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  • 94% of millionaires spend less than they makeBecause the only way to build wealth is through  

  • saving and investing, at least to the point  where your investments can cover your bills.  

  • That's the moment when you can call yourself  financially independent. Because at that point,  

  • you are no longer accountable to anyone. Whether  you keep your job or quiet, you can still keep the  

  • bill collectors far away from your doors.  
 

  • But the only way to reach that position is through  carefully managing your money. Just ask yourself,  

  • how much money has gone through your hands?  I don't just mean physically but through  

  • your bank accounts. How much have you  received throughout your entire life

  • A lot. Now the next question is: how much  

  • is left in your hands? 
 

  • Probably not much, right? 
 

  • You have spent the vast majority of that  money. Most of it has been spent on your  

  • basic necessities, but a big chunk of it was  wasted on stuff that doesn't really matter. They  

  • probably didn't bring any value into your life.  I understand you because I have gone through the  

  • exact same thing. I have wasted a lot of money on  unnecessary things. If I would go back in time and  

  • manage my money a little more effectively, I would  have become financially independent way sooner, so  

  • here are the 7 things I regret wasting money on or  seven things that I will probably never buy again

  • If you are ready, give this video  a thumbs up, and let's dive in

  • Cars  

  • If you have ever owned a car, you probably know  how expensive it is to have a car. In fact,  

  • a lot of people who drive don't know  exactly how much their car costs

  • The average monthly payment on a new car  was $575 in 2020. But that's far from the  

  • true cost of owning a car. That's just your  monthly payments without taking into account  

  • insurance, gas, and especially maintenance. 
 

  • What I also realized when I got my first car was  how often I began to drive. I started driving  

  • everywhere, even when it wasn't necessary. Gas is not cheap, and being stuck in traffic  

  • every day can cost a fortune. Most people don't  realize that because most people don't pay  

  • attention to that. 
 

  • Just a little disclaimer, if you are living  somewhere where public transport is not an option,  

  • where you have to take your kids to  school, where a car is absolute necessity,  

  • then you probably need one, but  if you are single, for gods sake,  

  • save that money and invest  it. You will thank me later

  • 
 2. Pricey personal care products

  • I am the type of guy that loves taking care  of himself. Not to the extreme, of course,  

  • but looking good is on my list of priorities. I  tried multiple skincare products, from a Scrub  

  • to a Wash to a moisturizer. And after using  multiple products, I have realized how overpriced  

  • these products are. 
 

  • Number 1, most of them are pretty much the sameThey are produced in the same factories in china  

  • but are sold under different brands based  on how popular they are there. The ones  

  • that cost 20 dollars are not that different  from 100 dollar ones. The beauty industry has  

  • literally the highest possible margins in the  entire world, so don't let these companies fool  

  • you to pay 100 dollars for something that  you can get for a fraction of that price

  • 
 3.  

  • Spending money on impressing people  
 Back when I was in school, my self-esteem  

  • was really low because I was doing poorly in  school, but as social creatures, we want to be  

  • respected by the people around us. We want to  be valued because we have so many insecurities.  

  • And often, when we don't know how to solve  these insecurities, so we spend money to  

  • show everyone that we are as good as them. Why do you think people buy Rolex watches.  

  • Let's be honest, a Rolex watch is literally  solving one problem, which is telling the time,  

  • but even Rolex holders often use their  phones to take a look at the time.  

  • But people still spend dozens of thousands of  dollars on them because they have successfully  

  • branded themselves as a luxuries brand that is  worn by famous people like Cristiano Ronaldo,  

  • Tiger Woods, or some Hollywood actors. So we buy  them to send a message to people that - look guys,  

  • I make a lot of money. I can afford a Rolex. Most  people buy that kind of watch to impress people,  

  • which is not a problem if you can easily afford  that. But if you barely can afford a BMW,  

  • but you still decide to buy it, then you have just  thrown yourself into a huge financial problem

  • I gotta admit, I did it a few times, but  the reality is, people don't care. Yes, they  

  • might say - WOW, but that's the end of it. They  won't respect you more or value you. If you have  

  • insecurities, you have to face them and solve them  and not simply try to hide behind expensive toys.  

