7 Expenses All Rich People Avoid

Dive into the fascinating world of wealth management with our latest video, "7 Expenses All Rich People Avoid," where we unravel the secrets to maintaining and growing wealth, inspired by the dramatic financial journey of the Vanderbilt family.

From the peak of Cornelius Vanderbilt's empire, where he amassed a fortune that made him the richest person in the late 19th century, to the surprising decline of his family's wealth within just a few generations, we explore key financial lessons that even today's wealthiest individuals swear by.

Discover why the Vanderbilts' story is more than just a cautionary tale; it's a roadmap for smart financial planning and avoiding the pitfalls that can lead to the erosion of a vast fortune. From the allure of new cars and the trap of high-interest debt to the often overlooked drains on your wallet like extended warranties, unnecessary insurance, and lifestyle inflation, we've got you covered. Learn why eating out frequently, maintaining unused memberships, and choosing quantity over quality can be detrimental to your financial health.

Our exploration doesn't just highlight what to avoid; it offers practical advice on making wise financial decisions to ensure your wealth not only remains intact but grows over time. Whether you're looking to optimize your spending habits or seeking strategies to protect your financial future, "7 Expenses All Rich People Avoid" is your go-to guide. Join us at Blue Chip Mindset for an insightful journey into the art of preserving wealth, inspired by the historical riches of the Vanderbilt family and tailored for the savvy investor in you.

Chapters:
00:00 Introduction
01:44 New Cars
02:38 High-Interest Debt
03:35 Extended Warranties and Unnecessary Insurance
04:35 Lifestyle Inflation
05:44 Eating Out Frequently
06:44 Unused Memberships and Subscriptions
07:38 Quality Over Quantity

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Outro music: Valence - Infinite [NCS Release]
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📜 Legal Disclaimer:
I am NOT a Financial Advisor. This video is for entertainment and education purposes only. This video is not financial advice. You can lose money investing in the stock/crypto market. You are liable for any losses that you incur from investing in the markets. I shall not be held liable for any losses you may incur while investing or trading on the stock/crypto market. Contact a licensed financial professional in your area for professional advice. The information provided in this video is for general information only and should not be taken as financial advice. There are risks involved with stock market or other asset investing. Consumers should not act upon the content or information found here without seeking advice from an accountant, financial planner, lawyer or other professional. Consumers should always research companies individually and define a strategy before making decisions. Blue Chip Mindset is not liable for any loss incurred arising from the use of, or reliance on, the information provided by this video.

#WealthManagement, #CorneliusVanderbilt, #SmartInvesting, #FinancialFreedom, #BuildingWealth, #VanderbiltLegacy, #PersonalFinance #bluechipmindset

[BlueChipMindset]

Are there any other expenses not mentioned in the video that you believe wealthy people avoid?
💰Get up to 12 FREE Fractional Shares Valued Up to $30, 600

[bourbontraveler]

I’m pretty well off
I always buy new cars, so what I enjoy them
I worked my whole life and saved my money
Now I enjoy it.

[danicegewiss]

1.5 million is nothing to spit on. He inherited more than most of us inherit.

[thunderkittie]

I have only bought one car I ever made payments on in my life. It is a 1987 Chevy pickup with a small block V-8. It has over 303, 000 miles on it. It still has the original alternator and the transmission has never needed work besides changing the fluid and filter. I rebuilt the engine myself and it runs great. I bought it in 1991 and I will never sell it. I also have a 1966 Thunderbird, a 94 Lincoln and a 91 Dodge. Everything I own including my house and a travel trailer is paid for. That's what works for me.

[onebridge]

I buy new cars and keep them 10 years minimum. I bought used a few times and spent more in repairs. I know everything my vehicles have required since new. Kept up on scheduled maintenance and never abused them. Paid my Gladiator off in 13 months. Been car payment free for last 3 years. I won’t sell it. Just replace things as they break.

[lisawillis]

I partly agree on the used cars advice. Just be EXTREMELY careful when looking for a used vehicle. Several states lemon laws DON'T cover used vehicles. So if you end up with a lemon then you're still screwed with BOTH a car payment AND constant vehicle repairs

[denniswhite]

The Vanderbilt story is unbelievable. Such a shame...

[bostromberg]

Good advice mostly but the attack on IKEA was not fair, My experience is the direct opposite, It will save you a ton of money most stuff I bought there since several decades I still have

[bmwuzwm]

I bought a new car a couple of years ago, never again. After a couple of months the new car feel wears off and still stuck with payments for years.

[anthonys]

Car insurance is the number one wealth killer!!

[PhilUKNet]

In Thailand I buy things at IKEA because the quality is so much better than elsewhere!

[terryevp]

Another top drawer information. Many Thanks. Appreciate these contents..!!! 100% agree with IKEA crap. I always go for quality over quantity and they last forever.

[Arthur]

i consider IKEA furniture a good buy, some items are excellent others not so

[zeroxzero]

I think the more important question is to ask yourself: "what is all this money I worked so hard is for?" The reason you accumulated those money is more important than just earning more money for the sake of earning more money.
Eg: Is having 10 million in your account on your deathbed more important than spending that 10 million on things that you want when you are alive and healthy?
What is the goal of your financial planning? Is it reinvestment for the sake of only getting more profit or is it for future betterment of your life and enjoying the fruits that comes with having a certain amount of income?
It is quite nonsense to me that i need to earn more for the sake of earning more instead of spending those money on yourself when it is evident you have more than 90% of the population...

[NightTimeChills]

Generational wealth never lasts. That's why the Vanderbilt family lost it all

[Tom-sgiv]

1. This is a normal car. An EV would loose 40% within the first year, and be scrap value after 5

[paulbroderick]

I purchased a new Honda Civic Del Sol in 1993 and still drive it daily. Yes, multiple repairs and replacements over the years, however I enjoy doing routine maintenance on the vehicle myself. Same approach concerning household items. Sounds boring but I am completely out of debt!

[darkevilazn]

Hardest part of quality of quantity is how to tell if something is quality. But dayum, I'm sure most people in the world would never think a 1.5 million inheritance is a pittance, no matter how much wealth it was before.

[Jesus-wdl]

One rule: Don't spend beyond your means or spend on something that will.make you spend beyond your means. But enjoy your life now to the fullest as long, spend on something that will make you happy and contentented as long as you do not spend beyond your means.

[scoutandscooter]

$50 for a meal out? Not eating at that restaurant.