6 Money Traps You Seriously Must Avoid
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- Опубліковано 2 сер 2024
- Avoid these Money Traps in your 20s, 30s, and beyond! I've made all of these mistakes before, have you?
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Timestamps:
0:00 - Start Here
0:28 - Money Trap #6
2:42 - Money Trap #5
3:56 - Money Trap #4
5:31 - Money Trap #3
8:00 - Money Trap #2
9:22 - Money Trap #1
These money traps have gotten me into some trouble into the past. In fact, many Americans fall into these Money Traps on a daily basis.
The worst money trap in my opinion is getting into too much unnecessary debt. Especially car loans/auto loans or credit card debt.
A huge money trap is that dealers will often convince you that you CAN afford a car because of the monthly payments, and most dealers will get you to focus on the monthly payment number, rather than the overall cost of the car.
Auto loan debt accounts for 1.44 Trillion in the US, which is more than combined amount of ALL credit card debt... that’s crazy.
In order to not fall for this money trap, one of the rules you can follow is the 1/10th rule of buying a car, popularized by Financial Samurai.
This rule states that you should spend no more than 10% of your gross annual income on the purchase price of a car.
So if you make $50,000 dollars a year, try to keep your total annual car costs under $5,000.
Anyway, let me know what you think in the comments, thanks for watching as usual!
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Don't worry the money was PROP money. 😂
I had a mini heart attack
But was the pain real? 😂
So no US currency was harmed in this episode, good to know.
It was a 'money trap'
I'm half blind and I could see the size was off, way off.
1. Buying Liabilties
2. Credit Card Debt
3. Falling for Sales
4. Expensive Car
5. Noy Buying in Bulk
6. Paying for Status
thank you
Noy
thanks
Noy
Careful with #6. It's easy to move from frugal to cheap. Enjoy life some, go on trips and vacations. You may not be here tomorrow.
You’ve learned nothing! Enjoy being poor.
So what if im not here tomorrow? Ill live as the dude that worked his a55 off, and did right by all his close friends
Cause when i die, it doesnt matter to me whats in my bank account, so why would i spend everything i make, in return making my life and bad events worse to get through?
@@AyesuhI have 0 clue what you’re saying here man 😂
@@duck8280 i said what i said
@@Ayesuh So basically you just want to wage slave all your life without doing something enjoyable? I support you 100%. Just let me, someone that have lots of passive income, enjoy life for you
The last one is a great point. I grew up dirt poor in a rich part of town (was rural turned exurb) and was tortured by the other kids who had tons of nice things. So when I grew up I wanted all the fancy stuff to prove once and for all that I had value. That I wasn't the trash they treated me as.
Finally realized no matter how many designer things I bought, I would always feel like a fake anyway. Because I *wasn't* wealthy. I had credit, but not wealth. So I focus now on growing actual wealth and not letting the wounds of my past make me peacock around with fancy things.
I grew up poor as well. But always had a mindset, unconsciously set by my parents, that Noone is responsible for your financial decisions but yourself. Noone will come bail you out of a debt mess that you got yourself into.....regardless if it was to fit in or impress others. You might gain so called friends when you'r living the Life, but once the money is gone, those friends are gone with the wind....leaving you to be comforted by your debt.
I have always been a lone wolf, not needing much of so called friends and have managed my money well. I had 1-2 friends that I can say befriended me because of me....and I the same. I have no regrets as to being wronged for a choice of friend.
Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
@@fresnaygermain8180 I agree. I have pulled in more than $435k since 2020 through my advisor. It pays off more in the long run to just pick quality stocks and ride with those stocks.
@@bernisejedeon5888 Mind if I ask you recommend this particular professional you use their service? i have quite a lot of marketing problems.
Inflation is returning to normal. This wave of financial hell is a result of the pandemic. Just hunker down and relax. Fucking dooms day'ers have been freaking out since forever ago.
Stay out of debt and don’t join a mlm called Zilis cbd free jeep scam lol
Honestly, my crippling drug addiction is a very bad money trap. That and modifying cars. Mostly the car parts actually.
