I'm an Aussie and have nevr owned a credit card ever, I started out small and got a low % term on a radio then a bed, and then a car. I do not have debt and the banks constantly look at how I manage my money and want to offer loans, but I don't buy just for the hell of it. I buy only what I NEED.
There is a difference between not being flashy and being cheap and frugal. If you have the money and still deprive yourself of the joy and comfort it can bring you, then you are frugal and cheap. Maybe that’s what she meant.
@@user-yn9mx7xu1r frugal is not synonymous with cheap though. Frugal is finding the best price on a quality item, cheap is spending as little as possible regardless of quality. That is how I think of it at least.
@@toddrowley5605 Very wise reply but wisdom comes with age & everyone still has different definitions of wisdom. We all r not Buddha. Humans seek love, companionship & relationships & only after many mishaps they learn. Besides family & social dynamics r changing very rapidly
For me, the most powerful comment I've read... Thank you! A very simple explicit numerical focus to apply to life... My goal... "I will save and invest half of my earnings, or more, each month" This single piece of advice addresses all the points raised in this great video.
@@michaelhurley9680 Half is great! But any regular and net amount of savings and investment will work over time. Personally, I think there's a lot to recommend company Dividend Reinvestment Plans (DRIPS) which often allow you to buy the first share of stock, make Optional Cash Payments to buy more stock whenever that might be convenient for you, and reinvest dividends automatically if desired, all at low cost.
Totally agree, yet I’m shocked by home many, otherwise, attractive people have squandered vast sums of money on tatts. A future money-making venture is going to be the people who charge $$$ for tattoo removal!
If people actually did the math on the potential investing returns of a car payment over x-years, the would likely barf on themselves. But people are stupid and take on cars payments forever. Just buy a used car with cash that you can afford. Cars are tools to get from A to B. No one cares if you have a fancy car.
They fail to give the balance. I meet people who have millions and still are stingy as crwp. I asked them why are still saving money like they have 30 or 40 years left on earth. Even when people are 70 or 80 they want them to still INVEST. Crazy I am 69 years old, no children, 3 homes and no large savings but nice monthly income. I try to spend my money now. I eat out daily, 5 or 6 long cruises a year, 12 flights a year and they as still talk invest. It never ends with saving but not spending Whatever is left after my death they can have it then
@@bobadams7654 yes, my point is based on the video where this guy is all about the accumulation of wealth. The initial comment in this thread places those want-to-be rich, where I see the point you are making. But does it make them happy to have debt? Or does it make those who are rich happy, when they are too afraid to spend it?
@user-ee8lv5jq8m good points. I think it's more nuanced. Debt can bring tremendous stress, so a short term fix is the immediate gratification of a purchase - which leads to more stress etc etc. Plus all the media showing what you "should" have in life in order to be successful. Some wealthy people lose sight of life other than wealth accumulation , often at the expense of relationships etc. Again very sad. I can recommend an excellent book ( the audio book is free) Die With Zero. Fascinating insights. What's ur take on personal debt?
Be very careful. Speaking as a business owner at 49, with some nice cars which are my passion. I definitely made my life harder than it had to be to own the cars I wanted when I got them, but if you have a passion you’re on this earth for a short time. I’m absolutely not suggesting to be reckless, and I’m not suggesting to over-reach yourself like crazy, but you don’t know if your health and your family health will be perfect. You absolutely have to do some living - NOW. Who wants to be 80 years old with immense wealth when you don’t want to/can’t go anywhere and can’t enjoy it. Do not listen to the pension pushers. Live your life healthy, honestly and well and make sure to enjoy yourselves. One minute you’re 25 the next minute here we are and I’m 50. All the best wishes people.
I agree. What is the point of 3 million in the bank, stocks or whatever and you eat left overs, stay home, drive an old car etc.. you are going to have to stay home one day because you will be old so enjoy your life now but save some too. Everything in moderation even when SAVING. I have seen people work and save plan to travel and live the good life when they get old, then they get too old or they get cancer and sit home or die with 5 million to leave their distant cousin!!! Sad. Live your life while you can. Old comes real fast.
The reason for saving money - let's say 15% of your salary is so you CAN have the freedom you want in your 50's and beyond (by living off the interest of your investments. Having someone pay YOU plenty of money to live on monthly (interest) is better than you having to 'die on the Walmart floor" as Caleb Hammer puts it. Working in old age is not the answer.
i think this list was intended more for people that are having trouble making ends meet more so than those that have already achieved some level of success. my grandpa was fairly successful, built a business and inherited a lot of land and money. he spent most of it on racing baja, drinking and smoking. ended up dying from COPD with a reverse mortgage, but i think he had a lot of good times and i figure you might as well enjoy it while you have it. just wish he had taken a bit better care of his health and was still around to hang out with today, but such is life.
Exactly! If you can afford to live below, your means that’s the way to go so that you can have extra money to fall back on if needed and so that you’re not miserable or stressing about money.
Car payments, lotto tickets, eating out constantly, storage units, paying others to mow your grass, wash your car, clean your house, frequent Amazon deliveries, traveling out of town once or twice a month, expensive jewelry/watches/artwork, frequent and expensive home upgrades.
@@desimo147 yep. Bought my motorcycle with cash. Pay $75 a year for insurance. $15 to fill it up. Goes for 200 miles on a single tank. Woohoo!! I AM Rich!!
@@desimo147 living off grid is awesome!! Got solar panels, water from a natural spring, wind power, motorcycle paid for, insurance $75 a year, greenhouse for my vegetables, chickens, fast for days at a time. Keep all my money. Woohoo!! I’m super wealthy!!
I think a better title for this video should be something to the effect of "If you're not rich, here are the 11 biggest money pits that keep you poor and prevents you from getting ahead" because the rich absolutely waste their money on all these things, it's just that it's so much easier for them to spend within their means, thus they can afford it and still get ahead or stay ahead.
They don't spend like drunken sailors, this is why they stay rich. "Ballin" is just wasting money with everyone watching. Most of those celebrities get expensive things given to them by these companies to show off so that everyone else spends their money on the stuff. Real "Wealthy people" don't show off with money. Except maybe with cars.
Nope. Only the ones you notice because they are wasting money on being noticed or someplace like Hollywood where you have to look like you belong in the business. Check Warren Buffets house and clothes, etc.
12. Do not travel more than 20 min one way to get to work. No long commutes. Move close to work, and try to get to work without a car. If you workplace is in Manhattan, and they pay you minimum wage, get a different job, where you can live in an affordable town.
So basically save money, not people. Otherwise all these things that control the rest of the world and support the same economic system are eliminated? Addiction is the pulse of the economic system, especially money itself. "They will throw their very silver into the streets and gold will become an abhorrent thing." Money is the measuring line of all things made by man. But worthless to mankind's Creator.
No. If anything, I eat what I want. I work hard, make decent money and I'm not eating crap I don't feel like eating. I've gone hungry before and been homeless, I'll never eat just to fill my stomach with crap I don't want. Of course I'm not going to ever use credit cards for eat, but I just won't eat like that
Love this advice! The day before garbage day or grocergy day, I scan the fridge and freezer and make sure we eat that day or next day the older food first.
People will look down on someone who's got 💵$100k in the bank driving a $5000 car, but not the guy who has $5000 in the bank driving around in the $100k car. 🏎
6.5M and I drive a 2013 accord and my wife has a 2013 civic. My car even has a dent on the passenger side quarter panel. There’s no rust or brake in the paint so I have no interest in fixing it.
I'm one of those millionaires driving a 2013 pick up truck with 145K miles on it care free. I watch my friends go into massive debt to buy toys and it seems to bring them more stress than joy. Just an observation.
One that came to my mind first thing was the always buying new cars every couple of years. Nothing depreciates faster than cars. I had that bad habit for years and i finally woke up to it.
