The Worst Money Habits
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- Опубліковано 11 лип 2024
- 👉 Learn how to get risk-free returns: www.getrevise.com
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
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.
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
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 👏 👏 👏
no labels says it all for me.
Thanks alot for this.
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
I think you have "budgeting" and "tracking" mixed up. Budgeting is placing money into buckets before you spend it, whereas tracking is placing money into buckets after you've spent it. And I don't think that the first really helps with figuring out how much you're spending as much as the latter one does.
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.
Gotta agree with you there. A budget can be a great tool for more than just saving money. It gives you information, tells you what you can afford, and it makes it easier to set that money aside for savings and investment.
I don't know what budgeting app you use, but YNAB is pretty sick. It makes it basically automatic.
I don't get it budgets are built around the things that you have to pay and want to pay for the point of what he said
Just don't break the budget
@@NthnLikeCodeine I’m in college right now and I still feel like a kid so I’m gonna continue using tools that keep me spending my money wisely. Would it be more adult to pretend like I have everything figured out when I definitely don’t? I will answer that for u. No definitely not.
well what he said to do instead was basically a loose budget anyway budgets are a plan to help you see what you're wanting to spend and need to spend on.
@@NthnLikeCodeinetbh at 21 you are a baby, you just ended the tutorial
Great advice. Always good to hear this. Thank you.
I'm really enjoying these videos. Great work Nic.
Your channel is a gem in the rough! Keep going man, your advice is golden! Also very consumable videos.
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.
Great content! Really useful stuff!
Always love your content. The production value of this video seemed better than some. I enjoyed it.
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)?
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
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!
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.
That's awesome! I've been thinking about reaching out to him myself. It's always good to get a fresh perspective on things. Definitely! Having someone like Abel Dorsey in your corner can make a world of difference. I'm grateful for the support and guidance he's provided me.
Yeah, I've heard of him! I actually reached out to him for some guidance on managing my finances, and he gave me some great tips.
Hey, have any of you heard of Abel Dorsey? He's a financial consultant and life coach who helps people navigate tough situations like this. I've found his advice really helpful.
That's true, but it can be hard to know when to draw the line. I struggle with that sometimes.
Absolutely. It's all about setting boundaries and sticking to them. You can't let others take advantage of your kindness.
As a 20yr old I found this info useful. Thank you❤
Hats off to you, Sir! You're the only social media investment guru whom I've encountered who actually makes sense.
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.
The best piece of advice in here is buy quality that will last over cheap that will not. I love your content!
Used is sometimes good too, depending on what you are buying.
Good video.
Simple but true,
Thanks uncle nick🎉❤
The whole small rewards thing is great and all, but I think even more then that is evaluate what’s worth what to you. I don’t buy alcohol because it’s expensive and it doesn’t bring me much joy, but I go out to the spa every month or so. Bigger reward, but it brings me overall more joy, and ends up being cheaper overall then I see a lot of people spending on drinks.
Good job in regards to your comment on budgeting. It was very smart in order to create engagement in the comments section. So I'll bite 😂...... I would love to get your definition of budgeting...
So turns out that im actually just too poor for most of this to apply to me. 😅 I only spend money on things i need and only buy things i want when i have the extra money which is hardly ever.
Awesome video dude
Reminds me of the psychological experiment "Don't eat the avocado sandwich" ;-D
I agree!!!
I have never watched one of your full videos before. In fact, I didn't really plan to, because I am not like crazy entertained by the shorts I've seen. But this is a great video. I am really sad that some people actually need to hear this, but I you don't say anything wrong here. I am not one of the people who needs to hear it, but I guess it is nice to hear someone else reiterate. The friends spending your money tip is a very common problem nowadays, especially with videogames. Friends will constantly try to convince you to buy a game to play it for an hour with them. My friends also try to convince me to buy computer upgrades when I spent very much on my original build for a reason: it still holds up, so I don't need to upgrade. Definitely agree on the budgeting bit as well. I was quite disappointing when a friend showed me a budgeting spreadsheet.