#7 on the list should be expensive hobbies haha
@@bclaas But where do you find inexpensive hobbies that are actually FUN lol
Modifying cars is fun. But drugs man, it just sucks all the money out.
@@EddieKMusic Drugs are also pretty fun
For me, not tracking small payments online was my biggest money trap. It's too easy to overspend when something is attached to a credit card and guilt can set in making the problem worse.
I bulk bought replacement water filters for our fridge at around $18/each which was the cheapest price I'd seen to that point on Amazon (they were $25/each the first time I bought them). I spent $150 on 8 filters which is a 4 year supply. I just checked the price again and they are now $14/each. The moral of the story is make sure you know what price is actually a good deal before buying in bulk.
The hardest part is how would you know if it is a good deal in the future? We can look at it now and say that the 18 a filter was not a good deal vs 14 but at the time it appears to be the best deal at least from how I read it.
You are dimwitted
With the information you had at the time, 18 per is a great deal idk what point you're trying to make.
My fridge died and I have 6 useless filters.
@@ian-hm6cx It was the right decision with the information at the time, but it's hard to predict future prices. If I hadn't tried so hard to plan ahead and buy bulk I would've probably saved money just buying a single filter every 6 months.
I would add to your list: "having too many quantities of the same thing"
I think most American closets and garages are filled with so many things that people do not need. I.E. 30 pairs of jeans, 100 shirts, 30 yeti mugs, room full of Christmas decor, ungodly amount of winter jackets, 10 80"LED TVs, etc.
I have a "good" amount of jackets/coats and wanted to buy a new one. But everytime I try to buy one, I always feel guilty knowing that I already have enough. This kind of goes hand in hand with a sense to go minimal. But I do not consider myself a minimalist. Haha
Oooh. Ryan, on the money, agreed on these points too
just been having this exact conversation with my wife 😂
This is me.
I have so many "basics" from back when I didn't have time to do laundry more than once a month.
My solution was to vacuum seel the ones i could not easily keep in the closet (after culling the stuff i didnt like anymore or didnt fit).
I mean, I dont need 15 black t-shirts in my closet, but I will need new ones eventually.
But now instead of going to the store and getting tempted, i go to my storeage locker.
Vacuum seeled it's still less space than my christmas stuff
Wait... did you just say most people have 10 80" tvs just taking up space?
@@IamR3D88 more of an exaggerarion. I hope you got my gist. I cant believe this was a year ago
Careful with #5 about food. it really works if you're a big family only! I grew up with my parents buying food in bulk but when I moved, I realized I was losing money because I was wasting food since we were only two trying to eat all that food. It totally works with non perishable items.
Freezing helps a lot with perishable bulk purchases. For instance, a cheap loaf of store brand white bread. With 8 eggs, some milk and vanilla extract, I made an entire loaf of French Toast which I then froze. Then I bought a box of sausage patties and cooked them all (18) and froze them. Now, I have at least 8 or 9 breakfasts that I just heat in the microwave for about a minute (2 slices and a patty). Made all this breakfast food for under $3. I do the same with bread and some cold cuts. Not all cold cuts or cheeses freeze well but the low moisture lunch meats (like dried and smoked items) freeze well. Most cheeses lose their taste and change texture in the freezer.
Some of these were common sense to me, but the not buying in bulk is something I wasn’t aware of. Thanks Humphrey. 😊
Whats up Senor Yang. I got my 14 year old son watching all your videos bro. Trying to get this kid off on the right track from an early age. Keep doing what you're doing and I wish you nothing but great success.
Rock on! thats awesome.
Good partnering right there
Solid advice and polished presentation, Humphrey. I waited 20 years to buy my Rolex...not falling for that "status" money trap!
Credit card debt is so crazy. Wild to thing about the trap of only paying the minimum payment and how much that costs!
For #1, my workaround is to just buy knockoffs. I drive a BNW, have a Robex watch, use Taylor-Mode golf clubs, and wear only Hugo Ross suits. That way, I get the status look at a fraction of the price. 😂
Thank u sir
I am very excited to watch every single your video! It is very value to. Build up my portfolio. Thank you very much, brother
Glad you like them!
