Catherine Collins

Sun, Jun 15, 2025, 6:01 AM4 min read

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.”

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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.

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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.