Wealth Trap: This Is Ruining Your Future
In this video we discuss one of the largest wastes of money that sits in plain sight… and I bet you can guess what it is. If you can, let me know in the comments how it has affected you personally, and as always, thank you for being here.
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Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
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⏱️ Timestamps:
0:00 – Start Here
1:40 – Status: Designer
3:51 – Status: Cars
6:49 – Keeping Up With The Jones'
8:52 – Status: First Class
10:41 – Status: Latest Tech
Actually,everyone is talking about…..lol
I knew as soon as I saw the title it was clickbait, but what did I do? Click on it! Because I’m an addict… I need help. Help me.
Well NOW im talking about it! lol
Exactly what I was thinking. 😂
I run an social media account on other platform. Similar to Humphrey, I use ‘nobody talks about’ title a lot to make people click watch so we can increase our net worth and you lost your time.
I drive a Honda Civic. It runs great. I don’t need a BMW or Mercedes. It’s just a form of transportation.
Responsible!
Same! I purchased a Toyota Camry for 13k cash and then someone hit me and totaled it. I then purchased a 2005 Honda accord for 6k cash and it’s been a blessing.
You definetly need a Mercedes or a BMW. These cars offer a level of saftey you don’t get with a civic. When you got the money you pay for extra protection. I’ve never ooked at those cars as a status symbol. Just bullet proof junkers.
You dont, I got a bmw last year and realize though it is nice it drives just as well but the feeling of overpaying for something is not good. A nice toyota is good enough.
@@killersentra are you working for BMW ?
A huge amount of people can’t fathom the idea that none of the shiny cards at the dealer are appropriate for them. In an ideal world, the sellers would explain budgeting issues and let many of them know that they responsibly require a used car.
As a punk rocker, I have dedicated over 10 years of effort into my patch vest and pants. This has saved me thousands on clothes. My outfit is memorable to people. I have over three miles of floss(stronger than regular thread) see into the vest alone. I have maybe in total paid at most $400 dollars to maintain this, for a decade. I was homeless for much of this time and those patches saved my life. If I wasn’t known as “that punk rocker guy” I probably wouldn’t have ever had the social capital to escape objective poverty.
Also the thought of buying a first class ticket is very laughable. I fought gang bangers and rats under I-5, buy the economy seat.
Congratulations on being… Poor I guess.🎉🎉
it’s a matter of perspective. for like… 99% of people, first class doesnt make sense other than a really really special occasion like honeymoon, or a major anniversary. (think 10th or 25th). But, if you are someone that makes say… $50k a day, a first class ticket for 2k would seem rather affordable to you since you would make up that money by the time you landed.
If you were a real punk rocker, you would pee on your clothes and wear them. If not, you’re just a poser.
People sit in first class so that they don’t have to smell people like you
What a diversity in perspective!
I am 33, I dint even own a drivers license yet 😂 I always use public transport. From your list the only thing what I buy is an expensive smartphone but I mostly tend to keep it until it no longer get software updates. I use the s21 ultra now. What is almost 4 years old now.
you must not live in the us then…because taking public transportation in the us = putting your life at great risk from getting robbed/r*ped/killed
How timely! It’s nice to hear a reinforcement of what I’m already doing just when it’s almost that time of the year!!
I always fly first class because I’m fat AF and don’t fit in a coach seat. But I maybe fly once every 2-3 years, so it’s not a big line item for me.
For cars, a Camry/Accord is a noticeable step up from a Civic/Corolla, but is the next level of luxury really worth tens of thousands additional payments? I doubt it. If youre an average joe nobody cares about your car, you’re not impressing anyone.
Agree Accord is a much nicer ride than the Civic. More spacious but still good on gas!
I got a 2016 Accord
Great video. All these are true and unfortunately so many Americans are unprepared for the future, leading to serious financial consequences that no Coach purse can fix.
I’ve driven s-boxes for years and I find used cars online all the time for 20k that I would love to drive. I cannot imagine spending 40, 50, 60k on a new car when they depreciate so fast. Just wild.
I couldn’t imagine 20k.
I make around 100k / year, in a city with average cost of living, and having an $800 car payment sounds insane to me.
