21 Most Overpriced Products // Don't Waste Your Money

this video is sponsored by skillshare we'll discuss that more in detail later in the video the number one most overpriced product that you should never waste your money on movie theater food most recently I took my family to watch Disney's latest animation movie The Wish excellent movie by the way I highly recommend you check it out if you haven't seen it yet well while the movie was excellent my wife and I had a bit of a sticker shock when we started buying foods for the family for four hot dogs a large popcorn and a fountain drink we paid over $50 now we should have known better and thought it through before making this purchase but it had been a long time since we into the theaters so if you're planing to take the family out to the theaters anytime soon pack some food with you and if the theater prohibits you from bringing outside food and drinks then just forget getting food at theaters the number two most overpriced product that you should never waste your money on the theme of food airport food traveling is never a pleasant experience but do you know what makes it worse the ridiculously overpriced food at the airport coffee for $8 a cold sandwich for $20 and a pack of Mentos at least $3 I know there are a higher cost that comes with operating a store or a restaurant in an airport but do they justify charging two or three times the normal cost plan ahead by bringing food if you know you have some weight time before your flight and also always carry a reusable water bottle so you can refill it after you go through security the last thing you want to be doing is spending $10 for bottled water because you have no other options the number three most overpriced product that you should now waste your money on self storage units Consumer Reports estimates that an average a 10x1 self storage unit will cost you almost $2,000 a year to rent in the US the costs rise dramatically when the self storage facility is in a large city up to 2500 in LA and $3,700 in New York city so you might be thinking who in their right mind will be renting these overpriced units a lot actually survey results released by the self- storage Association show that self storage units are rented by 1 in 10 US households that is a lot of households self storage units can be useful in certain short-term situations traveling overseas for an extended period of time or going through a life transition however the honest truth is that most self storage units are being used because a homeowner just hasn't taken the time to properly declutter and let things go it's not a surprise that there are so many TV shows that deal with self storage units don't waste your money on self storage units either take the time to throw away unused things or create a functional storage system at home the number three most overpriced product that you should not waste your money on getting all your car maintenance service done through the dealership because there are large overhead and operating cost dealerships tend to charge more for services and repairs than independent autoshops now before you think this is a straight out ripoff there is a good reason why dealerships often require their technicians to have extensive training and specialize in their brand of vehicle additionally they use OEM original equipment manufacturer Parts same parts that came installed in your vehicle when it first came off the assembly line I personally still take my car to dealership to get a thorough checkup but when it comes to Services I know I can get elsewhere cheaper I avoid dealership tires are a good example when I need to get my tires Chang or rotated I know places like Costco have better deals so when the dealer lets me know that my tires in need of change I tell them thank you for the information and I get it change Elsewhere for cheaper the number five most overpriced product you should not waste your money on Collectibles like many kids growing up I used to collect baseball cards I thought they would lead me to riches one day oh how wrong I was the value of these baseball cards don't operate like other products or Services rather the value of Collectibles is largely determined by market trends popular demand and the condition of the item what might be considered valuable one day could lose as aure quickly in the future unless you specialize in rare antiques stay away from Collectibles they make a lot of money for those selling them but rarely for those who buy them number most overpriced product that you should never waste your money on this one seems obvious but still gets a lot of people every year overpriced get rich seminars they may not straight out call themselves that but they all have similar themes you want to get rich you want to make money quickly do you want to quit your job tomorrow well sign up for a short 3day getrich seminar for $2,000 and you can achieve your dreams there are courses and classes that actually add value unfortunately these are not those so be very wored there is no shortcut to achieving financial success it requires hard work and patience if it sounds too good to be true it probably is so don't waste your money but unlike these get-rich seminars do you know where is a really good place to invest your time and money in on classes that teach you real skills that can turn your passion to a paycheck which is why I'm so excited to introduce you to today's video sponsor skillshare if you've been around the internet for a while there's a good chance you've heard of them skillshare is an online learning community with thousands of online classes and members who come together to find inspiration and take the next step in their creative Journey as a lifelong learner I'm always in the lookout for new ways to help me upgrade my skills and thus my life and skillshare has been an awesome resource some my favorite classes have been on productivity personal development and YouTube video production when I first started my journey on YouTube I had absolutely no idea how to film or edit videos I actually