15 Things You Should NOT Spend Money On

it's not your salary that makes you rich it's your spending habits wise words from charles a jaffee aluxers there are many ways in which our money gets depleted unnecessarily expenses that we believe are good for us but turn out to be a complete waste of money let's save some of our hard-earned money and highlight some of the areas that definitely don't need another dollar from you welcome to alux.com the place where future billionaires come to get inspired if you're not subscribed yet you're missing out number one premium packages this is the easiest money trap to fall into and it has little benefit to you so here's an example you sign up for an internet contract which will cost you x amount per month it's in your budget and you're happy with the offer then the salesman attempts to coax you into buying their premium package on this package you have an extra few benefits like a birthday voucher a christmas card and a free coffee every three months you get the idea your premium package is really a waste of money and you don't need those perks these premium packages are only beneficial on a grand scale but for the average joe they're just a drain on your finances if down the line you feel like you would like to upgrade the package by all means go for it but no doubt you'll be quite happy with what you've already got number two business coaching programs hey luxers click onto any youtube video and you'll be slapped in the face with someone telling you how they made their millions how they're living their dream life or how they lost all their weight but in order to find out how they did it you need to cough up if someone is making money from selling how-to business programs it's usually a bad investment look out for clicky attention grabbing headlines like the last you'll ever need earn money by doing this simple thing eat this for fast weight loss save your money don't spend it on these programs rather seek out professional accredited programs with reputable agencies or companies number three mentorship this could be looked at in two ways if someone is seeking payment for being a mentor then they're not being a mentor for the right reasons if someone is buying a mentorship versus earning a mentorship then they're also not in the right position for that guidance like oprah winfrey once said a mentor is someone who allows you to see the hope inside of yourself with that in mind do you think paying a mentor would reap the same results nah they're just getting paid to do a job a true mentor won't want payment they want to see you flourish and have confidence in your ability to do so stop paying for this service alexers however do feel free to bring your mentor a decent cup of coffee and acknowledge their contribution when you are successful in the future it's the least you can do number four mlm schemes also known as multi-level marketing or pyramid schemes and we touched on this in our video 15 topics you should know by now as we mentioned there the latest mlm is the sale of essential oils and diffusers with the allure of being your own boss they attract those hoping to supplement their income and sadly it never quite pans out the way people hope it's great that you want to be your own boss but going out and buying 50 boxes of this revolutionary skincare range and trying to sell it is not your answer and a lexers if someone gets in touch out of the blue and wants to catch up over coffee rest assured you'll be asked to buy some lipstick that won't ever leave your lips till your death a detox tea that promises to make you skinny and of course the essential oils that will cure every ailment under the sun number five driving everywhere philosopher friedrich nietzsche once said all truly great thoughts are conceived by walking we are so quick to hop in our cars to drive everywhere even just to shop down the road it's a habit and like any other habit it needs to be unlearned you should not be spending money on unnecessary fuel and wear and tear of your car every mile you put on your car you're a mile closer to needing your next service a mile closer to needing new tires a mile closer to changing brake pads hey luxers we don't need to drive this point home any more than we've already done number six the home you can't afford the term to describe this is house poor described by investopedia as follows a situation that describes a person who spends a large portion of his or her total income on home ownership including mortgage payments property taxes maintenance and utilities house poor individuals are short of cash for discretionary items and tend to have trouble meeting other financial obligations buying too much house is what brings many people down if you want to know if you can manage to pay off the property remember this your entire mortgage payment should not exceed between 28 to 33 of your income being impatient for your perfect property can cost you a lot of money buy what you can afford now and save yourself the heartache of having to give up on the property you fell in love with that was just not in your budget number seven time share holiday programs timeshare is an arrangement where many joint owners come together and secure the right to use a property as a holiday home and share the time spent there this is an area that does not need your money you'll be throwing away your money it's an ongoing expense it's easy to get sucked into the hype about the timeshare you think you'll go on vacation every year and of course you can sell it if you don't want it anymore good luck with that it's like trying to close a bank account it's near impossible to do marketwatch.com confirms that timeshares are usually marketed to lower income people and they're the ones who usually buy them truthfully your money is better off stored under your mattress number eight being pennywise pound foolish you found this great deal the store 30 minutes away from you is selling 18 rolls of toilet paper for a bargain so you drive there and take advantage of this great deal you've now wasted fuel time wear and tear on your vehicle plus when you arrive there's a line of people snaking around the block all trying to buy the toilet paper at this bargain price and then guess what they're sold out while you are out trying to save a few dollars you've wasted more than the initial savings and if you do manage to get inside for that coveted tp you end up spending what you would have saved on other items you didn't intend on buying [Music] number nine things you don't understand hey luxers we can be so quick to jump on the bandwagon with things we don't understand and it ends up costing us get rich quick schemes come in all sorts of disguises and you need to be vigilant for example there are several apps you can purchase that promise to help you invest in the stock