The Worst Money Habits

I cut it all out...small, medium and large to retire at 56. Now I have to go back to work as my former employer rescinded their retirement benefits. Not worth the sacrifices. Would spend far more, would have taken a break more and worked way less hard forvthat former employer as it was a real stress thing

We suffer our entire lives for one "big reward" at the end, which is retirement. Once we get there, we realize our endurance and health are now gone and can't actually enjoy anything.

Everything this guy says tells me he has never been around actually poor people.

I budget my fixed costs of living and be smart with the extra

I agree!!!

My wife and I have a budget, but we rarely use it whatsoever. That doesn't mean we spend frivolously. We buy most groceries that we want on sale most of the time, we rarely upgrade our tech, and we each have hobbies that we monitor closely. If anything, the budget is mostly for hobby stuff, but we always underspend according to the budget just because we don't look at it as a meter that should be filled.

I really appreciate how you break these concepts down, and make them easier to understand. It's easy to say, "spend less" or "go make more money" - but you offer specific examples so that anyone can follow along, and actually build themselves a path toward financial freedom. So thank you for all the education, and insight!

One question I do have, and perhaps this isn't quite your area of expertise, is about starting a service-based company (home services like roofing, hvac, plumbing, pool maintenance, etc). What are some things you would recommend watching out for (red flags, things to avoid, or other things of that nature)?

Reply to this comment if you agree. It's seems that most people that center their content around money habits, and overall money concepts and financial IQ have the most accurate and transparent information. On the other side, the "make 10k today or 500 per day" provides logical ideas but leave out the up to date information, the backbone and actual real world assets you would need fort this to happen smoothly.

Good job in regards to your comment on budgeting. It was very smart in order to create engagement in the comments section. So I'll bite 😂...... I would love to get your definition of budgeting...

The best piece of advice in here is buy quality that will last over cheap that will not. I love your content!

Awesome video dude

I love the added bits you put in about yourself. You make these videos very easy to relate to and easy to put fourth the self effort to admit ones mistakes. I am 30 and only just coming to understand my financial mistakes. Better late than never I suppose.

Budgeting is how you track your money and put it to work and achieve your goals. Doesn’t sound much like a prison to me. Starting a budget was like getting a massive pay raise. And I was already good with my spending before I started budgeting. It just needed some tightening up.

Lol the car one is stupid. Just buy reliable brands and do your research. Anything Japanese is pretty much guaranteed 200k miles or more unless you severely modify it.

I do the same with food. Don’t deny myself the things I love, but if I’m going to have something less healthy, it has to be top notch. So yes on a burger and fries, but no on the poor fast food variety in favor of the best burger in town. It makes a difference when I don’t let convenience dictate my habits.

How does your viewpoint on budgeting account for unexpected expenses like home or automotive repairs? Spending within your means is great, but having an account set up to just hold money for automotive maintenance, or an account set up for household upkeep and maintenance means i have dedicated funds for those categories at the drop of a hat. Add in a savings account that holds exactly 3 months of expenses in case of an emergency and i feel safe knowing that i have unexpected expenses covered regardless of how well I've spent within my means.

I tell you what 1 5000 dollar car will last longer than 2 80,000 dollar cars. New ones are garbage in general and shit out right after warranty, and more expensive cars are even worse cause they know you got money or credit.

I love everything you said. I'm just wondering tho:

"Decide what's meaningful for you within your means, and spend money on that."

That sounds an awful lot like a 'budget'. ⎺\_(⍤)_/⎺

The sad thing is that this was once common knowledge. Now, once you enlighten the next generation on this, it seems extraordinary and revolutionary. Keep up the good work!

I plan trips a year out, so i can save money and go to places where the dollar is stronger

I have never watched one of your full videos before. In fact, I didn't really plan to, because I am not like crazy entertained by the shorts I've seen. But this is a great video. I am really sad that some people actually need to hear this, but I you don't say anything wrong here. I am not one of the people who needs to hear it, but I guess it is nice to hear someone else reiterate. The friends spending your money tip is a very common problem nowadays, especially with videogames. Friends will constantly try to convince you to buy a game to play it for an hour with them. My friends also try to convince me to buy computer upgrades when I spent very much on my original build for a reason: it still holds up, so I don't need to upgrade. Definitely agree on the budgeting bit as well. I was quite disappointing when a friend showed me a budgeting spreadsheet.

Anyway, the whole reason I am writing this comment is the way that you even include the salary vs entrepreneur part. That is a choice that has some merit both ways, and is quite complex, but some influencers especially often oversimplify it and try to convince their audience to be entrepreneurs no matter what. You simply acknowledging both sides as different avenues is refreshing.

You look remarkable similar to Colin Farrell

Mykonos. Ha, à la poubelle

Hats off to you, Sir! You're the only social media investment guru whom I've encountered who actually makes sense.

