21 Things You Should Never Waste Your Money On
Summary
TLDRThis video script outlines 21 common financial pitfalls to avoid for smarter money management. It advises against unused gym memberships, high expense ratios on investments, fast fashion, late fees, bank account fees, lottery tickets, extended warranties, daily coffee and lunch purchases, excess food waste, bottled water, subscription services, physical magazines, cable TV, expedited shipping, ATM fees, foreign transaction fees, hotel stays, airline fees, and private mortgage insurance. The speaker emphasizes the importance of planning, utilizing tax deductions, and leveraging credit card benefits to save money and make informed financial decisions.
Takeaways
- 🏋️♂️ Cancel unused gym memberships and consider free home workouts or bodyweight exercises.
- 💰 Avoid high expense ratios on investments; opt for low-cost index funds like Vanguard's VTSAX or VTI for minimal fees.
- 👗 Ditch fast fashion for its low quality and environmental impact; invest in quality clothing instead.
- ⏰ Set up automatic payments to avoid late fees and protect your credit score.
- 🏦 Look for bank accounts without monthly fees or meet requirements to waive them, and consider online banking options.
- 🎟 Avoid lottery tickets due to poor odds and the potential curse of sudden wealth leading to bankruptcy.
- 📱 Skip extended warranties as they often cost more than the repair or replacement of items.
- ☕ Cut back on daily coffee purchases by investing in a latte machine for homemade coffee.
- 🍱 Save money by meal prepping and bringing lunch to work instead of eating out daily.
- 🛒 Reduce food waste and save money by planning meals and sticking to a grocery list.
- 💧 Use a reusable water bottle to avoid the expense and environmental impact of buying bottled water.
- 🔄 Regularly review and cancel unused subscriptions to prevent wasting money.
- 📰 Access magazines and newspapers digitally instead of in print to save money and reduce waste.
- 📺 Consider cutting cable and using streaming services for more cost-effective entertainment.
- 🛒 Avoid expedited shipping fees by planning ahead and not rushing purchases.
- 🏧 Keep an eye out for ATM fees and use in-network ATMs or credit cards to avoid them.
- 💳 Find credit cards without foreign transaction fees for international purchases.
- 🏨 Use credit card points and travel hacking to avoid paying for hotel rooms.
- ✈️ Utilize travel rewards credit cards to dodge airline fees for checked bags and priority boarding.
- 🏡 Wait until you can afford a 20% down payment on a home to avoid paying private mortgage insurance (PMI).
- 💼 Maximize tax deductions and credits to keep more of your hard-earned money.
Q & A
Why should you avoid unused gym memberships?
-Unused gym memberships are a waste of money because they don't provide any value if you're not utilizing the gym facilities. It's better to cancel the membership and opt for free exercises at home, such as following YouTube videos or doing bodyweight exercises.
What is an expense ratio and why is it important in investing?
-An expense ratio is the fee that investment firms charge to operate mutual funds or ETFs. It's important because it directly cuts into investment returns, and high expense ratios can significantly reduce your returns over time. Investing in low-cost index funds with low expense ratios can save you a substantial amount of money in the long run.
Why is fast fashion considered a bad investment?
-Fast fashion is a bad investment because it uses low-quality materials that wear out quickly, requiring frequent replacements. Additionally, the rapid production cycle and reliance on cheap materials contribute to environmental issues such as waste and depletion of natural resources.
How can I avoid late fees on my bills?
-To avoid late fees, set up automatic payments online for your bills such as credit cards, internet, and other recurring expenses. If automatic payments are not an option, consider finding a new supplier or service provider that offers this feature.
What are some ways to avoid bank account fees?
-Bank account fees can often be avoided by understanding the account requirements. Many banks waive fees if you maintain a certain minimum balance, make a specific number of transactions each month, or set up direct deposits. Alternatively, consider switching to an online bank that offers no account fees.
What are the odds of winning the Mega Millions lottery?
