10 Things I'm NOT Buying In 2024
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- Опубліковано 15 чер 2024
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⌚️Timestamps:
00:00 Start here
00:03 1st Thing I Stopped Buying
01:00 2nd Thing I Stopped Buying
02:53 3rd Thing I Stopped Buying
05:00 4th Thing I Stopped Buying
06:01 5th Thing I Stopped Buying
07:36 6th Thing I Stopped Buying
08:34 7th Thing I Stopped Buying
09:43 8th Thing I Stopped Buying
10:52 9th Thing I Stopped Buying
12:34 10th Thing I Stopped Buying
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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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Libraries have so many free resources like music, movies, educational courses. Don't sleep on libraries!
for sure!! libraries are awesome
True words 👍🏽
Libraries are not free, I mean, we can't exactly opt out of them, but they do have a cost, that we are paying, so they are a value to use, but not a free service.
Car loans are probably one of the biggest things keeping people broke. If you can barely make the payment, how could you buy the car?
So they can keep up with the Jones probably.
Yeah, but I got a hellcat!! 🤑
I just think it's crazy when you can buy a perfectly solid car outright for a fifth of a new car price. Also if you can drive a stick it's almost always cheaper and few people will ever be able to steal your car.
Cars are way too expensive rn
For me the big one is to hold off on buying things whose price comes down rapidly. This is especially true for tech. I never buy the latest and greatest, but rather I buy last gen. These days last gen tech is usually still very good, but it doesn't carry a premium from being the currently hyped thing. Another is games. Game prices come down very quickly, so never buy games new. Instead, buy last year's games on sale. And of course, cars fit this as well.
Another thing I've started doing is spending less on gifts. I used to go wild buying really nice gifts for friends and family, but I think material possessions aren't what make us happy. They're happy for a day and then the gifts get forgotten. Spending time together is more important and what makes people happy.
I've found food is the best gift. Invest in baking skills and you'll have a lifetime of cheap gifts.
Cheap clothes is debatable, more about the manufacturer than the price. I have some cheap clothes that have lasted me a while, and some more expensive that are already breaking down. Its not so simple sadly in my experience. Generally I prefer to buy reputable clothing companies on sale.
agree, I have two pair of Pairs Blue brand jeans that Ive had over 20 years. Only paid 10 bucks each.
Jeans are a terrible example, because denim is denim, for the most part, and they don't have radically lower life spans than other jeans. Another dirty little secret is that most clothes are made at the same factory, so the build quality is mostly similar, UNLESS a certain item was designed from the start to be garbage. I scavenged a women's belt that was sort of 'fashion-y' and not 'normal belt-y', but it fell apart in a few months. It turned out to be made of cardboard instead of leather. Clearly, that type of built in bad quality should be avoided when you see it, but for the most part, clothing tends to have similar lifespans, regardless of price.
I think his point still stands though, since clothing was just an example.Just bc you consider cost/wear, doesn’t mean that all expensive pieces of clothing will be better than cheaper ones. Like you said, some manufacturers might have a good cost/wear so it’d still be worth buting
Your experiences are very similar to me, and I'm twice your age. I would give my advice as follows: 1) If you desire something new, say a smartphone, then wait 6-12 months, buy it at a discount cash (not with a payment plan) or second-hand, you can save from 30-70% if you find the right deals, and it's still modern and new. 2) I have a house rule, if it's not used for the last 2 years - then it's gotta go. This keeps the home clutter free, and you can focus more on the things you want to do and need. 3) When buying things like clothes, consider work-brands, meaning those that are sold to businesses and workers to wear, I use work-shoes but they don't look bad at all, a little more expensive than regular shoes, not as expensive as high-street brand, and they literally last forever.
There are other things too, like not just focusing on how much you earn, but more how low your expenses are. Always squeeze. Can you get a cheaper subscription? Do it!, Do you need that subscription? Ditch it. Always save up for stuff instead of buying it on credit (should be obvious but people are consumers), follow step 1) buy it 1 year later, and you will not only save interest but a TON of money because the early adopters have already spent everything on it - the enterainment value stays the same without the costs.
Buying second hand is actually really good. It means the product is tested, and it didn't fail the first few months, so the likelyhood of it breaking is very small. Want an electrical car? Sure, but buy with your brains rather than your heart. Sure you want a 1000 horsepower car that can take you cross-country that ONE time a year you decide to drive on a vacation, but consider how much and how far you drive every day, also an EV might not even be for you if you only use your car a few times a month, then even the cheapest EV is expensive, buy a used ICE beater instead.
