15 Things POOR People Waste Money On

this is the sunday motivational video every Sunday we bring you a different type of video which should improve your life today we're looking at 15 things poor people waste money on welcome to a Lux calm the place where future billionaires come to get inspired hey there a Luxor's how exciting is it to have you back for another video this one we feel is going to rub a lot of people the wrong way but we've gotten used to the backlash the goal with this video is to shine light on possible mistakes you're making in your daily life that are keeping you from moving forward especially in the financial sense we always feel like the majority of people do not have a clear understanding of where their money is actually going as you go through this list you might want to check against yourself to see if you're guilty of the same wasteful spending if you're new here welcome be sure to subscribe and follow us on instagram at a lux so without further ado here are 15 things poor people waste money on that holds them back in life number 1 credit cards credit cards are the last thing poor people should be touching it's like digging yourself deeper and deeper into a hole you'll never be able to escape credit cards are used to trade temporary finance for someone's time in livelihood the moment you go into debt you're no longer working for yourself your life is no longer truly yours until that debt is repaid poor people max out credit cards like it's a monthly hobby and usually on non-essential things it's easy to get caught up in this financial whirlwind that you'll never be able to escape number 2 glam and beautification have you seen the nails and the haircuts on people who can't even afford to fix their cars this is one of the most annoying things that we see that keeps people from becoming better you've worked your butt off the entire week and then reward yourself with a new hairstyle that's going to fade away in two weeks to impress people who are not doing any better than yourself ever noticed how almost all rich people have the same simple haircut have you noticed how none of the successful women entrepreneurs have diamonds or add-ons to their nails it's an issue of prioritization fix your life and then you'll be able to do whatever you want with excess capital instead of throwing money out the window start fixing your windows number 3 impulse purchases no you don't need six phone cases the funky socks kitchen appliances you only used once and the list goes on forever you are well aware of what the essentials in your life are the things you actually need everything else is just marketed to you they are brainwashing you into thinking you need said product despite you only wanting it the moment you learn the difference between need and want you'll begin to take control of your life a study done in the UK showed that the average brit will spend over 150 thousand pounds on impulse purchases in his or her lifetime while the average american spends north of 5,000 dollars per year that's a lot of money you could use to make your life better number four food waste you probably have no idea how much food you're throwing away people buy what they think they will consume and nine out of ten times they're wrong the average person throws away 40% of the vegetables they purchase 17% of their dairy products and 14% of the meat the average American household is wasting approximately $20,000 per year on food they throw away the food waste ratios seem to be about the same no matter if you're poor or middle-class it's just that it's hurting the poor a lot more number five miracle diets weird fitness products and teleshopping it took you 20 years to get this fad do you think you can safely drop 50 percent of your weight in 3 we with some miracle tea you saw some hot twenty-year-old promoting on Instagram or on your TV the super-ripped people you see in those videos are personal trainers whose job it is to workout 14 hours a day every day that's what they do for a living you don't need a roll up piano the shake weight or the pajama jeans how many times do you need to get duped by lame products designed to prey on people looking for quick and easy the only way to get in shape is to take ownership of the fact that you're out of shape and need to do something about it you're going to stop eating so damn much and you're going to go for a walk or run once in a while that's all there is to it and you don't have to spend a penny you don't need a product you need to work on your mindset if you're struggling with having the willpower to make the change go to a locs calm slash free book and sign up once you do get the audiobook extreme ownership by Jacko willing for free thanks to our partnership with audible listen to it as many times as you need to until you take full responsibility for what's happening in your life number six Lucky Charms or spiritual items isn't it ironic how people without money spend the little money they do have on Lucky Charms or stones that are supposed to bring more wealth into their lives you know what would make you 49 bucks richer not spending 49 bucks on rocks and no we don't care that you call them crystals or minerals this is not a breaking bad episode don't even get us started on spiritual items even mentioning refraining from a purchase of a crucifix in Latin America or Eastern Europe will get you labeled as a heretic in the eyes of the less fortunate but it's actually the pour that these organizations pray on to get their hands on the little they do have number seven health here's the deal with health it's an ever-increasing dragon that you have living with you the more you ignore it the bigger it gets and the more damage it will do to your life you don't want to go to the dentist to fix the cavity you'll have to pay for an implant into you you don't want to pay for a checkup you'll have to be hospitalized if you want to survive it's cheaper to pay for a doctor's visit them for a funeral for some reason the less fortunate think that if they just ignore the issue it'll go away and that is not working well for anyone number eight games and in-app purchases I'll let the numbers do the talking here 70% of fortnight players spend money in the game the average amount these people spend for digital items in fortnight alone is eighty four point six seven dollars candy crush was making three million dollars a day from people buying extra lives or whatever they use to purchase in the game the biggest value on this trivial form of entertainment is not the amount people are spending despite the numbers being colossal but in the vast amount of time that is wasted it is super easy to look at your stream numbers and see the hours you put into a single game if you consider yourself a gamer it's easy to reach 1,000 hours of gameplay in a year some might say those are rookie numbers but the average wage of the gamer is over $20 per hour that is easily $20,000 you're leaving on the table without factoring in the costs of purchasing the game the console or system and the remaining in-game purchases number 9 the latest tech it's weird to look at people who you know are not doing that well financially spend ridiculous amounts of money buying the latest tech every damn year you cannot afford the new iPhone you may have the money to pay for it but you can't afford it there is a difference in the same fashion you don't need a