-The odds of winning the Mega Millions lottery are approximately 1 in 176 million, making it highly unlikely to win the jackpot.
Why should you avoid extended warranties for electronics?
-Extended warranties for electronics often don't add up financially. They can be more expensive than simply buying a refurbished replacement, and they may not provide better coverage or value than what's already included with the product's standard warranty.
How much money can be saved by making coffee at home instead of buying it out?
-By making coffee at home, you can save a significant amount of money. For example, if you spend $5 per day on coffee, over a year, this amounts to nearly $2,000. Investing in a good latte machine can provide better coffee and save you money.
What is a simple way to save money on lunch expenses?
-Meal planning and packing your lunch for work can save you a considerable amount of money. Instead of spending around $15 per day, which adds up to $3,900 per year, preparing your lunch at home is more cost-effective and healthier.
Why is it recommended to avoid buying too much food at once?
-Buying too much food at once can lead to food waste, which is both a financial loss and an environmental concern. According to the Natural Resources Defense Council, up to 40% of food in the U.S. is never eaten. Planning meals and sticking to a grocery list can help reduce waste and save money.
How can I avoid paying for bottled water?
-To avoid paying for bottled water, invest in a reusable water bottle. This not only saves you money in the long run but also helps to reduce environmental waste from plastic bottles.
What is the issue with unused subscriptions?
-Unused subscriptions can be a waste of money as they represent a recurring expense for services that are not being utilized. Regularly reviewing your subscriptions and canceling those that are not providing value can save you money.
Why should you avoid physical magazines and newspapers?
-Physical magazines and newspapers are an unnecessary expense in the digital age. They can easily be replaced with digital versions accessed through apps, which are cheaper and better for the environment.
What are some alternatives to cable TV to save money?
-Instead of paying for cable TV, consider streaming services like Netflix, Hulu, and HBO. These platforms offer a wide range of content and are often more cost-effective than traditional cable subscriptions.
Why should you avoid expedited shipping fees?
-Expedited shipping fees are often unnecessary and represent a premium cost for immediate delivery that you may not need. Planning ahead and avoiding last-minute purchases can help you save money on these fees.
How can I avoid paying ATM fees?
-To avoid ATM fees, use your bank's ATM or ensure that any ATM you use is within your bank's network. Additionally, carrying a small amount of cash for emergencies can help you avoid the need for out-of-network ATM withdrawals.
What is a foreign transaction fee and how can it be avoided?
-A foreign transaction fee is an additional charge on your credit card bill when you make a purchase in a foreign currency or through a foreign bank. This fee can typically be avoided by using a credit card that waives such fees, like the Chase Sapphire Reserve.
How can I save money on hotels?
-By using travel credit cards strategically, you can accumulate points that can be redeemed for free hotel stays. This can help you avoid paying for hotel rooms and save a significant amount of money.
What are airline fees and how can they be avoided?
-Airline fees can include charges for checked bags, food, and priority boarding. These fees can be avoided by using a credit card that offers perks like free checked bags and priority boarding, such as the Delta SkyMiles Gold American Express card.
Why is it recommended to avoid private mortgage insurance (PMI)?
-Private mortgage insurance (PMI) is required for home buyers who put down less than 20% and can cost up to 1% of the loan annually. To avoid PMI, it's recommended to save for a 20% down payment, which will allow you to purchase a home without this additional expense.
Why is it important to take advantage of tax deductions and credits?
-Tax deductions and credits can significantly reduce your taxable income and the amount of tax you owe. By being aware of and taking advantage of all available deductions and credits, such as the student loan interest deduction or energy-efficient home improvement credit, you can save a considerable amount of money.
Outlines
💸 Avoiding Unnecessary Gym Memberships
The script emphasizes the financial waste of unused gym memberships. It suggests that if one doesn't utilize the gym regularly, it's time to cancel the membership. As alternatives, it recommends free home workouts through YouTube or bodyweight exercises. For those who prefer equipment, it proposes getting a squat rack for home use, which eliminates the need to visit a gym.
