7 Things You NEED To Stop Buying To Get Rich

I traveled on private jets drove a Supercar and was surrounded by the best looking women when I was becoming a multi-millionaire sorry to break it here but that statement is a complete lie the trouble is a lot of people that want to get rich are trying to live a lifestyle like this why because many would rather look rich than actually be rich so if you're someone that just wants to show off a flashy lifestyle then this video isn't for you turn it off and go and spend the next 30 years spending everything you have until

you get to 50 years old and have nothing to show for it don't get me wrong I did experience all the things I mentioned however not until I had at least a million dollars in liquid assets so when I say you have little to no chance of becoming a millionaire at the same time as living a lavish lifestyle I'm not trying to crush your dreams quite the opposite I want you to do all the hard work now so you can enjoy all the benefits of wealth later on the biggest being the freedom to do whatever

you want whenever you want so if you want to become rich then listen up because if I was in your position I'd avoid buying these seven things number one a house a lot of people aren't going to agree with this one but buying a house for yourself if you're serious about getting extremely rich it's one of the worst moves you can make I didn't always think this way but in recent years I've changed my mind mostly due to a conversation with my son Curtis one day he revealed to me that he'd saved up around seventy

thousand dollars from work in a couple of years as a freelance videographer and I suggested he used it as a deposit on a house and start paying off a mortgage now before I continue I still stand by this advice if you're just looking for a slightly better than average level of wealth but now it doesn't apply to those that want to become truly Rich Curtis was and still is very against the idea of buying a house for himself at the time he said to me it's taken me years to save up this money why would

I lock it up in a house rather than reinvest it into building my business which has already made me a decent amount of money I took a moment to think and I realized he was completely right buying a house for himself would lock up all the money he'd worked so hard to earn meaning he couldn't leverage it to make more and he'd have to start from Ground Zero again let me clear something up though I'm only talking about buying a personal property to live in buying a rental property or house hacking by renting out part

of the property is a completely different thing and pretty smart if you aren't doing any of these things then renting is actually a better idea most people find this hard to get their heads around as they just see it as money wasted every month but the return Curtis could be getting on the deposit money that would have been locked away is far more valuable I know this is the complete opposite from what a lot of older people will tell you however what most don't consider is back in our day it was much easier to buy

a property as it required far less money down getting a mortgage is kind of like a locked savings account so it's only a good idea for people that are just going to waste the money or leave it sitting in a bank account doing nothing luckily Curtis reinvested the money back into business Tilbury multimedia limited which currently generates about a million dollars each year so if you want to be rich then you have to find a better investment vehicle than a house to live in number two the latest tech nobody really cares if you've got the

latest iPhone or Apple watch too many people upgrade to the latest tech items just because it looks cool or they think it makes them happier our word is so long to upgrade from my iPhone 3G that the apps actually stopped working I could normally deal with this without too many issues but I was doing a lot of sales on eBay at the time and I needed to use the app so there was a value to upgrade into a new model however instead of going out and buying the latest model I decided to buy an iPhone

4 which is when my son had the latest iPhone 6s he used to laugh at me using my older phone but it did everything I needed it to do and a newer model would have made me any happier as I just see it as a business tool the truth is while owning a useful device like an iPhone or an Apple Watch can be beneficial upgrade into the newest version for the sake of having the latest technology is not a wise financial decision if you're aiming to become truly rich instead focus on purchasing items that can

have a much bigger impact on your life and avoid being drawn in by the marketing hype number three Investments you don't understand let's face it too many people got into investing during the pandemic Without Really knowing what they were doing they simply put their money into stocks and hope the value would increase which is a terrible idea as Tai Lopez would put it it's all about knowledge knowledge of stocks the market Wall Street and the trading tools that you're using that's why MooMoo is sponsoring this section of the video as in my opinion MooMoo is

not just a trading platform for buying and selling stocks but a tool that truly focuses on helping investors have a better experience especially beginners it was founded in Silicon Valley and has over 20 million users worldwide allowing them to trade stocks straight from their iPad laptop or smartphone I love that it provides me with free Vital Information about a company such as power company performed in the past what it's projected to do in the future and how Wall Street analysts rate it you can also find more than 2 500 free investment courses ranging from beginner

to Advanced levels if you join MooMoo today using the link in the description you can receive up to 15 free stocks each worth between three and two thousand dollars it's an amazing deal these three stocks can help you start building your Investment Portfolio right away number four gifts for a partner I'm not saying don't buy your partner gifts I'm actually going one step further I don't think you should have a partner at all when you lay in the building blocks for your Empire when I was in my teens and early 20s I had a four-week

