10 Worst Wealth Killers // Avoid At All Cost

[@TaeKimFinancialTortoise]

► Stop leaving yourself vulnerable to data breaches. Go to my sponsor aura.com/financialtortoise to get a 14-day free trial and see if any of your data has been exposed.

[@saintking64]

In the Aura ad - "activated" is spelled incorrectly (activeted). They need to change that asap. Looks unprofessional.

[@fecardona]

Expensive friends should also be read to include “Expensive Family Members”

[@bbb62768]

you mean children

[@cur244]

My favorite cheap hobby is gardening. I could take 50 bucks for the year and have a heck of a garden. Plus it's daily in season, gives me exercise and sun. Plus of course better food than you can get at the store. Great video as always!

[@briansauer9893]

New Hair! Still perfect!

[@me0101001000]

I slightly disagree with the expensive hobbies one. If it's something you absolutely love, and it's really important to you, I say go for it. I'm sure everyone here knows Ramit Sethi quite well. He says, "Spend lavishly on the things you love, and cut back mercilessly on the things you don't." If you are deeply in love with an expensive hobby, like Dungeons and Dragons for example, there's nothing wrong with indulging in it, PROVIDED that you cut back on the things you don't love to nearly the same degree.

[@benh225]

I agree and was going to say the same thing. He made another video breaking down the key points of that book. Now this sounds like a contradiction.

[@user-hr7kf6wq6p]

Dungeons and Dragons is only played by people with mental and physical defects

[@Michaelalovespandas]

I think it all should be within reason. If your hobby is private jets and you can’t afford to do that without going into debt even if you cut down on other expenses, you should probably find a different hobby because it is not feasible. If you can afford the hobby while still paying your bills, saving, and investing, I feel like you should keep doing it because you only live once

[@guiltyred6144]

That quickly becomes a slippery slope. I can say buying and tasting expensive wine is my hobby, and I spend as much as i possibly can on them every month because it's something I love. Now, I am in fact cutting costs in things I don't need, saving a couple hundred every month. I turn around and say "oh I have another $200 I saved by being frugal on things I don't need, now I'm gonna spend those $200 I save on my hobby because I deserve it and I was told to spend on things I love." 1. That hobby is maybe something I can put off until I'm sure I'm financially stable and can afford it. Maybe I can find something else to pass the time that does not require a big investment. 2. Saving money just to spend it somewhere else with the guise of" it's for my hobby and it helps me" could be borderline addiction.

[@NewGuy2024]

True, though maybe it really depends on the type of hobby. I've had a few coworkers who have horses as a hobby/pets and they admit it's expensive and a lifestyle sacrifice since it's hard for them to go on vacations (no money left and no horse "babysitter"). But it's therapy for them since they have life and financial stress..... 😂

[@PeonSanders911]

I'm only investing /saving/ budgeting, so I can have hair like you, and you go and change your hairstyle! I've now sold all my properties, liquidated my 401k, drained my Roth, and sold all my Tesla stock, because I have now no hope for hair like you used to have🙂 Bring back the old hair! It gave us all hope!

[@didafm]

$7300/month as a mortgage payment is insane! On a million dollar house. Very few people make over 200k/yr. Like very few.

[@mendezweightloss]

Thanks!

[@TaeKimFinancialTortoise]

Welcome!

[@geisalopes84]

My hobbies are books and drawing and most of the books I get from the library, so I think I’m fine here.

[@ivancolandrea9583]

Same. I do pay for kindle unlimited. I read about 40 books a year, worth the $13 a month. Plus I get cloud library from local library for any financial or self help books that usually don't show up on kindle.

[@Abdul_Rahman86]

The biggest wealth killer is your spouse or partner! If they’re not financially literate like you and they will make you broke! Poverty is contagious!

[@amitjain3323]

if you get married to the wrong person you will be forced to buy expensive house , cars and have expensive friends and lifestyle. Be very careful who you Marry and people change after marriage so plan for that as well. If you a Financial Tortoise the best is to not get married and live a plane and simple life where you make all the calls. Wife and Kids are now a days huge expenses and as the kids grow old their college and emotional issues take all the joy away from life. So be careful as you lose control of all your good habits and determination once you have a wife and kids and they keep saying you are a tortoise and a loser as compared to their friends or friends' parents.

