5 Modern Money Traps that will make us POOR in 2024 - The AssetYogi Show #11

5 Modern Money Traps that can make us POOR in 2024: In this video, we’ll talk about budgeting, good vs bad credit, investing vs trading, tax management, financial discipline and personal finance.
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In this video, we'll delve into the common habits leading to financial strain and learn how to avoid them. we'll also explore the financial challenges confronting Millennials and Gen Z. We'll examine how overspending, reliance on credit, and neglecting personal finance impact their financial well-being.
Additionally, we'll provide practical tips for smarter spending, effective budgeting, and securing long-term financial stability.
0:00 Intro
02:15 Overspending/ Spending without Budgeting
03:11 Excessive credit
03:54 Debt Trap
04:59 Taking Parents' Wealth for granted
06:20 Trading Vs Investing
07:08 Loan Management
08:45 50-30-20 Rule of Budgeting
10:09 Good Debt vs Bad Debt
11:36 Learning Finance

About the Video
Are you a millennial or Gen Z struggling to manage your money effectively? Many of us are facing the challenge of juggling financial responsibilities while keeping up with the latest trends. From feeling pressured to own the latest gadgets and fashion to relying too much on credit and even treating parents' money as our own, these common habits can lead to financial strain in today's fast-paced world.
Overspending on consumer goods, spending without budgeting, relying too much on credit, and neglecting personal finance and long-term investing are hurdles many of us face. It's time to take control of our financial well-being and learn to make smart, informed decisions about our money.
Join us as we explore practical tips and strategies tailored to the unique financial challenges of today's youth. Let's break down these common habits and discover how to adopt a more mindful approach to money management, ensuring a solid financial foundation for the future
In this video, we’ll cover the following concepts:
1. What are the top 5 modern money traps in 2024?
2. How can we make wise financial decisions?
3. What are some common habits affected by the lack of savings?
4. How do I create a simple budget?
5. What types of investments are best for me?
6. What are some strategies for effective budgeting?
7. How important is upskilling for financial success?
8. What's the smart way to use credit cards?
9. Good debt vs bad debt. Explained
10. What is the difference between trading and investing?
11. How can one develop financial discipline?
12. How can we avoid falling into modern money traps?
13. Importance of budgeting.

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#ModernMoneyTraps2024 #FinancialLessons2024 #AssetYogiShow

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13 minutes passed so easily, it signifies the value of the content in this video. 👏👏👏

[@AssetYogi]

Thankyou so much!!

[@BhanupratapApat]

Great advice ! Very True. Few more points I would like to add 1. Have more than one income stream 2. Get financial education 3. Start creating passive income stream as early as possible.

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Very good add ons

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Any help on passive income

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1st..health insurance.. Nxt term insurance.. 3rd income-saving=expense rule.. 4th Upskilling.. 5th invest little but must in mutual fund at least for15 yrs

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15 years 20 years mutual fund is a worst planning

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Why we need a term insurance if we already have a health insurance? And what would be the value of 1 Cr after 50 years from now ? If life expectancy is 80 years for a 30 year old man.

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[@pruthvicool]

Agree with all points mentioned.. Sometimes, your "Wants" can be a good anchor to get motivation for upskilling or pushing yourself to get out of comfort zone and try out new things. This can be a good habit because human mind and system works well when we attach rewards (wants) to any activity.

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Valuable video. Investment and track ur spending habits. Budgeted spending. 👍☺️

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u missed health insurance one hospital bill .. direct middle to lower class

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Perfect examples!

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Thank you!

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Glad you liked it!

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Very easy to explain to my daughter . Thank you Yogiji

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[@AssetYogi]

Thankyou so much!

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Valuable video Thankyou sir and God bless you ♥️

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So nice of you! May God bless you too.

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[@AssetYogi]

Thankyou!!

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Thank you sir

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Very Nice Video...Thanks Sir ji

[@saswatab79]

You missed another money trap I have been observing in this generation eating out at expensive restaurants and bars pub. I feel Gen Z spends a lot of money on partying which could have been invested.

[@vasundharakulkarni-km9xr]

Yes

[@AssetYogi]

Yes, it's basically spending on wants more than needs.

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ਬਹੁਤ ਵਧੀਆ ਜੀ🙏

[@AssetYogi]

Thankyou!

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Great video as usual..Thanks Mukul Sir :)

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Super informetion 👍

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Informative Video, Thanks.

[@AssetYogi]

Thankyou

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True , good content ❤😊

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Valuable video...thankyou sir

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Thankyou!!!

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[@AssetYogi]

Thankyou and Keep Growing!

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thank you

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[@AssetYogi]

Always welcome

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[@AssetYogi]

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Thank You Sir

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Thankyou!

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[@AssetYogi]

Thankyou

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Badiya laadle....

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Thankyou very much

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[@AssetYogi]

Thankyou

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This is the Best video of savings.

[@AssetYogi]

Thankyou!

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Income tax ke liye parents ka health insurance ke liye konsa insurance achha rhega jis se tax benefit mile es pe video le kar aiye

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Nice information

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Thanks

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Sir please ek vedio home budgeting kaise karte hai ek vedio banaye.

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Hello Sir, is it true that tcs 20% change into 5% in coming financial year?

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Yogi ji, Great work❤❤❤❤

[@AssetYogi]

Thankyou

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Nice video hai sir good information

[@AssetYogi]

Thankyou!

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Please answer these two questions. 1 - Can a bank pledge SLR quota government securities for borrowing under repo rate? 2 - Can a bank pledge SLR quota government securities for borrowing under MSF rate?

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Awesome

[@AssetYogi]

Thankyou!

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Please make detail video on dividend income stocks portfolio investment of 10 lakhs.

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Best video ❤ Please tell me how to select mutual funds?

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How to select

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Nice Video

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Sir. Please come with a comprehensive video for beginners on how to start their investing journey in long term mutual fund.

[@AssetYogi]

Noted!

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Thank you for this information But I have one question how to do Financial planning when your income is not fixed like if you are freelancer, self employed,business etc please make one detail video for this category

[@AssetYogi]

Noted!

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⭐⚘🌟EXCELLENT..

[@tatvshilmaske4787]

Where to place any loss like medical expenses, hand loans but money not received, any type of vehicle accident which is not under cover in concept of 50-30-20 rule

[@AssetYogi]

The 20% that you're saving, please save a portion of it in emergency fund.