The Worst Money Habits

Americans seems to be some of the most efficient over-spenders in the world. And can you blame us? We're bombarded with messages about luxury goods all day long while getting handed a little card that let's us spend and spend without having to worry about the bill until much later. Today, I'll go through the top three worst money habits that are keeping you from living a happier, richer life. How many are you getting tricked into? It's not to late to make better decisions about how you spend (or save).

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Chapters:
00:00:00 - Penny smart and pound foolish
00:00:42 - Breaking the Habit of Trading Debt for Pleasure
00:01:23 - Pleasure vs Debt
00:02:07 - The Benefits of Smaller Rewards
00:02:47 - Identifying and Opting Out of Data Brokers
00:03:29 - Prioritizing Your Spending
00:04:11 - Decreasing Unnecessary Expenses
00:04:55 - Developing Personal Style and Minimalistic Fashion Choices
00:05:52 - Investing in Long-lasting Purchases

[bobbyathineos]

My wife and I have a budget, but we rarely use it whatsoever. That doesn't mean we spend frivolously. We buy most groceries that we want on sale most of the time, we rarely upgrade our tech, and we each have hobbies that we monitor closely. If anything, the budget is mostly for hobby stuff, but we always underspend according to the budget just because we don't look at it as a meter that should be filled.

[Akarikotsu]

I can appreciate getting to the point and not drowning the viewer in too many examples. I also like that you say think about what brings you joy rather than cut yourself off from what brings you joy

[liampierce]

Don’t throw shade at budgets. I’m really young (21) and I haven’t learned how to control my spending habits yet. Budgeting has been a valuable tool to keep out of debt and buying the things that actually make me happy. I’m honestly surprised that you don’t like this tool that helps me control my spending.

[morisdakar]

I agree with each and every idea you mentioned Other than budgeting..
budgeting helped me know how much i’m spending and now i don’t need to look at my budget as i developed my own spending habits
It’s a good way to save up if you moved from working on your own business to a salary based job

[lehtamohan]

This might sound weird, but here goes:

I really like, as far as marketing your videos is concerned, how you break up the video into short form content. It's a great hook, and it tells me as a viewer that there's some valuable information in the long form content that I might want to interact with.

Please keep it up 👏 👏 👏

[gabrielremilekun]

no labels says it all for me.

Thanks alot for this.

[dbharadwa]

You don't realise how much money you save once you cut that person out of your life. I always had one friend who was begging me for cash every week for some drinks or food to go out. At one point he called me up for money for a hotel because his parents had kicked him out and then a couple of hours later he called me up again asking for the same money but I could hear in the background he was out and I saw on snapchat he was out in a club. After that I just cut him out of my life. I don't need friends like that.

[Hugo__IV]

Your channel is a gem in the rough! Keep going man, your advice is golden! Also very consumable videos.

[drakeb]

I love the added bits you put in about yourself. You make these videos very easy to relate to and easy to put fourth the self effort to admit ones mistakes. I am 30 and only just coming to understand my financial mistakes. Better late than never I suppose.

[lexisnep]

I know you’re getting feedback for the budgeting point, but it’s not necessarily wrong. Budgets are a good tool to TEACH you money principles. I set up a budget 6 months ago. I stuck to it religiously for 1 month, checked my results for 2 months, and stopped caring after that. But you know what? I have money principles now. I don’t need a sheet of paper to tell me how much I have left to spend on xyz this month, I can feel it out and use common sense. It’s like training wheels for money. Also love the point about the car! I got an Acura instead of a Honda this year because I realized the warranty was longer and I’d be far less tempted to buy a new model if I got the slightly more expensive model. I’m much happier with my car and that urge to upgrade is 100% GONE!

[sophias]

The best piece of advice in here is buy quality that will last over cheap that will not. I love your content!

[reido]

Always love your content. The production value of this video seemed better than some. I enjoyed it.

[VenraeLOL]

I really appreciate how you break these concepts down, and make them easier to understand. It's easy to say, "spend less" or "go make more money" - but you offer specific examples so that anyone can follow along, and actually build themselves a path toward financial freedom. So thank you for all the education, and insight!

One question I do have, and perhaps this isn't quite your area of expertise, is about starting a service-based company (home services like roofing, hvac, plumbing, pool maintenance, etc). What are some things you would recommend watching out for (red flags, things to avoid, or other things of that nature)?

[zinic]

I'm really enjoying these videos. Great work Nic.

[scharftalicous]

I've never heard budgeting being defined like that, nice bonus. I agree that it's not about putting a dollar figure on everything its about assessing what you value.

[longwood]

Great advice. Always good to hear this. Thank you.

[shubhamsuri]

1st time visiting this channel. This video is sum of thinking processes I had to learn from multiple sources and more. Great and easy to implement points

[E.Asinus]

If you have weird interests, buy everything you want and take care of it. I have lost a few million not treating myself to non consumable things i could afford at the time and went way up in value. Ive been waaaay ahead of trends too many times to count, and am just learning now how to monetize it.

[johnfijnvandraat]

So I am going to push back on the budget as a budget is supposed to do three things
First understanding what truly matters to you. If you genuinely want that annual vacation over the Starbucks your budget will tell you that
Second reign in your spending and teach you how to control it. No one starts knowing immediately how to wisely spend money and a budget will teach you.
Third it provides insulation from preventable external factors. Your sister came over and needs a "loan" of 3k to pay for something or your friend is "down on his luck" with his gambling addiction and needs someone to bankroll them until their next win a budget can give them a clear line saying hey I can't afford this so back off

[Maunzies]

I do not budget, I live and spend as it makes sense to me. Hard to explain but there is always money left at the end of a month. Some family members said that this is not being good with money, it is having enough to spend. You just confirmed that I am on the right path. The path that works for me...