Summary of "15 Things That Are a Complete Waste of Your Money"

The video "15 Things That Are a Complete Waste of Your Money" by Mel Abraham highlights common financial pitfalls that drain your wealth without you realizing it. The host shares practical, blunt advice on how to identify and stop these "money leaks" to build financial freedom. Key lifestyle and money management tips include:

15 Money-Wasting Habits to Avoid:

New Cars with Old Logic
- Dealers sell payment plans, not cars.
- Financing often leads to being underwater due to depreciation.
- Buy used, reliable cars with warranties, ideally with cash.
- Avoid long-term loans (no more than 3-3.5 years).
Impulse Amazon Purchases
- Amazon encourages dopamine-driven buying.
- Remove saved credit cards from the app to add friction.
- Wait 72 hours before purchasing items in your cart to avoid impulse buys.
Unused Subscriptions
- Many pay for multiple streaming and app services they rarely use.
- Regularly audit and cancel unnecessary subscriptions guilt-free.
- Redirect saved money toward financial goals.
Unused Fitness Equipment
- Buying fitness gear often results in clutter, not workouts.
- Build fitness habits first (walking, bodyweight exercises) before investing in equipment.
Buying Because of Sales
- Sales often lead to unplanned spending, not savings.
- Only buy items you would pay full price for.
- The best deal is sometimes not buying at all.
The “Investment” Excuse for Luxuries
- Expensive gadgets, coffee makers, or mattresses are spending, not true investments.
- True investments generate cash flow or build wealth.
- Be honest and plan luxury purchases without guilt.
Courses and Conferences You Don’t Use
- Buying education without action wastes money.
- Only invest in courses/conferences with clear goals and commitment to use them.
DIY Projects That Waste Time and Money
- Avoid spending excessive time on complex repairs better handled by professionals.
- Know your limits to prevent costly mistakes.
Playing the Credit Card Points Game While in Debt
- Points don’t justify carrying credit card debt and paying interest.
- Only use credit cards for points if you pay the balance in full monthly.
Stress Spending Disguised as Self-Care
- Emotional purchases like expensive massages or brunches can cause financial anxiety.
- Plan and budget for self-care intentionally and guilt-free.
Status Credit Cards You Don’t Fully Use
- Paying high fees for cards without maximizing perks is wasteful.
- Audit card benefits and downgrade or cancel if not worth the cost.
Overpriced Skincare Products That Don’t Deliver
- Many expensive Skincare Products and subscriptions don’t make a real difference.
- Use only what works and avoid unnecessary spending.
Home Remodeling for ROI That Doesn’t Materialize
- Many renovations don’t increase home value as expected.
- Avoid going into debt for cosmetic upgrades that don’t pay off.
Overpaying for Financial Advice That Doesn’t Deliver
- Advisors can be valuable but only if they provide clear, productive value.
- Consider flat-fee advice or limited consultations instead of ongoing percentage fees.
Buying for the Person You Want to Be, Not Who You Are
- Purchasing expensive items to create a fantasy identity wastes money.
- Productivity, wellness, or lifestyle improvements don’t require costly tools—action matters more.

Bonus Advice:

Avoid emotional spending triggered by dopamine or adrenaline.
Simplify investing to reduce complexity and stress.
Be intentional and honest about spending to align money with your financial goals.

Notable Points:

Host: Mel Abraham, entrepreneur and money mentor with 30+ years of experience.
Emphasis on financial education with practical, heart-driven advice.
Encourages viewers to build a “money machine” that works for them, creating freedom and choice.
Advocates for awareness, intentionality, and plugging financial leaks rather than just cutting small expenses.

This video is a candid guide to recognizing everyday money traps and redirecting spending toward meaningful financial freedom.