Do you really need to live smack in the middle of the city? You could live 10 times cheaper and with fresh air. Good for your health, and good for your wallet. You don't NEED high value in your property if you don't plan to move often, and it's very normal to work on distance these days. Make sure you have fiber-internet where you move, and you won't even miss the buzzing life of alcoho...I mean city life.
I could go on forever, I just want to say, you're one of the people I agree with on youtube, because most of your advice are actually real life advice people should listen to. Because they work, I know, I'm an old fart that have learned this the hard way over so many years.
With phones, it's sometimes cheaper to finance than to pay cash. I once looked online at a new phone (out of curiosity, no intention to buy since my current one is still good). The carrier had a financing offer where the total payments added up to about $400. The cash price was about $700. I clicked through both options, and the plans cost the exact same for both. Had I actually been looking for a phone, financing would have been a no-brainer that cost me less in the long run.
Disagree with purchasing refurbished electronics. I worked in a tech store and the amount of laptops coming in after a few months of use and discovering they are refurbs is very high when compared to new laptops. That's why I never purchase a refurb computer; seen too many problems.
Yeah, that take was so insanely naive. Companies will just find ways to not have to cover repair cost by blaming damage on customers. Apple is notorious for this.
Do you think refurbished phones are worth buying at all or laptops are worse to repair?
I'd say only buy refurbished products from reputable sources with a good guarantee. I've purchased several refurbished products and they're all doing great, including the phone I'm typing on rn
@@kevinbonilla3959what are some good sources for refurbished IPhones. I have an 11 and I think I’ll have to upgrade by next year. I want to just pay cash.
@kevinbonilla3959 same here I purchased all my devices on apps like Amazon and ebay just make sure you look at the reviews and rep before purchasing
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
I get clothes/shoes/purses from a second-hand shop. Every so often I find designer goods in my size. And some of the items have never been used or at least look brand new. My last purchase was new $10 Le Coq Sportif sneakers. I also got a newish $30 Coach wallet that was cheaper than nondesigner wallets from other stores. It’s leather and has lasted a long time.
Tech is the only thing I have to really save up for cause I won’t buy it second-hand.
Damn you went straight into the video with zero hesitation. Respect.
Thanks for the bathtub idea. 👍 The two things I follow to keep my discretionary funds in check; 1. buy once, cry once. As you said in the video, I would pay extra for a better quality product that will last me a long time. I bought an IBM Thinkpad X61 Tablet in 2006 that cost me just over 2100.00 CDN. To this day, I am still using that laptop to trade stocks, charting software, and do my everyday tasks. 2. With any big (non-reoccurring transactions), I make sure I have the cash on hand. I make the purchase to collect the points, upon arriving home, I settle that transaction with the cash. Thus, I don’t have to worry about it when the statement comes. If I don’t have the cash on hand, I will wait until I do. It’s a win-win situation, as the wait time to come up with the cash may eventually change my mind, as it could have been an impulse buy.
Love the info! New subscriber! 😊
I've just started watching your videos and they're giving some great advice on saving money. But the graphics can be hard to read at times as they look blurry with the RGB channel shift.
This is excellent. Thank you.
Totally agree with your strategies 💯👍🏿
Weekend manual transmission car paid off in cash once its reached it's leveled out in depreciation is where its at.
I see that ‘buying on sale’ with my own mother, she grew up in a big family and it was back in 60s Ireland when they had nothing at all. So, she will almost never not buy something that’s on offer now, because she ‘hates to miss a bargain’ - when I last checked I stopped counting at 25 shower gels. There’s also a kettle in the attic for when our current kettle (which works absolutely fine!) stops working🙃 and she hates spending a higher number on things, preferring to buy a lower cost item that won’t last as long.
I don’t know where she got me from - I avoid sales like the plague and prefer to spend more money on things in the hopes that I’ll get years out of them! The only thing I buy cheaper is socks and underwear 😂😂
I’ve also got an aversion to ‘stuff’ everywhere just to fill an empty space - i HATE dust collectors!
0:51 : Interesting....🤔 Is it possible to go without credit card or that would be a problem?