I like fancy cars, but I keep them an average of 10 years. Now, I did make an impulse buy of a Chevy Impala. But, GM announced it was dropping the Impala, as well as V-6 engines in the Malibu. So, I moved up buying a new car by a year, to get an Impala, with a V-6.
Me too! Now all four of my vehicles are paid for and I don't intend to buy another one. Two trucks, two cars. Not new but all well maintained and cared for.
My last car was a Jaguar XJ. Bought two years old for half its original price, exchanged 22 years later for an F Pace SVR. Two years old, 8k miles, paid about two thirds of new price. Hoping this one sees me out as I am 69.
I know wealthy people who drink too much and poor people who never touch alcohol. I think it's more about upbringing. But, I know people of modest means who buy expensive wines and spirits, while wealthy people buy Two Buck Chuck at Teader Joe's, or inexpensive spirits.
It's pointless spending your money on harmful or pointless junk and trash. Dieing wealthy is just the result of investing money rather than wasting it.
My high water mark for credit card was $27k. I was a wreck. I paid it off completely and cut it up. Been so happy since. Now I have no debt and big bank accounts
Earlier in life I had a similar, but less extreme experience. Credit card spending was ever so gradually getting out of control. So, one day I had had enough and decided to pay them down, get rid of them and never ever own a credit card again. One of the best things I ever did.
nice, i have about 30k on credit cards right now. the caveat is that they are interest free cards and i put the money in HYSA for 12-18 months then pull it to pay off the cards before interest kicks in. combined with the sign on bonuses its worked out to a fair amount of free money. i did get a bit greedy and put more than i should have into equities and the market has dropped, so lesson learned there but i can theoretically borrow on margin at a lower rate to pay down the cards. either way i will be happy to have to cards paid off, having that much debt hanging doesnt feel good.
Door dash and other delivery systems like that are horrifyingly expensive. A friend gave me coupons for one, but I laughed when learning that even with the coupon it was going to be something that i didn't want to pay. And in the college town where I live, a fancy tattoo place just opened on the strip when other stores and restaurants are closing left and right.
Not surprised. I live next to a college town. Hell I use to live in said town when I was a college student. Outside of the 2 restaurants that's been there for decades that's located on college hill, it's changed quite a bit 😊
I got a door dash coupon one time too, it was for $10 savings, and I though "saving ten dollars, how much is this??" I am very surprised anybody uses it! I could never justify the cost for some food that probably going to be cold when it gets there. FYI, if you don't tip well they won't even bring your order. Plus you have no idea what they are doing to your food on the way! have you seen some of the drivers? These are people so gross I would let clean up dog poop in my yard!
You forgot one. Pets. Especially veterinary bills. Girl I know has 4 fancy cats. Just dropped $13k on a surgery for one. That all went on a credit card...
Yes, they deserved to be well cared for. I worry about what will happen with pets during the looming economic collapse that most people are still totally oblivious to.
I go to the vet very rarely but do try to feed my dogs healthy foods that keep them healthy. I give them very few vaccines, over the years I have found that hurts them more than helps. We love our dogs too and are important family members.
This should be the key note of this whole discussion: "Nobody's paying attention to you because they're only paying attention to themselves." You hit it.
I’m good at saving and I avoid everything he lists here but tech is my crutch, I get the best iPad Pro 12.9" every 3 years or so and a new iPhone Pro Max every other year. I paid off my first (new) house in 8 years and I have a budget for food and virtually none of it is wasted. I don’t gamble smoke or drink andI make my own power with solar. A big expense is my dog but he’s my only companion so it’s a must for me.
@@Myhovercraftisfullofeels everything on us is rotting away slowly every day if we're lucky we make it to 80 years and then something finally let's go that's just the way life is you try to do your best along the way but eventually people rot away
The government will "take care of them" alright, meaning keep them poor, dependent upon it and under its absolute control. Lots of people I know live off government subsidies, and that's how they live. They don't live, they simply exist.
There is a convenience store near my house and I used to be friends with a clerk who worked there so on saturdays I would visit and talk to my friend behind the counter. There was always a continuous parade of people (obviously poor people, and always the same people) buying three things, scratch tickets, nip bottles (by the sleeve) and cigarettes.
Notice how States that don't allow gambling all have State lotteries? It's not that they think gambling is immoral, its that they're waiting from some casino to cut them in on the deal. Boston allowed a casino to be built just outside the city when they were offered a percentage of profits in addition to taxes. The permits were instantly approved. They could not build the casino fast enough.
I had a tenant once who was always behind on the rent, she had been ignoring my calls and texts so when I was in the area I dropped by…just as I pulled up she and her teenage daughter were walking out of the house to go somewhere…I got out and immediately the excuses started…while she’s talking I notice that both her and her daughter have the latest smart phone…I stopped her mid sentence and showed her my flip phone, then pointed out her new fancy phones and asked her what was wrong with this picture…I asked her how she could afford to buy new fancy smart phones but not pay for the roof over her head…filed for her eviction the next day…hopefully she learned to prioritize the important bills…
The whole money thing rich/poor is a game, you've just got to know how to play it. I've seen some extremely wealthy people walking around with constant scowls on their face and people who live week to week smiling. Kids in Africa are testament to that.
I have wants and needs. The wants are the largest waste of money. The needs are just that, needs. Things that you NEED to survive. I have really restricted my wants to almost nothing. Contentment is half the battle. I am content with less. Vices are expensive, avoid vices. Drinking, smoking, impulse buying, be careful of these things. They are traps. Make it your mission to live with less.
Why though? You have money, spend it on what you want? I want a new audio set up, I can afford the set up without bankruptcy. Why constantly save and live with nothing?
The Comic “Brother Dave Gardner “ once said ( paraphrasing) happiness is not wanting what you can’t get, and being happy with what you have”. Also heard a remark by Kurt Vonnegut; he and Joseph Heller ( catch 22) were at a party hosted by unnamed billionaire. Vonnegut commented that the host had everything; then Heller said, “ but we have something he doesn’t have.” Vonnegut asked “what” Heller replied “enough “.
I'm not wealthy. I don't have a fancy car or buy coffee. But I can't say the same with my rich friend who has a mercedez amg and drinks take away coffee
Got rid of my mortgage and credit card soon as I could. Bloody credit card was ridiculous, paying off £200 a month and only £130 was coming off the actual debt.
I am a video gamer but I only play offline. I can play the same game for months or years in some cases. This helps me save money because I don’t go out very often.
Cars, car loans and car leases! Go drive by a low end apartment complex and look at the cars there. Lots of people barely getting by are driving fancier and more expensive (prestigious) cars than anything I have ever owned. Saturday morning here and I will be performing some deferred maintenance on my 2006 Camry today, because it is only a little more time and effort than having a shop do it and there are no screwups.
Yes, good point carnivore. I no longer have a chest freezer, and am not a carnivore. I am single, however, and barely saved enough at Costco to keep my membership worth while. Nothing important about that.
A realisation that I came to is kind of similar to impulse purchases or tech purchases but I want to elaborate: I will spend hours researching something to buy, then I will spend time looking for the cheapest place to buy it, then I’ll watch loads of videos to curb my impatience until it arrives. Then when it arrives I’ll learn more about it, watch more videos about how to use it. Maybe there are accessories that I then need to find for it. Then it might have an issue and I get involved in online conversations about it. Then I’ll find it has a significant issue and second time packing it up for return, go to the post office. Find an alternative and I’m back into the loop. Not to mention the cognitive toll in takes on me. It’s not just the money spent, it’s the time wasted when I could be doing something more constructive.
I worked with a guy who you would have been proud of. He lived at home all his life, rode a bicycle, never went on holiday, wore his work uniform outside of work, didn't smoke, didn't drink, never had a holiday, did not marry. He had more money than you could shake a stick at. At the end of his incredibly mundane boring life his distant relatives circled like vultures to get his vast savings. Personally I would rather have a life, even if that meant someone benefitting from me having a loan.