Anyway, the whole reason I am writing this comment is the way that you even include the salary vs entrepreneur part. That is a choice that has some merit both ways, and is quite complex, but some influencers especially often oversimplify it and try to convince their audience to be entrepreneurs no matter what. You simply acknowledging both sides as different avenues is refreshing.
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.
A budget helps you understand what is in your means and what you value most. If i spent money on all the stuff i valued, id be broke. All my hobbies are expensive. Budgeting helps me really think about whats most important to me.
I've actually built my very minimal lifestyle around keeping as much as I can on my smartphone. Everything from my calendar and contacts, to photos and videos, security and banking, and so on, is all on my smartphone. Do I buy the latest smartphone every single year? No. I buy the latest when I'm actually ready to upgrade. About 3-5 years. But $1K+ isn't outside my boundaries for how much I'm willing to spend.
I'm also NOT a car guy, but my street bicycle gets me all over my home town as I need it.
I respect the fact that you called out flashy cars and the latest tech in the same breath as admitting that your IG is filled with cars.
I think the budgeting one rings true. I spend as little as possible because I view money as time spent working, so I spend as little as possible as save as much as possible. I don't think that works for most people though. The majority of people, when they see money in their bank account, they think of what they can spend it on. The latter type of person needs structured budgeting and a percentage of income going into investments because their natural temperament is to think with their emotions and impulses rather than rationally. It is almost impossible to change someone's temperament, so the majority of people need to budget to protect themselves from themselves.
I disagree on the budget part. I like to have a general budget to know what my expenses are. Granted, I don't use this budget to live life on edge with the leftover money. But it's also a nice way to see if there are some useless expenses.
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
I also prefer the trip over Starbucks. You can make fun coffee at home if you just learn how. Those fancy syrups are not too hard to find.
Agree 100 ... staycations were the best move we ve ever done ! Smaller more often and feels wealthier . Love this short video but Nic ... how can we best increase our income while decreasing spending ?
Sell drugs 😅
JK . . .JK. . . If you have time use your skills to provide a service to others for money or sell products that will be in demand
I never understood people that get so drunk they dont remember what happened 😂
i hate budgeting, but im great at money managment, and not spending on stupid BS. finally someone says it, budgeting is for people who make very low salarys or people who cant control themselves
I usually hate all the BS tips that people like Dave Ramsey and just plain fake gurus say but this is genuinely some good advice for everyday people like me.
How does your viewpoint on budgeting account for unexpected expenses like home or automotive repairs? Spending within your means is great, but having an account set up to just hold money for automotive maintenance, or an account set up for household upkeep and maintenance means i have dedicated funds for those categories at the drop of a hat. Add in a savings account that holds exactly 3 months of expenses in case of an emergency and i feel safe knowing that i have unexpected expenses covered regardless of how well I've spent within my means.
I do the same with food. Don’t deny myself the things I love, but if I’m going to have something less healthy, it has to be top notch. So yes on a burger and fries, but no on the poor fast food variety in favor of the best burger in town. It makes a difference when I don’t let convenience dictate my habits.
I have an effin flip phone, lol.
Budgeting is how you track your money and put it to work and achieve your goals. Doesn’t sound much like a prison to me. Starting a budget was like getting a massive pay raise. And I was already good with my spending before I started budgeting. It just needed some tightening up.
Budgeting is like going on a diet, you end up gaining more weight, or debt jejejej. Like with food, the ideal is to develop, or rediscover, the good reward mechanisms, identify false signals (like anxiety) etc....Same things that make you over eat, make you over spend.
ok, time to go and do the complete opposite😁, hey dont judge me, I am human too!!🤣🤣🤣
Explain watch collectors getting "lil savings accounts you get to wear or whatever bs that doesnt apply to non-rolex/patek/ap/holytrinity stuff." who finance this stuff @ 0% interest. Good? Bad?
This is a solid F for effort on the sales pitch, and a guaranteed never going to give you my money on the back end.
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...
I cut it all out...small, medium and large to retire at 56. Now I have to go back to work as my former employer rescinded their retirement benefits. Not worth the sacrifices. Would spend far more, would have taken a break more and worked way less hard forvthat former employer as it was a real stress thing
Don’t ever delete this video please
“The same people who budget successfully are the same people who drink skim milk” - David Chilton
CC for stuff is fine.... if your paying it off EVERY month (Only occasional temp debt... cause ESPECIALLY if u get rewards.... how many of them zero out if you don't pay your CC off..... All of them. And by zero out I mean, you have more cost via INTEREST then what the points you earned are worth...)