📈 Minimizing Investment Costs with Low Expense Ratios
The paragraph discusses the importance of avoiding high expense ratios on mutual funds and ETFs, which can significantly reduce investment returns. It advises investing in low-cost broad market index funds, such as the Vanguard Total Stock Market Index Fund (VTSAX) with a 0.04% expense ratio and its ETF version (VTI) with a 0.03% ratio. The script provides a clear example of how these low ratios can save an investor thousands over a lifetime, highlighting the impact of a mere $4 to $3 in expenses for every $10,000 invested.
👗 Steering Clear of Fast Fashion
This section of the script warns against spending money on fast fashion due to its low quality and environmental impact. It points out that cheap clothing wears out quickly, necessitating frequent replacements, and contributes to waste and depletion of natural resources. The advice is to invest in quality clothing that lasts longer, which is better for both the individual's wallet and the environment.
⏰ Avoiding Late Fees for Financial Health
The script advises against wasting money on late fees, which not only are unnecessary expenses but also harm one's credit report. It suggests setting up automatic payments for bills such as credit cards and internet services to avoid late payments. If automatic payments are not an option, it recommends finding a new supplier or service that offers this convenience.
🏦 Dodging Bank Account Fees
The paragraph addresses the issue of bank account fees, which can accumulate to significant amounts over time. It suggests checking account requirements to find ways to waive these fees, such as maintaining a minimum balance or arranging direct deposits. The script also promotes online banking options like SOFI checking and high-yield savings accounts, which offer no account fees and sign-up bonuses.
🎟 Lottery Tickets: A Losing Bet
The script strongly advises against spending money on lottery tickets, citing the extremely low odds of winning and the potential curse of sudden wealth. It mentions that 70% of lottery winners go bankrupt within a few years due to poor financial habits. The message is clear: lottery tickets are a financial waste with unfavorable odds.
📱 Skirting Extended Warranties
The paragraph argues against the purchase of extended warranties for electronics, as they often do not provide good value for the money spent. It uses the example of a smartphone insurance policy, which would cost more in premiums and deductibles than simply buying a refurbished phone. The script encourages ignoring extended warranties, which benefit the sellers but not the consumers.
☕ Cutting Costs on Daily Coffee
The script points out that the daily habit of buying coffee can lead to significant expenses over time. It suggests investing in a latte machine to make coffee at home, which not only saves money but also impresses guests. The key is to treat coffee outings as occasional treats rather than daily routines.
🍱 Packing Lunch to Save Money
This section advises against the daily habit of buying lunch out, which can lead to substantial yearly expenses. It recommends meal planning and packing lunch to work as a cost-effective and healthier alternative. The script shares personal experience, stating that this practice has saved thousands of dollars and made occasional dining out more enjoyable.
🍉 Reducing Food Waste for Savings
The script highlights the issue of food waste, which is both a financial and environmental concern. It suggests creating a grocery list and sticking to it, as well as not shopping when hungry to avoid over-purchasing. The goal is to minimize waste and save money by being intentional with food purchases.
💧 Ditch Bottled Water for Sustainability and Savings
The paragraph advises against buying bottled water regularly, which is bad for the environment and a waste of money. It recommends using a reusable water bottle, which can save money and encourage better hydration throughout the day.
🔄 Canceling Unused Subscriptions
The script warns against the financial drain of unused subscriptions, which can accumulate unnoticed. It suggests reviewing credit card statements to identify and cancel subscriptions that are not being used, ensuring that recurring payments provide value.
📰 Embracing Digital Over Print Media
This section advises against spending money on physical magazines and newspapers, promoting digital alternatives as cheaper and more environmentally friendly. It emphasizes the ease of access to favorite publications through apps on devices like iPads.
