11 Things POOR People Waste MONEY On That Rich People DON'T

In this video, I'm diving into a topic that's sure to stir up some conversation: the 11 things the poor spend money on or waste money on that the rich don't.

First on the list is high-interest credit card debt. It's a trap that many fall into, borrowing money for consumables or liabilities. Unlike leverage, where borrowed money is used for assets that pay back, debt for everyday expenses leaves you with nothing but the debt itself.

Understanding and changing these spending habits can make a significant difference in your financial journey.

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Show Notes:
0:00 Intro
0:24 High-Interest Credit Card Debt
2:42 Personal Maintenance
4:20 Impulse Purchases
5:20 Eating Out
7:19 Health
9:16 Games & Entertainment
11:28 Tech
13:51 Gambling
15:23 Smoking and Vaping
17:08 Taxes
19:26 Trying to Look Rich
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

#money #financialeducation #finance #wealthbuilding

[christanatwork]

Don't spend money you don't have, to buy things that you don't need, to impress people who don't care.

[SanjaySharma-rhbo]

The biggest waste are ungrateful relationships on whom we spend with our hearts but they never reciprocate.

[actualfacts]

Borrowing money to buy an expensive car is like flushing money down the toilet.

[sucatash]

If you are poor and you live like you are rich, you will stay poor.
If you are rich and live like you are poor, you stay rich.

[susannalewis]

Tattoos. See lots of poor all tatted up and wonder how they can afford it.

[stanleybuchan]

Same as the UK. The amount of poor people with the latest phones, designer clothes and driving BM's and Audi's is amazing.

[actualfacts]

Eat your oldest food first, not just what you feel like having.

[toddrowley]

Save your money. Live below your means.

[kckirk]

I think a better title for this video should be something to the effect of "If you're not rich, here are the 11 biggest money pits that keep you poor and prevents you from getting ahead" because the rich absolutely waste their money on all these things, it's just that it's so much easier for them to spend within their means, thus they can afford it and still get ahead or stay ahead.

[desimo]

Car payments, lotto tickets, eating out constantly, storage units, paying others to mow your grass, wash your car, clean your house, frequent Amazon deliveries, traveling out of town once or twice a month, expensive jewelry/watches/artwork, frequent and expensive home upgrades.

[markcooke]

People will look down on someone who's got 💵$100k in the bank driving a $5000 car, but not the guy who has $5000 in the bank driving around in the $100k car. 🏎

[joem.]

I'm one of those millionaires driving a 2013 pick up truck with 145K miles on it care free. I watch my friends go into massive debt to buy toys and it seems to bring them more stress than joy. Just an observation.

[atxfun]

One that came to my mind first thing was the always buying new cars every couple of years. Nothing depreciates faster than cars. I had that bad habit for years and i finally woke up to it.

[jolenetwomey]

Door dash and other delivery systems like that are horrifyingly expensive. A friend gave me coupons for one, but I laughed when learning that even with the coupon it was going to be something that i didn't want to pay. And in the college town where I live, a fancy tattoo place just opened on the strip when other stores and restaurants are closing left and right.

[marciewalko]

You forgot the other drugs besides cigarettes like alcohol and pot. All huge money wasters and de-motivavators.

[rikwun]

The British have an old saying: watch your pennies and the pounds ($) will take care of themselves

[actualfacts]

Some people are spenders and some are investors no matter how much spare money that they have.

[dicky]

You forgot one. Pets. Especially veterinary bills. Girl I know has 4 fancy cats. Just dropped $13k on a surgery for one. That all went on a credit card...

[sreach]

The whole money thing rich/poor is a game, you've just got to know how to play it. I've seen some extremely wealthy people walking around with constant scowls on their face and people who live week to week smiling. Kids in Africa are testament to that.

[francikaa]

12. Do not travel more than 20 min one way to get to work. No long commutes. Move close to work, and try to get to work without a car. If you workplace is in Manhattan, and they pay you minimum wage, get a different job, where you can live in an affordable town.