Placeholder Image

Subtitles section Play video

  • one of the weird things about people is that we  work super hard for money but then waste it on  

  • unnecessary stuff at the end of the day. We complain that we don't have free time and  

  • yet willing to work for months to afford something  we don't need. This wall street journal article  

  • claims that The average American will have to  work about two or three months a year just to  

  • make the payments on a new car with insurance. I  am not surprised because I see that all the time

  • Ask yourself how much money did you have  crossing your hands in your entire life.  

  • I am confident that it's a lot of money, but how  much of that money did you save? That's where the  

  • problem starts. Probably not much that's why  so many people are in such a dark financial  

  • situation. You know how they say: it's not how  much money you make but how much money you keep.  

  • If you are making 10K a month, but you  have to live in a super expensive city,  

  • pay a fortune to get to your job and then payfortune just to have the same food that actually  

  • costs pennies, that is not real wealth. I can say that from my own experience.  

  • So to start my journey to financial freedom, I  started by cutting my expenses. This was one of  

  • the best things i have ever done since budgeting  and stop spending money on unnecessary stuff  

  • was my strategy to finally start investing. It doesn't sound like a creative strategy,  

  • but you don't have to be super creative to  save money, all you have to do is take a look  

  • at how you are wasting your money and stop it. It  sounds simple, and yet most people can't do that

  • So I want to share with you seven  things i stopped buying to finally  

  • find the money I needed to start investing. So give this video a thumbs up for the youtube  

  • algorithm, and let's jump right into it. 
 

  • Cars are the biggest money wasters of all time 
 

  • When I bought my first ever car, I was super  excited. Finally, I am on wheels. I have wanted  

  • this for such a long time. No, I did not get  a loan to buy the car. I paid cash, and I was  

  • proud of that. Little did I know that the real  cost of owning a car is going to come later

  • First of all, if you are a fresh driver like I was  back then, you gonna pay a fortune in insurance.  

  • Then there are parking fees, gas, and time to time  you have to change things in the car because it's  

  • a car and it breaks down. Maybe the first yearyou are not going to spend much, but as your car  

  • gets older, your expenses start to rise. So  if you live in Downtown, do not own a car,  

  • just use an uber, public transport, or whatever. Buying a car only makes sense when you live  

  • outside the city, or you have kids that you  have to drive to school every day or have no  

  • other choice but to own a car to move around. Other than that, if you are a young teenager or  

  • an adult who doesn't have kids, for god's sakedon't buy a car and save yourself a fortune that  

  • you can invest. 


  • 2. Don't buy the stuff you  need if they are not on sale
 

  • There are things you want, and then there  are things you need such as toothpaste,  

  • toilet paper, shaving stuff, and the list goes on. You are not going to wake up one morning and  

  • suddenly stop cleaning your teeth. So there islist of things you need to lead your normal life,  

  • so One of the best habits I have  developed is I try to buy stuff I need  

  • when they are on sale. Yes, I buy bulk, and  whoever they are not on sale, I don't buy them

  • Every now and then, there are going to be  

  • discounted because that's how stores work. Their  supplier delivers them products every week, every  

  • month, and the store has to get rid of that merch  before the next merch arrives, so the best way to  

  • get rid of your current products is to put them  on sale and let people like me finally buy them

  • I think it's one of the best  ways to save money because  

  • you know that you need these things anyway. All you have to do is a little planning,  

  • just create a list, wait when they are on sale..  It's like stocks. You wait until there is a  

  • correction, then you go all in! The same applies to clothes

  • 
 3. clothes 

  • Don't just buy clothes whenever you want, but  rather buy whenever they are at a discount.  

  • Clothing stores work pretty much  the same way as grocery stores.  

  • Once the new collection arrives, they try  to sell them to as many people as possible,  

  • but usually, there will some leftovers at the  end of the month or the season, so before the new  

  • collection arrives, they will put them at a huge  discount like 30% off or 50 or 70 in some cases.  

  • That's when you should buy clothes

  • It's not going to save you a ton of  money if you do it once or twice,  

  • but once you turn it into a habit, overlong period, it's going to save you a fortune.

  • 4. Coffee

  • Let me ask - how many cups  of coffee are served a year?  

  • 1 billion? 10 billion? 100 billion cups? Nope

  • 146 billion just in the united states  alone and over 400 billion worldwide!  