Thank you for the information and keep it up!😎👍
Credit cards can be a great way to save or ruin you financially, it's a tool and depends on how you use it. For most people a 2% card like Citi Double Cash or Fidelity card is good because you save 2% on everything and don't have to think about it. I pay my credit card every 3-5 days from my checking so I don't go crazy spending and it feels like a debit card in that way.
A lot of people will say, you need a credit card so you can build good credit.
And it’s true, using a credit card (smartly) is a great way to build credit. However it’s not the only way to build credit.
Student loans, sometimes your utilities- and whether you pay it on time- can impact a credit score.
I spent 27 years without a credit card and still had a great credit score when I did finally get one.
So it’s technically not necessary, however, if you’re smart with money, and treat your credit card like a debit card (not spending money you don’t have)
Getting a credit card shouldn’t be an issue but you don’t NEED it in life
Your video was very informative and I could easily see how it can help people.
I agree with so much of what you said!! The most important thing I have learned is to buy what you need, at the cheapest price you can (on sale or used) and the highest quality you can afford so it will last, and buy a classic look that never goes out of style.
Regarding the vacuum….i tested Dysons and I think they are overrated for what you pay! They are the quality of a Shark with the price tag of a Miele. I have had a Miele vacuum for 10 years and I love it!!!
Lol the gift writing down thing isnt common sense/knowledge? I thought we all do that. I have a list on my phone for all my friends and family. And pick up things when i see them in stores, at craft shows or yard sales, etc that remind me of that person or something they would like. I put it in a special tote in my basement and when christmas/birthday roles around, i take out and wrap everything. Usually by christmas, i only need 1 or 2 gifts to round out someone. Makes christmas shopping a lot less stressful or what i would think compared to what people always say.
Damn, I'm that hoarder that buys in bulk sale items. I "might" find use for them during the apocalypse
I don't get the idea of choosing funds with lower costs. I would think that the funds that perform better than the low cost funds are right to charge extra.
as long as you make more in total, the more expensive funds could be worth it.
Thoughtful presents are so nice (:
You are killing it my dude
Great Video 😊
Credit cards and car payments are for chumps. I use money that I actually have to pay for stuff, and drive 2 nice Hondas (Civic Touring Edition and Ridgeline Truck) that I paid cash for. Boring, and nothing fancy, I know, duh, but it’s obvious. Buy quality stuff. Buy once cry once.
How and where do you receive notifications for your ‘wants’ being on sale? That’s genius!
Can concur on the financial advisor. From a well respected brokerage, they went all in on IT mutual funds and all of them crashed and havent recovered for years. Lost a significant amount before i dropped them and did it myself. Im up now just sticking to dividend and etfs. So even i did better then the 'experts'.
I bought 3 PS3s used and 2 of them failed with red light in less than a year.
I had a similar experience with a refurbished PS2 and a PC (the PC was functional but with a terribly slow hard drive)
I would not buy refurbished unless new models are scarse.
I started a new job and setup accounts to max out 401k contribution, maxed HSA which is about $4500 this year and moved $7000 into my IRA. I was annoyed when my employer didn't offer VTI/VOO or FXAIX but it turns out they offered a similar mutual fund with 0.0075% management fee.
Really wish I knew or did all this in my 20s, but better late than never.
It depends. Sometimes you have to spend more to get quality products that will last for a very long time. You have to look at the big picture when buying things - not just because it is cheap
If I walk near alcohol I turn red. I’ve never heard of it as the Asian glow. I’m not Asian - but I definitely glow. It’s brutal.
I'm the same. I enjoy beer but can't do it with liquor
when bank overcharges on you borrowing money from them, but underpays you when they use your deposited money to other LEGAL stuff they do.
but i do not get it let say you have a salary of 100 $ you buy a 1 $ water with your money salary so why is their interest ? what is this scam ?
I had no idea about Libby I need to check that out
Yes! Cheap goods are actually just that. Cheap. Cheaply made and built to fall apart so we return for more
You should make a generalized video on the psychological aspects of entrepreneuring and financing
I am Austrian, but I have the Asian glow too. Funnywise it did start when I was around 30 years old. After 30min it is gone and I can drink the whole night. But my body does feel sick even days after. So now I only drink alcohol even here and then.
How do you just forget to pay off a credit card…
Right??? 😂😂😂
What is worse than day care. I pay over 2k a month for 2 kids and I don't have other choice than pay it
In some countries where taxes are higher, you’d have free childcare, paid for collectively by taxes.