never even owned a real camera before I started this channel it was overwhelming just to think about all the activities I went into creating a YouTube video but the comprehensive classes gear for new YouTubers and skillshare really helped me to overcome my analysis paralysis skillshare has hundreds of YouTube focused videos taught by very successful YouTubers like Ali abdal Maris Brown Lee Nathaniel true and many more these skills not only help me to gain confidence that I could do it but provided me with very detailed technical skills to overcome many of my pain points scripting camera setup sound and basic video editing but even if you're not interested in YouTube there are tons of other classes that will be useful thousands of classes from creative pros and e-commerce marketing freelancing design social media Ai and Beyond so if you want to upgrade your skills and make 2024 the year your side hustle comes to life make sure to check out skillshare and the first 500 people to use my link will get a 1mon free trial of skillshare I'll have my special link in the description below all right with that said let's get back to the video the number seven most overpriced product that you should not waste your money on time share a time share most often called Vacation Ownership to make it sound more appealing is a lifetime commitment to paying for an annual trip to the same Resort or a family of resorts while any good salesperson will make it sound like this is a great deal it hardly ever is you not only have to pay a hefty upfront fee you have to continue to pay for annual maintenance fees in cenal costs and not to mention the headache that comes to trying to book a vacation date before some someone else does it's much more effective to book Resorts and hotels as needed and if you want to take it up a notch learn how to travel hack so you don't need to pay anything for hotels number eight most overpriced products that you should not waste your money on health supplements especially those that promise overnight results there are good health supplements out there fish oil multivitamins Etc however there are too many that promise unrealistic results at ridiculous prices take this pill for 10 days and you lose 10 lb instantly try this mystery powder for 15 days and gain 15 lbs of muscle a good body like anything in life takes hard work and patience good sleep healthy diet and regular exercise most often that is all that it takes however it's ridiculously hard to do these basic things thus we gravitate towards these shortcuts similar to get-rich schemes if the outcome seems too good to be true they are save your money and invest them in things that are actually effective like a good squat rack for your home office number nine most overpriced product you should not waste your money on single use liquid hand soap you use them once and you throw them away afterwards not the best use of your money get yourself a reusable liquid soap dispenser and buy refills and bulk from Costco not only is this good for the environment but much cheaper in the long run real quick if you like all the points that I'm covering in this video you might like my onepage companion guide PDF think of it like a quick cheat you can print and reference remind yourself all the overpriced products I'm covering in this video I always learn things better when I can not only hear things but see them visually as well please go to the link I'll have in the description below to download your free copy of this PDF number 10 most overpriced product that you should not waste your money on extravagant weddings and my wife are very guilty of this we had a very extravagant wedding over 12 years ago because we thought that was what we were supposed to do who cares if we don't have any money who cares if we went broke afterwards that is what we thought we had to do based on social and cultural norms now if this is important to you and you saved up for it by all means have the best wedding possible however if you don't have the money think twice weddings are very lucrative because there is so much emotion tied to these events things can be upcharge by 50% just based on perception the cake the dress even the tablecloth it's hard but but try to set aside emotion when making financial decisions around weddings and let me speak from personal experience your future you will come to really appreciate you for your smart decisions or if you're like me be embarrassed by all the dumb decisions you made throughout the process number 11 most overpriced product that you should not waste your money on individual greeting cards greeting cards are essentially marked up 2 to 300% based on the season or the event a regular blank Card is only 50s but the same card with the Christmas tree on it well now it's one-of aind Christmas card so it's 250 now don't waste your money what I like to do is bulk buy blank cards and use them for all events birthdays Christmas thank you cards not only are they cheaper this approach makes things very simple no need to go out and get a new card for a new event make that blank card fit the event and at the same time save money number 12 most overpriced products that you should not waste your money on all right we're now getting into some controversial items luxury brand cars people love luxury brand cars Porsche Audi Bentley they're one of the most in yourf face symbols of supposed success if we pull up in a brand new Porsche we like to believe that people would consider us successful we must have a lucrative business or are we a celebrity or how about a K-pop Star this could be true but the chances are that it is not however one thing that is true is that luxury cars if you take out the brand name are really overpriced when you compare part for part and its performance against other similar cars it's really hard to justify the price tag is a $300,000 Bentley 10 times better than a $30,000 Subaru you are getting the brand name but are you getting 10 times the performance is it 10 times safer or 10 times faster F probably not understand that luxury