Thank you for this video. Some of these seem so reasonable that I thought this is common knowledge.
Gonna share this with my wife. I am 100% agreeing with this video, Humphrey.
Greetings from germany.
I just discovered this channel..im in my 30s..i really need a good financial plan/guide..thanks to this guy..i just subscribed :)
I do believe that its important to buy quality items, and not cheap items that you will end up buying 3-4 times. Also, if you like something, have a hobby, etc, its nice to have good quality stuff that will make you enjoy it more. For example, a good quality bike, good clothes that make you more confident
Great video as always Humphrey! love the content that you make!
For me one money trap would be is buying the cheaper option just to save a few bucks. What's the point of the buying an item if it's just gonna be replaced shortly after, either because it becomes inferior or falls apart a few months or years later. But I guess this is more in the lines of not being suckered into products with planned obsolescence or is it just not buying poor quality products.
Sometimes expensive products break easily too. (Looking at you, Apple) Accidents happen.
Thanks!
I've been working on building my credit and I get so much mail about "hey we saw your credit is doing well, how about a $10,000 business loan?" No thanks. I learned what credit card debt could do to you in my early 20's and almost being 30 I don't want more than 2 credit cards. Private loans are also a trap. Loved this practical advice video Humphrey! Keep them coming!
loans are a trap if you let them be
brb while i call the cops for burning money 😂
LOL
Humphrey is seriously the best!!!! I make 55k and drive a 2004 Camry. Guess I have to wait till I make 100k or more income before getting a Yaris?
Dream big and you too can have the car of your dreams lol. That chart was pretty insane. I think it makes sense for the 100k and under section, but someone who makes 250k a year makes enough money that they can pretty much afford to buy any car they want as long as they don’t finance it and not an Italian super car.
The "sales" used to get me until my friend that worked at best buy told me their sales are not sales because it's always that price or products are cheaply made for those sales like black Friday... So it was better to save up to buy the expensive ones that would last you way longer than saving some cash if you were into those things
It’s a good thing i’m not trapped in 5 out of 6. Yes, me too, that buying in bulk caught me as well. Also, it’s a good thing that my impulse buy on tools ain’t going to the trap #6. I use it a lot on the job instead, hence becoming an asset
I love watching your videos as a 15 year old. thank you for teaching people like me how to manage our money!
Your on a gold mine. Keep educating yourself about money. You'll have millions by the time you're in your 30s
It would be cool to see a video on what inflation pressures are doing to the job market- particularly tech jobs
All my friends make fun of me for being cheap and I haven’t hit one of these lol never paid interest on a credit card, my car is full of dents but it’s been paid off for 6 years and I paid it off with 50,000 miles on it and it still drives fine, I buy in bulk. Only problem I probably have is I like expensive beer.
Appreciate the video and love your videos on not only investments, but the budgeting tips and other videos similar to that. Keep up the good work !
Thanks for the video, helping a lot
One thing about buying on sales, though.
You have to remember that, in most countries at least, law prohibits retailers to sell goods for a lower price than they buy them. Yes, this would be dumping and businesses are usually forbidden to do it. This means that when they're putting something on sale, they're still selling it with profit - just with a lower profit than in normal situation. They're just paying you to get rid of goods taking too much space in their storage or simply nearing their expiry date. Which, in turn, means that in a normal situation, with 100% price, the retailers are literally ripping you off!
And that's why it's in your best interest to buy things on sale, BUT! There's what you have to look out for - the "sale" by itself can't trigger your buying decision! It's just a sign that this is possibly the best moment to buy that thing you wanted. But this is still only the final phase of your buying process, which should be preceeded by careful thinking about you really needing that thing. If you really need it, then wait until it's on sale if you can do it. Some things you have to buy now (usually because of your own poor planning, sometimes because of random circumstances), but in most cases you can postpone the buying moment. And if it's a thing not critical to you (like only one pair of different pairs of trousers you're considering - so you have to buy one pair, but not necesarilly THAT one pair), and the "sale" moment won't come, maybe it's not worth buying at all? Maybe it's only a thing you want, but not really need?