[@MacDiggity]

Love these videos, so glad I found this channel!

[@Green-jl9yh]

Should I invest 500 K one time VTSAX ? Need your advise Looking forward your answer Thank you so much

[@ELconomics101]

Coach TK top of the morning

[@didafm]

Hey im supeised you didnt mention anything about divorce? I work with alot of people in their mid 40s who are divorced. These guys are starting from scratch almost like a new college graduate

[@dougronald561]

He speaks from a very pro family point of view, which I get. But in reality bad divorces are a huge way rich people lose half their wealth. No doubt.

[@didafm]

@@dougronald561 yeah but it almost seems as if its a huge blind spot...

[@dougronald561]

@@didafm should have been mentioned

[@ALowe-d1d]

Question would like to know why my 5% savings account compounds daily but only posts monthly. Why don't they post daily? Do any post daily and what is the amount difference cost?

[@soumyajeetchakrabarty6872]

This has been insightful, the financial lao tzu

[@Oivey2000]

Dig the new hairstyle Tae!

[@Joy25-ce6vz]

Me too 😊

[@TravisMcMurray]

I think it’s okay to have friends who do expensive things as long as there is a mutual understanding that some of those activities will be out of reach for you. That’s been my experience. Those friends don’t obligate me to partake.

[@momslifewithdouble_e]

New hair style cool!

[@whodefan]

Buying a german car about 3-5 years old in the used market is the best way to look rich while living modest.

[@dougronald561]

Repair bills for them can be pricey, however.

[@Dr.Schnizzle]

@@dougronald561this is what everyone forgets. Good savings up front, but you have to pay for more repairs, and repairs for luxury cars are more expensive. This is in addition to having to buy premium gas and the like.

[@dougronald561]

@@Dr.Schnizzle ja wohl!

[@Brent233]

Regarding books, use the public library rather than buying.

[@scarling9367]

Inconsequential savings unless you're a dedicated bookworm.

[@terry_willis]

I only buy reference books I will use over and over, like dictionary, thesaurus, pornographic pictorials, etc.

[@jasongallagher631]

Just imagine if somebody could rent your work for free instead of paying for it. How would you feel? I buy my books. They don’t cost that much.

[@Shamoo28]

I’m frugal in most aspects of life but I buy books as a treat for myself. I usually buy used paperback books and they’re not all that expensive. It’s okay to indulge in certain things as long as you have the money and are being smart about it.

[@cloudacademy7791]

Hey Tae, could you make a video explaining Traditional -> Roth IRA conversion and all the back doors available. In which scenarios does it make sense to go that route & so on?

[@darrenmcinerney2212]

Thanks very much Tae. Great advice 👍.Also thank you for introducing me to the book The Simple path to wealth by JL Collins on one of your older podcasts. This book has really helped and simplified investing for me 👍.

[@jeannettedrown7687]

Good content. You changed your hair?? It still looks good!

[@gautamvishwanatham7512]

what cars do you recommend we buy

[@garrettorpin6584]

Tae, I really appreciate your takes. Should we consider calling them "TaeKs"? :) I watch a lot of your videos and recommend them to my friends with an appetite for a "fast lifestyle". What many people don't understand, and are likely unwilling to invest time in understanding, is the momentum built by taking small wins day after day, year after year. At some point, the small decisions coalesce into one and becomes a gigantic force to be reckoned with. You find money you didn't know you had because it is working with and for you. This allows for freedom to invest and also to be charitable. Thanks for your content!

[@evalangley3985]

Never invest in IPOs... My investment went from 5000$ to 500$... Only buy Blue Chips if you are buying stocks.

[@MuhsidRameez-o6o]

To those commenters talking about the importance of your spouse being financially literate, my wife is hardly one. She quite literally dozes off when I talk to her about our finances. But she is frugal as heck, and has played a big part in our journey from jobless and almost penniless at the time of our marriage, to comfortably retired just 15 years later. (Note: It helps of course that she knows what scarcity is like, and learnt to manage with little while still very young). So I guess my advice would be that if you’re not financially well off and are just building your life, please marry someone from a similar background. If you marry someone well off, their expensive lifestyle will drag you down.