This is when I've always remembered by very best friend, A elderly man named John Antonelli who is the father of my ex employer who recently passed on when he told me that John only had $300.00 to his name after WW2 on a battle ship when he was discharged as a sailor then proceeded to work and invest his money and made boatloads of money as a return and John had Always told me: "It's not how much you've earned but how much you have SAVED because this is the key to Financial survival and this determines if you eat for another day or you starve to death!" And I've always kept his friendly reminder to heart on why I'm now already retired @ 57 years old and getting very handsome monthly retirement check from wise investing! Thank you @ John and Rest In Peace!
I was counseling a group of union carpenters who were making well into six figures but had no money in savings or investments. I would add the following: 1) Churning vehicles - buy whatever vehicle you like but pay it off and keep it for a long time. 2) Paying for sex workers. A lot of guys have no clue how much they are spending as they do not track it. The girls are getting rich. 3) Failure to negotiate thins like cars and taxes leaves $$$$ on the table.
That last one, 'trying to look rich', is like a virus here in the UK and has been for many years. It hurts my eyes to see the sheer battalions of people wearing cheap-arsed Armani and Versace and Timbaland sweatshirts and whatnot. Poor people paying over the odds for some ordinary garment with a logo just because some rapper namechecked that brand.
Very good advice. Not all poor do any of this and try to make a little go a long way. In the UK many young adults live with parents because they cannot afford their own housing. In order to get to enjoy something in life they have branded German cars on PCP for that Idont blame them.
@@DarkStryder360True but old luxury cars can be expensive to maintain but they definitely can be a bargain if they were looked after. My other car - not for regular use anymore- is a 1989 Golf GTI (UK) which is now an appreciating classic.
I am a 55 year old retired UPS driver. I used to deliver to a lot of apartment complexes where many people owned much more expensive cars than I drove. I'm retired comfortably now, but I'm guessing most of them still live in apartments and still drive nicer cars than me.😊
You missed one. #12 Convenience Stores / Gas Stations - A gas station is a gas station. Anything inside the gas station can be 200% higher in price than the same items you could purchase in a grocery or discount store which leads to another forgotten point. Piss Poor Planning or “PPP” waste money as well.
I don't know why so many people have to send out for coffee or habitually buy coffees while shopping in the mall. What's wrong with having coffee at home before you go, then having another coffee when you get back and maybe taking a refillable water flask with you in your bag in case you get thirsty while shopping? Coffees are getting more and more expensive and it really adds up.
I would NOT say the problem is; "High interest credit cards" - as if we are emphasizing "HIGH interest rates" as the culprit. (and a low interest credit card would be just fine to use. NOT.) IT'S THE DEBT - CONSUMER DEBT regardless of the interest rate on your card. Stop using the credit cards to live beyond your income.
I bought myself a new car getting a loan from the bank. That makes me feel good and safe behind the wheel. I needed that feeling, so not sure I wasted money
I think it's best to treat yourself with the goodies and work more and earn more, rather than cut off all fun and keep calculating how much a candy bought today could have compounded in interest 40 years from now.
I smoked for many years back starting in the 1960s and a carton of cigarettes was like $5,when I go to the grocery store and see a carton of Marlboros for $98 I think what kind of idiot pays that.🤣
My grandma quit when they went to $8 a carton. At least she was smart enough to have a limit and not let her addiction run her into the poor house. She died at 89 with a nice bank account.
At 82, I have lived debt free by not borrowing to buy that which depreciates. I borrowed to buy a house, which appreciated over 17 years, tripling. I sold in 2007, putting fiat money in gold money (coins) at $740/oz. My car purchases have been cash, slightly used, private deals. I let the original buyer take the initial depreciation. Then, I paid that owner NOTHING. I paid off the financed amount. My advice to friends/family is unequivocally firm: "If you don't have the cash, you can't afford it." Also, "Taxation is theft." I find ways to avoid being robbed. Govt. finds ways to tax, calling it "regulation", "money creation"(price inflation), "protection", "service", e.g., IRS, Internal Revenue Service. When my wife retired in 2009 we left CA to escape the state income tax. Our choices were limited to 7 states that don't have that tax. We chose WY, too cold, moved to Henderson, NV, too hot, but our rent is too low to move.
I have no debts, I don't eat out, I own 2 vehicles, both paid off, house is paid off, no student loans, I don't even have a wife or a girlfriend so my money is my money, no kids, no child support, I have 401k and some stocks, savings, and I don't care to look broke. I wear jeans and tshirts or shorts, they say money doesn't make you happy but for me it does. I just care about society because society wants me to be a slave like most people are. Oh and I pack my lunch, I don't eat out that much, maybe once per week, if that
Thanks for the common sense talking points... I'm going to share these thoughts with my 15 year old granddaughter. She is living a life of poverty that my wife helps her overcome by giving her a monthly allowance, most of which she is spending on food and essentials (like clothes, medication, etc.) Its not an ideal situation but we make the best of it. Her mom is a drinker and her dad leaves to go kayaking every weekend to get away from his failed marriage which he is in the process of ending. The girl is smart and looking to get out of this lifestyle by not repeating her parents' mistakes. We are focusing on getting an education for now which will eventually be supplanted by investing in her future, but she will need good spending habits to get there. Your advice teaches good basics on how to do this. I've always said, "Look after your money. Because if you don't, somebody else will." Cheers
Blessings on you. Thank you for teaching financial responsibility. Its so needed. Its not taught in the public school system and even how to file taxes. Yet, we are held accountable for that. I will present this to the high school students for life skills. at times I get the chance to teach life skills and personal development. I use these tutorials for the instruction and to compliment me. The students enjoy this. perhaps you can make a tutorial for students to inform them how to save and invest money in small amounts as they work. you and I both understand that the dollar is depreciating and its value is not the same as it was years ago. so what is not going to depreciate in value? what to do when we go cashless? once again thank you for teaching life skills.
If you are simplifying your life don't give everything to the thrift shop or charities. If it its worth more than a few dollars sell it and get some of your investment back.
On the tech thing, it's spot on. I get a reliable technician to help me repair laptop hardware and I don't need to get a new laptop once every two yrs.
I'll go to casinos and spend little or nothing in the casino. Any time my wife and I stayed at the Monte Carlo in Las Vegas, we took $50 for gambling. We drove to a tribal casino in Michigan. Even though we had an overnight stay, we only spent money for dinner in the buffet and tickets to see Jay Leno.
Great video. I think you missed the biggest waste of all, it’s buying expensive cars, or buying new cars often. Compound that over 40 years and you have a retirement fortune.
I hate debt. Another money waster are every month hairstyles, fake nails & lashes, designer clothes, store accounts & expensive cosmetics that don't even work!
"Personal maintenance" is a double edge sword. Quality whole foods, "cleaner" personal care products (less toxic), a gym membership and perhaps training sessions and yes, an occasional Botox session is one thing. Overglam as you say is quite the other. In our consumer society companies are tricking people to buy things they don't need with money they don't have.
My retiremennt plan after being beat up in a divorce in 1998 was not to have a lot of money, but to not need a lot of money. Were both over 70, we own our home and 33 acres, and zero debt. Our monthly cost of living is less than half of our Ss checks. We pay zero income tax and our RE taxes are less than $400 a YEAR. yet we have a gorgeous 9 acres of lawn and 24 acres of woods and two streams. Were in the sticks. It means no starbucks, but we havve a keurrig and Kirkland coffee is $.26 a cup. We have four cars, all with high mileage, but i maintain them myself in my 30x60 shop/mancave. But its taken a lot of work to get here.
