Video Title: 10 Things I Stopped Buying (Financial Minimalism)
Channel: Humphrey Yang
Speakers: Humphrey Yang
Duration: 00:13:41
Introduction
This video details ten things the speaker, Humphrey Yang, stopped buying to improve his financial situation and reduce clutter. He explains his reasoning behind each decision, highlighting cost savings and lifestyle changes.
Key Takeaways
Stopped staying in Airbnbs: Found them overpriced and less convenient than hotels, lacking amenities and loyalty programs. Hotels offer comparable pricing and loyalty points.
Reduced physical book purchases: Prefers audiobooks and podcasts for information, finding that he rarely finished physical books he purchased. He also cites the clutter factor.
Adjusted car insurance: Reduced his yearly mileage significantly, resulting in a $40/month savings by lowering his insurance premiums. He encourages viewers to compare rates.
Stopped buying single-occasion clothing: Avoids buying clothes for one-time events; now only buys items he anticipates wearing multiple times.
Canceled premium cable TV: Found the cost of YouTube TV, primarily for sports, too high for the limited viewing time.
Avoided investments he didn't understand: Shares a cautionary tale of a failed investment in a field he lacked knowledge in, emphasizing the importance of due diligence.
Reduced bulk food purchases: Stopped buying excessive amounts of perishable items like milk and eggs due to spoilage and waste.
Stopped buying sale items impulsively: Warns against the marketing tactic of frequent sales, suggesting buying only when needed, regardless of sales. He makes an exception for major end-of-year sales for planned purchases.
Canceled Zoom Premium subscription: Found the features unnecessary given the availability of free alternatives like Google Meet, Microsoft Teams, etc.
Stopped buying extended warranties: Believes they are often overpriced and don't cover all potential issues.
