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
because let's be honest most people out
there are not going out and getting
bottle service on a regular basis so
today I have three completely different
things that you should never do with
your money and these are going to be a
little bit more applicable to the
average person so the first thing you
should never do with your money and I'm
going to pick on the Millennials this is
buying expensive coffee at a coffee shop
I think we can all agree that people
spend way too much money on their
caffeine fix whether it be from
Starbucks or wherever you're buying your
coffee but I don't think we quite
understand how big of a problem this
actually is so according to a report
called money matters by acorns they have
that investing app they did a study on
how much people are actually spending on
coffee so the average person spends
$1,100 each year on coffee on top of
that forty-one percent of the
Millennials surveyed admitted that they
spend more money on coffee than they
contribute to their retirement account
why are people spending so much money on
coffee that is ridiculous to be spending
more than you're contributing towards
your retirement account that is absolute
insanity so my big question was this
what is the actual cost difference
between coffee at a coffee shop and then
when you brew your own coffee at home so
according to coffee detective it can
cost you as little as 27 cents a day to
make coffee at home and if you do the
math out that is just about 100 dollars
each year so when you compare the cost
of making coffee at home at 100 dollars
per year to the amount the average
person spends at a coffee shop which is
1,100 per year people are spending over
1,000 percent more when they go and buy
coffee at a coffee shop stop doing that
with your money it's ridiculous the
second thing you should never do with
your money is pay for a gym membership
that you are not using now I do see the
value of a gym membership if you
actually use one it's one of the best
investments you can make
is a regular investment in keeping up
your own health and making sure that you
know you look pretty good at the beach
so how bad is this unused gym membership
problem it's actually a lot worse than
even I suspected so according to
statistics brain comm they did a study
on gym memberships and I have some
staggering results for you the average
cost for a gym membership is 58 dollars
per month but if you use this membership
regularly it is a worthwhile investment
but how many people are actually using
that gym membership they found that 67%
of gym memberships are never used
so more than two-thirds of the people
out there who have a gym membership
never go to the gym my question for you
is why do you have a gym membership okay
so the third and final thing you should
never do with your money is a little bit
different but this is buying things with
rebates if you have no intention of
filling out the rebate I know this
sounds like common sense but it's really
not because I've done this myself I've
bought something from a store and I get
the receipt and I have to mail it in and
then three months later I find the
receipt on top of my desk and I go
whoops I guess I didn't mail that rebate
in so rebates actually make a lot of
sense from a marketing perspective
because it's a way to advertise a lower
price than you're actually getting
charged for at the store and the
companies that offer rebates know very
well that many people will never even
fill out those rebates and as a result
they're offering them a sale price and
they're not even paying that price
they're paying the normal price because
they have to take the steps to mail-in a
rebate now to understand that the rebate
processes are intentionally complicated
and difficult to understand but that
doesn't mean that you shouldn't fill
them out especially if you're spending
money on something you wouldn't
ordinarily buy simply because it has a
rebate so how much money are people
wasting on unused rebates that is my
question well about five hundred million
dollars worth yes half a billion dollars
worth of rebates are never redeemed that
is why companies offer rebates on their
products because many people never
redeem them people are leaving half a
billion dollars on the table because
they're not going to mail in the receipt
and take those steps to fill out that
rebate now there are a lot of things
that you should never do with your money
and based on the interest in the last
video I did this is going to be an
ongoing series I am doing so this is
just three more things out there that
you should never do with your money and
if you missed the first video I did in
this topic I will have that linked up at
the end but anyways guys that's all I
got for this video I want you guys to be
honest with me in the comment section
below do you do any of these three
things currently and if so let us know I
wanted to thank you for taking the time
to watch this video if you enjoyed it
please drop a like and if you are new to
my channel please consider subscribing
to be notified of future uploads
and as always I thank you for taking the
time to watch this video
[Music]
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