Having any car payment is insane
@@d_all_in true lol
I have a $726/mo car payment. I had the money to purchase my car with cash, but Mazda gave me a 0% interest loan, so I’d literally be losing money to decline and pay the cash up front rather than do what I did, which was place the money into a HYSA, connect the car payment to that account, and set the auto pay and forget about it. Now I’m gaining monthly interest on the free loan they gave me.
@@satsujin22 sounds great until you crash your car and have to pay out the full value of an upside-down 72 month loan.
@@satsujin22 i think you forgot to factor in depreciation into that calculation, champ. Which is roughly ~35% in the first 3 years from new.
Watching from my paid off iPhone 8 via my $15 Mint Mobile plan.
Depending on the product, paying for a higher quality item can cost you less in the long run because you don’t have to replace it. Tools and other gear often fall into this category. Buy once, cry once.
Exit row seats. Poor man’s first class.
Sucks you gotta pay just to not have the middle seat these days.
Absolutely, based channel! Keep it coming! Sound advice! I’ve been living this way and this is why my wife and I have something!!!
The way your crunching the numbers is the exact way my brain has worked my whole life… I have done this since I was a young teenager… If you think this way with money, you will always have!
Humphrey, your financial advice is great as usual. I’m in my mid eighties and because I figured out on my own to do what you are sweetly suggesting others do, I live comfortably in the same very expensive city you do. I occasionally amuse myself by walking into a store knowing that I can afford to buy everything in the entire place. That is real status and I take pleasure in the knowledge that nobody around me even knows it. What makes it easy for me not to buy expensive crap I don’t need, is to ask myself how many shares of Apple or Nvidia I could buy instead knowing that when the buying opportunity comes along I’ll have the money available. However, fifteen years ago I did buy myself a nice almost new BMW. It was a dealer demo with 7000 miles on it at a 25% discount. I got a great car, a great deal, a wonderful ride when I’d rather not walk or take the bus, and status thrown in as a bonus. It will probably outlast me.
Good for you! I had a coworker, who was in her 80s, always complained she had to work, but I was thinking in my head that she made a bad choice. She had a good job for a long time, but it was her who didn’t save $. I don’t want to work because I have to, but I’d love to work because I enjoy it when I get much older.
You have to look at some of this stuff in a large picture though. I drive a Tesla Model 3 (I have for 5 years now). I save on average $120 from the cost of gas compared to the energy cost. I charge almost exclusively at home. A new Toyota Camry costs an average of $530 a month. My car payment is $600, so it’s actually cheaper to own a Tesla Model 3 than a Camry, and yes I put the same down payment for both cars in the calculator. A lot of people would say Tesla’s are luxury cars, but it’s actually cheaper, and imo, way nicer.
Not cheaper than a 10 year old Camry though is it
Excellent video but Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
You’re correct!! I make a lot of money without relying on the government,
Investing in stocks and digital currencies is beneficial at this moment.
Job will pay your bills, business make you rich but investment build and wealth long term, the future is coming.
Life is easier when the cash keeps popping in, thanks to jeffery kathryn services. Glad she’s getting the recognition she deserves
@@user-yf6mn6kx8uWow! Kind of in shock you mentioned expert, Jeffrey Kathryn What a coincidence!!
Thank you Lord Jesus for bringing expert Kathryn into my life and my family, $14,120.47 weekly profit Our lord Jesus have lifted up my Life!!!
I’m glad you made this video, it reminds me of my transformation from a nobody to good home, $89k biweekly and a good daughter full of love..
My advice to everyone is that saving is great but investment is the key to be successful imagine investing $15,000 and received $472,700.
Hello, I’m a Doctor from Scotland, how do you make such amount? I’m a born
Christian but sometimes I feel so down of myself because of low finance but I still believe in God.
Making touch with financial advisors like *Janice Isaac Owen* who can assist you restructure your portfolio, would be a very creative option. Personal financial management will be crucial to navigating the next difficult times.
Unfortunately, not all of us were financially literate early. I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn’t SOUND like a lot, but I’m incredibly proud of it. Now I’m fast-tracking my wealth building (investing $400,000 annually) and don’t owe a dime to anyone. It’s a good feeling!
Waking up every 14th of each month to *210,000 dollars* it’s a blessing to I and my family… Big gratitude to *Janice Isaac*