Name: 7 Things Millionaires Never Buy
Uploaded: 2021-04-08T18:30:14.000Z
Duration: 10 min 21 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...

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  

To-infinitive

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 pay a  fortune 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 year,  you 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 sake,  don't buy a car and save yourself a fortune that  

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 is a  list 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. 

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.  

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, over a  long period, it's going to save you a fortune.

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 expenses,  so 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 drink a  coffee 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. 

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 expensive.  Going 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! 

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 bucks.  First 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 person,  but if people help you out  

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

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

about. You are having fun with friends,  that'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  

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