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Recently, he published a video called The 5.5 Wealth Killers No One Talks About.
He also offered strategies and tips for making big purchases, like houses and cars.
Cars
Cars have become incredibly expensive to own.
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.
Additionally, he said car expenses should not exceed 10% of a persons monthly income.
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.
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.
That means that for millions of people, their home is unaffordable and prevents them from building wealth.
to avoid this wealth killer, Chan said to trigger the numbers before buying a home.
Finally, Chan recommended people save 20% for a down payment.
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.
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