I disagree on the budget part. I like to have a general budget to know what my expenses are. Granted, I don't use this budget to live life on edge with the leftover money. But it's also a nice way to see if there are some useless expenses.

So turns out that im actually just too poor for most of this to apply to me. 😅 I only spend money on things i need and only buy things i want when i have the extra money which is hardly ever.

no labels says it all for me.

Thanks alot for this.

You don't realise how much money you save once you cut that person out of your life. I always had one friend who was begging me for cash every week for some drinks or food to go out. At one point he called me up for money for a hotel because his parents had kicked him out and then a couple of hours later he called me up again asking for the same money but I could hear in the background he was out and I saw on snapchat he was out in a club. After that I just cut him out of my life. I don't need friends like that.

I usually hate all the BS tips that people like Dave Ramsey and just plain fake gurus say but this is genuinely some good advice for everyday people like me.

So I am going to push back on the budget as a budget is supposed to do three things
First understanding what truly matters to you. If you genuinely want that annual vacation over the Starbucks your budget will tell you that
Second reign in your spending and teach you how to control it. No one starts knowing immediately how to wisely spend money and a budget will teach you.
Third it provides insulation from preventable external factors. Your sister came over and needs a "loan" of 3k to pay for something or your friend is "down on his luck" with his gambling addiction and needs someone to bankroll them until their next win a budget can give them a clear line saying hey I can't afford this so back off

Don’t ever delete this video please

I like to ride my dirt bikes and taking my boat out to catch crabs, 50 bucks for a really big weekend out on the boat and can come home to my partner with a few nice muddies

Great content! Really useful stuff!

“The same people who budget successfully are the same people who drink skim milk” - David Chilton

Very useful in this tightening economy, except for the budgeting. Are you being sarcastic? It's important to make data driven decisions, and tracking your buys and income and investments helps make better decisions and stay accountable.

I think the budgeting one rings true. I spend as little as possible because I view money as time spent working, so I spend as little as possible as save as much as possible. I don't think that works for most people though. The majority of people, when they see money in their bank account, they think of what they can spend it on. The latter type of person needs structured budgeting and a percentage of income going into investments because their natural temperament is to think with their emotions and impulses rather than rationally. It is almost impossible to change someone's temperament, so the majority of people need to budget to protect themselves from themselves.

Budgeting is like going on a diet, you end up gaining more weight, or debt jejejej. Like with food, the ideal is to develop, or rediscover, the good reward mechanisms, identify false signals (like anxiety) etc....Same things that make you over eat, make you over spend.

ok, time to go and do the complete opposite😁, hey dont judge me, I am human too!!🤣🤣🤣

You heard the man, buy more Starbucks. Also, more $SBUX

If you have weird interests, buy everything you want and take care of it. I have lost a few million not treating myself to non consumable things i could afford at the time and went way up in value. Ive been waaaay ahead of trends too many times to count, and am just learning now how to monetize it.

This is a solid F for effort on the sales pitch, and a guaranteed never going to give you my money on the back end.

i hate budgeting, but im great at money managment, and not spending on stupid BS. finally someone says it, budgeting is for people who make very low salarys or people who cant control themselves

A budget helps you understand what is in your means and what you value most. If i spent money on all the stuff i valued, id be broke. All my hobbies are expensive. Budgeting helps me really think about whats most important to me.

I'd rather cut out Starbucks and go on the trip, but travel on a shoestring and experience another culture.

I have an effin flip phone, lol.

I never understood people that get so drunk they dont remember what happened 😂

Reminds me of the psychological experiment "Don't eat the avocado sandwich" ;-D

Always love your content. The production value of this video seemed better than some. I enjoyed it.

My wife and I have a budget, but we rarely use it whatsoever. That doesn't mean we spend frivolously. We buy most groceries that we want on sale most of the time, we rarely upgrade our tech, and we each have hobbies that we monitor closely. If anything, the budget is mostly for hobby stuff, but we always underspend according to the budget just because we don't look at it as a meter that should be filled.

CC for stuff is fine.... if your paying it off EVERY month (Only occasional temp debt... cause ESPECIALLY if u get rewards.... how many of them zero out if you don't pay your CC off..... All of them. And by zero out I mean, you have more cost via INTEREST then what the points you earned are worth...)

You DO social spend, all your friends can dictate what you spend on.... so long as you like it too.... I agree, if it's just going along for going along... I ain't got time or cash for that. Also if your flexing on SM.... Your a part of the problem STOP.

See above (similar idea)

I do not budget BUT, I won't put down people who do. Some people NEED those rules cause they are.... bad with money. And the rules help them stay focused. Not everyone needs to budget, but if you do. You do you, no shame. And shame on you for putting people down who do. Smart people are smart in different ways... Doesn't mean they should handle the cash without rules.

I kept my iPhone 11 for nearly 5 years and it works perfectly fine. Upgraded to a 16… and realised it was pretty meaningless.