My wife and I JUST went through a conversation that hits on many of these points. We are not poor by any means. She’s the type to keep up with the Jones’s. I’m the type to be satisfied with moderate things. Ex: She drives a Range Rover, designer bags, jewelry, etc… I drive a Jeep Wrangler. Both are paid off but she’s thinking about how much trade in value she can get while I’m thinking about how many years I can drive it before I need to replace it. I am a jeans an tshirt guy, and most of my favorite clothes are 10+ years old. We are both unemployed and struggling to find jobs. We’re ok, but she had a wake up call when we went over our spending. She complains that we’re eating “Poverty Nachos” at home rather than going out to eat or getting door dash. The irony in “Poverty Nachos” being something she saw on tick tock, by an “influencer” who is probably renting a house, leasing a Mercedes, and maxing credit cards to keep up with fashion. What a world we live in…
Very sound recommendations. Doing without resonates. Easy when you have no money. Buying cheap furniture just to fill a room! Stupid. Buy better quality second hand and refurbish. I have been married for thirty years and we never cared really what people think about out non matching furniture. In fact we like it that way.
Still hanging on to my phone until i can get a new one within a few months or so, despite having a huge crack and huge black spot covering the screen. The phone still works so there's that
You could’ve had 10 money wasters instead of 11 if he said “Vice” Smoking and gambling are both vice. Also vice has alcohol, drugs and sex which are also money wasters.
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I'm to poor even to by poor
I'm an Aussie and have nevr owned a credit card ever, I started out small and got a low % term on a radio then a bed, and then a car. I do not have debt and the banks constantly look at how I manage my money and want to offer loans, but I don't buy just for the hell of it. I buy only what I NEED.
Don't spend money you don't have, to buy things that you don't need, to impress people who don't care.
Excellent!
Agreed!
You would think they don't care but it is even worse if they do: how to spot shallow people and narcissists!
😂 thanks captain obvious
👍👍👍👍👍👍👍👍👍👍
I was in a relationship with a woman who left me because, and I quote her, "you have money and live like you dont"
sounds like she did you a favor
Cheaper not to keep her.
Material Girl !!
There is a difference between not being flashy and being cheap and frugal. If you have the money and still deprive yourself of the joy and comfort it can bring you, then you are frugal and cheap. Maybe that’s what she meant.
@@user-yn9mx7xu1r frugal is not synonymous with cheap though.
Frugal is finding the best price on a quality item, cheap is spending as little as possible regardless of quality. That is how I think of it at least.
The biggest waste are ungrateful relationships on whom we spend with our hearts but they never reciprocate.
Best and most accurate comment on this video.
Comment of the day
Absolutely!!!
@@SanjaySharma-rh7bo I can only control how I choose to love others.
@@toddrowley5605 Very wise reply but wisdom comes with age & everyone still has different definitions of wisdom. We all r not Buddha. Humans seek love, companionship & relationships & only after many mishaps they learn. Besides family & social dynamics r changing very rapidly
If you are poor and you live like you are rich, you will stay poor.
If you are rich and live like you are poor, you stay rich.
💯 % 👌
Words of wisdom.
Great advice. It's like ... If you work hard for a living ... why kill yourself working ... !!! 🤑🤑🤑
Some wealthy people don’t care how they look in public.
Then. . ...why bother?
~ 🦋
I’m 28 and save about 51% of my income. Trying to get ahead and do the right thing
I found that investing in stocks and rental real estate paid off big time over a period of decades.
For me, the most powerful comment I've read... Thank you!
A very simple explicit numerical focus to apply to life...
My goal... "I will save and invest half of my earnings, or more, each month"
This single piece of advice
addresses all the points raised in this great video.
@@michaelhurley9680
Half is great!
But any regular and net amount of savings and investment will work over time.
Personally, I think there's a lot to recommend company Dividend Reinvestment Plans (DRIPS) which often allow you to buy the first share of stock, make Optional Cash Payments to buy more stock whenever that might be convenient for you, and reinvest dividends automatically if desired, all at low cost.
I'm 26 saved up $3,000 I don't have a job but I'm keeping that
Well done🎉
Tattoos. See lots of poor all tatted up and wonder how they can afford it.
Totally agree, yet I’m shocked by home many, otherwise, attractive people have squandered vast sums of money on tatts. A future money-making venture is going to be the people who charge $$$ for tattoo removal!
They can't
Same for obese people
the more tattoos the less likely to get a good job
@@thomburleson7661 Tattoo on ground floor and removal on first floor. Seen it a few times 🤣
Borrowing money to buy an expensive car is like flushing money down the toilet.
Sucks being poor
I enjoy my car and don't mind the note,I do make sure that I also invest every paycheck 😂
If people actually did the math on the potential investing returns of a car payment over x-years, the would likely barf on themselves. But people are stupid and take on cars payments forever. Just buy a used car with cash that you can afford. Cars are tools to get from A to B. No one cares if you have a fancy car.
@@patriotdrone9566 some owners do
If you have any debt at all, mortgage included, you couldn't afford it in the first place
Same as the UK. The amount of poor people with the latest phones, designer clothes and driving BM's and Audi's is amazing.
You’re only guaranteed one life. Enjoy, it’s pointless being the richest man in the cemetery.
They fail to give the balance. I meet people who have millions and still are stingy as crwp. I asked them why are still saving money like they have 30 or 40 years left on earth. Even when people are 70 or 80 they want them to still INVEST. Crazy
I am 69 years old, no children, 3 homes and no large savings but nice monthly income. I try to spend my money now. I eat out daily, 5 or 6 long cruises a year, 12 flights a year and they as still talk invest. It never ends with saving but not spending
Whatever is left after my death they can have it then
@user-ee8lv5jq8m very true. But that does not equate to living a debt filled life.
@@bobadams7654 yes, my point is based on the video where this guy is all about the accumulation of wealth. The initial comment in this thread places those want-to-be rich, where I see the point you are making. But does it make them happy to have debt? Or does it make those who are rich happy, when they are too afraid to spend it?
@user-ee8lv5jq8m good points. I think it's more nuanced. Debt can bring tremendous stress, so a short term fix is the immediate gratification of a purchase - which leads to more stress etc etc. Plus all the media showing what you "should" have in life in order to be successful.
Some wealthy people lose sight of life other than wealth accumulation , often at the expense of relationships etc. Again very sad.
I can recommend an excellent book ( the audio book is free) Die With Zero. Fascinating insights.
What's ur take on personal debt?
Be very careful. Speaking as a business owner at 49, with some nice cars which are my passion. I definitely made my life harder than it had to be to own the cars I wanted when I got them, but if you have a passion you’re on this earth for a short time. I’m absolutely not suggesting to be reckless, and I’m not suggesting to over-reach yourself like crazy, but you don’t know if your health and your family health will be perfect. You absolutely have to do some living - NOW. Who wants to be 80 years old with immense wealth when you don’t want to/can’t go anywhere and can’t enjoy it. Do not listen to the pension pushers. Live your life healthy, honestly and well and make sure to enjoy yourselves. One minute you’re 25 the next minute here we are and I’m 50. All the best wishes people.
I agree. What is the point of 3 million in the bank, stocks or whatever and you eat left overs, stay home, drive an old car etc.. you are going to have to stay home one day because you will be old so enjoy your life now but save some too. Everything in moderation even when SAVING. I have seen people work and save plan to travel and live the good life when they get old, then they get too old or they get cancer and sit home or die with 5 million to leave their distant cousin!!! Sad. Live your life while you can. Old comes real fast.
The reason for saving money - let's say 15% of your salary is so you CAN have the freedom you want in your 50's and beyond (by living off the interest of your investments. Having someone pay YOU plenty of money to live on monthly (interest) is better than you having to 'die on the Walmart floor" as Caleb Hammer puts it. Working in old age is not the answer.
i think this list was intended more for people that are having trouble making ends meet more so than those that have already achieved some level of success.
my grandpa was fairly successful, built a business and inherited a lot of land and money. he spent most of it on racing baja, drinking and smoking. ended up dying from COPD with a reverse mortgage, but i think he had a lot of good times and i figure you might as well enjoy it while you have it. just wish he had taken a bit better care of his health and was still around to hang out with today, but such is life.
