Hey boss in this video I'll tell you five things you should never do with
your money and word on the street is that if you hit the subscribe button now
you'll find $100 on the ground tomorrow so hit the button down below and let's
get started number one don't live above your means how can you ever save money
if you spend more than you make over 19% of Americans spend well beyond their
nice to buy new clothes or a fancy car the stress at overspending and mounting
credit card debts place some people who do this can be quite harmful to their
mental and physical well-being ask yourself do I want a new Gucci shirt or
not be broke as a joke in order to avoid living above your means create a budget
to assess how much money you make per month then track your spending to ensure
it is less than your income number 2 don't invest in something you don't
understand can you believe that some people invest thousands of dollars into
stocks or funds based on a news headline or one our Google search it's no wonder
that these people are constantly in financial trouble so many people get
excited to invest in the latest trend or some business that is well beyond their
level of comprehension and end up losing it all avoid being turbo teddie and
investing in every new thing you see and instead focus on investing in things you
can understand as Warren Buffett says invest in what you know and nothing more
this is why he invests in simple companies like coca-cola and avoids
high-tech firms at all costs number three don't lend money you can't afford
to lose sometimes you lend money to friends and family and think you're
doing the right thing but for the most part lending money is a terrible idea
especially when it's money you absolutely cannot afford to lose now
lending money is not advisable for two reasons the first is that if you don't
get paid back you were foregoing this money and making it back may not be easy
depending on how much you lent secondly lending money can distance relatives and
tear friendships apart if money is not repaid leaving you without not only
money but with a void in your social life as well so the next time your
friend or family asks to borrow money just tell them you have a strict no
lending policy and leave it at that number four never spend money to relieve
emotions let's face it you're gonna have good days and you're gonna have bad days
and one of the ways people cope with their problems is through
what's called retail therapy retail therapy is when you spend money to cope
with your negative emotions by covering up these feelings using the dopamine
rush that comes from buying new things well shop we can fill an emotional void
like many addictions it's just a temporary relief this means that as soon
as the shopping high goes away you'll be left with the same negative feelings
that existed before you spend all of your money but on top of that you get to
feel extra crummy because you now have no money so the next time you feel
overwhelmed in life go for a run or call a friend rather than trying to mend your
feelings by spending money number 5 never gamble your money there's a reason
the saying the house always wins exists and this is because gambling never goes
in the favor of the gambler gambling is a game of chance and chances are you're
gonna lose what's worse is that consistent playing of these high-risk
games increases your odds of becoming addicted so not only are you going to
start wasting more time at the casino but you'll be burning through your
savings in record time also according to Georgia State
University 50% of problem gamblers commit crimes so if you want to avoid
becoming a criminal and save your money then avoid gambling at all costs thanks
for watching if you want more advice on how you can go from the life you have to
the life you deserve then hit the subscribe button now
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