So this might be really hard to hear, but if you're spending money on more than one of these things, you'll never become rich. Well, unless you have an extremely high paid job or win the lottery now, lots of people will try and tell you that becoming rich is easy, probably because they want to sell you some sort of get rich quick scheme. However, this isn't the case, especially at a young age. It's not impossible to become wealthy, but you do have to be very strategic.

I'm not pretending to sell a magic bullet. In fact, i'm not selling anything. I just enjoy sharing my many years of experience and i personally believe by avoiding these eight things. You'll have a much higher chance of becoming rich hi guys it's mark.

So let's make money interesting so that you can grow your wealth first up, we have extended warranties. I have to say they're, one of the biggest scams out there. Well, apart from the squid game token, that's for sure i learned this when i bought my first method of transport, a yamaha dt100 motorbike i paid for an extended warranty, which they added to the monthly payments of the bike. Every month they were feeding on.

My bank account like some sort of vampire. The worst thing of all is i didn't need the extended warranty, but the salesman used fear tactics to pressure me into purchasing it just think about it. When you buy a new pc, the chances are the retailer bought the pc from a third-party supplier, meaning the amount of profit they make is very small. That's why it makes sense for them to push an extended warranty onto you.

It's where all the extra profit is made. What people seem to forget is a lot of credit cards, offer an extended warranty, so you can just purchase an item on your credit card to get the same protection and you pay no interest as long as you pay off at the end of every month. In full, most people just completely forget that they have an extended warranty, not to mention the fine print, which usually makes it very hard to make a claim. So as good as throwing your money down the drain.

Normally they ask you if you want a three-year warranty. However, the manufacturers cover the first two years anyway, so the reality is you're only buying an extra year anyway. So honestly, when you factor in your consumer rights and using a credit card for payment protection, why would you need an extended warranty? I bet a lot of shops. Don't want you to know this number two is new cars.

What if i told you that a new car was the number one killer of wealth and financial freedom? The untold truth is that a lot of people take on car finance to look and feel rich, but most of the time they don't even own their own home and are living paycheck to paycheck. I was looking to buy a new car when i was around 19 years old and i was amazed to find out that i could buy the same car pre-owned for around half the price. So from that point on, i promised myself that i wouldn't buy a new car unless i really wanted it and i could buy it from my passive income. In fact, i actually bought my first brand new car when i was in my early 30s, and it was for my wife.

The first time i bought a new car for myself was around the age of 35. I am such a loving husband, though i now have a tesla model free as it's a great write-off for my businesses, but i still spend most of my time driving around in my old van from a to b, so many people finance their cars. It's gotten to the point that car dealerships don't even tell you how much the car costs they just ask you how much you can afford every month and if the car seems too expensive, they just lengthen the payment turn. So it seems cheaper those cheeky chappies.

You got ta watch them. The average car payment in the usa is between 500 and 600 every single month, just to drive a fancy car, and even when it's paid off most people just keep upgrading as it's a status symbol. It's like an endless cycle of flexing. Just to drive this point home average stock market returns are 10.

If you invested 500 a month for 30 years, you'd have over a million dollars for retirement and that's going off 10 and we've all seen the crazy crypto returns lately. So just use your imagination of. What's possible talking about crypto, if you want to grab 10 worth of free bitcoin, then for a limited time, coinbase is giving it away when you open an account i'll leave the link below. Third, we have penny stocks.

While it's true people have made a lot of money by investing in penny stocks, it's a real gamble, believe it or not, the average annual penny stock return is actually minus. 30 percent penny stocks are extremely high risk investments that usually have very little information and history. As the companies can be relatively new, this could be an absolute recipe for disaster due to the pure volatility of the stocks. Small market caps and low liquidity means it's far easier to manipulate the price of the stock.

For example, the big stocks like tesla have market caps, far in excess of 1 trillion, so a few well selling hardly makes a difference to the price, whereas a penny stock typically has a market cap of under 300 million. So all it takes is a few big sales and it can send a stock through the floor. I invested in penny stocks when i was younger and i had some great luck. This was back in the days of the wolf of wall street.

They used to have huge rooms full of salesmen on the phone pumping up the prices of whatever penny stocks they liked. These were known as boiler rooms. This was also they could sell at the peak and make huge profits for themselves. I think i got lucky and jumped in on a few of these penny stocks and sold before the whales leading to a nice profit.

So you may be thinking why, if i put this on the list well, the truth is that i got lucky and looking back now, the potential downside was really not worth the risk. Number four is eating out regularly. Now i don't want to seem like a downer, but the average american household spends three thousand dollars plus per year on eating out and that's not even accounting for alcohol as well. When i was building my wealth, i always saw eating out as a waste of money and therefore never fell into this trap.

I learned how to cook at school, and i still enjoy cooking now when i have the spare time not to mention cooking at home is generally a lot healthier. Well, your body is a temple dad yeah, probably buddha. I think the bigger issue here is drink. Not only does it hold you back financially from your goals, it can also throw you off your game the next day, which is never good.

I believe in maximizing every day and successful people don't have time for laying around all day with a hangover. The richest ceos in the world like elon, musk and jeff. Bezos, probably don't mind a drink, but they're certainly only keeping that sort of thing for special occasions. Next up is expensive gifts.