📺 Cutting the Cord on Cable TV
The script encourages cutting cable TV subscriptions, suggesting that most Americans do not get full value from them and that there are ample entertainment options available through streaming services. It promotes the idea of not wasting money on cable and exploring modern alternatives.
🛒 Avoiding Expedited Shipping Fees
The paragraph advises against the unnecessary expense of expedited shipping, which often results from a lack of planning. It recommends planning ahead to avoid paying a premium for immediate delivery and to save money.
🏧 Eliminating ATM Fees
The script advises against paying ATM fees, which are avoidable with proper planning and use of in-network ATMs or credit cards. It emphasizes the importance of avoiding out-of-network ATMs and the associated fees.
💳 Avoiding Foreign Transaction Fees with the Right Credit Cards
This section warns against the additional fees associated with foreign transaction fees on credit cards when making purchases abroad. It suggests checking with the credit card company for options that waive these fees, such as the Chase Sapphire Reserve, which offers perks that can offset its annual fee.
🛌 Leveraging Credit Card Points for Free Hotel Stays
The script encourages using travel credit cards strategically to accumulate points for free hotel stays, effectively eliminating the need to pay for accommodations. It shares personal experience of not having paid for a hotel room in over five years through travel hacking.
✈️ Avoiding Airline Fees with the Right Credit Cards
The paragraph advises against paying airline fees for services like checked bags and priority boarding by using the right credit cards that offer these benefits. It mentions the Delta Sky Miles Gold American Express card as an example of a card that provides such perks.
🏡 Skipping Private Mortgage Insurance (PMI)
The script advises homebuyers to avoid PMI by saving for a 20% down payment on a home purchase. It explains that PMI can cost up to 1% of the loan annually, using a $400,000 loan as an example where PMI would amount to $4,000 per year.
💼 Maximizing Tax Deductions and Credits
This section emphasizes the importance of taking full advantage of available tax deductions and credits to save money. It suggests consulting with an accountant or researching deductions and credits, such as the student loan interest tax deduction and the energy-efficient home improvement credit.
Mindmap
Keywords
💡Gym Memberships
💡Expense Ratios
💡Fast Fashion
💡Late Fees
💡Bank Account Fees
💡Lottery Tickets
💡Extended Warranties
💡ATM Fees
💡Subscriptions
💡Foreign Transaction Fees
Highlights
Avoid unused gym memberships to save money; consider free home exercises or bodyweight resistance training.
Reduce investment costs with low expense ratio index funds like Vanguard Total Stock Market Index Fund (VTIAX).
Avoid fast fashion due to its low quality and environmental impact; opt for quality clothing investments.
Eliminate late fees by setting up automatic payments for bills to avoid unnecessary financial and credit score damage.
Avoid bank account fees by understanding account requirements or switching to fee-free online banking options.
Lottery tickets have poor odds and can lead to financial mismanagement; consider saving or investing instead.
Extended warranties often don't pay off; consider the cost-effectiveness before purchasing.
Daily coffee purchases add up; invest in a latte machine for cost savings and better taste.
Daily lunch expenses can be reduced by meal planning and packing lunches to work.
Food waste is costly; plan grocery shopping and stick to a list to avoid buying excess food.
Bottled water is an environmental and financial waste; use a reusable water bottle instead.
Review and cancel unused subscriptions to save money and only keep those that provide value.
Physical magazines and newspapers are outdated; switch to digital versions for cost and environmental benefits.
Cable TV is often overpriced; consider cutting the cable and using streaming services for better value.
Avoid expedited shipping fees by planning ahead and not paying a premium for immediate delivery.
ATM fees are avoidable; use credit cards or bank ATMs to prevent unnecessary charges.
Foreign transaction fees on credit cards can be avoided with the right card or by planning purchases.
Utilize credit card points to avoid paying for hotel rooms and airline fees.
Avoid private mortgage insurance by saving for a 20% down payment on a home.
Maximize tax deductions and credits to save money and reduce taxable income.
