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 same.  They 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 sugar.  The 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 market,  then 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.