5 Expensive Habits That Keep You Poor

[@mappedoutmoney]

Thanks so much for watching y'all! Here's the quick jump sections: 0:00 - Intro 0:49 - Habit #1 2:52 - Habit #2 4:37 - Habit #3 6:20 - Habit #4 10:26 - Habit #5

[@cherishgp]

So helpful

[@normandesjardins7001]

Years ago in grade school, there was a poster in one of the classes that I have never forgotten. The inspirational message on that poster was this, "Half of being smart is knowing what your dumb at"

[@mappedoutmoney]

Oh, I like that. I've never heard that quote before. But that's spot on. Thanks for sharing that Norman, I really like it.

[@hmspain52]

My brother's wife has a good rule; no Amazon spending after 6pm! :-)

[@mappedoutmoney]

haha, I like that! I think that's a solid rule. Probably saves a lot of money doing that!

[@CoCMember]

Ever* Loool

[@woodies11]

I actually have an app set up to block those automatically at night lol

[@MsGechi77]

Good one.

[@shaynarivera0905]

That’s a great idea!!

[@loripotkay]

Lifestyle creep is so real and hard to avoid. Thanks for breaking it down so I can be more aware of this happening.

[@mappedoutmoney]

SO Tough. I feel you Lori. Glad you enjoyed the video!

[@Thedoomcookieness]

Yes it’s hard to avoid. Also if you have kids it’s hard to separate what is lifestyle creep and what is necessary increase of expenses due to having kids.

[@kaylad2041]

The wait one more day is great advice. I’ve been trying to use this and for almost all the items I’ve waited one more day, then I keep waiting another and another and then finally I talk myself out of it

[@adabartley2050]

One question I ask myself before I buy something that isn’t a regular need is whether or not I value the item enough for it to be worth the total cost (space, money, time, and energy). Sometimes I may be willing to pay the dollar amount, but the space isn’t there or energy or time it requires aren’t worth it. I have found that adding those other variables tend to weigh more in my decision making then the financial.

[@jessicaperkins7453]

Agree with #5! Over COVID I ended up spending so much with all of my friends that were having parties or selling for direct sales like Tupperware, since I still had a job and wanted to help them out. Had to take stock for 2021 and say no to attending/ buying/ hosting parties.

[@aaronrwatterson]

Always love your videos and podcasts. I've been in finance for many years and I still get alot out of your videos. One thing I would say is to not get caught up in "traditional norms". Things like, you have to go to college (taking out debt to do it), get married, get a house (on a 30 year mortgage), etc. The 20 somethings now aren't going to stay in a job for 30+ years like the baby boomers did where taking on debt to do all those things was easier and you had a pension to fall back on for retirement. Part of keeping up with the Jones probably. Great work Nick!!

[@mappedoutmoney]

100% agreed. Life today is VERY different than it was when my parents and grandparents grew up. That's why it's so important to question everything. You're spot on. Thanks Aaron!

[@mikeefernandez1436]

Hi Nick. Your YNAB videos got me subscribed to your channel! My partner and I are about to start sharing a budget, thanks to your videos. I absolutely love the educational, informative and sound financial advice. The covid outbreak and having a baby on the way has made me realize just how important it is to center back on values and priorities and let those direct budgeting and spending. Thank you for all these amazing tips and reminders!!! Keep it up and keep those videos coming. Stay safe!

[@mad-bi8lj]

Love the thumbnail 😂 consistently consuming good money advice (books, podcasts, videos) helps me stay accountable with my spending so thanks for playing part in that!

[@mappedoutmoney]

haha, so glad you like it :) And yes, I'm the same way! Consistently consuming helpful advice keeps me accountable too. I'm right there with you!

[@SashaLipskaia]

Really great tips loved your way of delivering it, and energy, I am definitely a subscriber!

[@mappedoutmoney]

Thanks Sasha! So glad you liked it!

[@sethwilliamson]

Kinda related to the first one is something that gets a lot of 20-somethings. Burying yourself in mountains of debt trying to achieve a comperable standard of living that you grew accustomed to at your patents' home. Realize it took them at least another couple of decades to get there. They didn't start out there either. You're not a failure for not being able to do it year one out of home.

[@chanceasteria]

You mentioned using Ally bank to split funds into separate buckets on top of using YNAB. What is the benefit of doing both? It seems like if you are using YNAB effectively then splitting it up in the bank wouldn't be necessary.

[@YourFriendAndy]

You had me right away when you said DAVID PERELL. Big fan of his ideas and writing. Great video Nick. I'm super guilty of #1 & #4. Both are still something I have to be conscientious of and continue to work on. Also, preach it Oprah.

[@mappedoutmoney]

Nice! I think is writing is top notch. I've really learned a lot from his articles. So glad you enjoy him as well. Thanks for watching man!

[@2011Ecstatic]

Nick, I didn't know it had a name, but I've been using the "one more day" method for a while now. Thanks for reinforcing it as a legit tool!

[@mappedoutmoney]

Glad to hear that! It’s a great tool to use :) Appreciate you watching.

[@shaynarivera0905]

I will sometimes push it to one month if it’s a big item and realize I don’t want it that bad!

[@vilmachristine]

i like the impulsive shopping category tip. i wish i would have used this back when i was on my debt free journey

[@mappedoutmoney]

It definitely helps to give a bit of freedom!

[@barbarahermannster]

Love you guys, glad you are back.

[@barbarahermannster]

That blue shirt looks great on you, by the way.

[@mappedoutmoney]

Thanks Barbara!

[@WealthbuilderzTV]

Thanks for the reminders.

