5 Modern Money Traps that will make us POOR in 2024 - The AssetYogi Show #11

5 Modern Money Traps that can make us POOR in 2024: In this video, we’ll talk about budgeting, good vs bad credit, investing vs trading, tax management, financial discipline and personal finance.
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In this video, we'll delve into the common habits leading to financial strain and learn how to avoid them. we'll also explore the financial challenges confronting Millennials and Gen Z. We'll examine how overspending, reliance on credit, and neglecting personal finance impact their financial well-being.
Additionally, we'll provide practical tips for smarter spending, effective budgeting, and securing long-term financial stability.
0:00 Intro
02:15 Overspending/ Spending without Budgeting
03:11 Excessive credit
03:54 Debt Trap
04:59 Taking Parents' Wealth for granted
06:20 Trading Vs Investing
07:08 Loan Management
08:45 50-30-20 Rule of Budgeting
10:09 Good Debt vs Bad Debt
11:36 Learning Finance

About the Video
Are you a millennial or Gen Z struggling to manage your money effectively? Many of us are facing the challenge of juggling financial responsibilities while keeping up with the latest trends. From feeling pressured to own the latest gadgets and fashion to relying too much on credit and even treating parents' money as our own, these common habits can lead to financial strain in today's fast-paced world.
Overspending on consumer goods, spending without budgeting, relying too much on credit, and neglecting personal finance and long-term investing are hurdles many of us face. It's time to take control of our financial well-being and learn to make smart, informed decisions about our money.
Join us as we explore practical tips and strategies tailored to the unique financial challenges of today's youth. Let's break down these common habits and discover how to adopt a more mindful approach to money management, ensuring a solid financial foundation for the future
In this video, we’ll cover the following concepts:
1. What are the top 5 modern money traps in 2024?
2. How can we make wise financial decisions?
3. What are some common habits affected by the lack of savings?
4. How do I create a simple budget?
5. What types of investments are best for me?
6. What are some strategies for effective budgeting?
7. How important is upskilling for financial success?
8. What's the smart way to use credit cards?
9. Good debt vs bad debt. Explained
10. What is the difference between trading and investing?
11. How can one develop financial discipline?
12. How can we avoid falling into modern money traps?
13. Importance of budgeting.

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#ModernMoneyTraps2024 #FinancialLessons2024 #AssetYogiShow

[@AssetYogi]

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Thank you, Valuable info !

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u missed health insurance one hospital bill .. direct middle to lower class

[@jawahirprajapati7962]

Right bro ❤

[@AssetYogi]

So true!

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13 minutes passed so easily, it signifies the value of the content in this video. 👏👏👏

[@AssetYogi]

Thankyou so much!!

[@atanaqvi]

As Always Great and Informative Video👏🏼

[@archanashah7636]

Valuable video. Investment and track ur spending habits. Budgeted spending. 👍☺️

[@indiracosta1190]

Supremely informative video, very very helpful sir, thanks a lot for your high graded advice.

[@atulsurjuse2916]

Really helpful.. Thank you

[@sunildalvi4362]

Thank you!

[@ultimatepathshalastanduped6717]

Thank you for valuable analysis ❤

[@deepakyatoskar7795]

You way of explaining is phenomenal

[@manjunathams8865]

Perfect examples!

[@BhanupratapApat]

Great advice ! Very True.
Few more points I would like to add
1. Have more than one income stream
2. Get financial education
3. Start creating passive income stream as early as possible.

[@manjunathams8865]

Very good add ons

[@RohitSharma-fe2bl]

Any help on passive income

[@shubhamprajapati5713]

Really informative and must watch video for everyone

[@irfanrehmani6154]

1st..health insurance.. Nxt term insurance.. 3rd income-saving=expense rule.. 4th Upskilling.. 5th invest little but must in mutual fund at least for15 yrs

[@abhiramabhi1583]

15 years 20 years mutual fund is a worst planning

[@apz7645]

Why we need a term insurance if we already have a health insurance?
And what would be the value of 1 Cr after 50 years from now ? If life expectancy is 80 years for a 30 year old man.

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​@@apz7645 what happened if you die accidentally or due to some critical disease ?

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​@@apz7645 No need for term insurance if no one is dependent on you.

[@pruthvicool]

Agree with all points mentioned.. Sometimes, your "Wants" can be a good anchor to get motivation for upskilling or pushing yourself to get out of comfort zone and try out new things. This can be a good habit because human mind and system works well when we attach rewards (wants) to any activity.

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rewards act similarly cheap or expensive choice is urs

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Your each video means a lot..

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one of the finest video ur all video

[@indiaisgreat8319]

Thank you sir

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Awesome explanation sir

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Very nice information... thanks

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This man is best financial coach on youtube

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thank you

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I always wait for your video.

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Very Nice Video...Thanks Sir ji

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Useful information

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True , good content ❤😊

[@saswatab79]

You missed another money trap I have been observing in this generation eating out at expensive restaurants and bars pub. I feel Gen Z spends a lot of money on partying which could have been invested.

[@vasundharakulkarni-km9xr]

Yes

[@AssetYogi]

Yes, it's basically spending on wants more than needs.

[@aman1909]

Thankyou sir

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Super informetion 👍

[@vikramsinghyadav7358]

Thank you so much sir ji 🙏🙏💐💐🌺🌷🥀

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Great content 🎉

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Amazing information and very well summarised

[@AssetYogi]

Glad you liked it!

