The #1 Wealth Killer

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I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.

[jimboland]

I inherited almost $1 million dollars this past February. I considered buying a brand new Range Rover, but I realized what a stupid financial move it is for me.
Instead I’m keeping my 2011 Honda Civic, paying off the mortgage and investing the rest into bank accounts and stocks! We must not be foolish with wonderful gifts!

[riddledriddler]

As a mechanic i can tell you that it very much depends on the car and also some basic skills to do simple but highly charged jobs yourself. Yes you wont rotate your tires at home but you can do oil changes, brake pad changes, basic suspension work, with very basic tools. Also you have to consider the type of car a used bmw will most likely be lots of problems as those are always technological tour de force, a simpler toyota or honda will be very reliable. If you delve deeper in what you purchase and for what purpose it can save a lot of headaches and big expenses.

[davidyap]

I live in Kuala Lumpur and all my friends cannot understand how I can survive without a car (here, almost everyone buys a car as soon as they start working). All of them think it is super inconvenient to travel by the public transport or just walk.
For me, apart from the cost, I save a lot of time. The traffic here is horrible at peak hours, finding a car park is also a nightmare here at those crowded places. I love to read/do some small work/taking nap in the train or cab. So, I am 35 now, never own a car, and never feel it inconvenient at all.

[MalluStyleMultiMedia]

Around 10 years back, I used to live in the apartments right next to my work. It was super nice. One minute walk to work. Saved money big time.

[margaretc]

Another transportation saving tip - be a safe driver! Tickets and accidents will destroy any chance of lowering those rates. Some people are just careless with their driving record.

[KarD]

It was good that you've refreshed this video from 2 yrs ago to remind young people on the actual costs of owning a car. In some cases, people spent more on their cars than their home over their lifetime. A car is not just a liability on one hand, but a depreciating asset also. I have never purchased a brand new car, always buy used with no bells/whistles so that it's easy or less costly to fix.

[anavargas]

Highly recommend trying this—my husband and I went from 2 cars to 1 car a few years ago and it saves so much! It also got us questioning other things like why we lived in a neighborhood that required a car—we chose to move to a walkable neighborhood so we rarely use our car for anything other than work or family visits.

[misssoandso]

I learned to change my motor oil, battery, basic maintenances on youtube this past year. Makes me feel a bit more capable : ] I also share a Costco membership with family, so I was able to buy 10L motor oil for $20, compare to Walmart, that would have been ~$50 for same amount. Car battery from Costco is around $80, compare to $150 + elsewhere. In term of gasoline, Costco gas always has the best price.

Sorry Nate, I know you're not a fan of memberships/subscriptions, but I love Costco, and it's the only membership I have. Good luck everyone!

[olegkirill]

Awesome content! In my opinion, I think the number 1 wealth killer is *INADEQUATE INVESTING* and most people discover this later in life. Saving money alone would never make you wealthy enough as you tend to spend in times of emergency. But, investing money builds wealth gradually and for the long term and this is how I’ve been making enough returns (about $500-$2000 daily) to ensure that I and my family are good in troubled times. Great piece!

[hannahmuellenmeister]

$150-$200 for an oil change??? Started doing it myself recently, but NEVER spent over $50 for a synthetic oil change anywhere.

[paulwosik]

Nate, it’s nice to see a young person like yourself, who doesn’t bend to social pressure which tell us to drive expensive new cars. In addition to your example of new car depreciation, you also lose the sales tax paid after driving it off the lot.

[Jungernaut]

This saved my life and you are my hero ❤️

[youtubeboi]

Hey Nate, your advice on checking on your car insurance every year and getting a better deal is very practical and useful and yet, I think most people never do this. I want to add that you can also do this with a cell phone and internet plan. There’s more and more competition in these areas and a 10-minute call on the phone could potentially save people 100s of dollars per year. Thanks for the video!

[kimberlyhouser]

Awesome Nate! I’m going to shop for my car insurance. I live in Atlanta and drive an hour right now to work, but I plan on moving back to DC and will be closer to work and pay less for gas. Thanks for the videos! Sure do appreciate them as a single women on a budget!

[LennefalkStudios]

Cutting back on expenses to invest them instead definitely is a game changer, I wish I realized this a decade earlier. But better late than never! Greetings from a Swede in Beijing ☀️🌆

[DomCOuano]

seriously, thanks for this! the automobile has been so ingrained into American life that it's very difficult for a typical American to be without a car. and so an unfortunate side effect of this is a ton of predatory activity around cars. predatory loans. predatory garages that take advantage of people who don't know their car parts. predatory sales practices. predatory insurance practices. these things really hurt people and the people who get hurt the most are poor people who just want to work. Nate, you save lives when you share such helpful information like this

[juanedlr]

If only PUBLIC TRANSPORTATION was clean, safe, and reliable in every major metropolitan area in the US... we would save more than just money over time.

[rineilperez]

I think we just need to find a balance. Having a car as a way to get to a job to build income is great (reasonable used car/reliable). Problem is when you go to the job and compete with people over who has a nicer car (status symbol).

[Andrew.Ferguson]

This is such a great video, and well explained on the concept of a decpreciating asset that keeps taking money from your wealth. A lot of people think they need a cool car that costs more, when in reality its just another expense that affects your bottom line. Awesome tips and thanks for sharing!

[hyderabbasi]

Depends on so many factors: income, type of car, where you live, how you drive, how much you drive, maintenance, etc.

Personally, I'd rather spend more initially to avoid costs of replacing parts, which get expensive and more importantly, consume your time.