[@aaronaustrie]

Great vid✍🏾💯

[@shazzbotz]

is it too big a house or an investment in a quality public school district? I get it is the largest fixed expense and easiest to save money by living somewhere else but aren't a significant number of home purchases based on the school district?

[@luxurybuzz3681]

It is

[@brytelegister8518]

I agree that I’ve had to be really careful to build wealth but I disagree on the car comment. I saved HARD and bought a Porsche. Yes it’s a depreciating asset but best 12 years of my driving life! Totally worth it. It was destroyed by another driver and I’m in an X4 now but, man, the Porsche were the golden years.

[@andonemorething49]

Good video!

[@peterl2767]

Great info 👍 👌 👏

[@nghiatran7138]

thank you

[@papabear4066]

While saving money for future, don’t forget to enjoy today.

[@rhsxo]

What happened Tae? Did you switch to Kryptonite Shampoo and Conditioner??? lol. Great video.

[@brucestiles6477]

How do you invest in a defined benefit plan (i.e., a pension)? You'd have to have a stable income from a business and commit to a long-term program, but if you can do so, it would be a big help.

[@Kyla94934]

I like the new hair!

[@babakbabak5329]

If you read the comments. Please suggest some good introductory books on Economy.

[@BRBallin1]

I bought a $1M house and had $430k net worth and made a $250k down payment. I will have $4500 monthly payment and $2k from roommate while the tax write offs cancel out the property tax and interest paid. Thoughts?

[@halfunkbass2966]

I desire things less when I can easily afford it. Therefore, if i desire something, I defeat wanting it once i have enough money to own it, then I don't want it. I want a mansion until I have enough money to afford one. Think of all the money I saved losing desires for a mansion.

[@bbde1980]

I would add an exception to the investment expenses and would be interested in your counterargument, if any: If you have an advisor who consistently beats the market after expenses, then it's actually worth paying for that, wouldn't you say? My advisor is mainly paid on a performance basis and has been better than the MSCI World since I started using them. I monitor their performance on a quarterly basis - they actually do, too -, and as long as they are able to beat the market after fees, I'll happily pay them for their performance. If there ever came a period during which they'd drop below for a longer period of time, I'd change my view on this and just move everything into ETFs. What do you think?

[@monchichipower6334]

Is hair transplant a good investment ?

[@evalangley3985]

I was thinking about switching my car that is a 2012 Kia Optima Hybrid... However, I have no problems and decided to keep it until it is going to cost me more to maintain than buying a new car.

[@brtecson]

When you say luxury cars, I'd include expensive trucks in that, but maybe that's because I'm from TX. Half the people in DFW drive a f150 with a >2000/mo payment to their office job. Of course everybody has a >30 mile commute too so gas is 600/mo😅

[@didafm]

That's crazy to me....I just don't get how people are even comfortable signing into those insane payments... The only way I can see it working is that these people have very good jobs making 120k plus per year. And their wife is a high income earner too...because even if you are a high income earner but your wife stays at home no way you justify a 2k truck payment. So it must be 2 high income couples that are primarily buying these crazy payments

[@davidfolts5893]

Our collective attention span is twenty seconds, which makes long-term thinking challenging.

[@francisyuweh706]

whoah! new hair for this video!

[@ronnievengua9535]

The hair!

[@LL-pq5uo]

I immediately came to the comments section before even watching the video bc I was looking for the hair comments... At first I was surprised there weren't more of them, but when I scrolled all the way down, I realized I was mistaken 🤣🤣

[@YourFrienjamin]

Nah, traffic lights are a joke. We probably wait 50 hours a year at traffic lights.

[@Native722]

What's your other job? Another wealth builder is for me at least, is to not get married and have kids. This is probably why I was able to keep most of my money.