[@jcduniquesiblings8454]

Great video as usual..Thanks Mukul Sir :)

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Thnk u bhaiya very knowledgeable vdo..

[@AssetYogi]

Thankyou so much!

[@yogeshn1833]

Informative Video, Thanks.

[@AssetYogi]

Thankyou

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Excellent presentation..... hat's off to your 🙏

[@AssetYogi]

Thankyou!!

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Thanks 👍❤❤

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Thanku sir

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Sir main apko , apke start se follow karta hu.. jab mic quality b not so good thi lekin content tab b top notch tha aaj b ..
Apki growth dekh kar bahut acha lagta h 💯 apne mere jaise bahto ko aware kiya hai
Keep going, keep growing 🤘

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Bahot badhiya 🧡

[@Gamer_with_knowledge]

I wish i could meet you once Mukul.
You are an inspiration of many.🎉

[@riteshgupta075]

Valuable video...thankyou sir

[@AssetYogi]

Thankyou!!!

[@Niku530]

Top class video knowledgeable 😊

[@mysanisa]

Very easy to explain to my daughter . Thank you Yogiji

[@Praveensingh-ce7ci]

Thanks sir for suggestions

[@AssetYogi]

Always welcome

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Very nice information

[@shabbirbagawan7013]

Thank You Sir

[@AssetYogi]

Most welcome!

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Very very informative videos 🎉

[@heypritam]

Valuable video Thankyou sir and God bless you ♥️

[@AssetYogi]

So nice of you! May God bless you too.

[@heypritam]

@@AssetYogi Sir ek request hai Tax ke upar ek Video bana ke samjha denge konsa asset mai kitne tax dena padta hai aur kaise kaise tax bacha sakta hun? Please sir 🙂🙏

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nice explanation

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Every video is very very informative 🎉

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Good episode
Thanks

[@AssetYogi]

Thankyou!

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The Best video ever❤❤❤

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Well explained and valued one

[@AssetYogi]

Thankyou

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Great seeing you grow 👍👍👍

[@AssetYogi]

Thankyou for supporting!

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Badiya laadle....

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Excellent

[@AssetYogi]

Thankyou!

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Very nice video

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Excellent sir

[@AssetYogi]

Many many thanks

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Mukul Sir! You're awesome. This is what is required to be financially strong in life. Others are always provocating to go into digs. You're the one trying to save.

[@AssetYogi]

Thankyou and Keep Growing!

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Hello Sir I like your context every time and use to watch your videos but I have a question If you can please answer that for me.
NDTV profit logo in left top corner, Why❓
I think there are many more you want to know why Adani NTDV is flashing on your video.

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😊1 no video sir jee.

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Great explain it one heart for you ❤

[@AssetYogi]

Thankyou!

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Hi Sir, Can you guide me for the investment. Where and how to make good investments?

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Nice information sir, this valuable.

[@AssetYogi]

Thanks a lot!

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Sir please make videos on etf which is good one

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Sir, jai Hind and namaste sada vatsale matrubhumi.

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ਬਹੁਤ ਵਧੀਆ ਜੀ🙏

[@AssetYogi]

Thankyou!

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What is casa account why show bank statement casa linked status . Please create video

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❤❤❤My favourite channel

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Only one question. Tell me where I can get the jacket you are wearing?

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Amazing video.
Up skilling is well taken point I feel. Not only the investments but also your skills can help you to make more money

[@AssetYogi]

Yes, absolutely!

[@vikaspandey3750]

You look very honest and hardworking mukul sir keep educating us, our youth needs teachers like you. Thank you so much😊.

[@AssetYogi]

Glad to hear this. Keep supporting!

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Hello Sir, is it true that tcs 20% change into 5% in coming financial year?

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Income tax ke liye parents ka health insurance ke liye konsa insurance achha rhega jis se tax benefit mile es pe video le kar aiye

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[@AssetYogi]

Thankyou!

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[@AssetYogi]

Thankyou

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Nice information

[@AssetYogi]

Thanks

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[@AssetYogi]

Thanks

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Sir please ek vedio home budgeting kaise karte hai ek vedio banaye.

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This is the Best video of savings.

[@AssetYogi]

Thankyou!

[@karnpriyasanadhya3294]

Very knowledgeable vedio sir👍
I have 1 question, I am investigating in sgb since 2021. this year for sgb I took loan on my fd of 90k(fd of 1L) 1%more intrest than paid to me.
Is it right decision?plz suggest.
I have no other loan.

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🙏🙏Great

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Tab Tak Seekthe Rahihe,Kamate Rahihe Aur Hamesha Ki Tarah Khush Rahihe

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⭐⚘🌟EXCELLENT..

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Where and how to learn about investment as a beginner? this is a very risky and confusing topic.

[@jiyasubhammeena7913]

bahut hi shandar sir
me aap ki bahutt video dekhta hu sare acche hai

[@AssetYogi]

Thankyou very much

[@Rks123skr]

❤Excellent Video by Mukul

[@2021ak]

Please make detail video on dividend income stocks portfolio investment of 10 lakhs.

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Yogi ji,
Great work❤❤❤❤

[@AssetYogi]

Thankyou

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Nice video hai sir good information

[@AssetYogi]

Thankyou!

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Lovely,unparallel G
Aapka har video awesome hai,like it very much

[@AssetYogi]

Thankyou very much