3 THINGS YOU SHOULD NEVER DO WITH YOUR MONEY (PART 2)

TL;DR

Don't waste your money on expensive coffee, unused gym memberships, or rebates you won't redeem.

Transcript

how's it going today guys so today we're going to continue my series on the three things you should never do with your money now the last video I did I had a couple people tell me that the reasons I gave don't apply to the average person because let's be honest most people out there are not going out and getting bottle service on a regular basis so... Read More

Key Insights

• ☕ Expensive coffee purchases can hinder saving for the future, especially for Millennials.
• 🤑 Unused gym memberships are common, resulting in wasted money.
• 🍃 Many individuals fail to redeem rebates, leaving millions of dollars unclaimed.
• 💾 It is essential to prioritize saving for retirement over unnecessary expenses.
• 👪 Making coffee at home is significantly cheaper compared to buying it from a shop.
• 😒 People should only invest in gym memberships they will use regularly.
• 💨 Companies use rebates as a way to advertise lower prices, even if not everyone will claim them.

Questions & Answers

Q: Why is spending too much money on coffee a problem?

It becomes an issue when people prioritize expensive coffee over contributing to their retirement account, leading to a lack of savings for the future.

Q: What is the cost difference between making coffee at home and buying it from a shop?

Making coffee at home can cost as little as 27 cents a day, totaling $100 per year, while people spend $1,100 per year buying coffee from a shop, resulting in over 1,000% more.

Q: How many people waste money on unused gym memberships?

Statistics show that 67% of those with a gym membership never actually use it, which means they are essentially throwing away their money.

Q: Why do companies offer rebates if people often don't redeem them?

Companies offer rebates as a marketing strategy to advertise a lower price, knowing that many individuals won't bother or forget to fill out the rebate form, saving the company money.

Summary & Key Takeaways

• People spend an average of $1,100 per year on coffee, with 41% of Millennials admitting to spending more on coffee than saving for retirement.

• 67% of gym memberships are never used, even though the average cost is $58 per month.

• About half a billion dollars worth of rebates go unredeemed, as many people fail to follow through with the process to get their money back.