Worlds Biggest Waste of Money

Link to join StockHub free investing discord server: –~–

Good day subscribers thank you so much for joining me today i am jeremy this is the financial education channel and today we’re talking about the world’s biggest waste of money i’m gonna give you guys five of the biggest wastes of money i see people spending money on these things i’m just like what are you doing man you are just wasting money like beyond wasting

Money with these things guys so can’t wait to share them with you i hope you enjoy let’s get straight into this the first one the first one is expensive weddings did you know in the united states of america the average wedding cost somewhere around $35,000 you heard me right $35,000 for a one-day event this is a one-day event and yes it’s it’s a magical day it’s

One of the coolest days your life if you’re you’re able to get to that point where you get married with somebody it’s awesome man it’s so cool but man this is one day this is one day in your life this is just a day okay you’re spending $35,000 on this okay this is average spent to the average american makes around $50,000 a year after texas guess what that is right

Around $35,000 okay after all their taxes are taken out on all that you’re spending one full year of you going to work day in and day out for that wedding day in and day out you go to work for an entire year and that is what you pay for for that wedding is that really worth it think about what the other things you could do with all that money you could do a whole

Week in maui hawaii you could do a whole week in london you could do a whole week in san francisco and you can do a whole week in the bahamas and still have money left over at the other day you could do a bunch of elaborate vacations and still have money left over at the end of the day guys and the worst part is there’s a 50% chance that person’s going to get

Divorced those people are going to get divorced so there’s a one in two chance you can get divorced and you’re gonna spend more money on that than you’ve ever spent at any point ever in your life i mean literally other than people buying a house at some point in time or a condo or something like this is their probably their biggest expense in life and it’s just

Mind-blowing to me you know why it happens is because a lot of these you know places that get people married they’re gonna sell you emotions all you this is the best day of your life this is the you know the most precious that you want to you know get all these fancy flowers and get this and get that i’ve been through the process of getting married guys we spend

Not even remotely close to that amount because i i read through the little crap that they try to feed you all you need this and you need that absolutely not man and you need to invite everybody heck no man invite you the closest people to you invite them have them come through and that’s what it’s about not about having you know a hundred people there are eight

See also  TFD Q&A With The White House: 5 Minimum Wage, Stimulus Checks, And What You Need To Know

Hundred people there it’s like you know on tv the wedding crashers you ever watch the right wedding crashers i love that movies one of my favorite they’re having all these you know elaborate weddings in it with all these people and stuff and they spend so much money and that stuff gets out on tv and it just glorifies weddings at the end of the day and people end

Up spending way more than they should it’s just it’s mind-blowing the next one up number two is something kind of similar to a wedding but a little worse this one is expensive funerals did you know in the united states of america the average funeral cost somewhere around $10,000 guys $10,000 to put someone in the dirt so put someone in the dirt and say this is it

$10,000 and as usually when i it’s probably the saddest day actually you know in that person’s life they don’t give a rat’s crap about if they’re dead they don’t care if you spend a bunch of money on them but another thing you know these funeral places love to do is they like to say oh how would they like it you know they were such a great person they deserve a

Great funeral they you need to really be remembered as a great person man if they were a great person they’re gonna be remembered regardless if they have a grand funeral or if you if you’re cremate them and spend 400 bucks at the end of the day guys so whether you spend ten thousand or four hundred that does not mean you love them anymore or any less at the end of

The day it’s just a lot of funeral talk they want to sell you all these fancy flowers they want to sell you this fancy casket they want to sell you you know this and that add-on at the end of the day that’s like dude ten thousand dollars to bury a person come on me but unbelievable waste of money unbelievable waste of money the third biggest waste of money i see

People doing is is spending ridiculous amounts of money on super high interest loans they you shouldn’t be taken out of high interest loan like these payday loans that are really you know people are charging like 99 percent interest rate 107 percent interest rate i’m like that’s insane that’s beyond insane those loans but i’m even talking about the people that are

Signing you know car notes that have a 20 percent interest rate on it a 15 percent interest rate on it a 25 percent interest rate i’ve literally seen people sign in front of my eyes unfortunately car loans without 25 percent interest rate on it guys come on now we’re smarter than this are we not i guess we are not i had a you know over seven let’s say you pay off