[@mappedoutmoney]

Thanks for stopping by!

[@taylorwhaley9901]

Your videos are the best! I have fallen off the wagon recently in terms of getting back in and focused on what I want and not what others want me to do. Life Creep is real!

[@mappedoutmoney]

Thanks Taylor :) Glad you're getting back on, and yes, Lifestyle Creep is SOOOO real. Appreciate you :)

[@beverley7189]

Thanks for this Nick! Great tips and makes so much sense.

[@mappedoutmoney]

No problem Beverley! Glad it helped :)

[@sarahwilson9213]

Great advice! I am working on the buy right away habit.

[@mappedoutmoney]

Thanks Sarah! Yes, that's definitely a toughy. Just keep working on it my friend, and don't be too hard on yourself!

[@jambohomeventures]

This is an incredible podcast brother. I like the first habit. Comparing oneself to others is just insulting

[@mappedoutmoney]

Thanks Benson! Glad you enjoyed it. Thanks for stopping by.

[@Psoewish]

I laughed at the paper writing analogy because I could've been given 10 years to do something, I'd still find a way to start 12 hours before it's due xD

[@mappedoutmoney]

haha, totally understand that. I've got a bad habit of doing that myself!

[@conureron3792]

I’m a “dynamic procrastinator” as well!

[@colbosky]

Habit 2 takes a couple forms for me. The one form, buying items like new tech or something neat I see online or at a store I've learned to delay. I usually add to a list and that is mostly enough to stop me from truly impulse buying. The other form: eating out. My wife and I have three kids and by the time dinner rolls around it's so easy to get delivery or takeout rather than prepare dinner. I've only just started using YNAB the last couple weeks and I am seeing exactly what I expected in the "dining out" category. I trust that will be enough to curb the spending and budget more wisely. Thank you for your YNAB tutorials as they have been extremely informative and truly sold the subscription (and the toolkit). You're great!

[@swetha2244]

Wonderful video... thank you 🙏

[@mappedoutmoney]

Hey thanks for watching! Glad you liked it :)

[@Not_Lewis]

Nick, in regards to habit #4, is there ever a situation where lifestyle creep is a good thing? I understand that lifestyle creep is the idea that as someone earns more money, their financial lifestyle tends to creep up as well. Wouldn't the additional flexibility in someone's earning power help them achieve more lofty financial goals?

[@EmilyMarais]

I think it's just about being conscious of whether those new things you can afford are truly aligned with what you value. Just because you can afford it doesn't mean it will make your life better, so keeping this in mind as you earn more can help you to put money towards what really matters to you.

[@devlinfae]

I found a lot of value from this! :)

[@mappedoutmoney]

Awesome, glad it helped!

[@hawkeyepharmd13]

Nick, is the podcast you spoke about Hardcore History by Dan Carlin? Best episode recommendation to get sucked in?

[@mappedoutmoney]

Yes! It's Hardcore History by Dan Carlin. SO GOOD. Most of his old ones are now paid, you have to buy them on the website, but he always has his current series available for free and then a few older ones. Right now, I would start with "(Blitz) The Destroyer Of Worlds"

[@geminiblue43]

Hey Nick!! I just signed up for the YNAB trial two hours ago. The people on the YNAB video comments told me to come and check you out.

[@mappedoutmoney]

haha, well thanks Ruth :) Appreciate you stopping by. Let me know if there's anything I can do to help!

[@geminiblue43]

@@mappedoutmoney thank you!! 😊

[@GospelGal81]

In everything give thanks! 🙌

[@danmantena4676]

thanks Nick!

[@mappedoutmoney]

Thank you Dan!

[@amymatthews4980]

Nice work 🏆🏆🏆

[@mappedoutmoney]

Thanks Amy!

[@MsGechi77]

These are great. 😃

[@mappedoutmoney]

Thanks! Glad you liked it

[@magalimasson9472]

Funny note you can't even remove your card from your amazon account anymore, I wanted to remove it for that exact reason and there wasn't an option lol

[@keonikamalii7537]

I really like the rule on empathy

[@mappedoutmoney]

Thanks Keoni! Glad that was helpful for you.

[@suedi22]

Love this!

[@Talkinglife]

Habits are the driving forces that can make or break us....

[@mappedoutmoney]

The most definitely are!

[@mrwillwgp]

One time I offered to help my friend at the time with any bills they were behind on. The next day they asked me to pay their rent! I'm like ............ no? Then they said well you offered to help pay for anything, I said yeah like electric bill or something ... no longer friends lol

[@mappedoutmoney]

oof, yeah, that's tough. Money and friendships can be really hard sometimes, nice of you to offer, but rent is a lot for sure.

[@kimrichards4102]

Thank you so much. I couldn’t resist clicking on this video...what a hilarious thumbnail.

[@mappedoutmoney]

haha, glad you appreciated the joke Kim! Thanks for watching :)

[@joanna6991]

the college loan situation you mentioned is not as bad as you make it seem. when older folks who have assumed the debt inevitably pass away, the debt dies with them. that way, the young person that went to college won't have to spend their lives paying it off

[@DoubleOhSilver]

True, but those payments still need to be made monthly while they're still alive

[@janet6962]

That was a great help on putting me back on track! Thank you. Although, I almost turned it off when you quoted Oprah. Please don't.

[@mappedoutmoney]

Glad it was helpful for you Jan!

[@mikepawlikguitar]

The three most life-changing things I've discovered this year. # one, I will teach you to be rich. Ramit Sethi. # two YNAB # three, with that said, Nick True and Hannah My life will never be the same thanks to y'all and I'll forever be grateful!