Transcripts
[Music]
all right let's jump right into it the
number one thing you should never waste
your money on unused gym memberships if
you go to the gym 6 days a week and use
every equipment available more power to
you you should probably keep your gym
membership because you're getting the
maximum value from it however if you
can't remember the last time you stepped
into your gym it may be time to cancel
your membership try have free exercise
at home by following YouTube videos if
you need resistance use your body people
are doing push-ups and body squats
resistance exercises way before the
invention of gyms or if you're weird
like me get a squat rack in your home
office so you never have to leave the
comfort of your home to workout the
number two thing you should never waste
your money on high expense ratios how
much investment firms charge you to
operate your mutual fund or ETF they not
only cut directly into investment
returns but too many firms charge way
too much and worse without much to show
for it investing lowc cost broad market
index fund and pay Rock Bottom expense
ratio while still getting full exposure
to the stock market my favorite is this
the Vanguard Total stock market index
fund AKA vtsax which has an expense
ratio of
0.04% and the ETF version the Vanguard
Total Stock Market ETF AKA vti has an
expense ratio of 0.03% to put this in
perspective this comes out to about $4
to $3 in expense for every $10,000 you
invest in each fund if you can make this
one crucial decision in your investment
Journey it will literally save you
thousands if not hundreds of thousands
of dollars over your lifetime the number
three thing you should never waste your
money on fast fashion it's tempting to
buy cheap clothes why spend $50 on a
shirt where you can get something
similar for $5 however the low quality
material use in fast fashion results in
garments that wear out very quickly I've
experienced it personally it looks great
when you first bring it home but after
one wash it looks like you've already
wore it for a month so you're needing to
buy a replacement every few month or so
additionally because fast fashion relies
on rapid production cycle and very cheap
materials it contribute to excess waste
and the depletion of Natural Resources
bottom line not great for the
environment there are things for or
quality doesn't matter as much however
when it comes to closeth consider
investing in quality and avoid fast
fashion number four thing you should
never waste your money on late fees
being charged a late fee because you're
late with your payment is a complete
waste of money not to mention the
negative impact you can have in your
credit report never be laid on the bill
again by setting up automatic payments
online do this for your credit card
Internet and other bills if the supplier
or the company that you're working with
doesn't allow for automatic payment it
may be time to look for a new supplier
the number five thing you should never
waste your money on bank account account
fee many banks still charge a monthly
maintenance or a service fee to keep
your checking or savings accounts open
and they're sneaky about it too usually
gets automatically deductive from your
account without you ever being notified
and you might also be thinking the
amount is so small only $10 or $15 a
month however these add up to $120 or
$180 a year imagine what you can do with
an extra couple $ hundred avoid this fee
by reading the account requirements many
banks wave this fee if you maintain a
certain minimum balance make a certain
number of transactions each month or
arrange a direct deposit or if you're
tired of paying unnecessary bank account
fees with your current bank and having
on the market for a new online banking
option I highly recommend you check out
SOI checking and high yield savings
accounts not only do they offer great
rates you pay no account fees and you
can earn up to $250 when you sign up and
set up direct deposits of course terms
apply again if you've been in the search
for a great banking option make sure to
check out Sofi and if you use my special
link which I'll have in the description
below you'll be supporting this channel
as well hopefully a win-win for all of
us number six thing you should never
waste your money on lottery tickets we
we buy lottery tickets because we all
want to dream a dream of a new future a
future where we don't have to worry
about money and where we can live like
the rich and the famous however the odds
of actually winning the lottery is not
good for one of the most popular
lotteries in the United States Mega
Millions your odds of winning are about
176 million if you're playing a single
state lottery like the California super
lot your odds increase slightly 1 and 42
million for me personally I'm not sure
if I like those odds also for most of
the time winning the lottery can
actually be a curse rather than a
blessing according to a National
Endowment for financial education 70% of
lottery winners will bankrupt within a
