Name: Why saving money doesn't work. (And what does...)
Uploaded: 2020-04-07T03:15:26.000Z
Duration: 10 min 48 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

The imperative

Hey, tablet here and welcome to another episode of detect Lead.

Future simple

And for those of you who don't know me, I am an ex Google Tech lead.

And as a multi millionaire, I believe that I not only have the credibility but the authority and the right to tell you about how you should and should not save your money.

How you just spend that money and what I'm here to tell you about is why I think that saving money doesn't really work.

Should you be going out and buying $5 lot taste.

And my reasoning for you is that sure it's fine.

That latter is not really going to make a difference Indian Anyways.

It's really more about other things, though.

You know, For example, if you were to go buy a shirt like this shirt respect attacked Lee shirt What, you gonna go buy a 1995 link in the description below.

Amazing quality is just not going to make a difference in your finances.

But to me, what is really disturbing more is about that hunger you have for their shirt and how it's not going to release upside.

If you don't buy it right, what's going to happen is you're going to steal my other stuff.

You're gonna want shoes, pens, car, right?

You still might want a Porsche a Louis Vuitton back.

You still want the good stuff, that high life.

And so my concern for you is that not by an extinguisher is just not going to solve the root of the problem.

That source of the problem, that hunger, that desire is still there.

And at some point in your life is going to crop up.

If several years from now you go and you buy yourself of the week with on hand back for a few $1000.

That's going to wipe out all of the savings that you've had over the past few years simply because you never really quite soft that initial problem.

So if you wanna sure if you want the shirt, then I recommend you just go buy it and you know who am I to tell you how you can and cannot spend your money.

So to me, saving is really all about the right habits.

And if you can come up with the right habits than over a long period of time, say, throughout your whole life is going to save you from the money.

When example of this is actually your cell phone bill every month, you may be paid $60 for it, and that's fine here and there.

But if you calculate that as someone up over your entire lifetime, we're going to find out that it's actually causing you a ton of money and that's where our sponsor comes in.

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Tech li darting dot com thing is a paper used cell phone plan provider.

So if you're using a contract cell phone plan where you have to pay, like $50 a month, $80 a month and you get a bunch of random stuff that you don't really need, you may be paying for a ton of extras that you're not really using in your contract, and you just have to pay that month after month like maybe you're getting unlimited texting, which you don't really care about.

You don't really use that that much because thes days you're just using APS like messenger.

And these days, I also just use Google, hang us to do my voice calling, and they even data I don't use date all that much.

Most of the time idea on the WiFi network when I'm at work or at home.

So several years ago, I moved over to a paper use phone plan and I got my whole family on this sort of plan as well.

So I would highly recommend that if you're not on paper used, you check it out completely.

Contract free, they send you a SIM card for, like, a dollar, you plug that in and then you're set to go.

I'm getting you guys $25 off your first bill.

So on the topic of good happens, another good one is to avoid drinking when you go out and I've managed to save so much money.

And it's not just that one time cause, right?

This is something that accumulates day after day, month after month and the over the course of your lifetime, it really starts to add up learning to cook, taking care of your health, choosing your hobbies wisely and so we need to focus your own Are not those one time savings but the savings that can really add up over long periods of time?

And I think that's one reason where if you look at deal sites, these deals eyes, maybe they save you a few bucks here and there.

But they don't really save you that much because it's just a one time thing.

There's no fun to do, but to me, they're not so much a way of saving money as much as just hobby.

I might also suggest that you did your stupid friends of third type of people who pure pressure you into buying high end brands of materials, and they laugh at you.

This is really just a lifestyle decision, a lifestyle choice that can pay dividends over the long term by getting rid of unproductive people in your life.

Now, another tip I have for you here is to understand that there's more than one way to save money.

You can also save time because time is money.

It's worth something, and it's easy for anybody to convert their time into money.

You just pick up a freelance job, go drive some uber cars, going up, work Craigslist.

There's tons of people are willing to pay you for your time for skill.

And you could make some pretty good money that way.

And so, if you were to just be able to free up a lot of time for ourselves to be able to do these other tasks, then that's another way you can save money.

In fact, so the key here is avoid things that are highly time consuming.

Watching TV is one example of a hobby that is highly unproductive.

When I hear people say that they save money by staging their cable and they switch over to Netflix because it's a few bucks cheaper a month, they haven't saved much at all, Really, because they're still spending all of their time watching TV, and they may even be spending more time than that.

To me, it's not so much about seven few bucks a month But I'm concerned that that habit of watching TV for two hours or three hours and I every single night that's still there, that habit of consumption and wasting tons of valuable time.

That's the elephant in the room that's still there.

What we're really looking here is, given that extra time and money that you're able to save, what are you able to do with that?

And I would say, for most people, one goal is to start a side business, and they could even be freelance work.

But once you have a side business, you're able to take tax deductions on on this stuff.

You're to go buy a laptop with a side business you automatically saved, like 30 to 40% just on the taxes on that stuff.

You know any business expense, you start saving a lot of money on other stuff.

It is better than any deal that you can find online, and you need to keep in mind that $10 spent is not the same as $10 earned due to tax is right.

If you want to go spend $10 you actually have to earn, like, $15 or even $20 for some people Now, another major tip I have for you here is to learn to leverage your family.

A lot of people like to digital families.

They think they're better than them, and they just want to go off and make it on their own.

Be all independent and all that, but you end up wasting tons of money that way.

Your family has a whole bunch of resource is, and you were living free on those.

Resource is before you decided to move out.

And so a lot of your personal expenses, I would say 50 to 100% of your personal expenses don't really need to be.

And if you're to live with your parents for a while, you could save so much.

You know, around here in Silicon Valley, housing cause at least 2000 to $4000 a month.

Imagine how much money I could save on that.

If I were to just go live with my parents, I could be buying a Tesla every single year and still break, even if I just chose to live at home.

Your family may also have a bunch of appliances, furniture, vacuum cleaners, spare cars.

All of that stuff can be shared these days.

It seems that everybody wants to be a professional chef because it's become consume.

Everybody wants, Ah, high end that knife set.

Everybody wants their high end pots and pans.

You know, all of this stuff can actually be shared, though.

In reality, if your parents have a really good pot, where pen, you just go borrow that.

If you have a really nice steak, maybe once every month or so and would you want to go try and cook that another tip is really tracking your expenses and I mean, really taking a look at them.

I know a lot of people they don't really check their monthly expenses.