Yes my one splurge is cars. I'm a Millionaire and drive a used Porsche. Cost less than many crappy new cars.
💯
Save your money. Live below your means.
What if you have money to spend
Spend it wisely, or put it into a savings account.
@paulandrews2235 savings? Yeah, some I guess, but no guarantees of a long life. I guess this article refers to the less fortunate
Exactly! If you can afford to live below, your means that’s the way to go so that you can have extra money to fall back on if needed and so that you’re not miserable or stressing about money.
That's the thing. A lot of folks can't even afford to do that
Car payments, lotto tickets, eating out constantly, storage units, paying others to mow your grass, wash your car, clean your house, frequent Amazon deliveries, traveling out of town once or twice a month, expensive jewelry/watches/artwork, frequent and expensive home upgrades.
Nailed it!
@@desimo147 yep. Bought my motorcycle with cash. Pay $75 a year for insurance. $15 to fill it up. Goes for 200 miles on a single tank. Woohoo!! I AM Rich!!
But won't avoiding these cause massive job loss in western countries?
@@desimo147 living off grid is awesome!! Got solar panels, water from a natural spring, wind power, motorcycle paid for, insurance $75 a year, greenhouse for my vegetables, chickens, fast for days at a time. Keep all my money. Woohoo!! I’m super wealthy!!
@@prajithr2202 massive job losses because of AI.
Starbucks. Make your coffee at home.
Also dunking doughnuts
One better: I'm literally the guy loading up insulated travel mugs with coffee as I leave the office each day 😎
Nonsense. If you're concerned about something like that then you're hopeless.
Buy Starbucks beans and make at home… tastes the same and is 1/10th the cost.
@@johnwaldron4023 it taste better because you won’t burn it!
I think a better title for this video should be something to the effect of "If you're not rich, here are the 11 biggest money pits that keep you poor and prevents you from getting ahead" because the rich absolutely waste their money on all these things, it's just that it's so much easier for them to spend within their means, thus they can afford it and still get ahead or stay ahead.
Rich never “ Waste “ money. They’re self-trained not to do so.. 😀
100% . I live in a wealthy area and restaurants , salons and personal grooming are high priorities around here.
They don't spend like drunken sailors, this is why they stay rich. "Ballin" is just wasting money with everyone watching. Most of those celebrities get expensive things given to them by these companies to show off so that everyone else spends their money on the stuff. Real "Wealthy people" don't show off with money. Except maybe with cars.
Nope. Only the ones you notice because they are wasting money on being noticed or someplace like Hollywood where you have to look like you belong in the business. Check Warren Buffets house and clothes, etc.
@@smiddysmidton8313 The wealthy? Or their children?
12. Do not travel more than 20 min one way to get to work. No long commutes. Move close to work, and try to get to work without a car. If you workplace is in Manhattan, and they pay you minimum wage, get a different job, where you can live in an affordable town.
Wow you talk as if life is that simple. You must be a billionaire and the happiest person on earth
For those of us that don't live in cities, that's not happening.
Lol good luck finding high paying jobs in LCOL areas.
Never be jealous of what you think other people have . You'll sleep better !!
Just be jealous and give them a bad eye
1. High interest credit card debt
2. Looking pretty
3. Impulse purchases
4. Dining
5. health from Neglect
6. Entertainment
7. Gadgets
8. Gambling
9. Smoking/vaping
10. Taxes
11. Looking rich
So basically save money, not people. Otherwise all these things that control the rest of the world and support the same economic system are eliminated?
Addiction is the pulse of the economic system, especially money itself.
"They will throw their very silver into the streets and gold will become an abhorrent thing."
Money is the measuring line of all things made by man. But worthless to mankind's Creator.
Rich people spend money on several of these things.
Thank you for saving me 22 minutes, friend!
New cars, starbucks
Thankyou ❤❤❤
Eat your oldest food first, not just what you feel like having.
No. If anything, I eat what I want. I work hard, make decent money and I'm not eating crap I don't feel like eating. I've gone hungry before and been homeless, I'll never eat just to fill my stomach with crap I don't want. Of course I'm not going to ever use credit cards for eat, but I just won't eat like that
I am training myself to do that for the first time in my 81 years
@@lorraineevans681 Champion.
Love this advice! The day before garbage day or grocergy day, I scan the fridge and freezer and make sure we eat that day or next day the older food first.
Great discipline exercise.
People will look down on someone who's got 💵$100k in the bank driving a $5000 car, but not the guy who has $5000 in the bank driving around in the $100k car. 🏎
Not me
Lmao im in the first bucket... ive got a little over $100k in high yield interest savings and drive around a 2001 accord lol
That's call to much show off
6.5M and I drive a 2013 accord and my wife has a 2013 civic. My car even has a dent on the passenger side quarter panel. There’s no rust or brake in the paint so I have no interest in fixing it.
Just show them your bank account if it bothers you
Some people are spenders and some are investors no matter how much spare money that they have.
Never borrow money on a depreciating item unless it is a tool used to increase your income.
Moral of the story, stop buying crap people!
Sad but true, the crap buyers keep our country rich
I'm one of those millionaires driving a 2013 pick up truck with 145K miles on it care free. I watch my friends go into massive debt to buy toys and it seems to bring them more stress than joy. Just an observation.
My volvo T4 is 1998 and 140k miles.
Perfectly Stated👍
That’s a good way to live:) I like my Honda scooter and gives me more mobility then hi-end cars
1999 Accord with 460,000 miles. Replaced the clutch twice, and regular oil changes. Paid off in 2002.
@@thebootjournal6037Great cars..
One that came to my mind first thing was the always buying new cars every couple of years. Nothing depreciates faster than cars. I had that bad habit for years and i finally woke up to it.
O yes .a motor home lol.
I like fancy cars, but I keep them an average of 10 years. Now, I did make an impulse buy of a Chevy Impala. But, GM announced it was dropping the Impala, as well as V-6 engines in the Malibu. So, I moved up buying a new car by a year, to get an Impala, with a V-6.
Me too! Now all four of my vehicles are paid for and I don't intend to buy another one. Two trucks, two cars. Not new but all well maintained and cared for.
My last car was a Jaguar XJ. Bought two years old for half its original price, exchanged 22 years later for an F Pace SVR. Two years old, 8k miles, paid about two thirds of new price. Hoping this one sees me out as I am 69.
New cars/trucks only make sense if you use your vehicle for work and make far more with it than it will depreciate over the course of the loan.
The British have an old saying: watch your pennies and the pounds ($) will take care of themselves
My motto was always 'forget the pennies, just concentrate on the pounds'.
Mind your Ps and Qs
( pints and quarts )
and other, with multiple meanings: "in for a penny, in for a pound".
It’s a worn out soundbite mate that means nothing.
Forget about the British, they are transitioning to Islam, and they know it not. Their country is in flames.
You forgot the other drugs besides cigarettes like alcohol and pot. All huge money wasters and de-motivavators.
Agreed. The poorest people I know have one thing in common. They all spend way too much on cigarettes and alcohol.
I know wealthy people who drink too much and poor people who never touch alcohol. I think it's more about upbringing.
But, I know people of modest means who buy expensive wines and spirits, while wealthy people buy Two Buck Chuck at Teader Joe's, or inexpensive spirits.
You’re only guaranteed one life. Enjoy, it’s pointless being the richest man in the cemetery.
It's pointless spending your money on harmful or pointless junk and trash.
Dieing wealthy is just the result of investing money rather than wasting it.
Or too much sugary drinks, chocolate and snacks
My high water mark for credit card was
$27k. I was a wreck. I paid it off completely and cut it up. Been so happy since. Now I have no debt and big bank accounts
SMART SMART SMART!
