9 Things That Are a Complete Waste of Your Money

About this video

• Video Title: 9 Things That Are a Complete Waste of Your Money
• Channel: Vincent Chan
• Speakers: Vincent Chan
• Duration: 00:13:30

Overview

This video discusses nine categories of expenses that the speaker, Vincent Chan, has identified as a waste of money on his journey to financial freedom. For each category, he explains why it's a waste and offers alternative strategies to save money or allocate it more effectively.

Key takeaways

• Subscription Creep: Be mindful of recurring subscriptions and free trials that automatically renew. Set calendar reminders to cancel unwanted services.
• Overpaying for Car Insurance: Regularly shop around for car insurance, as rates can increase for loyal customers. Switching providers can save significant amounts annually.
• Paying Full Price: Utilize resources like libraries, employer benefits (EAP), AAA/AARP, health insurance wellness programs, and alumni associations to access free or discounted services and subscriptions.
• Underutilized Plans: Analyze your usage of services like mobile data or internet and downgrade to cheaper plans if you're overpaying for features you don't use.
• Time Shares: Avoid time shares due to high upfront costs, expensive annual fees, and limited usage opportunities. Consider a dedicated travel fund in a high-yield savings account instead.
• Misaligned Spending: Prioritize spending on things that genuinely bring you joy and happiness, even if others consider them a "waste." Conversely, cut back on spending on things that don't bring you happiness.
• Not Self-Troubleshooting: Before calling for professional repairs, spend 30 minutes attempting to troubleshoot appliance issues yourself using online resources like YouTube or forums.
• Diamonds for Engagement: Question the traditional advice of spending a large portion of salary on diamond rings. Consider lab-grown diamonds or slightly smaller carat sizes for significant savings.
• Extended Warranties: For most items, extended warranties are unnecessary. Check credit card benefits for existing warranty coverage, and for major appliances, consider setting aside money for potential repairs instead of buying a warranty.