Summary of "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:

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.
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.
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.
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.
Lottery Tickets
- Statistically a poor investment, often called a "tax on the poor."
- Spending even small amounts regularly adds up with little return.
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.
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.
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.
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.