And congratulations!
(Invest in stocks and rental real estate long term!)
Earlier in life I had a similar, but less extreme experience. Credit card spending was ever so gradually getting out of control. So, one day I had had enough and decided to pay them down, get rid of them and never ever own a credit card again. One of the best things I ever did.
nice, i have about 30k on credit cards right now. the caveat is that they are interest free cards and i put the money in HYSA for 12-18 months then pull it to pay off the cards before interest kicks in. combined with the sign on bonuses its worked out to a fair amount of free money. i did get a bit greedy and put more than i should have into equities and the market has dropped, so lesson learned there but i can theoretically borrow on margin at a lower rate to pay down the cards.
either way i will be happy to have to cards paid off, having that much debt hanging doesnt feel good.
Door dash and other delivery systems like that are horrifyingly expensive. A friend gave me coupons for one, but I laughed when learning that even with the coupon it was going to be something that i didn't want to pay. And in the college town where I live, a fancy tattoo place just opened on the strip when other stores and restaurants are closing left and right.
Not surprised. I live next to a college town. Hell I use to live in said town when I was a college student. Outside of the 2 restaurants that's been there for decades that's located on college hill, it's changed quite a bit 😊
I got a door dash coupon one time too, it was for $10 savings, and I though "saving ten dollars, how much is this??" I am very surprised anybody uses it! I could never justify the cost for some food that probably going to be cold when it gets there. FYI, if you don't tip well they won't even bring your order. Plus you have no idea what they are doing to your food on the way! have you seen some of the drivers? These are people so gross I would let clean up dog poop in my yard!
Debt free living for 14+ years now! Just banking money and cruising along until I fully retire! Stress free financial living is the best!
Great going! I’m 2 years in completely debt free home and all. I’m investing and saving to retire in 8 years.
You forgot one. Pets. Especially veterinary bills. Girl I know has 4 fancy cats. Just dropped $13k on a surgery for one. That all went on a credit card...
It better have been on her card.
@@troywhite6039 Sure wasn't mine
She is doing it to safe a life, a cat’s life.
Bro thats just silly ... $13k for a cat? 🐈 they are dime a dozen... no way id spend that
Vets have become ridiculous and worth getting multiple opinions. Limit the vaccines and your pets will be healthier.
Our pets are our only "unnecessary expenses." Being the faithful members of our family they are entitled to be taken care of if needed
Yes, they deserved to be well cared for. I worry about what will happen with pets during the looming economic collapse that most people are still totally oblivious to.
I go to the vet very rarely but do try to feed my dogs healthy foods that keep them healthy. I give them very few vaccines, over the years I have found that hurts them more than helps. We love our dogs too and are important family members.
@@tamifromvirginia4046I have parrots 🦜. They live longer.
vet bills...can be horrendous
Get pet insurance
This should be the key note of this whole discussion: "Nobody's paying attention to you because they're only paying attention to themselves." You hit it.
I’m good at saving and I avoid everything he lists here but tech is my crutch, I get the best iPad Pro 12.9" every 3 years or so and a new iPhone Pro Max every other year. I paid off my first (new) house in 8 years and I have a budget for food and virtually none of it is wasted. I don’t gamble smoke or drink andI make my own power with solar. A big expense is my dog but he’s my only companion so it’s a must for me.
I eat carnivore. I have zero food waste. Everything goes to fridge or freezer, nothing wilts, dries or rots.
Same here. No waste and costs way less
Me too lol
That's the way it's supposed to be our parents taught us not to waste because there are people that don't have anything
@@dodgeking9194 Your gut is going to rot. Balanced diet is the best.
@@Myhovercraftisfullofeels everything on us is rotting away slowly every day if we're lucky we make it to 80 years and then something finally let's go that's just the way life is you try to do your best along the way but eventually people rot away
Poor man’s strategy is basically government will take care of me in the end. Those are the thousands I see out in the street that thought like that.
The government will "take care of them" alright, meaning keep them poor, dependent upon it and under its absolute control. Lots of people I know live off government subsidies, and that's how they live. They don't live, they simply exist.
I live in the UK and the average cost for a pack of cigarettes is £15.67 which is $20.57 on your money. I don't smoke and never have, thank God.
I sold lottery tickets at a store for the entire year last year, and I can confirm the amount of money spent and lost on those things!
There is a convenience store near my house and I used to be friends with a clerk who worked there so on saturdays I would visit and talk to my friend behind the counter. There was always a continuous parade of people (obviously poor people, and always the same people) buying three things, scratch tickets, nip bottles (by the sleeve) and cigarettes.
Notice how States that don't allow gambling all have State lotteries? It's not that they think gambling is immoral, its that they're waiting from some casino to cut them in on the deal. Boston allowed a casino to be built just outside the city when they were offered a percentage of profits in addition to taxes. The permits were instantly approved. They could not build the casino fast enough.
@@MisterMonsieur It's crazy, isn't it?
I had a tenant once who was always behind on the rent, she had been ignoring my calls and texts so when I was in the area I dropped by…just as I pulled up she and her teenage daughter were walking out of the house to go somewhere…I got out and immediately the excuses started…while she’s talking I notice that both her and her daughter have the latest smart phone…I stopped her mid sentence and showed her my flip phone, then pointed out her new fancy phones and asked her what was wrong with this picture…I asked her how she could afford to buy new fancy smart phones but not pay for the roof over her head…filed for her eviction the next day…hopefully she learned to prioritize the important bills…
Good story. 😅
The whole money thing rich/poor is a game, you've just got to know how to play it. I've seen some extremely wealthy people walking around with constant scowls on their face and people who live week to week smiling. Kids in Africa are testament to that.
“Poverty is the Royal Virtue”
St Francis
Absolutely 💯
Absolutely 💯
I have wants and needs. The wants are the largest waste of money. The needs are just that, needs. Things that you NEED to survive. I have really restricted my wants to almost nothing. Contentment is half the battle. I am content with less. Vices are expensive, avoid vices. Drinking, smoking, impulse buying, be careful of these things. They are traps. Make it your mission to live with less.
Ya. Don't smoke or drink. Impulse buying is hard to beat.
Why though? You have money, spend it on what you want?
I want a new audio set up, I can afford the set up without bankruptcy. Why constantly save and live with nothing?
Im no show and ALL dough. Nobody bothers me and I love it. I blend right in.
yeh,nobody robs you
Best way to be.
Me too. My house is paid off.
I have no car. I ride a bicycle with a
Backpack. People think I’m homeless almost every day. I have about
$60k n savings
@@PInk77W1 nice. I have a 2012 Honda Civic. I don’t drive much since I fully retired 10 years ago at 59.
@@cashflow68 I’m thinking about buying a new
Honda accord. I’m 63 and my Tour de France legs ain’t what they used to be. LoL
Toby, the uncle we wish we all had!
=)
The Comic “Brother Dave Gardner “ once said ( paraphrasing) happiness is not wanting what you can’t get, and being happy with what you have”. Also heard a remark by Kurt Vonnegut; he and Joseph Heller ( catch 22) were at a party hosted by unnamed billionaire. Vonnegut commented that the host had everything; then Heller said, “ but we have something he doesn’t have.” Vonnegut asked “what” Heller replied “enough “.
Skip the fancy cars. Skip the overpriced coffee.
I'm not wealthy. I don't have a fancy car or buy coffee. But I can't say the same with my rich friend who has a mercedez amg and drinks take away coffee
Got rid of my mortgage and credit card soon as I could.
Bloody credit card was ridiculous, paying off £200 a month and only £130 was coming off the actual debt.
Heh, heh! If you learned that lesson it might have been the best $70 you ever spent!
If anyone asks you to lend them money what they are really saying is can you give me money that you will never get back.
depends on a person ,borrowed $2000 to my best friend - she returned them in a week with a bouquet of flowers and a thank you card .