See also  eBay Veteran Teach How to Make Items Sell

That car for seven years right you’re paying on that car for seven years pull out a calculator and and show me what the true cost of a car let’s say you buying a thirty thousand dollar car at a twenty five percent interest rate over seven years and tell me what the true cost of that car is it sure as hell is not thirty five thousand dollars it’s over double that

Guys and it’s just all it’s mind-blowing to me the way people waste money on these super high loans the guys and it’s just and literally it gets harder to harder to climb out of this once you get deep in it that brings me to the fourth one which is taxes now we all got a peak tax at the end of the day i’m not saying paying taxes isn’t always some money although i

Hate politicians as about as much as anybody at the end of the day and i seeing them go get their their pockets real fat and a lot of them don’t get done crap when they’re in office right at the end of the day so but that’s not what i’m talking about i’m talking about doing your taxes properly a lot of people they don’t do their taxes properly they haven’t really

Looked into all the parade offs they could have and so many people are leaving a lot of money on the table with a lot of these write offs you shouldn’t just you know count on whoever you’re giving if you don’t do your taxes yourself right you have someone else do them don’t just count on that they’re gonna probably do it right look into texas yourself and then

You say well i’m paying someone to do that yeah those people are bombarded with tons of people doing their taxes especially if you’re putting in you’re sending in those taxes around march or april like they got a billion people they try to get them done usually as fast as possible they’re not i mean if you have a really great person doing your taxes they’ll look

For every little thing to save you money every little deduction right a lot of these guys and gals just try get their their money at them day as fast as possible so they’re not gonna look up some of these deductions guys you need to do that you need to do that and say hey you know what i spent money on this and that and guess what there’s a deduction for that

From the government i need to make sure that’s included in my taxes and so if you want do your taxes yourself i do all my taxes myself i know how to do it if you’re not you know you still count on somebody but then you’ll know about these deductions and then run that by them when they go to do those taxes hey i noticed you didn’t have me for such a such deduction

You didn’t have this expense on there why did you not have this expense on there put them on the spot and then see what you get back from them guys so that is definitely the fourth biggest waste of money and the fifth biggest waste of money is i forgot it the fifth biggest waste of money i see companies doing all the time is advertising now advertising done right

See also  Passive Investing 101: ETFs + Index Funds + Mutual Funds Explained

Can absolutely get you a good return on investment but advertising done properly okay i see so many people that start businesses sell a product sell you know whatever it is i sell a service that they have and they don’t really get the return on investment or even remotely close to return on investment so many businesses literally are like gambling with their money

When they do advertising they haven’t really tested out this way or that way they just like oh here’s $2,000 facebook here’s $2,000 google here’s $2,000 you know instagram or whatever it is okay guys and then just throw their money at that they say this is our advertisement let’s hope it works out and that’s what they do guys and they do it with large amounts of

Money you should not be spending large amounts of money on advertising unless you know it’s gonna get you that return on investment so when you want to start doing advertising campaigns you start a side business or a full-time business or something out there that you need to advertise you need to do it in small batches $10 $20 a day see how that pans out or are

You getting the return on investment make sure you have ways that you know if you’re getting the return on investment you’re getting the clicks you need and all those kinds of things if you are then you can up that a bit but don’t go in there heavy right off the bat and there’s a lot of big companies wasting massive amounts of money on advertising that they just

Literally have somebody running there their marketing department who’s been around since the 80s and they are still trying to advertise like it’s the 1980s i mean think about how many companies spend ridiculous amounts of money on television advertising when who the hell watches television ads anymore i know i don’t even hardly watch any television and guess what

I do when i do watch television i grab the remote and i press fast-forward because i watch everything on dvr anyways guys and i’m not the only one that’s the majority of you guys out there the high majority of you if you or someone that actually watches tv on a regular basis and you actually watch the ads you’re not on your phone when the commercials are playing

Or fast-forward to them raise your hand i don’t see anybody guys those are the five biggest waste of money out there if you just came across this channel you may want to subscribe we talked personal finance in the channel we talked entrepreneurship i’m an actual business owner i give away so many business tips that was the last that was a good business tip that

Last one i gave you we talked stock market investing more than anything thank you for watching guys and have a great day

Transcribed from video
Worlds Biggest Waste of Money By Financial Education

Scroll to top