[@tiomoidofangle102]

"My watch cost more than your car. My car cost more than your house." -- Glengarry Glen Ross

[@didafm]

I just dont understand how people can sign into such high car payment

[@Kyla94934]

Or the library is free reading

[@touchofgrace3217]

$100k for a car? $1M for a house? I think I just want to purchase the vase I would like my ashes to be stored in and call it a life. I remember when a car cost $10k and houses cost $100,000

[@felixubogu5348]

Tae whats going on with the hair? Some visit your channel for the wisdom and (usually) great hair....or have hair products become a wealth killer😂

[@Mileko-fv5pb]

Great vlog!!!! What’s with the hair????

[@myceliummm]

He's saving money by not spending on hair products

[@Mileko-fv5pb]

@@myceliummm, I thought for him that was a need not a want?

[@richhands5269]

My three favorite channels: Tae Kim, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥

[@jonm.678]

Rare sighting of Tae Kim without hair done lol

[@terry_willis]

The most distorted word in the [English] language: Luxury. It's relative. Poor people in America today live way better than Kings did 300 years ago.

[@scarling9367]

Poor folks on America don't own large swathes of property, have servants or vasals, or have armies.

[@terry_willis]

@@scarling9367 Okay. I'll bite. Medical care in 1724 consisted of putting leaches on somebody. Today, a great many people have access to medical care not even imagined back then. Back in 1724 Kings were dying by the truckload from simple bacterial infections; versus antibiotics today. Your turn.

[@83Chrisaaron]

What happened to the hair and glasses?! Feels like that one Seinfeld episode...

[@baddboo]

I was betting my friend that Tae COULD go HIGHER with this hair😒

[@discogene]

What happened to the hairstyle?

[@theofficialpeterkim]

What happened to the hair? It’s always up.

[@hans5821]

Wow! Not the Hair! This is an Emergency.

[@KellyPrice86]

What happened to your hair?

[@jdubb200]

Hey, What hobbies do you have? I walk around the neighborhood. 😂😂

[@kwokweng76]

Why did u change your hairstyle 😂?I prefer the previous style 😂

[@sarahuber8567]

I still don’t understand crypto currency.

[@kenyu4258]

Still a fan of your channel… not so much of the new hair style… need the previous Tae back!

[@uyscuti5503]

Expressing your opinions or feelings about his new or old hairstyle isn't going to help you get rich. The purpose of his channel is to grow through his education, not his looks.

[@marekpawlik9655]

Women.

[@levonrostomyan6415]

I don't want to keep watching this video because of the camera focus and angle changing too often. What a new stupid trick.

[@NicoleCarlson-s6c]

Not so sure about the hair...

[@bababodeadesanya]

I'm a big fan and follower. However, I am beginning to think that your content is getting stale and repetitive. I think you should work on it. Thanks for understanding

[@hbeytollah]

He’s the financial tortoise, not the financial peacock…

[@Ariel-oo1nc]

I agree brother. He should look into blockchain to spice things up. Myself, I like Cardano (ADA) because it's fully decentralized and as far as I can tell, built for simplicity. NFA I'm very invested in the ecosystem. Especially $ NVL. They will be huge this bull run.

[@TheValiantZero]

As a subscriber, it's disappointing to see you promoting a service (Aura) that gets in the way of human interaction and promotes a non-genuine community culture. If I pick up the phone to call someone, I should reach them, not a dystopian AI service. Please do not sponsor or promote AI communicators in your future videos.

[@ero1456]

New haircut ? What happened

[@teenoso4069]

wft happened to ya hair man? let down

[@Peteliao]

I am 34 years old, I save about 105-120k a year in my 401k, IRA, HSA, Brokerage. I really want my dream car which cost ~55k, but i am affraid to spend on it. So many finance experts on KZbin says buying a new car is bad and will ruin my wealth. Anyone else in a same situation? I have no debt.

[@hbeytollah]

You save $120K in retirement alone and you’re asking about a $55K car? Are you serious or just being a troll?

[@didafm]

Is It a civic type r or Integra type s? Lol. In any case maybe wait a year for prices to come down

[@Peteliao]

@@hbeytollah I am not a troll. 55k after tax i almost half of this year's saving. Everyone is saying that cars are wealth killers. I just want to be sure, its a good idea.

[@Peteliao]

@@didafm Close, I want a Acura TLX Type S

[@imthiazah]

Hair is not the same. Unsub. Jk..