You DO social spend, all your friends can dictate what you spend on.... so long as you like it too.... I agree, if it's just going along for going along... I ain't got time or cash for that. Also if your flexing on SM.... Your a part of the problem STOP.
See above (similar idea)
I do not budget BUT, I won't put down people who do. Some people NEED those rules cause they are.... bad with money. And the rules help them stay focused. Not everyone needs to budget, but if you do. You do you, no shame. And shame on you for putting people down who do. Smart people are smart in different ways... Doesn't mean they should handle the cash without rules.
The sad thing is that this was once common knowledge. Now, once you enlighten the next generation on this, it seems extraordinary and revolutionary. Keep up the good work!
Instead of that costly trip to the Bahamas maybe set yourself to trying out all the parks in your local area.
I tell you what 1 5000 dollar car will last longer than 2 80,000 dollar cars. New ones are garbage in general and shit out right after warranty, and more expensive cars are even worse cause they know you got money or credit.
Fast fashion is also a major contributor to pollution. Even clothes made of "recycled material" are often plastic basically and create microplastic pollution.
Nooooooooooooooooooo!!!!!!!!!!!!
We suffer our entire lives for one "big reward" at the end, which is retirement. Once we get there, we realize our endurance and health are now gone and can't actually enjoy anything.
👌
I see myself on this video and I don't like it. Thanks man, the harsh truth still is true.
I budget my fixed costs of living and be smart with the extra
I plan trips a year out, so i can save money and go to places where the dollar is stronger
I like to ride my dirt bikes and taking my boat out to catch crabs, 50 bucks for a really big weekend out on the boat and can come home to my partner with a few nice muddies
I work in AI and I have all the excuses to always have the new tech but I only buy a new cell phone every 4 years or so
Very useful in this tightening economy, except for the budgeting. Are you being sarcastic? It's important to make data driven decisions, and tracking your buys and income and investments helps make better decisions and stay accountable.
I'd rather cut out Starbucks and go on the trip, but travel on a shoestring and experience another culture.
Lol the car one is stupid. Just buy reliable brands and do your research. Anything Japanese is pretty much guaranteed 200k miles or more unless you severely modify it.
You heard the man, buy more Starbucks. Also, more $SBUX
Reply to this comment if you agree. It's seems that most people that center their content around money habits, and overall money concepts and financial IQ have the most accurate and transparent information. On the other side, the "make 10k today or 500 per day" provides logical ideas but leave out the up to date information, the backbone and actual real world assets you would need fort this to happen smoothly.
You look remarkable similar to Colin Farrell
"Decide what's meaningful for you within your current means and only spend on that." That's literally a budget. Everyone needs a budget. A budget is a knowledge of the bare minimum and what the funds are allocated to. Trillion dollar companies use budgets and governments use budgets. Everyone should use a budget...and do it better than a government.
Noup.budget means you stay hungry to keep earning and enjoying later
How about assessing the value of a thing and the outreach of it (the value it brings to you and your peers) and do it anyway(but on a budget affordable for our little sketch mind)
@@guraliucclaudiu9108 I don't know where you heard that or how you think you're correct. Everything is a budget. You're taking an item and allocating portions of it in a prioritized fashion to meet your goal. You budget time, resources, money, etc. It's all under a budget, whether conscious or not. The difference is whether or not you're actually making the decision or if you're being willfully ignorant.
If you bring in $10k per month and you know you have $5k in liabilities then you've already budgeted for $5k in liabilities in your mind. Just write it down so you actually have a plan instead of being a fool.
@@whywouldigivemyrealname5162 I understand and I get what your saying.i understand ure point of view .you need to be in control of your actions and you do need to asses them
You can't be a complete ignorant
Having a budget in your mindset helps but not driven by the fear factor
Do you agree?
Everything this guy says tells me he has never been around actually poor people.
Mykonos. Ha, à la poubelle
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.