy Mastercard. A bank buying a credit card company. Who's going to eventually pay for that expensive purchase

  • @shriyansyadav9234
    @shriyansyadav9234 3 місяці тому

    Just swapped all of my last ETH and swapped it into AMS27T. Already up a little bit. Unfortunately I have some other junk staked which won’t free up for a while. Still now I am on the train!

  • @Battleganz
    @Battleganz 3 місяці тому +1

    Man, I need some pizza. Thanks.

    • @VincentChan
      @VincentChan  3 місяці тому +2

      haha pineapple pizza? :D

    • @Battleganz
      @Battleganz 3 місяці тому

      @@VincentChan Sry. I was thinking bacon. Bacon's still fringe!

  • @alberthofmann2630
    @alberthofmann2630 3 місяці тому

    nice

  • @SunilShakya-y2w
    @SunilShakya-y2w 3 місяці тому

    Do it. AMS27T already in my bags. I had a AMS27T after ( your should I buy ) and I agreed and bought. I'm looking to stack more, too.

  • @Lita_at_work
    @Lita_at_work 3 місяці тому

    1:15 lolololololol

  • @zalagajubha3070
    @zalagajubha3070 3 місяці тому

    AMS27T going up like crazy! Pick up around 0.67 and now it’s hit $1! I wish i had bought more!😂😂😂

  • @YOURRACHINAPRIL
    @YOURRACHINAPRIL 3 місяці тому +1

    🖤🙌

  • @King_theboy786
    @King_theboy786 3 місяці тому

    Great video buddy 🌈 AMS27T just keeps pumping!

  • @Enemy_vi
    @Enemy_vi 3 місяці тому

    BRETT, TURBO, AMS27T and JASMY, cryptos will make milionaries in the end year

  • @Liam-iv7wk
    @Liam-iv7wk 3 місяці тому

    Rhe vultures are all around

  • @tanisemmello
    @tanisemmello 3 місяці тому

  • @thepiphany9377
    @thepiphany9377 3 місяці тому +2

    first

  • @ArturGrigio
    @ArturGrigio 3 місяці тому

    My guy is onto nothing!

  • @Cyber_Samurai
    @Cyber_Samurai 3 місяці тому +3

    To yield at least a 4 percent in a High Yield Saving Account, these banks are risking your money in investments; do you know what they invest in?

  • @Courtney-Alice-Gargani
    @Courtney-Alice-Gargani 3 місяці тому +3

    I'm sure a lot of company don't us to know what they're really up to.

  • @CharlesBallowe
    @CharlesBallowe 3 місяці тому +1

    One thing about the big banks is that they make it really easy to get the higher yield, it's just not in the savings or checking account. A linked brokerage with a cash sweep or money market fund, for instance.

  • @gamereditor59ner22
    @gamereditor59ner22 3 місяці тому +2

    1:28 : Damn! That's sounds unfair. Thank you for the demonstration and keep it up!

    • @VincentChan
      @VincentChan  3 місяці тому +1

      thanks for watching! are u using any of the big national banks?

    • @gamereditor59ner22
      @gamereditor59ner22 3 місяці тому +1

      ​​@@VincentChan Yes, but I don't chase.
      Edit: Is Chase bank set minimal requirements of money saving to prevent problem? (i.e. Need $400 so the bank does not take money out of the account.)

  • @kcm069
    @kcm069 3 місяці тому +1

    good video ... thank you Vincent

  • @charlottet7548
    @charlottet7548 3 місяці тому +4

    In the UK we get 5.1% interest on chase savings accounts 😅

    • @VincentChan
      @VincentChan  3 місяці тому

      woah what that's amazing! how come?

    • @charlottet7548
      @charlottet7548 3 місяці тому +1

      Chase opened here only a few years ago and online as an online only bank so I suppose they can afford to be more competitive

  • @myaccount9498
    @myaccount9498 3 місяці тому +1

    Does anyone know what a High Yield Savings Account is called in Australia?
    Is it a term deposit?

    • @VincentChan
      @VincentChan  3 місяці тому

      i dont sorry :( but it should be somthing similar no?

    • @gertrudewest4535
      @gertrudewest4535 16 днів тому

      Anything with that high of a yield is a term

  • @AartiSaini-my3qy
    @AartiSaini-my3qy 3 місяці тому

    Never heard of AMS27T. Can someone please explain? Appreciate it...

  • @bootstrapstylerich
    @bootstrapstylerich 3 місяці тому

    Whadda 'bout these newfangled Covered Call ETFs? Are the rich using these now Vincent?

  • @MayurMakvana-f5e
    @MayurMakvana-f5e 3 місяці тому

    AMS27T will be the first crypto to 20x under a week

  • @radicaIarchitect
    @radicaIarchitect 3 місяці тому

    Fractional reserve is a scam, this is why we bitcoin ❤

  • @JASSMAAN16
    @JASSMAAN16 3 місяці тому

    AMS27T is by far the best project in this ecosystem.

  • @atenas80525
    @atenas80525 3 місяці тому

    0% reserve rate - irrational exuberance?

  • @TheFragrantBunch
    @TheFragrantBunch 3 місяці тому

    “By slapping you in the face” 😂

  • @ramjichuhan5103
    @ramjichuhan5103 3 місяці тому

    AMS27T is my biggest bag

  • @RedJoker9000
    @RedJoker9000 3 місяці тому +1

    I worked in a bank. They hiding several stuff. Knew all this, wonder what i know you don't.