Toxic Habits that Drains Your Net Worth
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- เผยแพร่เมื่อ 9 ม.ค. 2022
- There are very clear habits you can avoid to avoid a drain on your Net Worth.
These include not paying interest, not blowing off your entire savings from urges, not trying to time the market, not keeping up with the Joneses, among many others. If you are able to avoid these, then it makes saving money that much easier to help you along to your Financial Independence journey.
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0:50 paying loans that is not netflow positive.
1:30 too much video games and videos
3:55 too much shopping, cars, hobby helicopters, etc
5:50 trying to time the market
6:50 hang out with the wrong people
7:30 buying just to show off
Eating out too much is probably the worst thing one can do when it comes to building wealth.
Never spend money to impress people you donot care or not care about u.
I used to be the type where I felt guilty if I wasn't working for studying to progress my career. However, I never felt like I was living life. I feel like a balance between making money and progressing one career and living life is needed. I'm more happier now that I'm not pressuring myself to be 100 efficient or always making money.
thats me man is almost impossible to enjoy anything recreational
@@Xiferr I still struggle with the balance sometimes to be honest. I sometimes go too far towards the fun activities/hobbies, but not enough focus on work or I go too far towards work/productivity/learning without any fun/hobbies.
@@Pinoyguitarist5 I am the same way. For me it has become way better since I started working instead of studying. My work is possible to take home and work overtime on, but I'm very strict with myself to not work overtime (sometimes I take a longer lunch break and end the day a bit later). It has given me a work life balance which I did not have when studying.
Good for you. Playing games or having a good vacation aren't really wasting time but part of life, I think. No need to feel guilty unless that habit destroys health or career or relationship.
@@yujie1973 I still play some games, but should really cut back on it. I wish to spend more time on physical fitness and training. Some extra time spent on QiGong would be good, learning more written and reading Chinese characters... etc...
Great advice. For the longest time I was looking at the Porsche Boxster. I ended up spending it on education instead. The right choice in retrospect.
I did not enjoy all the toxic exhaust fumes from an old Boxster.
I think as you get older you realise what your time is worth. I played around 6000 hrs of league of legends while at university.
When I got my first promotion in my career, all games stopped. I knew what my time was worth and wanted a return of both something that would make me happy but financial. Building something and growing it became more interesting than just straight enjoyment from video games.
Saying yes to every invitation.
Be selective so you don't spend money on people and events you don't enjoy.
Great one! I try to avoid eating out and suggest free things like picnics, game nights, and walks. I live in a big city and this is easy doable for those of us who have this privilege.
Yeah I just stopped being invited to things cause I always turn it all down and I used to feel guilty when I was younger but now I don’t. It’s my money and time. I would rather spend my time by myself or with my fiancé. I would rather grow my money then eat out and take trips and have nothing
actually so helpful thanks!
I don't think it's healthy to question enjoyment of video games when there is so little to enjoy in life. It's not healthy to think you always need to be making money.
Really enjoyed this video. It landed as more of a motivational video to stay on track cause I’ve definitely done these things with my money in the past. Every now and again I get tempted which is why this video was motivating. Thanks 🙏
=D Although, sometimes people have to go through it themselves to really learn. Hard to take everything at face value from just words unless you really really trust the advice.
We live & we learn right? Thanks for the wisdom drop. I'm glad you want to help others avoid mistakes.
Great blog i like it! ❤
great video!
Francis, you are the best teacher!
this video is good........!! thanks francis
Last tip was the best Francis! Only purchase if it gives you PERSONAL satisfaction without others.
Tip 6&7 def hits home for me and is something i picked up on in my early 20s. Thanks for the vid (and reminder!)
Liking this one!
That is a dope MR-2 of yours!
Hope you are healing well!
Great video my friend. BUT that MR2 was so clean
Going on too many dates, especially, if you end up paying for everryything...
@@RickMartinTH-cam yup buddies learn it the Hard way, and they wonder why they couldn't retire early
Totally agree on the video games!!- Just have to get my kids to understand.
Thank you for making me realize video games weren't giving me much in return. I need to try other things!
I just could not justify playing video games when at least if we’re talking time spent on entertainment why would I play a stupid ass game when I could watch educational videos or even watch a movie or show that maybe you learn something from even if it isn’t educational. Maybe I’m wrong but I feel Iike video games are not positive at all the the biggest waste of lifetime ever
Ok, but don’t go too hard about spending money/time on hobbies. If it really makes you feel good and helps on your overall “mental health”, it’s ok to spoil yourself a little from time to time, with moderation of course.
Hey man I've been sub for a long time and I found your videos incredibly useful. Honestly I love that your videos show the real side of personal finance not just the glory. Keeping it real with us has inspired me to start my own channel. Hope one day to provide others with the value that you've given me. 🙏
@@zloungeact thanks
I love the last advice
can you do a video on outlook of 2022 market especially related to how pontential rate change will impact the market?
disagree about video games. video games actually provide a really good cost per hour of entertainment compared to other forms like drinking, clubbing, movie theatre, etc. You can't live life grinding 24/7, and I'd say one should rather buy video games and play them rather than spending much more money going to the club
It is. But depends on how much gaming you do per day.
I also can get carried away with TV viewing....the time spent on TV shows and the COST of cable TV really adds up! I am fortunate enough to live close enough to NY city and a simple "rabbit ears" type antenna gives you dozens of FREE television in HD. No monthly fees. I cut the cable and saved over $100 per month and of course don't waste time watching to much TV. I still watch too much TH-cam though, LOL.
