5 Expensive Money Habits That Are Killing Your Wallet

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    5 Expensive Money Habits That Are Killing Your Wallet
    0:10 – Everyone has their own bad habits which make saving money very hard
    0:27 – Don’t blow your money, literally – smoking and drinking kills…your wallet
    1:22 – Hoping your stars are aligned – the lottery is a tax on poor people save your money by not participating
    2:36 – Trying to be the freshest Jonas there is – the goal is to be rich, not to look rich – learn to live below your means
    4:26 – Arguing over pennies instead of thinking about dollars
    5:46 – Stop eating out to save money

    What Is The Minority Mindset?
    The Minority Mindset has nothing to do with the way you look or what kind of family you’re from. It’s a mindset.

    Give the majority $200 and they will come back with a pair of shoes. Give the minority $200 they will come back with $2,000.

    Think from the mindset of a consumer and be the provider, that’s the Minority Mindset. Don’t be the majority. #MIH #ThinkMinority #FinancialLiteracy

    Twitter: @M2JaspreetSingh
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    Video host: Jaspreet Singh

    99 Replies to “5 Expensive Money Habits That Are Killing Your Wallet”

    1. I cancelled all of my TV subscriptions (Netflix, Hulu, etc). Instead, I rent the shows and movies I really want to watch on iTunes. At first, this might seem more expensive but now, instead of sitting there looking for crap to watch, I watch TV much less and only spend a few bucks here and there as part of my entertainment budget when I want to watch something specific. This costs me much less than having a monthly bill for streaming services I don’t need.

    2. Buying bottled water!… Just last week I checked my water bill it costs 2,500 times as much to buy a small bottle of water than it does to drink the same amount of tap water… Yes, you read that right. TWO AND A HALF THOUSAND times as much. Please, everybody, check your own water bill & see what your own difference is.

    3. Good video. Another one is multiple layers of entertainment packages: highest level of cable, Netflix, Hulu, Amazon, HBO, etc. when you know you don’t have time to watch all that stuff. I, myself, had to painfully cut off Netflix DVD and just stick with the streaming. I may even cut that out at some point. But I know people who have all of them but no retirement account at all.

    4. Staying away from buying drinks an snacks at gas stations is a big one for me. I work late hours an hate myself for buying a pint of Ben and jerrys for 10$ when I could have gotten 4 pints for that 10$ at a supermarket.

    5. Spending money on unnecessary material goods will screw you over because after a while you will get used to it and want to buy even more expensive things

    6. At the end of every month I flip a coin heads I save 100 tails I save 200. Then I flip again heads I save 10 and flip again tails I stop.

      It’s a fun way to save. What do you think?

    7. Folks, PLEASE keep blowing your money on the latest clothing. Because when you donate them, people like me grab those $100 jeans you ‘had’ to have but wore 5 times for $7, and we will wear them into the ground. Life gets far easier (and cheaper) when you simply wear what you like versus what’s hot that second, and embrace thrifting.

    8. Concert tickets, man People love their concerts and other forms of entertainment that aren’t necessarily beneficial to ones life…

    9. Going out for one or two drinks with your friends that turns into 20 drinks and 3 bags of cocaine 🙁 every time

    10. I am glad to say I’m part of the minority of people when it comes to properly budgeting and spending my money. Thanks for your videos Jaspreet!!!!

    11. Worst habit i started to pick up and need to drop is also bragging about how much i spent on the weekend or on shopping or something. People around me started doing it and ‚to keep up and not seem poor’ you do it as well and spend money on stuff just to brag.

      Really happy to watch your videos cause it makes me think more rational again.

    12. I ran over my s7 phone with a metro bus. I replaced it with a $225 Samsung J7 Ptime. I’m not paying $1000 for any phone!!!!

    13. so your math is 30 packs of cigarettes cost 700 dollars. where do I get these 20 dollar a pack smokes and are they legal?

    14. I recently resigned from a job at a small casiono and it was crazy how much money people would blow on the slots. Addicition is crazy!!

    15. I used to play this trading card game called yugioh competitively when I was 15 or 16. I played during a budget time, and won a tournament with a deck that was less than $100. Going to events and buying cards from people adds up, but when you see a meta that requires you to play 3 of a card that costs $50, moral of the story is don’t play these games with real cards. Also, when I played in 2012, there was a card called tour guide: COSTED $150 FOR 1 COPY WHICH YOU NEEDED 3 OF. The most I’ve spent one card was $30, but it rose in price and I sold it at around $40. But people drop $ for these cards like it’s nothing.

    16. Eating vegan… your taste buds will adapt (sugar and fat are addictive, simply because they are so instantaneously yummy).

      This diet is not only great for your health and longevity (over 55?), but it is way cheaper…

      Rice and beans can be made in a million different ways. However, you will need to educate yourself how to cook this way… (may I suggest the book, How Not to Die Cookbook, Dr Michael Greger).

      Since this diet is healthful, you’ll have more energy, well into your silver years, and you can utilize the wisdom of your years to make even more money while your meat and dairy consuming peers are using walkers, complaining about arthritis, bad joints, pain, low energy… and sex being a fond memory of youth.

      Given that the government is planning on destroying Social Security and Medicare… you’ll need to continue to make money as an elder and… you’ll have your health, not need prescription drugs, surgery, repeated doctor visits… which saves even more money.