cars have a high markup because of the brand not because of its utility number 13 most overpriced product that you should not waste your money on the theme of luxury brand cars brand name clothing accessories similar to luxury cars luxury brand clothing often carries exorbitant price tags for the name alone and similar to luxury cars while a designer label can be prestigious the high price tag often go in line with the actual quality or functionality of the clothing if you're going to Shell out big dollars for clothes be careful not to pay for just enough name but pay for quality and craftsmanship you want to invest your hard darn dollars and things that bring you the greatest joy and I feel for most people you get more lasting Joy when you invest in quality number 14 most overpriced products that you should not waste your money on again staying with the theme of luxury luxury hotels I've stay at hotels that cost up to $2,000 per night now I actually didn't pay for them because I leveraged points however one thing my wife and I took away after these experiences was that they weren't all that they were correct out to be yes was the front desk person slightly nicer did the rooms have slightly nice or Furniture were the people walking around driving luxury cars and wearing luxury designer clothes that was for sure but was it 10 times better than a 20000 per night hotel maybe two or three times better but I wouldn't say it is 10 times better if you want to stay at luxury hotels I recommend again you learn travel hacking so you can get luxury experience without paying the luxury price number 15 most overpriced products that you should not waste your money on the theme of hotels never use a hotel mini bar the drinks and snacks in the hotel mini bar are highly inflated that Snickers bar that is called calling your name $6 the can of Coca-Cola $4 or how about the salt roasted jumbo cashews $10 if you really want snacks in your hotel room swing by the local Target and fill up your snack bag for a fraction of the cost number 16 most overpriced product that you should not waste your money on first class airline tickets I used to fly to and from South Korea pretty often the average roundtrip economy ticket costs around $1,500 the first class ticket for the same flight you need to Shell Out close to $115,000 again in the theme of luxury cars and luxury hotels 10 times more if you really want a first class experience use travel points the points difference is a lot less than the dollar difference between economy and first class tickets from what I've seen there are around three times the points required for an economy ticket still not cheap but much better than paying 10 times more in cash number 17 most overpriced product that you should not waste your money on inflight Wi-Fi if your airline offers Wi-Fi it could go all the way up to $30 for an all day pass and there's no guarantee that it will even work for most people that do pay for inflight Wi-Fi they describe the experience as glitchy and uneven save the headache in your wallet don't buy inflight Wi-Fi and just enjoy the ride number 18 most overpriced product that you should not waste your money on high-end gym membership Equinox top membership which gives you access to every location cost around $500 per month if you offer a single location pass like in New York City it can cost anywhere between 185 and 220 per month now if you use a gym regularly and are getting great workout from your experience then bu all means keep it you're extracting maximum value from your investment however if you only use it once in a while you can repurpose that money more effectively maybe towards a fitness trainer an activity oriented club or even a specialized gym I was once part of this bodybuilder gym and though it was intimidating being around so many musclebound guys it did motivate me to take my weight training more seriously number 19 most overpriced product that you should not waste your money on actively manage mutual funds especially the ones that charge ridiculous expense ratios instead buy yourself a broad market lowcost index fund as your core holding not only are they cheaper they're far more effective in growing your net worth over the long run number 20 most overpriced product that you should not waste your money on whole life insurance in the simplest form whole life insurance combines insurance and investing it provides coverage throughout the whole life of a person while at the same time containing a savings component however because it proclaims to do both insurance and investing it charges a significantly higher premium compared to a simple term life insurance don't waste your money if you need insurance get a simple term life insurance for a fraction of cost then invest the difference in a simple broad market index fund to grow your wealth number 21 most overpriced product that you should not waste your money on four profit colleges education is very important I'm a firm believer that we should always be feeding our brains like how we're feeding our body however not all education is the same and they're not priced equally and be especially careful if you're considering a for-profit college they're profit driven schools that prioritize making money from students they sound attractive because they make big promises however often times these promises turn out to be misleading if you want quality education there are many good nonprofit public options community colleges and public university system run by each state you'll need to do your homework but in the long run they're a lot more cost effective and the Chan are that you'll also receive better education compared to a for-profit institution thank you guys for watching the theme of saving money if You' like to know some signs to know how smart with money you are please check out my video here until next time all the best

Channel: Tae Kim - Financial Tortoise

Views: 173,147

Keywords: Personal Finance, Money, Finance, Investing

Id: JmaxO7Cm8bs

Length: 14min 26sec (866 seconds)

Published: Thu Dec 28 2023