9 Things I Stopped Buying to Make More Money

Summary

In this insightful video script, the host shares their personal journey of cutting out unnecessary expenditures to achieve financial freedom. They highlight 10 key areas where they've stopped spending, including books (opting for e-books and library loans), brand new cars, souvenirs, upgrading tech before necessity, sale items, investments they don't understand, fast fashion, high-maintenance services, and unnecessary holiday gifts. By prioritizing quality over quantity and investing in experiences and knowledge, the host emphasizes the importance of mindful spending habits aligned with personal values and long-term goals.

Takeaways

• 🤑 The speaker advocates spending below one's means and investing excess money instead of simply saving it.
• 📚 While valuing reading, the speaker prefers e-books or borrowing from libraries over buying new physical books.
• 🚗 Buying a brand-new car is discouraged due to the immediate depreciation and the opportunity cost of not investing that money.
• 🎫 Instead of buying souvenirs, the speaker recommends keeping a travel journal to preserve memories.
• �grade up Upgrading to newer versions of gadgets or technology is not always worth the cost if the improvement in happiness is marginal.
• 🏷️ Sales and discounts can trick people into buying things they don't need.
• 💰 The speaker avoids investing in things they don't fully understand.
• 👗 Fast fashion is rejected in favor of quality, long-lasting clothing items.
• 💅 High-maintenance services like nail, eyelash, and hair treatments are avoided due to cost and time considerations.
• 🎁 The speaker plans to establish a 'no unnecessary present pact' to avoid wasteful gift-giving during holidays.

Q & A

What is the main topic of the video?

The video discusses 10 things that the speaker has stopped buying in order to save money and spend more mindfully.

Why does the speaker believe in spending below their means?

The speaker believes that spending below one's means allows them to invest and grow their money, which will make a bigger difference in the long run compared to just saving.

How does the speaker approach buying books?

The speaker keeps their favorite books in hard copy but buys other books on Kindle or rents them from the library through an app called Libby.

Why does the speaker advise against buying a brand new car?

The speaker advises against buying a brand new car because it loses a significant amount of value (10% immediately and 60% by the third year) as soon as it's driven off the lot.

What does the speaker say about souvenirs?

The speaker has stopped buying souvenirs from trips because they are a waste of money and clutter up living spaces. Instead, the speaker recommends keeping a journal or vlog to capture memories.

How does the speaker approach buying updated versions of technology?

The speaker is cautious about buying updated versions of technology unless the new version provides a significant increase in happiness or utility that is worth the additional cost.

What is the speaker's perspective on buying items on sale?

The speaker warns against buying items solely because they are on sale, as this can lead to unnecessary purchases. Sales are often used as a psychological trick to justify spending.

Why does the speaker avoid investing in things they don't understand?

The speaker avoids investing in things they don't understand because they believe it's important to have a basic level of understanding of where their money is going and whether it aligns with their values and ethical beliefs.

What is the speaker's approach to fast fashion?

The speaker has stopped buying fast fashion items because they are often of low quality and go out of style quickly. Instead, the speaker focuses on quality over quantity and buying fewer, more durable clothing items.

What is a prenup in the context of the video?

A prenup refers to a 'no unnecessary present pact' that the speaker plans to sign up for during the holiday season to avoid excessive gift-giving and spending.