  • 
 4. Investments I am not sure about
 

  • In my almost eight years of experience in  the stock market, I had tried everything,  

  • especially when I started. When you know just  a little bit about something, it feels like  

  • you have figured it out all only to find out how  little you know. So I invested in companies that  

  • I barely knew what they were doing. Sometimes  I was lucky, which boosted my confidence,  

  • but other times, the stock just went  down dramatically in the next few weeks

  • I have tried following famous investors, but that  also ends up badly. I remember when I just got  

  • into real estate, after reading books, watching  other people, I thought I knew what I was doing,  

  • but I lucked experience, so I ended  up getting in a few bad deals

  • So one thing I will never spend another penny on  is investments, I am not sure. I would rather let  

  • my money slowly be burnt by inflation and wait  for the right opportunity than just lose it all.  

  • Warren buffets the first rule of money, which  is - don't lose money. When I came across that  

  • advice many years ago, back when I just started,  I thought he was fooling around because it's so  

  • obvious, but when you get into the world  of investing, losing money becomes so easy  

  • that sometimes you don't even realize how the  money you barely saved in the last few months  

  • suddenly disappeared.  
 

  • 5. extended warranties  
 

  • One of the useless things you can ever spend money  on is extended warranties. Let me ask you a simple  

  • question - how often do you use warranties? It  doesn't matter what kind of warranty it is. Even  

  • if it breaks down, you usually just forget about  it because it just doesn't worth the time to go  

  • back to the store, stay in line, spend a ton  of time just to figure out if you can fix it.  

  • On top of that, they will tell you that - the  warranty doesn't cover this kind of damages,  

  • but it provides you with a 30 percent discount  which will end up costing half the price of that  

  • thing you have purchased.  
 

  • Or what I like the most is when you are  buying something that has a 1-year warranty,  

  • and they offer an extended extra year  warranty. It sounds reasonable to get it,  

  • if something goes wrong, you can always come  back, and they will fix your washing machine,  

  • but the reality is that if that washing  machine perfectly worked for an entire year,  

  • then it probably doesn't have any factory damages  that your warranty can cover. Any other damages  

  • that the machine is going to have are most likely  not covered by that extended warranty. That's one  

  • of the ways stores make fortunes because it sounds  like a good financial decision to pay an extra  

  • 50 or 100 bucks and get an extra 2-year warranty.  
 

  • 6. Energy drinks 
 

  • As a former fan of energy drinks, it wasn't easy  to stop drinking energy drinks. I got addicted  

  • at some point since I was drinking a couple of  energy drinks a day, but then when I found out  

  • how unhealthy and useless these drinks are, I did  everything possible to get rid of that addiction.  

  • How much do you think a 4 dollar  red bull costs to produce?  

  • Let's put aside marketing, R&D, and the rest. It costs around 20 cents to produce that  

  • energy drink since its water is mixed with  caffeine and many unhealthy ingredients  

  • that cost nothing, like 50 grams of sugarThe only reason they cost so much is that they  

  • spend billions on marketing, paying celebrities  to endorse their products, and on top of that,  

  • they make around 50 percent profit on every can  sold. So energy drinks are one of the best ways  

  • to waste money and destroy your health. 
 

  • 7. Useless online courses 
 

  • Let me be clear about online courses. I am  at the same time both a big fan of online  

  • courses because I do spend money on these  courses since if I want to learn something,  

  • I would rather spend 50, 100, or even 200 dollars  on a course instead of repeating the same mistakes  

  • that others have done and waste my time. In my humble opinion, online courses are  

  • one of the best inventions of the internet because  you can learn any skill for a few hundred dollars,  

  • but many people have misused this tool  by creating worthless online courses  

  • and selling them for astronomical prices where you  literally learn nothing more than what you can get  

  • from a simple YouTube video. Over the last seven years,  

  • I have spent thousands of dollars on online  courses to save myself time, so I can confidently  

  • say that there are a lot of useless courses. Before you buy any course, make sure you do  

  • your research. I have made an entire video about  online courses. Go and check it out if you want  

  • to learn more. 
 

  • But if the course provides you with valuable  content and it's fully animated, short, straight  

  • to the point like this course on the stock marketthen it is worth every dollar you pay for it

  • Not because I have created this course, but it's  literally the course that will teach you the  

  • basics of the stock market and will help to learn  how to analyze companies in order to make better  

  • investing decisions. And the best  part of it is that it's on Skillshare,  

  • and the first 100 of you can get it for  free if you use the link in the description

  • If you have enjoyed this video, don't forget  

  • to give it a thumbs up, that will really help the  channel and will cost you nothing. Don't forget to  

  • check out our second channel called bloom. And if you are new around here then  

  • subscribe, we would love to see here. Thanks for watching and until next time

94% of millionaires spend less than they makeBecause the only way to build wealth is through  

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A2 warranty spend rolex spend money online people

7 Things I Will NEVER Spend Money On Again

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    Summer posted on 2021/09/24
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