I've only learned that when I was already making some considerable money, so I wasn't thrown off the rails by seeing a $500 price tag on a jacket anymore. In the beginning I'd just buy it if I liked it, but then my soon-to-be-wife shown me how you can literally track your wanted clothes etc. in shops by using their own apps and wait for sales. It's really easy in clothing, it's more difficult in more common things like food or day-to-day products like toothpaste. That's where that buying in bulk advice is perfect.
Great video, dude. Keep up the good work! 💪
For #4, setting a monthly/weekly entertainment budget makes sales much more valuable.
Love the video
I appreciate the effort bro 🙏
No problem 👍
The 10% car rule would be great if the average used car (forget new) wasn't 30k. Can you even buy a decent car anymore for under 15k? The problem is nothing is affordable anymore.
And used cars that fall apart are now just as expensive as new cars.
I actually think the financial samurai chart is right on assuming the vehicle is being purchased new. That said, vehicles provide distinct value based on a person's lifestyle.
: Rolexes depending in the model and year (ie. vintage stainless steel sport models) actually appreciate over time and are very liquid, internationally. Basically wearing money on your wrist that you can potentially resale at a profit over the long term. Just look at the prices for sport stainless steel models these past 5 years.
So, I sort of have been investing in things since I was a kid. I've been a collector of pop culture since before pop culture was a thing. Comics, games, action figures, everything. Once covid hit, prices for these things have sky rocketed and I've decided it was the right time to strike and I'm making a killing.
For instance, I remember trading a game for two action figures about 6 or 7 years ago. The game was worth $20 and the figures were about $30 each. Fast forward to today, the game I traded is only worth about $40, while the figures I have were last sold for $200, EACH.
I've been watching your videos and I'm going to take that money, open a Roth IRA, and maybe look into starting a business.
Awesome, I love to hear that you're taking action and opening a Roth IRA :) Great flip on the figures!
The best finance UA-camr all time 🤷🏼♂️. Goated.
Good stuff my boy 🐐
TY
Currently I'm just being smart and frugal with my money, I'm in the green 47% over the last 15 months and l've accumulated over $700K in pure profits from DCA’ing into stocks, ETFs, dividends and futures. However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait.
Nobody knows anything you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.
@@ktube2020 I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
@@ktube2020 Found her online page by searching her full name, I wrote her an email and scheduled a call, hopefully she responds
I give credit to these bots for not using the classic trope of "First Name Last Name" with a selfie profile picture. They tried harder this time, but still obvious to anyone with a noggin.
Downvoted. Nobody cares about your bragging. Only use index funds and follow time in market beats timing the market. Doesn’t matter if you have $10k or $10m. Same principle.
Great video as always Humphrey!
Thanks again!
Very good as always!!
Thank you! Cheers!
Great video! Love your content . 👍
Glad to hear it!
this is beginning to be one of my fav channels! new sub here. i like the one about jeans, when i was younger many years ago, i'd pay a lot for levis, now i get it at costco for $29 cad
buying in bulk...
>make sure you're not buying so much (vs consumption rate) that you'll end up having to throw some of it away.
>make sure you can afford the out-of-pocket cost now (e.g., I just bought pasta in bulk but didn't buy the largest qty that minimized unit cost b/c I didn't want to lay out that much money now; bought a little less bulk for a little higher unit cost but still a big savings over buying one or two).
Finally a channel with practical advice.
These videos are genuinely useful! Subscribed!
Awesome, thank you!
How do you feel about federal credit union?
1:25 Liabilities are debts, Humphrey. What you listed are expenses, aside from the car, assuming it’s being financed.
Let’s goo 🔥🔥🔥
You videos are so helpful! Everytime you post, I really enjoy watching every minute! I have definitely have fallen for 5/6 of these money traps since as an Asian with Asian parents, always afraid of not paying my credit card bills on time. I tend to pay as soon as I can haha
I've lost so much of my wealth from buying new cars. I'm keeping this one until my kid drives and then I'm buying pre-owned.
I always bought new vehicles. Now, though, most prices are past my budget -- and I am nowhere near poor.
