here's a quick list of nine things that are complete waste of your money especially if you're trying to build some wealth now the first thing is designer clothes or expensive name brand clothes look I know you want to look good that's cool we all want to look good but don't look so good today that you forfeit the future expenses that you have right you look real good today but can you take care of your future rent you look real good today but can you take care of your future grocery bill it's just not worth it
to wear a name brand when a lot of the money that you spend on that name brand could be going towards your future wealth or your future health or your future Independence and freedom right now I'm not talking about the millionaire person that may be watching this video or you have a $800,000 net worth this is probably not for you because at that point you can kind of buy what you want to buy but I'm talking to the person who is trying to build some wealth and trying to get better with their money and simply
don't like where they are right now with money if you have one or two or three pairs of Nike shoes okay no big deal right but if you only buy red bottom shoes or you only decide to buy Gucci and Prada and some of these expensive name brands because you want to show them off to other people that's a complete waste of money look if you're watching this and you know somebody who only buys name brand but they really can't afford the name brand let me know in the comments below but don't say any names
right just drop that comment now the second thing that's a complete waste of your money is overpriced tech gadgets and Tech upgrades right buying the latest smartphone or the latest accessory or the latest gadget every single year right that's unjustified because it really doesn't offer any significant upgrades from the previous version right you got the 2.0 version from two years ago that's working just fine and doing everything you need to do but you got to get the latest 4.0 version to make sure that you are have the latest upto-date whatever hey if the thing does
everything that you needed to do stick with it why upgrade and you don't have to convince yourself yourself that you need an upgrade just to have the newest latest $2,000 Gadget when the one that you have works just fine we're talking cell phones tablets laptops and all that good stuff you don't have to upgrade because they put out a new model and tell you that you need an upgrade now don't get me wrong a lot of times they put out the new model that has a significant upgrade in the feature to entice you to go
buy it but if you don't need it just stay Pat right where you at now this third thing is a complete waste ofy money it's credit card interest charges look it's extremely expensive to carry a credit card balance especially if you're only making these minimum payments here's what a lot of people don't really realize the interest that you pay on credit cards it compounds this means you end up paying interest on top of Interest which grows the debt you owe on that credit card exponentially right really fast because you're compounding the interest that you owe
right so this money that you're spending on credit card interest it could be used to pay off debt it could be used to invest and grow the money it could be used for saving the money for Big Ticket items look there's a lot of meaningful purposes for this interest that you're paying on a credit card and this interest can be entirely avoided if you just pay the credit card balance before it's due every month or if you don't use credit cards at all and you may be saying well I want my credit card points right
the awards and bonuses that they offer I want those points but listen if you're paying credit card interest you're really just sort of negating the money that you save from those points so in my opinion guys credit card interest is a complete waste of money now the fourth waste of money is these unused subscriptions that a lot of us have we're talking from streaming services to gym memberships or whatever it could be unused subscriptions drain your finances in a real subtle way so you almost don't even realize it so regularly see what you got and
cancel what you don't use in terms of subscriptions so if you don't use it enough to justify the $399 per month charge or the $14.99 charge you need to get rid of it sometimes all you really need based on your usage is the free version of whatever they offer right you don't need that extra premium service and services because you don't use them anyway but a lot of people don't assess that regularly they got it 3 years ago and there's $9.99 coming out of your checking account every single month and you don't even realize it
just been happening for years and years and years and it's worth cleaning this up it could save you 50 bucks 100 bucks a recent survey that I read said that people can save an average of $70 a month if they clean up the old subscription services that they don't use look $70 a month is $840 a year over the course of 10 years that's $8,400 now I'm not saying that's a whole lot of money but it's something at some point we all got to learn how to save more money by spending less money we can't
do anything about a lot of things around us but we can certainly do something about the things that we decide to spend our money on our expenses we got complete control over that so that means you got complete control over these subscriptions now the fifth thing that's a complete waste of money is lottery tickets while listen I know the dream is enticing we sit around and we think about what would you do if you won a millionar what would you do if you won $10 million right we have these conversations dreaming about about winning the
lottery I get it but in the end when it's all said and done at the end of the day buying lottery tickets is really a waste of money and you say well I don't buy that many $5 or $10 a month5 or $10 a week right that adds up though some people spend a lot more in my opinion the lottery is a tax on the poor because if you look at the statistics the people that put the most money into The Lottery by buying the lottery tickets are typically poorer people because those are the people
that want that big win those are the people that want more than ever that bit come up of money right playing the lottery is like throwing money out the window listen if you're watching this and you play the lottery by buying lottery tickets on a regular basis more power to you I'm not mad at you I'm just saying in my opinion I think it's a complete waste of money now the sixth waste of money and I feel like I'm going to get beat up about this one but it's when you order food in frequently having
food delivered to you and your home or wherever you are now let me say this up first if you have an ailment you have a disability or you have an injury that prevents you from getting up and going and driving to get food for yourself or to grow food for yourself if you have that I'm not mad at you I completely understand having somebody deliver food to you but if that's not you I don't get it and I don't really understand having people deliver food to you if you're capable of getting up to go get
