8 Mistakes to Avoid in Building Wealth

Here are the many methods I have found to retain the most wealth. Or if you are trying to build wealth from scratch, these are the 8 things I would suggest to avoid if you want to build it as quickly as possible.

Other BeatTheBush Channels:

[paulstone]

So BTB, when are you moving to Las Vegas and joining Graham Steven in the California exodus? 🤣

[cLarryBattle]

Quick Summary of the 8 Mistakes:

1. Not having a solid credit score.
* Tip: Put a small utility bill on one credit card and auto-pay the card off every month.

2. Not understanding how advertising impacts you
* Tip: avoid loans with 4%+ interest rates and pay them off ASAP if you have any

3. Wasting time trying to save on the small money
* Tip: concentrate on making the big money

4. Not investing in yourself and over-consuming entertainment

5. Not taking care of your health
* Tip: avoid soda and fast food. Exercise daily.

6. Getting into a marriage with a high chances of a divorce
* Tip: Try to marry someone religious, with the same level of income and/or wait until you're (both?) over 30 years old

7. Not maximizing cash salary from your employer
* Tip: Avoid stock options in a small start up and ask for cash instead

8. Under-investing in yourself
* Tip: Develop a new skill and create stuff to get a higher paying job

Remember building wealth is all about having a consistent positive monthly cash flow.
Monthly cash flow = Monthly Income - Monthly Expenses

Thanks Beat the Bush.

I would like to add that everyone should play the "Money Flow" game.

[DJ-zioe]

Need more of the "dont buy it you dont need it" series

[ricklucas]

I stopped drinking soda over 4 years ago. Just drinking water now. Best thing I've ever done. Saved me so much money and I don't get headaches anymore. Highly recommended.

[Naturenerd]

Sales can be a money trap because it makes you impulsively buy extra stuff you usually don't want and need.
Coupons can be good for saving money, but it can also make you spend dozens of dollars at fast food restaurants each month that you wouldn't spend if you didn't have them. The reason why coupons are given in the mail for free is because companies are thinking some profit is better than full price and no profit.
Fast food restaurants only save you money if you are minimalist, but if you buy alot of groceries and you eat at fast food restaurants all the time causing you to throw out more groceries that have gone bad it is not saving you money.

[dhhsncnd]

6:09 absolutely agree with you. I was also penny pitching in the past couple years and I think it has negative impacts on investing as well. Many times I was waiting for a 'deal' on a stock and ended up missing the buying opportunities or sold too early... Now I just buy things that is sort of necessary without caring too much about the current price, I feel less stressed on controlling myself from buying things I want, definitely it's good for my health and life.

[Polyester_Avalanche]

Don't get sucked into subscription services that charge monthly.

[mrright]

since i took a loan for my uni and paid it off, i am not using any credit cards. i do not spend if i do not have the money. the best strategy.

[sogerc]

You used to have a "Don't buy it" series, I really enjoyed it. Do you have ideas to make more of those?

[choicefresh]

YouTube ads interrupted the video for me right in the middle of the adblocker glasses skit! 😂

[felisha]

I do agree with you that penny pinching can have a negative effect on your life when you go too far. I've seen it with couponers and people who want the "deal" more than they want to buy the product. It can be a sickness. I am like you in that I like a bargain and I like good value, but I don't want to devote my life to chasing every possible deal. I churn credit cards like you, but consider that good value. I don't do much more than that other than shop wisely and minimally. I just don't need a lot of products now. And good health is at the top of my list, so I work hard to stay healthy. I don't mind paying for a gym membership, but I also do yoga and run which are 100% free and sooo worth it. Do you work out?

[jjazxd]

Good wise words! I'm like you who does Penny pinching but i, too, realized that spending hours on research to save few ten bucks aren't that efficient. It's great to hear you talk about your personal reflection on the other video. Big fan!

[yoyoyo]

oh damn i really needed to hear this, so important to invest in yourself

[Tjmalloy]

I really enjoy sodas from time to time, I went from drinking several a day to drinking a few a month.

[SilverFank]

Dear BTB,

Is S&P500 [Total Return Index] the highest ROI yield there is?

I am not speaking about the S&P500, aka the daily price change in the chart of the index, but specifically speaking about the more hidden Total Return Index that most people don't know about. Aka I believe this index is DRIP or IMMEDIATE reinvestment of dividends right back into the index.

If this index is not the highest yield, what else is the HIGHEST yield over the longest investment time frame? aka 30 / 35 / 40 / 45 years.

Thank you very much and I hope this makes sense.

[wrenchguy]

I love the dinosaur meat thing on the right lmao

[Real.Estate.Report]

The health tip is such an important one!! Gotta treat your body right, it will make you much more productive and in turn much more successful.

[jentam]

Hi BTB, since you are not working, what are you doing for health insurance? Is it possible to do a segment on how to shop for health insurance? I know a few people who are afraid to leave their jobs because they need health insurance through their jobs. Thanks

[FIRLco]

Though the concept of good debt makes sense theoretically. Very often people will use it to justify buying useless stuff.

[anatomyandphysics]

Good talk beat, especially about the junk food, it's costly and the pleasure derived only lasts 5 mins, it's not worth it