I’m in the car money pit but I’m driving a 2015 car for 18k that should have cost 12K. Inflation sucks… I’m stuck in a purchase that I can’t get out of
On cars, the table says 10% of annual gross income > total car price rather than annual car payment.
I love growing and making money but my goal is to not retire at age 30 but to make enough money to buy whatever you want because it’s kinda weird for me that I love working. The more hours I spent working, the more I love about my life. I have online business and assets that generate enough to live off of it but I still work 2 jobs from morning to night. I don‘t like the idea of having 3 4 or multiple passive income because I’m don’t like things too complicated so 3 is good for me :3 so I don’t mind spending 8 hours working at Home depot at age 45 haha. I just lvoe meeting people I guess.
Love your content 😁
thats a great mindset to have my friend :)
as they say: "no such thing as passive". Its all work 🤯
Man, you are a lifesaver.
On the car part, i will have to say depending what kinda car is it. I bought a few old school Japanese cars and hold values of condition is good and low mileage so I actually earn money if I sell them
Depending on the designer goods,they can be an investment where you can resell them for more.
Can I ask what setup you're using for your videography? I'm trying to get into it and I love the way your videos are set up.
I use a sony a7iii with a f/1.4 24mm fixed lens, I also have a 16-35 lens I like
What’s the best rule you have for home buying? Not more than 33% of your net income?
So it's worthwhile to pay for a membership to save money on buying in bulk?
Subscriber from Philippines 🙋🏻♂️
Also people forget about regular auto maintenance, maybe that what he was considering when making that list
Isn’t a fit like 17k with a warranty? Seems better than a used car imo
I always be buyin those designer shirt sales 😂
Buying consumer staples in bulk can have an opposite effect as we tend to consume more of the stuff we buy.
Jeans isnt a good example or quality clothes. They last. But yes in general sales, even black friday is a scam
What is the brand of the jacket you are wearing in the video?
just curious, wouldn't it be a stock clearance sale if a store is on a 50% discount meaning the toothpaste is likely to expire after a year or two?
Confirm expiration. But perhaps soaps or commonly purchased canned goods are better examples?
ya sales are a huge thing people don't understand. You need to do your research especially now with how easy it is on the internet. Find out what the actual costs of things you want are and get the cheapest ones you can find. Just because a store says sale 60% doesn't mean you get a good deal. Usually stores that sell many different things like london drugs sell their stuff already at a maybe 30-50% mark up. So when you get a "60%" discount you really are only getting anywhere from 30-10% off from what they should have been selling them for. I'll always look for the prices of things on big sales and see if it's actually a good deal.
Before buying I ask myself “how will I feel about this purchase in my retirement years?”
I used to fall for steam sales all the time. I got each game for dirt cheap but I was hemorrhaging money and now I have more games than I'll ever play.
Sales depend. In the grocery store I know the price of all the products so I know that there are actual great sales. Usually I construct my meals about sales for that :) for example the products that will go bad soon and have the 30% off tag. Those are great and everything is still good if you use it soon🤷
What are your thoughts about a Body Removal Business???
Its hard for me to find jeans. Either they are too big or too small. My size is literally in between a teen and adult size
Additional reason to not flaunt wealth: people will target you for burglary
It really depends on the car. I bought a new WRX in November 2020. It’s only worth about 3k less than when I bought it. Partially due to the crazy used car market. Partially because I only have 14k miles on it. Also it’s the second to last year of this generation. (The new one isn’t that popular yet)
This is an exception, though. Certainly not the rule.
Highly depends on the needs. My first car was 15 years old when I bought it, and it cost USD 1200. I changed it to a commonly hated 10 years old Prius (not the ugliest one), I spent USD ~9000. I am paying half the price for gas, and actually less for maintenance, this car literally saved it's cost in gas already in 5 years of usage. I am living in Europe, so gas is expensive to begin with. The car now has 300K miles in it, and it shows no sign that it wants to die anytime soon.
Car can be a robbery, but I think my purchase was the most rational one I could ever make.
used prices on F150s are horrible right now. in my area, F150s with less than 50,000 miles are selling for nearly the same price as new models and unless you're going with a 2 wheel drive, streets-only model (which is basically useless) you're paying at least $45K.