it look we don't grow our own food and many of us don't even make our own food we don't cook our own food so if you don't grow your own food or make your own food and you don't cook your own food the least you could do is get off of your behind and go buy your own food go get it from somewhere instead of having it delivered some people would rather spend $30 for a sandwich because of the extra you pay to have it delivered plus tip right you pay $30 for a sandwich that
you can just drive three or four or five miles away and get for $122 but you'd rather spend $30 having it delivered to you when you are a able-body human being able to go get your own food able to go grow your own food able to actually make your own food but you don't you'd rather spend the extra money for convenience and to me I don't understand this at all but at what point does convenience become just not worth it when you can do something for yourself right and when you're spending money on door Dash
and Uber Eats and all that good stuff you're wasting a lot of extra money that could be spent elsewhere guys if you're getting any value from this video do me a favor smash the like button and most of all share this video with someone who you know could use this valuable information now let's get back to the video now the seventh complete waste of money is this trendy health and fitness equipment look if I go in one more person's basement and in the corner of the basement they have unused unplugged never before turned on exercise
equipment sitting there collecting dust I'm going to have to go off on somebody look you are are absolutely wasting your money on exercise gadgets that you don't use things like smart yoga mats and elliptical and high-end treadmills or that thing that goes on the wall that you punch at right I don't know what it's called but the point is that you're wasting money on these things right you don't really need these things to actually be in shape or to be more healthy can they help yeah they can help if you actually use them and drag
them out the corner but after the initial initial excitement Fades down what are you doing are you actually using these things that you're buying and spending thousands of dollars on I got an idea guys if you want to be in the absolute best shape of your life because we all know that health is wealth all you got to do is walk 5 miles a day do 200 to 300 squats a day do 500 crunches a day at least 100 push-ups a day and then eat less eat better move more and drink lots of water look
if you do those things you'll be in the absolute best shape of your life and the beauty of all those things I just mentioned they're all free it costs you no money to do those things not a dime but most people they want to spend this money because they get all excited and happy and hyped up and motivated and they go out and buy this elliptical that's $2,000 that they really can't afford and really won't use look you don't need trendy exercise equipment that sits in the corner and collects dust it's a complete waste of
money especially if you don't use it now the eighth complete waste of money is hey look I'm going step on some people's toes with this one right but the eighth complete waste of money is buying these expensive online courses and attending these expensive weekend boot camps or these expensive conferences or paying somebody $220,000 to have a 101 consultation with them look no no no and no This Promise of self-improvement and This Promise of making more money or increasing your business or some type of personal growth all those things can lead to overspending on things that
you really don't have to overspend on look I get it I want you to grow right but I want you to focus on a few inexpensive high quality resources and then actually apply what you learn from those few inexpensive high quality resources to get to where you want to go nine times out of 10 guys you can get the same information that you would have got at that $20,000 conference you can get that same information for free or for a fraction of the cost and I know the marketing and the pitching and how they lure
you in and entice you I know it's very strong they pull on your emotions they tell you a good story and they get you wrapped in and roped in to this expensive offer that they have or challenge that they have I mean these pitches are well tested and designed to get you to spend a whole bunch of money that you may not even have look I know people who have went to weekend boot camps or spent some one-on-one time with somebody's people on a yacht for $50,000 and $70,000 and they went into debt to do
it they swiped it on a credit card right that's a complete waste of your money your job is to resist that stop spending 20,000 $30,000 and $50,000 on somebody's coaching like I said I'm going get push back but I'm okay I can take the push back I'm telling you the real it's not necessary it's a complete waste of money to go get that $10,000 online course or that $20,000 online course you just don't need it please I'm trying to talk some of you who are watching this off the ledge as we speak you're thinking about
it right now don't do it now the ninth thing that's a complete waste of money is a brand new car look buying a brand new car when a slightly used three or four year old car will do will save you tons of money look a new car loses 20 to 30% of its value in the first year and it loses up to 50% of its value in the first four or 5 years this means when you buy a brand new car you're really just paying a premium for something that's ultimately and very quickly going to
go down in value and become quickly worth a whole lot less than what you paid for it so that money that you spend for that premium could be used somewhere else investing saving or buying other assets that are going up in value where you can make that money grow instead of Los losing money buying a slightly used car where you allow someone else to take the hit of the depreciation in the first year or two is usually a far better Financial value for most of us while at the same time a two or three-year-old car
still offers lots of reliability and lots of quality so I don't like to leave a video without giving you some things that you can do to get better how do you get better at this you track your spending you budget your money monthly written down you can wait before buying something instead of making an emotional impulsive decision to buy something if it's a non-essential thing that you don't need right away try using the 30-day rule where you wait 30 days before you actually make the purchase to see if you still want it check your subscriptions
all of them and get rid of what you don't use live below your means and simply be intentional about how you're spending your money so that every time you spend money on a non-essential item that's not a need you assess it through this lens of is it a waste of my money hey that's the nine thing things that are a complete waste of your money guys do me a favor please share this video with your network of good people and smash that like button below and check out this video right here where I talk about
the five types of people you need to avoid on your wealth building Journey these are the people who will gladly help you ruin your financial life until the next video peace
