Summary of 12 1/2 Ways You're Wasting Money That Keep You Poor or Broke

00:00:00 - 00:30:00

This video discusses 12 1/2 ways in which people often waste money, which ultimately keeps them broke or poor. Some of the ways mentioned include using credit cards, purchasing junk food, and overspending on regular items. The video advises people to learn how to use a credit card correctly, avoid maxing out credit cards, and eat healthy foods in order to avoid wasting money.

• 00:00:00 In this video, presenter shares ways in which individuals often waste money, which often keeps them broke or poor. Some of the ways that individuals waste money include using credit cards, purchasing junk food, and overspending on regular items. In order to avoid wasting money in these ways, the presenter recommends learning how to use a credit card correctly, avoiding maxing out credit cards, and eating healthy foods.
• 00:05:00 In this video, Odetta explains that people often waste money by spending on things like fast food, unnecessary items at the grocery store, and on unnecessary expenses for a spouse. She also warns about the dangers of falling into a transactional relationship, in which one person relies on the other for financial support. Ultimately, Odetta advises people to focus on developing long-term partnerships and to be willing to protect their own interests.
• 00:10:00 The five ways in which some people waste their money include spending on digital payments, bank fees, utilities, and late payments. All of these expenses can add up and eventually lead to being broke or poor. In order to prevent this, it is important to have values and principles around money management.
• 00:15:00 The video discusses ways that people often waste money. One example is paying for convenience (e.g. buying gas station snacks near work instead of closer to home, renting a house larger than needed). Another example is spending on luxury goods (e.g. designer clothing, owning a house in a high-end area). If these expenses are not offset by other savings or income, they will eventually lead to poverty or bankruptcy.
• 00:20:00 The video discusses ways that some people waste money that keep them poor or broke. Among the examples given are expensive weddings, vacationing, and buying brand-name luxury items. The video advises saving money in advance and being judicious in how one spends one's money.
• 00:25:00 The video discusses the dangers of spending money on things that do not have a high resale value, such as diamonds on nails or wigs. It goes on to suggest that self-care is important, but that if you can do it yourself, you should do so. The 11th waste of money mentioned is spending on fat diets and fitness products, which can be difficult to stick to and often lead to weight regain. The presenter plans to start holding himself accountable by posting his results online.
• 00:30:00 The author of the video discusses some money-wasting behaviors that many people engage in, including body enhancement surgery and purchasing new technology. He advises that if someone is planning on spending money on these items, they should first make sure they can afford it and that the item is actually necessary.