Money Mistakes That Cost You Millions (What to Avoid)

You can pay off debt, start to invest — even accumulate over a million dollars & spend money on the things you love — if you avoid these 7 money mistakes.

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[TheRailwayDrone]

About a year ago, I commented on one of your posts saying I would comment a year later after I paid off all my debts. Well today marks a year and I am DONE! Thanks Ramit.

[justanotherjessica]

My peers "feel sorry" for me not owning a home at 36 but they have no idea that I'm only spending about 15% of my gross income on rent whereas they're drowning trying to afford their mortgage and ongoing repairs. I'm investing AND saving money and it feels amazing.

[MLP-zr]

Trust me guys, this methodology really works. We live in Seattle, drive a used car, and live in a modest home. We’ve propelled our net worth simply by saving on cars and housing. My friends and family consistently ask me why we don’t buy a nicer car and home. I should respond by sending them this YouTube link 😊

[samuelfrei]

I found Dave Ramsey first, a year ago. Now I found you a few weeks ago. You create so much more value with your content as you go sooo much deeper and don‘t just scratch the surface. Keep it up, I‘ll be a life time follower!

[tlokz]

Me and my wife are living in South Africa and when it comes to car payments we have zero. It's been five years now and we're living our rich life. Being debt free is amazing and we are loving it.

[tonyahartman]

I had a very old car and need to buy a used one so because I didn’t have a car payment I took $400 and pretended like I had a car payment and paid that to my savings every month. I saved enough to buy my used car with cash And now again, don’t have a car payment. But what I have stopped doing is adding that money to my savings every month. I love these rules and I love your way of thinking. Thank you for sharing.

[rustyanderson]

Ramit's wisdom resonates with me best as "always play BIG, not small!" Great guy to have in our corner of the internet...

[missamandaloo]

I live in the UK. My husband bought a secondhand car with £3500 cash. After we welcomed our baby last year, he wanted to change to a SUV, but I refused. I'm happy to report that we are still driving that old car and not intending to change car anytime soon 😊

[Jorge_Navarro]

I got rid of my car and it was the BEST decision I could have made. I don't have to spend any money or time getting it washed, no services, no insurance, etc. I end up saving close to $6, 000 Australian dollars each year. And whenever I need a car, I just rent one or get an Uber. And probably spend only $1, 000 a year doing this. 😀

[chrisschules]

Just learnt few ways productivity can be managed, Appreciate the sense of detailed content...Everything can be made easier although a lot of ways to gamble on productivity has made it tough, It's so common that to some extent you have to participate at least attempt to get ahead and hopefully secure a comfortable retirement. Money sitting in the bank does not grow, money not invested well can be unproductive

[EveaGornall]

My problem with investing is that I’m paycheck to paycheck and trying to pay off debt so if I have an extra $50/$100 a paycheck, it makes more sense to throw it at a credit card with an interest of 22% rather than investing at around 7%. I’ve been trying to pay down these cards for years but it’s so hard, and I always think they’ll be paid off at the end of the year and then I’ll start investing but now I’m 32 and it seems like I’ve been wasting time not investing 😕 and to be clear, I pay more than the minimums, I’m super motivated to get debt free but it feels like it barely goes down every month

[katiez]

I used to fully believe I “needed” to own a home. I was happy and single living in an apartment, but bought a fixer-upper foreclosure home in 2008. That house basically needed to be gutted and fully renovated, and when I sold it I didn’t feel like I made money on the renovations. Owned a single family home for around 8 years after that - nothing but stress and maintenance. I remember the constant worry that something else would break, paying the costs of maintaining a well and septic system, and investing in upgrades that didn’t pay off. Fast forward to 2022, sold the house and made a huge profit.

I now have people constantly telling me I “need” to buy a house. No. I save, I invest, and I rent - and I don’t think any of the houses on the market are a good deal anymore. I no longer have to worry about repairs and maintenance, and that alone is worth the money I’m supposedly “losing” by not owning (I’m still not convinced - home ownership is a money pit).

[Rich_EDC]

I invested into a brevelle espresso machine for 800 dollars. I was buying coffee 1 to 2 times a day. 7 years later I've saved estimated 16k and never bought coffee again since mine just taste so much better. That 16k I invested into my Roth IRA. Which has given me a good boost to my future all from choosing not to buy coffee everyday. It's crazy how compounding can work for you or against you.

[KS-xiet]

I work in midtown Manhattan, single mom with 3 kids, making $117, 000 per year. I own a coop, spacious with 2 bedrooms, garden style 2-story buildings, no headaches about maintenance outside my front door, greenery and flowers all around. Great neighborhood, great schools, commute to work is 45 minutes. I could NEVER afford to pay rent in the city, but as a home owner, I pay $1, 500 plus PSE&G. No debt, it's perfect. A different take on home ownership.

[shamimhamza]

I was eager to become a home owner now I found you and learned so much I need to be more patient because I got enough on my plate. The only mistake I have done was getting an expensive car but I said I’m going to pay it in last than 2years. I’ll be back here in the next six months to testimony. Thank you so much 😇😇😇😇

[Wabit]

European here living in the US, it blows me away how often I see people here paying others to do home maintenance when they could save a ton of money by learning how to do it themselves. It costs me my time, and perhaps my sanity. Fitting a kitchen, hanging doors, laying flooring, painting the house, even simple yard work - trimming bushes, cutting the grass. Skills that can be learned. Once you know it, you have that skill for life.

[brianadams]

We just made our last car payment on my wife's Jeep our payment was $778mo with a 10.80% interest rate we paid it off a little over a year EARLY because we always paid between $800 to $1500 a month to get rid of it. NEVER AGAIN will we have a car loan from here on out its cash only.

[sanjivb]

I'm a 61, single, a widower, living alone.

I sold my two real estate properties (in 2021 and 2024), invested the money in stocks, and live on rent in a brand new high quality apartment on the 17th floor, with a fantastic view.

I made sure to rent where the balance of power is in the hands of the tenant.

I'm lovin' seeing my net worth gallop, while I have stopped noting the price of everything. I just spend without being reckless and stupid.

The chapter on "Conscious Spending" in Ramit's book, was an eye opener. Thank you Ramit!

[darrintone]

looking back, my dad was totally bang on when he said never allocate more money to depreciating assets (vehicles) than to investing and the new car smell is your money on fire.

[Darkbunnyess]

hard to find a finance YouTuber who isn't also a landlord. glad I found you 😊