few years because they don't have the
financial Habit to manage that amount of
money so don't waste your hard eared
money on lottery tickets the facts just
don't line up to your favor no matter
the result the number seven thing you
should never waste your money on
extended warranties getting an extended
warranty on that new cell phone or the
new laptop could sound like a great idea
however don't waste your money again the
numbers just don't add up look at an
example with a cell phone for a monthly
premium of $8 a month and a deductible
of $200 for a smartphone cell phone
insurance will replace your phone if
it's broken lost or stolen if you have
your phone for a year with the cell
phone extended warranty you would have
paid about $96 in premium then if your
phone breaks you'll then need to pay the
$200 deductible and probably receive a
refurbished phone as a replacement you
can purchase a refurbished phone for
less than the insurance policy in
deductible from eBay or any other phone
resellers ignore extended warranties
they make tons of sense for the company
selling them but not for us number eight
thing you should never waste your money
on buying coffee out every day now
buying coffee once in a while is is
totally fine my wife and I do this often
so we can get some work done outside the
house however one a day can quickly add
up $5 a day 365 days a year adds up to
more than $1,800 almost $2,000 I would
say invest that money in a nice latte
machine you'll have money left over and
the bet is that once you learn how to
operate that latte machine your coffee
will actually taste better than the one
from Starbucks additionally nothing will
impress your guest more than your
ability to make latte at home number
nine thing you should never waste your
money on the theme of buying coffee
every day buying lunch out every day
similar to coffee this can quickly add
up when you do it every day an average
person Works around 260 work days a year
if you spend $15 every day for 260 days
it adds up to $3,900 now again I'm all
for eating out here and there to enjoy
good food and good company however to do
it every day because you're not being
intentional is a waste of money meal
plan and pack your lunch to work not
only is this good for your wallet but it
also tends to be better for your Wast
line I've been doing this for over a
decade I can tell you from experience it
has saved me tens of thousands of
dollars over that period also so when I
do eat out occasionally I actually enjoy
it because it's a once in a while treat
rather than a regular event that I got
used to number 10 thing you should never
waste your money on buying too much food
collectively we waste a lot of food
according to the Natural Resources
defense Council up to 40% of food in the
United States is never eaten this is
most often due to the fact that we buy
excess groceries which is a direct
byproduct of lack of planning you may
not think much about throwing away
unused groceries and leftovers here and
there but understand that every time we
throw away excess food we're literally
throwing away money create a running
list of exactly what you need from the
grocery and for what purpose and when
you go to the grocery store stick to the
items on that list another tip is to
never go grocery shopping when you're
hungry we humans naturally don't have
good self-control if we don't fill our
stomachs before entering the grocery
store I guarantee we'll walk out with
way more food than we need number 11
thing you should never waste your money
on bottled water not only is this bad
for the environment but to buy them
regularly is a complete waste of money
get yourself a solid reusable water
bottle I've had mine for the past 10
years and not only does it prevent me
from buying bottled water but it keeps
my water cool which motivates me to
drink more water throughout the day
number 12 thing you should never waste
your money on under you subscriptions
many businesses Now operate on a
subscription model you want to watch a
movie you need a Netflix and a Hulu
subscription you want to listen to music
you need a Spotify subscription forget
the day when you pay once companies want
that recurring Revenue stream and
they'll ask for it whenever they can now
if you're getting maximum value from the
subscription then that's great my wife
and I use Spotify every single day and
the monthly $15 is totally worth it the
issue is the unused subscript ion we
sign up for a 30-day free trial with the
intention to cancel within 30 days but
we forget about it so scrub your credit
card statement and understand exactly
what subscriptions you're paying for and
ask yourself if you're getting full
value from it if not don't hesitate to
cancel you can always easily sign up
again if you want to number 13 thing you
should never waste your money on
physical magazine and newspaper the
no-brainer in this one we're living in
the 21st century the digital age your
favorite magazine or newspaper is easily
accessible via an app on your iPad not
only is this cheaper it's better for the
