7 Spending Traps Keeping You Broke

7 Spending Traps Keeping You Broke
We all have at least one friend who’s all “B.S.” Yeah, I said it. . . They’re “Broke Spenders”
Today I’m here to save you from a conflict-induced panic attack by personally volunteering to call out the traps these B.S.-ers are falling for on behalf of self-aware, common sense people everywhere.

Links:

George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.

This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.

[boundaryconditions]

When I began treating everything in my life the way I treat my sobriety ("I am the cause of most of my problems"), I started making progress in every area. 15 years ago I was an obese, unemployed, pack-a-day smoking drunk. Today I have a leadership career at a major institution, I am sober, don't smoke, happily married, and I run ultramarathons for fun. I've built wealth and am paying off a mortgage. All it took was recognizing that if I don't do it for myself, I'll never have it. And then making small, incremental progress every. single. day.

[shanep]

Talking to a coworker yesterday about the importance of an emergency fund. He said he can't afford to save because his rent is $2500. I said maybe it's the apartment you can't afford. 🤷 He didn't like that 😆

[russellthompson]

This 100%. I hate the victim of the system mindset from people spending $80k on a car, buying every new Iphone, while working their Walmart store jobs.

[lindawalsh]

Love starting my Friday morning with your words of inspiration. Just got my paycheck. The old me would have had it spent on all that useless crap over the weekend. The new me just stuffed 95% of it into my "pay off the mortgage" funds. My mortgage will be paid off on the 22nd of this month. I'm getting ready for that debt free scream!!!

[adboamareal]

Hi George. Much love from Ghana, West Africa. I love your videos. I am debt free with a paid off house in our insane 53% inflation hit Ghana. It can be done.

[dianabinkowski]

I don't travel or vacations because I am retired. I eat out once or twice a month to my favorite burger shop that costs me $6.12. I put $2500 into my savings every month. I have a 2015 vehicle I paid cash for and it only has 84k miles on it. It will outlive me since I am almost 75 years old. I have no consumer debt except my mortgage at less than 3%. Some family members think and make snide remarks about it must be nice being rich. I am comfortable because I worked hard all my life and never lived above my means. I don't try to keep up with the Jones because I don't care what they do or have. I sleep well at night not owing.

[pamalamielnicki]

Eating and premade food are our biggest downfall. I have significant health issues, so meals fall on my husband and convenience is difficult to resist.

[ashleymjenkins]

Cooking has helped a lot!! And when I’m tired and want to go out to eat all I can hear Dave saying “Oh call the wah-bulances” 😂😂😂 So I go ahead and cook.

I do love seeing my account not moving because we’re eating from home now.

[moodrow]

I stay broke because I can't say no. I can't say no to me, I can't say no to my family. I am so tired of living this way. Love you videos and they are helping me make the mental shift I need.

[ColleenJoudrey]

I used to buy more/spend more than I really needed to on my wardrobe. It initially slowed down when I quit fast fashion but when I started thrifting only, That 3k/year decreased to less than $30O/y.

[libbysworld]

George, when you said that the average 3 day vacation costs $1400, it spoke to me. My hubby and I budged $2000 for our trip to the Upper Peninsula of Michigan for a friend's wedding. We spent the most money on our hotel. We also boarded our dogs, factoring in the gift, food and gas, we spent a little over that $1400. I just defaulted to $2, 000 when we budgeted and saved for the past year. That extra $600 stayed put in the sinking fund for next vacation! The saving continues. I used to go on vacation when I couldn't afford it. I 10/10 recommend fully funding a vacation. The peace of mind makes the whole experience that much richer! No pun intended. 🙂

[LoveBanime]

My biggest trap was opening a student loan for a degree to get a minimum job after graduating. :(

[letsgobrandon]

The main spending habits keeping me broke is trying to feed my family anything other than junk food, putting gas in my car to get to work, heating my home, and paying the electric bill.

[HectorLopez-wcfx]

"It's not an ish-me, it's an ish-you." Love it!!! At this point, I'm pretty familiar with the basics of saving and investing and well on my path. But I love watching your channel for novel ways to explain the basics to others. I show some of your videos to my wife, and they appeal to her--they open her eyes to these ideas. That's something I haven't been able to do. Thank you.

[GoldCountryTrapping]

They are not even hiding the 84 and 96 month terms for car loans anymore. Its on the sign!! Embarrassing.

[hellosaysandrew]

The axe throwing reference killed me, no pun intended. How did that trend even happen? lol

[bryanbunday]

Some great advice George. I needed to hear this when I was your age! I was the poster boy for "lifestyle creep". I agree you can't invest or borrow your way out of debt. If I had used all the fees paid to financial "advisors" to pay down debt and cut the spending for stuff I didn't need, I would now have much more financial freedom today. Now retired, but STILL have home ownership debt. The earlier in life one can be debt free, the better!

[meganvangundy]

George, the idea they came up with to have you do these videos was GENUS! You totally have the personality for it. I love your snark and your flair for the dramatic. Also, I find your videos educational and worth the watch.

[BrianBower]

Great tips. Keep in mind all cars are money pits. Spend with purpose. The advice i heard once was in you cannot buy that thing you want three times over, you don’t need it.

[dfmlydr]

👍 Thanks George Always intetested in what you have to say Entertaining yet educational Smart man Love your show!
I retired now at 55 Car paid off No kids No debt Live simply lifestyle A budget is a must!