rule if I knew a girl I met wasn't going to be the one then a maximum I would allow was four weeks I thought it was kind to allow them to move on as it meant I didn't have to buy any expensive presents as you are really socially expected by any gifts if you've only been seeing someone for a couple of weeks according to the National Retail Federation the average person will spend around a hundred and three dollars on Valentine's Day gifts per year now I know that doesn't seem like a huge deal but that's

just one occasion you will need to budget about a hundred dollars minimum for birthdays Christmas and anniversaries as well let's throw in the extra 15 a month for flowers and you're looking an extra 180 dollars that's over five hundred and eighty dollars and we haven't even started on those little surprises throughout the year or times that call for bigger presence we've all been there I don't want to come across as being cheap but the only person I wanted to spend any money on was my future wife I knew that would be an investment but anything

else was just a waste when I was building my wealth I wasn't looking for anything long term because I knew I wasn't the man I wanted to be yet so if you want to become rich I suggest staying single and focusing on building your Empire you'd have more time and money to invest in yourself and your future and who knows maybe you'll find someone who shares your financial goals and Ambitions along the way number five a new car purchasing a new vehicle is in fact one of the very worst financial decisions someone can make and

the silent wealth killer nobody talks about let's do the Maths for a mid-sized vehicle worth twenty five thousand dollars if you don't have enough money to buy out right you may opt to get a loan instead assuming you have a good credit score and obtain a 3.5 interest rate with a three thousand dollar down payment and a thousand pound trading of your old car you'll be paying 382 dollars and two cents a month for 60 months however you'll also have to consider the depreciation of the vehicle a new car loses around 22 of its value

in the first year and around 55 over five years this means that halfway through your loan you'll effectively be flushing four hundred dollars down the toilet every month for the next two and a half years as you'll never get that money back so what's the solution well believe it or not I didn't buy my first brand new car to last about 35 years old before that I bought cars that were around five years old such as Ford escorts Peugeot 206 is and Ford focuses as I knew they'd experienced the majority of their depreciation and they

were well under half price none of the cars I purchased lost more than 15 in value meaning the person who bought the car when was no took the biggest hit the only reason I bought a new car when I was 35 was for my wife who needed to do a lot of mileage and I prioritized her safety over the loss in value so if you want to be rich then you need to be smarter when purchasing a vehicle you don't want it eating away at your wealth month after month number six impulse items you'll never

become the person you want to be if you can't control impulse purchases let's attack them one by one firstly stuff that's on sale it's important to see past so-called sales often the sale price of a product is not actually a real discount and the retailer has simply increased it above the recommended retail price for a week or so in one location alternatively it may be a low quality item that no one wants secondly my age-old nemesis designer clothes I have nothing against buying quality clothes in fact I think it's a good idea because they'll look

better and they'll last longer what I don't like are designer clothes that only justify their expensive price tag due to the hype around the label people only buy these brands for one reason to impress others thirdly we have to talk about entertainment subscriptions it used to be fine when we only had Netflix but now there seems to be so many other streaming platforms I only sign up for one at a time I don't have enough free time to watch everything anyway so I just watch everything I want on each platform during a three month window

then Council and jump to a new one fourthly the scam that is extended warranties for example two years is a pretty reasonable lifespan for an iPhone so in reality when you buy an extended warranty you're just paying really for one extra year of coverage and by the time you get to that last year you may have lost details of your warranty or even sold the item these in post purchases might not seem like much in the moment but when you add them all up you realize how much they're costing you number seven alcohol the most

important thing you can do right now to gain an advantage over everyone else is to stop drinking I haven't really been properly drunk since a big family gathering when I was about 19 years old they kept buying me drinks and I just so hard to say no the drinks just kept coming and I ended up very ill I couldn't work the next day and sat in bed thinking about the night before it struck me why would you drink alcohol when it made you feel so bad furthermore why would you drink when you're at the height

of your power such a young person this thinking has actually been backed up by a study from the University of Sussex 857 participants took part in the dry January campaign and abstained from alcohol for the entire month the study found that 71 of the participants reported sleeping better 67 had more energy and 58 experience weight loss all of these things are very important for Success when you're younger so why slow down your brain by drinking if you'd like to know how you can retire before everyone else then you can watch this next video but don't

click on it just yet make sure to subscribe if you want to grow your wealth okay see you over there