environment no need to have a large
large pile of magazine newspaper sitting
around your house waiting to be recycled
number 14 thing you should never waste
your money on cable again we're living
in the 21st century you may not get the
specific show you're used to on your
cable service but there are plenty of
entertainment options now available
through services like Netflix Hulu and
HBO also most Americans who pay for
cable TV aren't getting the full value
from it it's physically impossible to
watch all available programs given the
share volum so don't waste your
hard-earned money and cut that cable
number 15 thing you should never waste
your money on expit out a shipping when
you're at the checkout at Amazon have
notice this option for an extra $2.99
you can get your toothpaste in the next
2 hours why wait 2 days when you can get
it right away who cares if you don't
need a toothpaste until next week why I
say don't fall for the Temptation most
often we're paying a premium for the
exped outed shipping because of our lack
of planning I need it now because I
didn't realize I needed toothpaste until
this morning avoid this by planning
ahead and don't waste your money on xed
shipping number 16 thing you should
never waste your money on ATM fees this
is another no-brainer there should never
be a reason to pay ATM fees one most
places should accept credit cards if not
you should try to keep some cash in your
wallet for emergencies in the worst case
they don't accept credit cards and you
don't have a cash the purchase may not
be worth it definitely not worth paying
$5 in ATM fee to withdraw money from a
shady out of network ATM and if you need
to pull cash use your bank's ATM or if
you use an online bank ensure that the
ATM that you're using is an in network
ATM so you aren't charge unnecessary
fees number 17 thing you should never
waste your money on foreign transaction
fee again with credit cards that weigh
foreign transaction fees being widely
available another no-brainer for those
of you who may not be familiar with this
fee a foreign transaction fee is a SE
charge on your credit card bill that
appears when you make a purchase that
either passes through a foreign bank or
is a currency other than a US dollar
essentially if you use your credit card
with no special perks in Spain you'll be
charge an extra fee typically ranging
from 1% to 3% transaction however you
can avoid this fee check with your
current credit card company to see if
they offer a credit card that completely
waves this fee my personal favorite is a
Chase Sapphire reserve it does have a
hefty annual fee but it's worth worth it
when you add up all the benefits number
18 thing you should never waste your
money on hotels in the line of using the
right credit cards learn how to leverage
credit card points to stay in hotels for
free if you can use travel credit cards
the right way paying off all the balance
opening them up strategically and
spending to maximize points you can
essentially avoid paying for hotel rooms
the rest of your life my family and I
haven't paid for a hotel room in over 5
years thanks to travel hacking number 19
thing you should never waste your money
on Airline fees Airlines will try to
charge you for everything if possible
checking in bags food early boarding
again if you open a credit card
strategically you can avoid these pesky
fees for example I currently have the
Delta Sky miles gold American Express
card which not only allows me to check
my bags for free but I get priority
boarding all which I would have had to
pay extra Airline fees number 20 you
should never waste your money on private
mortgage insurance buying a home can be
a smart financial decision but home
buyers who put down less than 20%
typically have to pay a private mortgage
insurance AKA PMI the insurance can cost
up to 1% of the loan so on a $400,000
loan you're paying $4,000 in PMI each
year a better idea hold off on buying a
home until you have saved 20% down and
avoid the PMI altogether number 21 thing
you should never waste your money on
you're wasting money when you're not
taking full advantage of all the tax
deductions and credits available to you
talk to your accountant or study the tax
deductions and credits yourself but make
sure you're aware of all the savings
available to you if you have student
loans understand that you can deduct a
portion of student loan interest from
your taxable income by claiming the
student loan interest tax deduction
recently made some upgrades to your home
if they made your home more energy
efficient like you replace your single
pain windows with double pain windows
then you might be eligible for the
energy efficient home improvement credit
make sure to do your homework so you
aren't leaving money in the table thank
you guys for watching and in the spirit
of being smart with your money if you
want to learn The Frugal habits of real
millionaires please check out my video
here until next time all the
best
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