9 Things That Are a Complete Waste of Your Money

The video outlines 9 things that are a complete waste of money, especially for those trying to build wealth, and offers practical tips to avoid these financial pitfalls:

9 Things That Waste Your Money:

1. Designer and Expensive Name-Brand Clothes
   • Avoid spending heavily on luxury brands just to impress others.
   • Prioritize future financial needs like rent and groceries over flashy clothes.
2. Overpriced Tech Gadgets and Frequent Upgrades
   • Don’t buy the latest smartphone or gadget every year if your current one works fine.
   • Avoid being swayed by minor upgrades or marketing pressure.
3. Credit Card Interest Charges
   • Carrying balances and paying interest compounds debt rapidly.
   • Pay off balances monthly to avoid interest, as credit card points don’t offset interest costs.
4. Unused Subscriptions
   • Regularly review and cancel subscriptions you don’t use (streaming, gyms, apps).
   • Could save around $70/month or $8,400 over 10 years.
5. Lottery Tickets
   • Statistically a poor investment, often called a "tax on the poor."
   • Spending even small amounts regularly adds up with little return.
6. Frequent Food Delivery
   • Ordering food often is costly due to delivery fees and tips.
   • If able-bodied, it’s cheaper to buy or cook your own food.
7. Trendy Health and Fitness Equipment
   • Expensive exercise gadgets often go unused.
   • Simple exercises like walking, squats, push-ups, and eating well cost nothing and are effective.
8. Expensive Online Courses, Boot Camps, and Conferences
   • High-priced self-improvement programs often don’t offer unique value.
   • Similar information can often be found for free or at a fraction of the cost.
   • Avoid going into debt for costly coaching or seminars.
9. Buying Brand New Cars
   • New cars lose 20-30% of their value in the first year and up to 50% in 4-5 years.
   • Buying a 2-4 year old used car saves money while still offering reliability.

Additional Money-Saving Tips:

• Track your spending and budget monthly, writing it down.
• Use the 30-day rule: wait 30 days before making non-essential purchases to avoid impulsive buys.
• Live below your means and spend intentionally.
• Regularly assess if purchases are necessary or just wasteful.

Notable Mentions:

• The video encourages sharing with others who might benefit.
• It references another video on "five types of people to avoid on your wealth-building journey."
• The speaker emphasizes practical financial wisdom over flashy, expensive lifestyles.

Key takeaway: Focus on smart spending habits, avoid unnecessary expenses, and invest in your future financial health rather than short-term gratification.