The ford f-series pickups median price is now $64,500.. so it’s not just the raptors
The motorcycle is mostly a secondary 'toy', not a main mode of transportation in the west. Cheaper to buy in general, but more expensive to run. Only get one if you can afford it on top of a car.
Subscribed
07:12 My F150 is not a luxury vehicle. Granted, it is not the King Lariat 5-door super-dope leather package with 84 buttons & switches version, either.
07:17 THANK YOU 😀
how would you consider spending money on expensive car part?
is it cheaper then buying antidepressive drugs?
i live in austria.
i dont have debt, is having debt normal in america?
As soon as you said avoid expensive cars, I got an ad to lease a high end Mazda for over $300/mo ... Talk about "buying" liabilities! 🤣
Right, my car does fall into my personal income category exactly
I thought this video was already uploaded
Successful people don't become that way overnight. What most people see at a glance wealth, a great career, purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life
*Most* *people* *think,* *Investing* *in* *crypto* *is* *all* *about* *buying* *coins,* *then* *leaving* *it* *to* *rise,* *come* *on* *it* *takes* *much* *analysis* *to* *be* *a* *successful* *crypto* *trader.*
I've made *$16,000* in 2 weeks of trading. With a capital of *$3,400*
OMG!!! *$16k* how's that possible. What's your strategy?
I trade with a professional broker *Mr.* *chris * *Wesley* he brings me massive returns.
I also trade with Mr. Chris , haven't you heard of him?
He is the best to trade with.
I guess you guys are new clients of Chris I've been trading since 2017
This video needs more likes!
Well well well, now we know who driving a Raptor while in designer jeans that were on sale for $120, lol. Jk, great video bro
Buying in bulk at Sams Club turned out to be the smartest way to save money on our grocery budget. Great advice.
Jesus christ, 200k-250k to afford a Camry. Bruhhh.
I agree that cars are expensive. I'm just happy that I purchased a new one because I drive 22,000 miles a year, and I did not like the potential risk of driving a used vehicle maintained by a bad driver.
A comment about Rolex. I was given a gold and stainless Rolex Oyster Datejust Perpetual watch with jubilee band as a graduation gift in 1971. Cost then was $275. I’ve worn it every day for 51 years. Keeps perfect time, never a problem. I think the same watch costs about $8,500 today. Certainly not a great investment but it has always been a classic elegant timepiece.
….soooo using 1/10th rule to purchase a vehicle is gonna be very very difficult….this means I would never, ever to be able to enjoy that “nice ‘n beautiful” vehicle in my lifetime. It’s an indirect message….drive a “jalopy for life”. Please note that as of today (in 2022) a new car transaction in ‘Merica is hitting an average of $47K+. Which obviously means every regular working Joe/Jill out there would need to make a whopping $470K/year to afford an “average at best” or “mediocre” new vehicle. I don’t know ‘bout that….
Considering that your average jack and jill are carrying a balance on their credit cards and over 6k at that, I wouldn't use them as a metric for what a finantially responsible person looks like.
I work part time at a fast food resteraunt and my car fits in the 1/10 rule, my total cost of ownership (which includes gas, mantinence, insurance, and purchase price) comes out to less than $400/mo and is going down. Its a perfectly adequite car. Everything works, its comfortable, and most importantly it just runs.
One of my coworkers drives a "nice 'n beautiful" mustang, and he can't get rid of it. He'd really like to stop paying $650/month on insurance much less the payment on the loan.
In short, dont be so entitled. Drive what you can afford, and if someone looks down on you for driving a beater then give them the finger and a hearty laugh at what their car payment must look like.
If you live close to work, you can ditch the car and get a bicycle. Exercise and savings all in one.
thats because ford f150's break down alot and cost alot to fix, my friend bought one that had like 10k miles on it and the parts were already malfuctioning and breaking
I belive hoses are a great asset, not only they push you to save money for paying a morgage but increase in value
how about look at the time on your phone instead of rolex
Bro I got this video coming out tomorrow
😇great minds think alike ser