I was wondering have you played final fantasy 7 remake???
Very true about the video games.
i absolutely agree with you, this is the reason why I dont even play video games and I havent been attracted to them, cause I just think about what does it give me in the end? Nothing, just time wasted but everyone has different opinions.
I think my playing games and watching animes did help with my Finance.
1. Games, esp RPG games teaches you how to save money for that super special item.
2. You will learn to grind and grind you must.
3. You will learn how to optimize/strategize for better result-should you increase you earning power or saving power? Why not do both and have zero social status.
4. Passive games teaches you about automation or passive incomes.
5. Watching anime will instill some Japanese values in you such as, hard work, persistence, self responsibility, and minimalism.
Im sure there’s more that I forgot.
In today's market, are you holding your stocks / funds? Or converted to cash?
Thoughts on GME and computer share?
Was the drone a regret purchase? Or do you still use it and enjoy it?
Not drone, it’s a gas helicopter.
Subbed for fellow Diablo 2 player.
Such addiction back then. Fond memories.
List of things your parents forgot to tell you 😂
Game for only 1 hour!?!?!?!?!!? I respect your opinion but I can’t do that lol. That’s the way I feel about tv shows/movies though soon as I hit that 2-3 hour nark im ready to turn it off. The other points definitely don’t apply to me nobody can make me spend money & I barely hang with people in general. Better being alone
O man I did all of these at some part of my life.
What do you think of QYLD?
How about talking about Chinese New Year traditions? What do you do since you're living by yourself?
Wish closed captioning was available :(
First car mr2 nice mine was a 91 supra I've spent 8 years working on it and probably only 1.5 years driving it
Project car? I learned a lot working on the MR2 but once I learned how, I didn't want to repeat it.
@@BeatTheBush yea manual 5 speed blew a rod the head gasket and another rod now I got a 1jz non vvti twin turbo just started it last month first time in 6 years
Perhaps you should have your TV show, but in a sense you already do.😎
TH-cam is sorta like your own channel eh?
@@BeatTheBush Video killed the radio star.🙂
MR2?! nice
Build your own burgers, tacos and Chinese and italian foods.
Hi!!
Hello!
I don't think retiring early is very wise...you"re better off finding a job you enjoy or can manage....i know many people who are 65 or older and still keep working. Not because they need the money but because they like working.....for example I know a 70 year old guy who keeps doing home renovations
Final fantasy 7 hype! Can I get a HAIYAAA?
Aw shuck. I should've signed up moo moo with your promotion, instead just downloading. Have been your long time follower.
I tried to time the market and pick stocks. I did well, but when I am "par" with the market, I switched to boring ETFs and to save unnecessary time/energy to focus on other life important goals, instead of chasing that dopamine from "investing".
Two subscribers have commented they won a Oculus Quest 2. However, the current promotion is also pretty good with a guaranteed share of AMC stock.
Prob need to cut my time watching beatthebush..
Don’t date, Don’t get marry, don’t have kids, don’t watch TV, Don’t eat out, Don’t do anything that normal people do. See that was easy.
Indeed. Normal people are average and since early retirees are few, you pretty much have to be weird as heck.
Yep, social stigma is PITA though. Especially being Asian. I am Asian with similar background. Typical family with 2 child. Without child and responsibilities that comes with it, Early retirement is the easiest part, especially working in the tech field for 30 years.
My toxic girlfriend 😂
Mostly any girlfriend to be fair.
@@folcane to be honest 😂
Lol.
@@freddyalways1991 yeah be HONEST and dump her.
tldw is dont have habits that NEETs have
I am a smooth brain ape! Diam0nd hands!
Video games are still better than watching television, but yeah still not quite as good as exercising or reading a book.
Depends. Some people watch TV while doing something productive so in that case it isn't such a waste of time.
Not in my opinion. I learn way more and am way more influenced in life by shows and movies I have watched over the course of my life. What do u learn about anything playing smash bros or call of duty or something? I feel like u just waste time
BTB I think you think you are smart enough to time the market or pick stocks/coins still. I feel for you bro. You'll never learn.
Disagree. I think consuming entertainment can be a form of learning. Culturally engaging with other experiences outside of oneself. It’s cultivates curiosity and feeds to grow your personality when you consume eclectic material. To you it can be seen as a waste of time if your not engaging it in a way that influences your worldview / perception.
Agreed. Maybe a little less so with video games but 100% agree in terms of TV’s and movies. Whether we like to agree or not all of us have had our personality, philosophy and choices in life inspired by characters on TV shows and movies. Sometimes a show could teach you things that you didn’t even know about yourself. So I agree 100% that in moderation it is of value to consume
Never buy crypto is key.
you got screwed on bitcoin nad dogecoin then
Nah, still profit greatly over principle.
Still holding doge ?
Please check last doge video.
@@BeatTheBush Lasr Doge video is about four months ago.
@@BeatTheBush so u never sold ?
I would argue that you lost a fortune by not staying invested in Tesla it’s going to be a ten trillion dollar company (but that’s just my opinion) you will be fine ether way lol
1 hour day... on videogames. Come on, man. You played FF/Diablo so you know 1-hour is nothing. Nothing!
Sounds like you regret every having fun.
I think that's a reasonable timeframe. Although I would not play for only one hour on a given day, instead I'd play for 5 hours one day a week and maybe two hours another day.