Not everyone, but A LOT of people. Or they will pay you back at such a slow rate that for all practical purposes they are really not.
Ha ha! You just reminded me of my dad!
@@nobbynoris Smart Dad.
@@milanafox Yes you can usually tell if you are sure to get the money back.
It’s usually fairly simple to determine whether or not an individual can afford the automobile they own. Look at their primary residence. Enough said.
My neighbor has multiple families renting rooms in his basement. They all drive shiny new expensive cars.
I am a video gamer but I only play offline. I can play the same game for months or years in some cases. This helps me save money because I don’t go out very often.
Taxes - poor people waste money on these, rich people have trusts, loopholes and non-domicile tax havens!
Cars, car loans and car leases!
Go drive by a low end apartment complex and look at the cars there. Lots of people barely getting by are driving fancier and more expensive (prestigious) cars than anything I have ever owned.
Saturday morning here and I will be performing some deferred maintenance on my 2006 Camry today, because it is only a little more time and effort than having a shop do it and there are no screwups.
Nice for a knowledgeable fellow! Old lady with physical and financial limits here, no choice but to pay, and mechanics take advantage
I had to get a car loan so i can work my way into a home loan in the future
Going to Costco as a single person is a waste of membership fees, too
Not if you're a carnivore and own a chest freezer to fill up.
How do you know that
Yes, good point carnivore. I no longer have a chest freezer, and am not a carnivore. I am single, however, and barely saved enough at Costco to keep my membership worth while. Nothing important about that.
Agree 💯
@@markphillips9822no buy whole or half meat shares from local farmers. Costco can be a supplement.
A realisation that I came to is kind of similar to impulse purchases or tech purchases but I want to elaborate: I will spend hours researching something to buy, then I will spend time looking for the cheapest place to buy it, then I’ll watch loads of videos to curb my impatience until it arrives. Then when it arrives I’ll learn more about it, watch more videos about how to use it. Maybe there are accessories that I then need to find for it. Then it might have an issue and I get involved in online conversations about it. Then I’ll find it has a significant issue and second time packing it up for return, go to the post office. Find an alternative and I’m back into the loop. Not to mention the cognitive toll in takes on me. It’s not just the money spent, it’s the time wasted when I could be doing something more constructive.
ok I have done sh*t like this for years only recently is this problem issue slightly less extreme. I've been consciously trying to reduce it further
I worked with a guy who you would have been proud of. He lived at home all his life, rode a bicycle, never went on holiday, wore his work uniform outside of work, didn't smoke, didn't drink, never had a holiday, did not marry.
He had more money than you could shake a stick at.
At the end of his incredibly mundane boring life his distant relatives circled like vultures to get his vast savings.
Personally I would rather have a life, even if that meant someone benefitting from me having a loan.
This is when I've always remembered by very best friend, A elderly man named John Antonelli who is the father of my ex employer who recently passed on when he told me that John only had $300.00 to his name after WW2 on a battle ship when he was discharged as a sailor then proceeded to work and invest his money and made boatloads of money as a return and John had Always told me: "It's not how much you've earned but how much you have
SAVED because this is the key to Financial survival and this determines if you eat for another day or you starve to death!" And I've always kept his friendly reminder to heart on why I'm now already retired @ 57 years old and getting very handsome monthly retirement check from wise investing! Thank you @ John and Rest In Peace!
at that time, price of house was about 3000 dollars....these old stories sound impressive, when you don´t know, how much value money had.
yer that was the same adage i heard growing up, 'its not what you make, its what you save' always kept that in mind
I was counseling a group of union carpenters who were making well into six figures but had no money in savings or investments. I would add the following:
1) Churning vehicles - buy whatever vehicle you like but pay it off and keep it for a long time.
2) Paying for sex workers. A lot of guys have no clue how much they are spending as they do not track it. The girls are getting rich.
3) Failure to negotiate thins like cars and taxes leaves $$$$ on the table.
#2 You'd be wasting your time with that, anyone with that lifestyle is beyond help. Rich sex workers are pretty thin on the ground I would think.
Being a tradesman doesn't mean you have to live STUPID. I did not.
Investing without knowing is like burning your money or throwing it down a rat hole
The poor people are ones who buy lottery tickets.
That last one, 'trying to look rich', is like a virus here in the UK and has been for many years. It hurts my eyes to see the sheer battalions of people wearing cheap-arsed Armani and Versace and Timbaland sweatshirts and whatnot. Poor people paying over the odds for some ordinary garment with a logo just because some rapper namechecked that brand.
You didn’t mention about buying cars on a regular basis - paying for a depreciating asset
What if you are buying at the bottom of the bucket? You can buy many cars nowadays that were luxury, but are now bargains.
Very good advice. Not all poor do any of this and try to make a little go a long way.
In the UK many young adults live with parents because they cannot afford their own housing. In order to get to enjoy something in life they have branded German cars on PCP for that Idont blame them.
@@DarkStryder360
@@DarkStryder360True but old luxury cars can be expensive to maintain but they definitely can be a bargain if they were looked after. My other car - not for regular use anymore- is a 1989 Golf GTI (UK) which is now an appreciating classic.
I don't have time for gaming and entertainment as it would cut into my TH-cam time too much.
Excellent advice... I've got to get my financial life back on track ... !!! Thank you for this great video. 🤑🤑🤑
I am a 55 year old retired UPS driver. I used to deliver to a lot of apartment complexes where many people owned much more expensive cars than I drove. I'm retired comfortably now, but I'm guessing most of them still live in apartments and still drive nicer cars than me.😊
Rather a Honest human with less money and a Big Amount of spiritual Wisdom.
You missed one. #12 Convenience Stores / Gas Stations - A gas station is a gas station. Anything inside the gas station can be 200% higher in price than the same items you could purchase in a grocery or discount store which leads to another forgotten point. Piss Poor Planning or “PPP” waste money as well.
Some ppl no matter how much money they have will still be poor.
I don't know why so many people have to send out for coffee or habitually buy coffees while shopping in the mall. What's wrong with having coffee at home before you go, then having another coffee when you get back and maybe taking a refillable water flask with you in your bag in case you get thirsty while shopping? Coffees are getting more and more expensive and it really adds up.
Coffee: the one addiction that is not frowned upon in Western society
I would NOT say the problem is; "High interest credit cards" - as if we are emphasizing "HIGH interest rates" as the culprit. (and a low interest credit card would be just fine to use. NOT.) IT'S THE DEBT - CONSUMER DEBT regardless of the interest rate on your card. Stop using the credit cards to live beyond your income.
I bought myself a new car getting a loan from the bank. That makes me feel good and safe behind the wheel. I needed that feeling, so not sure I wasted money
Don’t waste money on playing the lottery, your chances of winning are so low it’s not worth it.
I think it's best to treat yourself with the goodies and work more and earn more, rather than cut off all fun and keep calculating how much a candy bought today could have compounded in interest 40 years from now.
Ummm. A dollar I spent buying Costco stock and reinvesting the dividends is worth $700 today....😊 like
You gotta love dividend stocks! And Nvidia
Tech should be in the Impulsive buy category.
$8 dollars for cigarettes. In Australia it is $45 per packet. But health care is free.
in Australia it is less expensive to smoke weed. Grow your own weed. You will get in big big trouble if you get caught growing tobacco!
@@annyer262yes huge trouble for growing tobacco
No such thing as "free". The socialist mentality is a bad habit.
How much is a beer there?
45.00 for ONE PACK?
I smoked for many years back starting in the 1960s and a carton of cigarettes was like $5,when I go to the grocery store and see a carton of Marlboros for $98 I think what kind of idiot pays that.🤣
The kind who could afford it
Ya, some go without things to smoke. In Canada it 15$ a pack x 30. Wow
My grandma quit when they went to $8 a carton. At least she was smart enough to have a limit and not let her addiction run her into the poor house. She died at 89 with a nice bank account.