large flat-screen TV when your household obviously needs maintenance it also boils down to the lifecycle of a product people who take care of their belongings enjoy using them for longer periods of time thus saving themselves money in the form of maintenance costs or the upfront cost of replacing it number 10 balling at the club it feels good popping bottles at the club people looking at you and the champagne is brought to your table but you know what doesn't feel good going back to that low-wage nine-to-five for another full month just so you can feel like that again for a couple of hours you're not a boss if you throw money around at the club you're not a boss if your bail is higher than the person next to you you are the product somebody the real boss is monetizing your efforts to look like you're living the life in the eyes of people who are just as broke as you are there's an old saying among the rich that goes like this I never see you at the club and I never see you at the bank number 11 gambling there it goes when people say you got to spend money to make money they were not talking about lottery tickets poor people spend exponentially more money on scratch tickets on slot machines and at casinos than everybody else they all dream of winning big the average person in Australia loses just under $1,000 per year to gambling 70% of the UK population plays the lottery on a regular basis a 2012 study at Yale University found those in the lowest fifth in terms of socioeconomic status had the quote highest rate of lottery gambling at sixty-one percent and the highest mean level of day's gambled in the last year at 26.1 days number 12 smoking and vaping the same people who gamble are also the most probable to build other addictions like smoking vaping etc many packs cost more than this but the average pack of cigarettes costs $6 28 cents which means a pack-a-day habit sets you back 188 dollars per month or two thousand two hundred ninety two dollars per year ten years of smoking comes with a twenty two thousand nine hundred and twenty dollar price tag and depending on where you live the cost of smoking only goes up if both partners smoke or vape one of you is working an entire month just to cover the smoking expenses there are roughly 1 point 1 billion people smoking in the world 2 one in seven people is a smoker vaping is taking over for traditional cigarettes and companies are seeing higher profits than ever because of this shift and a Luxor's if you're looking to be healthier and quit smoking we recommend Alan Carr's easy way to stop smoking it is a self-help classic with over 20 million copies sold worldwide it's been a number one bestseller in nine European countries it out sells all other quit smoking titles combined and of course you already know you can get the free audio book by going to a lakhs comm slash free book and signing up thanks to our friends at audible number 13 your bank your bank is costing you money you pay a commission when you put the money in you pay a commission when you ask them to give your money back interest rates are a joke and depending on where you live they're not even keeping up with inflation putting money in the bank and a volatile economy is costing you money on both the short and long term society is shifting so quickly that old lessons about saving money no longer apply that's why we recommended money master the game as the basics for putting your money to work as an alternative to banking number 14 your taxes poor people pay more taxes because they're not creating the same type of value in the marketplace as the rich are like it or not it is the truth in the u.s. the rich leveraged their wealth to create more value and their state rewards them for that fairly this is one of those things we covered in our old video 15 things poor people get wrong about money which you can check out by clicking in the top right corner we're always shocked to see how happy people are when their tax returns come back and they get money in return first things first that is your money the state is just giving it back to you secondly you've just been robbed because that money doesn't carry any interest if you were smart with your money you could be holding more of it in your hand than you currently are you just decided to give it away to the state for free number fifteen donations this one is going to be a controversial topic here's the truth when you donate money to a cause that money doesn't go to the people in need it goes to paying the salaries of the people involved with the charity charities are one of the biggest scams in the world and they prey on the poor because for some reason they feel the need to support other poor people without realizing what they are actually doing just to put things into perspective on average the general manager of the charity basically the boss of the organization earns about two hundred and fifty thousand dollars per year as a salary paid by the charity this amount is averaged between the top 100 charity organizations in the UK almost everywhere in the world you'll find a similar story almost 35 percent of the money that goes to charity is reinvested in fundraisers for the charity and the spiral goes on and on so instead of hitting up a telethon buy some products for the local shelter or figure out how to create opportunities for these people you know teach a man how to fish instead of giving him a fish well electors hopefully this video has been a much-needed wake-up call we started slow but finished on a deep note so a Luxor's from personal experience or just by observing those around you where do you feel that people waste money the most join the conversation in the comments and of course as a thank you for watching this video until the end here's your bonus fact number sixteen trying to look rich we touched on this two weeks ago when we said learn it till you earn it it's better than fake it till you make it let's say two people are given two thousand dollars each one of them decides to go to the club and have a blast spending eight hundred dollars he posts the pics on social media and people think he's doing really well the other person chooses to invest their money and gets a ten percent return he now has two thousand two hundred dollars and at the end of the day one person looks like he's doing well while the other is actually growing his fortune the goal is to be rich not to look rich your actions should always come from a place of growth that's how you escape it if you're making a decision right now to grow out of your current situation right the word grow in the comments and take a look for a second that's your signature that things need to change in your life thank you for spending some time with us a Luxor's make sure to LIKE and subscribe so you never miss another video we also hand-picked these videos which we recommend you watch next thank you for being an a lexer and we'll see you back tomorrow [Music]

Channel: Alux.com

Views: 2,174,841

Rating: 4.7154336 out of 5

Keywords: Alux, Alux.com, Alux Youtube, alux sunday video, poor people, rich people, waste of money, poor vs rich, poor mindset, poor on taxes, staying poor, getting rich, rich quick, alux advice, poor people excuses, money, wealth, success, donations scam, rich taxes, gambling, poor people finances, stay poor, get rich

Id: BWamKz7lbNo

Length: 16min 22sec (982 seconds)

Published: Sun Mar 17 2019