market and make you wealthy beyond your wildest dreams they're called high high-yield investment programs stay away from them people are always looking at ways to make a quick buck and there's so much noise online promising a great return on a small investment to the untrained eye it would seem like the opportunity of a lifetime but sadly they don't usually pan out the way you hope like we said previously in this case your money is safer under your mattress number 10. bulk fresh food buying in our video 15 reasons why money won't solve world hunger we highlight just how much food is wasted every year we waste about 1.4 billion tons of food per year we toss out ugly looking food we serve two big portions and let things go off in our fridges when we buy these unbelievable food specials we are buying more than we can use we use a little and the rest gets thrown away buy two get the third free three for the price of two sounds like a great deal and you end up with three punnets of baby tomatoes you can only consume one punnet before the rest go off though and you would have been better off buying one pundit of baby tomatoes eating them and then buying more when you needed more expert on the social and environmental impacts of food tristrum stewart says cutting food waste is a delicious way of saving money helping to feed the world and protect the planet number 11 trying to impress people those that care don't matter and those that matter don't care an apt quote often misattributed to dr zeus was originally uttered by bernard barak he was an fdr presidential advisor and he used the quote when drawing up seating arrangements for a dinner and the words ring true aluxers why spend your money on trying to impress people who don't give a [ __ ] about you anyway or vice versa you're not cheese you can't make everybody happy so don't waste your time and money on this fruitless exercise real friends don't care about your material belongings they care about your integrity your heart and you just you coming up we'll highlight another area that should never see you hand over any amount of cash regardless of how lucrative it might sound but next these two items could cost or save you money depending on the way you handle them number 12. water and electricity wait what heyluxers using anything in excess equates to wastage not only does it waste money but also the item in question every drop that leaves your taps costs you money and makes that much less water available in the dam make every drop count in countries that experience droughts they can tell you how households are rationed to 50 liters a day per person how water can be switched off for several days because the dams have run dry or the drugs are coming out of the taps which is very unhealthy to drink don't spend money on unnecessary water usage and the same goes with electricity you can drastically reduce your monthly electricity bills by switching off lights switching to energy-saving bulbs boiling just the right amount of water for your tea and wash your laundry in cold water you could easily save a decent amount of money not spending it on water and electricity that you don't need number 13 paying for casting calls screenings and potential jobs if you've spotted the most insane potential job and they're asking you to pay to apply run away as fast as you can the most common of these paid casting calls are for modeling and acting jobs here's how to spot a scam before you're caught in one and out of pocket the advert states you must use their own photographer for your professional photographs you have to pay them a fee before they'll work as your agent it's a once in a lifetime opportunity act now before it goes away forever it's a cash payment only and the work is guaranteed if not a refund is guaranteed these are all ways to try and get your money and as the saying goes a fool and his money are soon parted number 14. you're cheap in the afrikaans language there's a saying that goes and what that means is cheap is expensive sure you might be saving a few dollars initially but what is it costing you in the long run this is especially true when you purchase things like paint for example if you buy cheap paint you'll end up having to do a few layers to ensure you get good coverage other examples include shoes bras mattresses dish soap toilet paper knives and pet food be sure to watch our video 15 things you should spend your money on to check if you're making the correct buying choices to avoid costing yourself more down the line number 15 things you won't remember hey luxers have you ever eaten a treat and thought that was so not worth the calories it's the same kind of sentiment we're going for here why would you spend your hard earned money on things you won't even remember so you shouldn't spend money on your ex not because it's saving you money but because x is just boring and forgettable is it something you do all the time more out of habit than anything else do you think that something different will happen this time and that's why you keep going hey luxers if it's not bringing you joy but is draining your finances stop worrying about fomo and cut your ties we want you to have fun and enjoy your money just don't waste it on experiences that do nothing for you and with that elixirs we're at the end what experiences do you find are just a drain on your finances that you'd love to give up we can't wait to hear from you in the comments below now for sticking with us until the end what could that possibly mean your bonus of course now aluxers be sure to watch our video 15 biggest wastes of money which will tie in nicely with this video and will give you a lot to think about when it comes to your finances so what do you believe is the biggest waste of money in history that's a tough one it has changed throughout history in the 1600s people traded their land for tulips the lockheed martin f-35 lightning ii cost 1.5 trillion dollars the great wall of china bankrupted china and cost hundreds of thousands of lives and any war ever fought so start small aluxers and start seeing an increase in your bank account till next time remember to subscribe and leave us a thumbs up we really appreciate them and you

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Keywords: Alux, Alux.com, Alux Youtube, fine living, don't spend money on, waste of money, expenses, bills, dumb purchases, bad purchase, save money for the future, money, savings, saving money, stop wasting money, how to, how to stop wasting money, how to save money, how to bank cash, money savings, finances, business, cut back on spending, broke, how to not go broke, stop buying stuff, shopping, be smart with your money, stop spending money, minimalist living, impulse spending, saving tips

Id: nxA86mHx288

Length: 13min 34sec (814 seconds)

Published: Thu Sep 17 2020