15 Bad Money Habits You Need To Break Immediately

There are some people out there that are very good at making money but for some reason, they never manage to become rich.

00:00 - Intro
00:42 - Habit 1
02:26 - Habit 2
04:06 - Habit 3
05:13 - Habit 4
06:38 - Habit 5
07:48 - Habit 6
09:49 - Habit 7
11:20 - Habit 8
12:05 - Habit 9
13:11 - Habit 10
14:07 - Habit 11
14:49 - Habit 12
16:04 - Habit 13
16:50 - Habit 14
17:29 - Habit 15

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1. Impulse Buying
2. Keeping Up With The Joneses
3. Living Beyond Your Means
4. Paying Only The Minimum Amount On Your Credit Card
5. Never Asking For A Raise
6. Not Investing
7. Ignoring Lifestyle Inflation
8. Keeping Your Money Under The Mattress
9. Lending Money To People, Who You Know Will Never Pay It Back
10. Not Paying Your Taxes
11. Investing in Things You Don't Understand
12. Not Maximizing Tax-Advantaged Accounts
13. Replying On A Single Income Stream
14. Ignoring Budgeting
15. There Are No Get-Rich-Quick Schemes. That's Just Someone Else Getting Rich Off You.

You're Most Welcome.

[jerrygibson]

Thanks for this amazing video. Sincerely, I'm not sure if investing at this time is a good option. Pay attention to how often things fall apart. Despite reading charts and predictions from renowned investors from the past and present, I'm still seeking for a better way to invest my money because I still have some time before retiring. I want to create a strong portfolio in order to produce passive income.

[orchidtreasure]

My money management skills are beyond sub-par. I grew up poor, with a mostly absent father, and a very abusive, narcissistic mother who was constantly in collections and default on her bills and rent. For a while, I was doing fine when I worked for a financial institution. I learned the importance of maintaining a good credit score, and having savings. Now though, it has all gone downhill. I have serious credit card debt, I have taken two quick payday loans, and I have to find a new place to live. Don't be like me. My major mistake is impulse purchases and lack of budgeting. Don't eat in restaurants, especially not food delivery services. Save for a rainy day, because rainy days are more common now. Thanks ALUX for this wake-up call video. I am praying for better days ahead.

[roseroland]

Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor, My husband and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock.

[brightwriter]

"Paying only the minimum amount on your credit card" Not sufficient, I think. Of course you should pay the balance in full if possible, borrowing somewhere else at a lower interest rate if you must. But if you can afford to pay the balance in full, then please don't wait until the due date. Pay the balance in full just before the monthly statement is issued. Then you may have to make a small payment a few days later because of a few purchases between your actual payment date and when the statement is issued. But the credit card issuers report creditworthiness in the form of balance owed divided by credit limit when the statement is generated, and you have beaten the system by making sure that the amount owed is nearly zero. A good credit score results.

Separately, never spend any money at all unless you are required to (taxes, for example) or you are aware of the need to purchase something before the opportunity arises to purchase it. _First_ you note the need for something, _then_ you seek it and buy it. You don't first have it shown to you by an advertisement or a store display or a colleague, then decide that you want it. In the consumer marketplace, ignore what you don't already believe that you need or want. The little boy who sees you eating a candy bar and wants a candy bar for himself--did he know he wanted one before he saw you eating yours? Don't be like that little boy. What you need or want should not depend on what people nearby have. If it does, figure out why and get your mindset repaired promptly; it's faulty.

[donnidonald]

Even with the current crypto crash, the market has been pretty rough until it decided to rally today. Everyone was practically crying then. He kept dipping. That's what you get when you feel like you can navigate the process on your own.

[andrew.alonzo]

At this moment, it is crucial for individuals to prioritize investing in alternative streams of income that are not reliant on the government, particularly with the existing worldwide economic crisis. Investing in stocks, gold, silver, and digital currencies can still be profitable during this period. Therefore, it is advisable to explore these investment options to secure one's financial future.

[walter.dlawson]

Our perceptions of your approach influence how we interpret, understand, and act on the truth. Getting into investing i stuck to Avoiding high interest debt. Cutting costs. spending less, earning more and investing passively The best way to find that balance between saving and living is by investing..what i can say to early investors is diversification and solid management this was how i got to my first million..at this point I'm actually grateful for my advisor Susan Kay Mack..

[Yesminjames]

I always look up to you when it comes to financial lesson and advices. You are such a blessing to this community. Anyone who is not investing now is missing a tremendous opportunity. Imagine investing $1000 and receiving $4, 200 in 5day. Analia Harlod is the best

[deepaksubramony]

I like the change of tone in this podcast compared to previous one ... Kinder, more compassionate, less judgmental, less mocking, less talking down at people.

[financialintelligencecreations]

“We buy things we don't need with money we don't have to impress people we don't like” - Dave Ramsey

[andreideac]

The educational system doesn't teach you actual skills. You can't get a small loan from a bank to start a business, but you can get astronomical student loans. It's intentional and creates individuals to be in debt their entire lives. In some cases, debt feels like an addiction.

[lvega]

I dont know if I'm in the minority, but i haven't had lifestyle inflation/ lifestyle creep. I have pretty much the same lifestyle now at 250k income as I did at 50k (in today's dollar-terms). I save half of my after-tax income now, wheras I got into debt before. Basically, I've always spent about 60k-70k/yr, no matter if I was making 50k or 250k gross. My car is 10 years old, I've been living with a friend, I use the same purse i bought 14 years ago, rather than buying new expensive bags. The one area where I spend a large amount of money is food. I get a lot of doordash when im busy working and don't feel i can pick up my own lunch. Starbucks for latte and breakfast every single day before work. But Ive always spent a lot on food. Anyway, I haven't fallen to lifestyle creep yet.

[kentjensen]

Two things with me: 1 I don't have a credit card and 2 Once I am rich, I won't loan or give money to anyone; they'll have to earn it with a service project.

[wlady]

I have so many bad money habits. Thank you for this wake up call

[pauljackson]

6:38 also helps if you've a better job lined up as well as good performance that net profits the company when approaching such a conversation for a raise, & if you don't get it from current employer well can simply go with the other company actually honoring your worth at the time.

[TheSastrikal]

Keeping up with the Joneses.... Great vocabulary... 🥳🥳🥳

[myfindependencejourney]

Work to make money and have part of that money work for you so you can even make more money.

[iampratikk]

One of my favourite YT channel that helps to make smart moves and build a good personality. Love your videos ALUX 🔥

[BRBallin]

Living beyond means shouldn’t just be just based on income vs expenses. It should be based on how many expenses are justified. In your early days living paycheck to paycheck is fine but if you earn 6 figures and still live paycheck to paycheck or only save 20% or less, that’s not ok.