@pawlieblog7967 Yes my friend in Canada they have it free and they even give you monthly allowance per each child. I beleive about $400 per kid a month.
I've been using the exact same strategy for giving gifts for the past 7 years. Everyone loved it and the first thing they'd say after receiving my gifts was: "I can't believe you remember that I like this"
I enjoy coffee, love the taste and smell. Will never give it up.☕️
i loved it too D: how are your energy levels near the middle of the day?
I love Japanese matcha. Acquired taste but its fun to drink it and have people wonder if you are drinking shrek snot 😂
hahahha i love it too!! so good especially with creamy oat milk yum
What happened to your second channel?
which one?
Coke 0 contains a lot of sugar. The manufacturing company uses "0" sugar to trick the buyers who are trying to get rid of consuming sugar.
A and I are transposed in the video, it’s FXAIX
What brand of green tea do you drink?
Just the big box from Costco 😅. Do you have any recommendations?
this guy is smooth with the transfers to the next vid
Luxury items are not luxury for the rich, they are just what they prefer
#4 scares me 😱 😅
How come?
@@VincentChan I love coffee. 😅 I already make it at home. There are rare occasions I drink it in the afternoon.
+ I don’t care for the taste of green tea
half caff coffee.... this is the way
haha how does this work :)
@VincentChan lol get yourself two specialty bags one decaf one caff, grind it up, scoop out equal parts and now your cup has just enough caffeine to ride out for awhile without the crash! Herbal tea is perfect for evenings, but nothing beats that coffee taste... give back into the addiction! lol
Autopay all your bills.
Which brand of green tea do you drink, Vincent?
i just get the costco one in bulk :) which do you recommend?
@@VincentChan I'm currently drinking a brand called Jade Leaf I found on Amazon. It's my first brand, so I have nothing else to which to compare, but I don't dislike it.
Dang you talk about 1000s of bucks of account balance. At Hungary, the teachers' YEARLY salary is about 2k, that money for teaching is hilariously little money, but sadly true.
They forgot?
who forgot?
Your furniture friend.
Any remedy or supplements to fight the asian glow?
i found pepcid sometimes helps with asian glow
Stop living in NYC and you’ll save a lot more! 😂❤ thanks for your great content!
bare minimum and people will continue to struggle. basic healthy food, the mortgage payments and gas. thats as basic as it gets.
Stopped all my subs.
"Cheap" clothes are made from the same materials Brand names uses.
Same materials but constructed differently. You can build 2 houses with the same wood but of one is built worse but cheaper I’d still go with the more expensive but better built one.
@@norfsyq9660 theyre still constructed the same way. If something breaks thats because its cheaper material
@@CesarSandoval024 not necessarily, cheap pants may use fewer stitches or may not be stitched as efficiently which will ultimately lead to them to rip quicker than the nicely stitched pair.
@@norfsyq9660 money aint cheap
Perhaps, but brand names are generally going to have better quality control and more attention to detail to help maintain their reputation. Having said that, there's no reason to be buying $300 jeans if they're only marginally better.
Wonder how many people are going to watch this and think they need glasses. What's with the blurry graphics?
Oooooh, 55k after 20 years!
You're not even keeping up with inflation.
Think about it, in the past 20 years basic food items have become so much more expensive that a 50cent would now be 4$.
You need to buy things that appreciate in value. In a world where everything depreciates, gets old, falls apart, you're talking about virtual investments.
The problem with anything that's not real is its value can be destroyed very easily.
So, the best thing to do is invest in people.
People will earn you more money, and unlike livestock they'll maintain themselves with what you pay them.
If they can't keep up with the speed at which life goes, you can replace them.
Buy a house... it loses value over time and you have to keep investing in it.
Hire a bunch of workers who have to maintain their own equipment, you don't have any overhead and you keep profiting.
1.) - Most people are already in debt. Only using it for what you can pay back is Null in those situations
How's it "renting" from Libby if it's free? Your NYPL card is free..so you're getting a loan not a rental.
FXIAX does not exist.
I like watching you. You teach me things and you're cute :)
Credit card rewards means you’re using your credit card. Bad idea.
The credit card part pissed me off. We know we just fucked up due to lack of education early on and self control. Same with not using a condom. I feel like that should be on the list. Her body her choice so if you don’t protect your financial future another person will ruin it.
everyone should quit alcohol😭
The bathtub curve is so interesting! And big +1 to the Asian glow and drinking 🥹 Always can grab an NA drink, too!