  • Literally, 1/3 of coffees are served in the  US! It seems like there enough people who are  

  • ready to pay 4 or 5 bucks for a cup of coffee. No  wonder why this industry is so huge. Coffee has  

  • been ingrained in our culture so deeply that we  are now comfortable paying so much for something  

  • that costs less than 50 cents to produce. Of course, the cafe has to pay wages,  

  • electricity, rent and a lot of other expensesso it makes sense to buy a 5 dollar coffee if  

  • you are going to spend hours sitting in that  Starbucks doing whatever you have to do,  

  • but to pay that much money just to drinkcoffee is insane. I don't feel sorry for people  

  • who complain about living paycheck to paycheck and  yet comfortably spend that much money on a coffee

  • 
 5. Unhealthy snacks
 

  • This might sound a bit controversial because  everyone loves sweets, and saying to people to  

  • stop buying sweets is not something people would  take lightly, however, the problem with almost all  

  • sweets is that they are unhealthy and expensiveGoing to a Starbucks and getting a coffee with a  

  • super unhealthy slice of cake will cost you  as much as a healthy lunch. So if you stop  

  • wasting money on unhealthy snacks, you are  not only going to do a favor to your health  

  • but also to your wallet. What could be better than that

  • 
 6. I stopped giving loans to friends

  • I remember when I was younger, I was quite naive,  I thought that people genuinely would give you  

  • back your loan and would be grateful if you help  them out when they need that help desperately,  

  • but it turns out that giving loans to  friends & family means either, 1. Your  

  • money is lost 2. Your money will be returned  years later 3. You have to keep reminding them  

  • because they will never return it on time. And that's not an experience anyone would  

  • enjoy. I have given thousands of dollars in loans  to friends, relatives and in 70-80% of cases,  

  • they would even forget that they owe me money. I had this friend back in college. He could not  

  • pay his rent, so I loaned him a few hundred bucksFirst of all, he never gave me back my money.  

  • Secondly, every time I would meet him, he  would act as if he doesn't owe me anything

  • I am not a greedy personbut if people help you out  

  • when you need that help, have the  decency to return that loan back

  • 
 7. Alcohol 
 

  • 15 bucks here, another 20 or 30 bucks there does  not seem like something you should be worried  

  • about. You are having fun with friendsthat's what you should care about, right

  •  But have you ever stopped to add up  what you spend on drinking in a week?  

  • A month? A year? How about in 10 years? Have you ever done the math? Probably not,  

  • but if you think about it, it already seems like  a huge amount. According to the Bureau of Labor  

  • Statistics, Americans spend about 1 percent of  their gross annual income on alcohol. For the  

  • average household, that's $565 a year, $5,650  in 10 years, or $22,600 over a 40-year period

  • At first, glance that might seem  like a lot of money to many of you  

  • but you have to note that, $565 per year  

  • breaks down to about $11 a week which might  be the cost of a single drink in many cities

  • So it's not fair to compare to the average because  regular drinkers usually spend far more than  

  • 565 dollars a year. Some even go as  far as spending above 10 percent of  

  • their income on alcohol and then complain  that they are living paycheck to paycheck

  • I personally don't drink because I don't see  any value in that, I don't see how that possibly  

  • could make my life any better, especially since  I work every single day, so I can't risk drinking  

  • because it's not just about that night, but you  will need some time to get back to your routine

  • Base on what I have realized,  

  • these are the seven things that most people  waste money on. if you could just change your  

  • habits a little bit. If you could pay a little  more attention to how you spend your money.  

  • Instead of randomly buying stuff you want, if you  just wait for that discount or don't buy a car if  

  • you don't need it, if you make your coffee at home  or stop eating unhealthy sweets. Just imagine for  

  • a moment how much you can save in a single month. Suddenly you will have all the money that you need  

  • to invest. That you can put into the stock market  or save for a downpayment and take a mortgage.  

  • It could be whatever, but it's certainly going to  be better than blowing it up in a single night at  

  • a bar just to have some fun. 
 

  • By the way, we have a second channel where  we post short clips from the main channel.  

  • I will appreciate it if you head  in and subscribe to that channel.

  • And now give this video the thumbs  up that it deserves and make sure to  

  • subscribe if you haven't done that yet. Thanks for watching and until next.

one of the weird things about people is that we  work super hard for money but then waste it on  

Subtitles and vocabulary

Operation of videos Adjust the video here to display the subtitles

A2 buy unhealthy save fortune pay paycheck

7 Things Millionaires Never Buy

  • 27 6
    Summer posted on 2021/04/08
Video vocabulary