At 82, I have lived debt free by not borrowing to buy that which depreciates. I borrowed to buy a house, which appreciated over 17 years, tripling. I sold in 2007, putting fiat money in gold money (coins) at $740/oz. My car purchases have been cash, slightly used, private deals. I let the original buyer take the initial depreciation. Then, I paid that owner NOTHING. I paid off the financed amount. My advice to friends/family is unequivocally firm: "If you don't have the cash, you can't afford it." Also, "Taxation is theft." I find ways to avoid being robbed. Govt. finds ways to tax, calling it "regulation", "money creation"(price inflation), "protection", "service", e.g., IRS, Internal Revenue Service. When my wife retired in 2009 we left CA to escape the state income tax. Our choices were limited to 7 states that don't have that tax. We chose WY, too cold, moved to Henderson, NV, too hot, but our rent is too low to move.
I have no debts, I don't eat out, I own 2 vehicles, both paid off, house is paid off, no student loans, I don't even have a wife or a girlfriend so my money is my money, no kids, no child support, I have 401k and some stocks, savings, and I don't care to look broke. I wear jeans and tshirts or shorts, they say money doesn't make you happy but for me it does.
I just care about society because society wants me to be a slave like most people are. Oh and I pack my lunch, I don't eat out that much, maybe once per week, if that
Kids are an investment. An investment that pays back handsomely.
I’m like u except I have no cars
You sound very lonely
SMART!
Society does not even know you exist. You only think society has those expectations. Those are always internal.
Thanks for the common sense talking points... I'm going to share these thoughts with my 15 year old granddaughter. She is living a life of poverty that my wife helps her overcome by giving her a monthly allowance, most of which she is spending on food and essentials (like clothes, medication, etc.) Its not an ideal situation but we make the best of it. Her mom is a drinker and her dad leaves to go kayaking every weekend to get away from his failed marriage which he is in the process of ending. The girl is smart and looking to get out of this lifestyle by not repeating her parents' mistakes. We are focusing on getting an education for now which will eventually be supplanted by investing in her future, but she will need good spending habits to get there. Your advice teaches good basics on how to do this. I've always said, "Look after your money. Because if you don't, somebody else will." Cheers
I feel like you missed cars/car payment specifically
Blessings on you. Thank you for teaching financial responsibility. Its so needed. Its not taught in the public school system and even how to file taxes. Yet, we are held accountable for that. I will present this to the high school students for life skills. at times I get the chance to teach life skills and personal development. I use these tutorials for the instruction and to compliment me.
The students enjoy this. perhaps you can make a tutorial for students to inform them how to save and invest money in small amounts as they work. you and I both understand that the dollar is depreciating and its value is not the same as it was years ago. so what is not going to depreciate in value? what to do when we go cashless? once again thank you for teaching life skills.
If you are simplifying your life don't give everything to the thrift shop or charities. If it its worth more than a few dollars sell it and get some of your investment back.
Good in theory but not worth my time. The struggle is getting rid of stuff!
@@SeattlePioneer Agree It can be a slog selling stuff online or local boot sales.
On the tech thing, it's spot on. I get a reliable technician to help me repair laptop hardware and I don't need to get a new laptop once every two yrs.
13:50 Gambling...😂 I stayed in the Bellagio this Spring and people were STILL in the high roller section at 5am as I was catching my flight. 😮
Maybe they had the money
@@user-mu8ty7vc3y clearly not struggling.
I'll go to casinos and spend little or nothing in the casino. Any time my wife and I stayed at the Monte Carlo in Las Vegas, we took $50 for gambling.
We drove to a tribal casino in Michigan. Even though we had an overnight stay, we only spent money for dinner in the buffet and tickets to see Jay Leno.
@@kentfrederick8929 cool
Great video. I think you missed the biggest waste of all, it’s buying expensive cars, or buying new cars often. Compound that over 40 years and you have a retirement fortune.
IT SEEMS AS IF YOU SELL ALCOHOL BEVERAGES. WHY DRINKING NOT ON THE LIST?
My uncle smoked all his adult life. One day he went to the corner store to buy his smokes and they raised the price. He never touched another smoke.
Tats. Why are most homeless people full of tattoos ?
It's ok, they can just sell the tats if they need money. 🤣
Branding
Instant gratification and status among their circle of friends.
Homless people once threw the best partys in town is how i see it exactly
There's a saying
" A Rich man / millionaire can go for decades pretending to be a poor man but a poor man can't go far pretending to be a millionaire
I hate debt. Another money waster are every month hairstyles, fake nails & lashes, designer clothes, store accounts & expensive cosmetics that don't even work!
And don't get married!!
Marriage and kids can motivate you to earn more and you learn a lot by building a family.
@@robnelson6545 you burn more of ya money
"Personal maintenance" is a double edge sword. Quality whole foods, "cleaner" personal care products (less toxic), a gym membership and perhaps training sessions and yes, an occasional Botox session is one thing. Overglam as you say is quite the other. In our consumer society companies are tricking people to buy things they don't need with money they don't have.
Boils down to the same idea as investing-put away today instead of satiating immediate gratification needs.
I don't waste my money on any of these 11 things, but NOT rich yet!!!!
You will be. Actually, on the global scale you already are.
My retiremennt plan after being beat up in a divorce in 1998 was not to have a lot of money, but to not need a lot of money.
Were both over 70, we own our home and 33 acres, and zero debt.
Our monthly cost of living is less than half of our Ss checks. We pay zero income tax and our RE taxes are less than $400 a YEAR. yet we have a gorgeous 9 acres of lawn and 24 acres of woods and two streams.
Were in the sticks. It means no starbucks, but we havve a keurrig and Kirkland coffee is $.26 a cup. We have four cars, all with high mileage, but i maintain them myself in my 30x60 shop/mancave.
But its taken a lot of work to get here.
My wife and I JUST went through a conversation that hits on many of these points. We are not poor by any means. She’s the type to keep up with the Jones’s. I’m the type to be satisfied with moderate things. Ex: She drives a Range Rover, designer bags, jewelry, etc… I drive a Jeep Wrangler. Both are paid off but she’s thinking about how much trade in value she can get while I’m thinking about how many years I can drive it before I need to replace it. I am a jeans an tshirt guy, and most of my favorite clothes are 10+ years old. We are both unemployed and struggling to find jobs. We’re ok, but she had a wake up call when we went over our spending. She complains that we’re eating “Poverty Nachos” at home rather than going out to eat or getting door dash. The irony in “Poverty Nachos” being something she saw on tick tock, by an “influencer” who is probably renting a house, leasing a Mercedes, and maxing credit cards to keep up with fashion. What a world we live in…
Very sound recommendations. Doing without resonates. Easy when you have no money. Buying cheap furniture just to fill a room! Stupid. Buy better quality second hand and refurbish. I have been married for thirty years and we never cared really what people think about out non matching furniture. In fact we like it that way.
Still hanging on to my phone until i can get a new one within a few months or so, despite having a huge crack and huge black spot covering the screen. The phone still works so there's that
I can understand most things, but if you're not a car guy you won't understand buying cars.
Being a "car guy" is just a mental illness, like anybody that collects things obsessively
Ummm. How about cultivating an interest in car maintenance and repair and fixing up old cars?
And fix up ONE old car you can be proud of!
Lower your expenses. (e.g. rent a room). Compound Interest is one of the miracles of the 20th Century - Albert Einstein.
I have a good attic antenna and watch TH-cam so the only TV cost I have is the electricity.
And the TV, the antenna, and the time.
You could’ve had 10 money wasters instead of 11 if he said “Vice”
Smoking and gambling are both vice. Also vice has alcohol, drugs and sex which are also money wasters.
Solar panels, spring fed water source, wind power, chickens, greenhouse. No bills!! Woohoo!!