It's so easy when you're young, to think your friendship group is amazing and you're going to be friends forever, but that's just not the case. I often sit back and reflect on how far i've come and when i look back, it's amazing how many people have come and gone from my life. Maybe this is because i never bought them expensive gifts, but seriously when you're young. No one expects you to buy luxury gifts and if they do then to be honest, they're no friend to you, i never saw the point of buying expensive gifts.

When i was building my wealth and my girlfriend now. My wife has never had any problem with that. If love is in your heart, then it doesn't need to come out of your wallet. You should consider being a dating coach, dad with advice like that.

What can i say? I've still got it son, but seriously with all that said, it's important not to waste money. On expensive gifts, especially for people that could end up being temporary, every single expensive item you buy for yourself or someone else, is a major setback. As early on in your journey, it's the most important time to be investing, so things can start compounding. I'm not saying you can't buy nice things.

Of course you have to live your life, but don't get caught in the madness of buying luxury or even designer items when you truly can't afford it at the same time as investing just because you got it in your bank, account doesn't mean you can afford it. A gift that i do like is the free stock worth up to a thousand dollars that public are currently giving away. When you sign up, if you're in the usa, you can grab this right now i'll leave a link in the description below just remember, with investing your capital is at risk and you can lose money. Number six is hotels.

Now traveling in your younger years can be such a benefit as experience in other cultures can really broaden your horizons. However, the cost of booking hotels can really get out of hand. I learned this during my early 20s, when i was traveling all over the world. Closing deals and making connections i made sure, to make friends with people in all the major cities that i visited abroad.

So next time i could just stay with them, which was much more enjoyable and saved me a lot of money for domestic travel. I would either take a tent or just a blow up mattress in my van, the majority of my trips were to radio controlled model shows so staying in my tent or van next to the products. I was selling not only saved me money, but also protected. My stock, through the night later on, when i was doing motor sports, i even purchased a lorry for transporting my racing car.

I then decided to convert the front half of the lorry into living accommodation. I used to call it my penthouse suite on wheels. We could sleep up to four people in comfort, make all our meals and even watch tv in the evenings. It took about one month to finish and probably saved me around ten thousand dollars and i even sold it for a big profit after i finished racing.

This just goes to show that staying in hotels doesn't have to become a regular expense, as there are creative ways to get around it. That will save you an absolute fortune. I mean van life even has a whole youtube community now and it's seen seems pretty cool. I guess i was ahead of my time.

Lucky seven is passion purchases. I know i'm probably gon na get comments like mark i'd rather enjoy my life while i'm young than be rich. When i'm old. I completely see your point.

However, you can save money and still have a lot of fun in the process. It doesn't have to be one or the other. Everyone has a passion for something mine is flying. Radio control models back in the day.

The latest and best new models always appealed to me and, as my shop sold, these the temptation was huge. They were always right in front of me begging to be flown contrary to what everyone thinks the products aren't free, so taking models off the shelf leads to a loss of profit. So i decided that i would repair old models and fly these instead sure it was a bit more work, but it was worth it as i still got to have fun, but at a fraction of the price. This way, i got some good models that i flew for a season and then sold on for a profit to other people that loved watching them fly.

I can afford to do any hobby. I want these days, but i still respect the value of money and refuse to overspend. I think up to five percent of your take-home pay is okay for a hobby, just remember whatever your passion, if you can make it pay for itself, then you're laughing number. Eight is untracked subscriptions.

It's estimated that in this country, people waste 34 billion dollars on unwanted subscriptions that they don't even use. No wonder software companies are all moving to a subscription business model, but i give it to them. It's a great way to get reoccurring revenue without having to find a new customer. They can just keep selling to you again and again and again and again and again now.

Let's be honest, subscriptions can easily add up and are also tricky to manage, as i've mentioned previously there's a subscription for everything. Nowadays, you can even get toilet paper on subscription from amazon. Oh curtis remember to set that up. For me, i've got your dad, don't worry, but not all subscriptions are bad.

When i was younger every friday me and a bunch of mates would go to catch a movie at the cinema. I have to be honest, it became a bad habit that was eating into my finances. I mean the popcorn drinks. Ticket costs and toll charges really started, adding up if you're spending a day's income on a night out you're caught in a never-ending cycle.

To get around this, we decided to hire a film from blockbusters. You probably don't remember them, but they were massive in the day and my mates would come around my house and supply the drinks and popcorn. Therefore, splitting the cost and getting a better experience as we didn't have to worry about other people in the movie theater or the travelling. So my point here is that subscriptions like netflix, can actually be a huge money saver, as it allows you to have fun at home for a very low cost, but many subscriptions could get out of control and when you're done using them, the facts show you won't.

Even cancel them, which is absolutely bonkers, so as long as you're using the service and getting good value, then i don't think there's too much of an issue here. If you try hard enough, you will always be able to find creative ways to save money, but this is also just one side of the battle. You of course, also need to be increasing your income. At the same time, i've made tons of other videos about making more money, so i'm going to leave the next video right up there, but don't click on it just yet make sure to subscribe.

If you want to grow your wealth, okay, i'll see you over there.