    17. Never seek to blow your money just for impressing people! It still blows my mind why people do things like that!

    18. You can lead a horse to water but you can’t make him drink. If people choose to be self-destructive to their health and finances by smoking, drinking, eating out continuously, etc. they have no one but themselves to blame. And as much as I love this channel, a video alone is not going to persuade people who are already set in their futile ways, unfortunately. It is an epidemic. And if you’re surrounded by poor/struggling people, you’re going to be influenced by them. There will always be poor people. We will never be in a society where everyone is wealthy or even financially stable. It’s unfortunate but it’s a fact. That being said though, I value this channel and stand by it’s creator and his vision. If these videos help even a handful of people make better choices and be self-disciplined, making these videos is well worth it.

    19. I work hard, save, invest and do the right things so my life will be comfortable, interesting and rewarding.   I budget for the things I want, a nice home, new car, nice vacation, dinner out, a round of golf, a show, etc.   I still clip coupons, research all my purchases for the best deals, and mind my pennies.    There are ways to accomplish both a great saving habit, and still live a live you want to live.   If I wanted to eat rice and beans, live in a shack, and ride the bus, I could do that working as a dishwasher.    You only go through this life once, live life well.   Just be smart about it.

    20. I’m glad you mentioned the people who spend time to save pennies or dollars on something one could easily be had homemade or spending a little extra for convenience and saving time. Time that cannot be bought back and could be used to do something else, maybe even make more money.

    21. I really enjoy your videos. I have to admit I’m one of those who buy expensive clothing not because I’m trying to look rich or impress people but for the quality. I buy Hugo boss jeans/pants. Yes they cost almost $200 (cdn) each however, they are super comfortable and fit perfectly not to mention the quality! I’ve had pairs over 6 years now and they still are in top shape.

      It’s one of those things where I see it as you either spend something for cheap and have it tear up and rip or loose its fitting or color over time and buy new clothing over and over again when I can buy one expensive piece knowing the quality is there and it’s made to last.

      That being said, I don’t buy clothes every week. I haven’t bought jeans in a 2 years because my boss clothing last. Somethings I feel you should spend money on and defiantly somethings you should not.

    22. I have to unsub because the content is the same thing over and over and over.
      I’ ll be back sooner or later to check if the content will be more deep.

    23. I told my boyfriend I am going to get struck by lighting *statistics* anyway. I guess my biggest problem is spending money on education, but I really want that job as an astrogeologist. =(

    24. I’m so happy that I managed to quick smoking and drinking in the last couple of years. This is some solid advice Jaspreet!

    25. That’s just the immediate cost, factor in the non-monetary and long term medical costs, it goes to worst even worst. But hey, on the bright side, these things hurt the competition if you don’t do them.

    26. I know I’ll get to where I’m trying to go a lot faster if I cut most of this shit out. But I know I will be sitting home on a Saturday night bored as fuck!

    27. I don’t smoke or drink, imagine all that money being saved & the extra years of life to grow wealth #minioritymindset

    28. Always love your videos. I agree!! Especially when instead of buying Nike shoes, I could just go to Walmart and get some decent shoes for $15.00. And I hardly ever eat out. I eat my breakfast at home before I go to work, I pack my lunch and bring it to work, and cook dinner at home. Keep up the good work

    29. I just started planting investment seeds a couple of years ago. And I’m 38 if I would have been doing this 15-20 yrs ago forget a tree I would have a damn forest.

    30. Suggestions :
      1. Please consider using a different intro music.


    31. Jaspreet, I think you should consider putting out a basic budget sheet for people to use and analyse their finances. Hopefully by one pulling their head out the sand, they may feel more aware and want to make better financial decisions. Using an excel sheet for this was the best thing my wife and I have done all year. It’s instantly propelled us to have a more secure financial base with money aside for all kinds of expenses. Not spending nearly as much, but don’t feel sad about it either at all.

    32. I like Nike shoes the higher end models (Adidas too)…Why not just do both? Buy Nike shoes to entice others (who play the Keep up with the Joneses) to buy them too…

      then buy Nike Stocks too.

    33. Cooking takes you lesser time than travelling, waiting for the meal to be prepared, and most of the time there other nice places to visit since you’re with family..

    34. Theres a fine line for this. I use to dress so poor that i had very few friends. I had tens of thousands in the bank with even more tens of thousands in the stock market but who cares when everyone looks at you like a beta trash. When i finally started caring about my clothes and appearance life got alot better. Having a ton of money but nothing to spend it on is useless. At the same time living outside your means is for idiots.

    35. Love it, love it, love it. Cigarettes, liquor, gambling, clothes, credit cards, eating out, all things you don’t need.

    36. You mentioned real estate investing is your favourite type of investment. What type of real estate do you invest in?

    37. I recently bought a watch. I was looking online and fell in love with a Breitling navitimer. I wanted a watch for 2 reasons:

      1 I’m a grown ass adult with a child and should probably have a nice watch

      2 If I have a watch I’m going to look at my phone less, which means I look at BS like Facebook less, which means I’m more effective with my time

      I don’t buy unnecessary things, and love your rule of 5 so I quickly decided that to buy 5 Breitling navitimer’s I’d have to sell some investments!!!

      I did some research and bought a very similar styled watch (Seiko Flightmaster) for a fraction of the price, I love it and the fact that it was cost effective makes me even happier. If I bought the Breitling I’m pretty sure I would hate myself just a little every time I checked the time.

      Thanks for your vids as always

    38. Glad you didn’t say the Fight Club line: buying things to impress people we don’t like …blah blah..

      Great line, just overused

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