4 Things You Should Never Do With Your Money

1. Avoiding Common Money Mistakes
2. Gambling: Not a Wise Investment Choice
3. Splurging on Bottles and Alcohol
4. Avoid Emotional Shopping
5. Invest Wisely: Say No to Unnecessary Car Expenses
6. FAQ

Avoiding Common Money Mistakes

Whoo! I just got paid. I'm going to Vegas. I'm going to spend all my money. I'm going to go gambling and bottle service at Hakkasan. Bro, it's going to be rad. There are 4 things that you should never do with your money. And I'm going to go over those 4 things in this video of what you should never do with your money. Now, I would know.

Gambling: Not a Wise Investment Choice

These are people that are earning millions of dollars a year. But the reality is that most people come from poor families especially NBA and NFL players. And just because you're making a lot of money doesn't mean you are saving it or spending it correctly. So, I'll be going over the 4 things that you should never do in this video to help make sure that you don't end up living in a paycheck to paycheck situation. Follow along, educate yourself and take notes. Now, folks. Okay, I have been broke multiple times. I was broke when I was poor and before I started my business. I was also broke when I was making a million dollars a year.

Splurging on Bottles and Alcohol

Now, number 2, second thing you should not spend your money on is the infamous bottles, okay? Now... Man, I was also guilty of this. So, I would always... You know, I was that guy who just would go to the Vegas and I'd buy bottle service. I'd my promoters lined up or you know, I'd go to a club or a bar. And the typical markup on bottles at clubs is about 1,000 times. So, you buy a bottle of Grey Goose at a supermarket, it's about $30. You buy a bottle of Grey Goose at a club it's about $3,000.

Avoid Emotional Shopping

Third way not to spend your money is actually emotional shopping, okay? Now, some of us are guilty of it. Not to be all sexist and genderist or whatever. But it seems to be that women tend to go emotional shopping more often than men. But men still do it too. You know, it's like, "I deserve a new car. I deserve a new motorcycle. Or I deserve a vacation." And you spent... You know men make bigger purchases that cost a lot of money.

Invest Wisely: Say No to Unnecessary Car Expenses

And the last thing, the fourth thing you should not spend your money on is buying new cars, okay? Or just buying cars in general. Now, cars are not a good investment, okay? Buy a used car or lease a car through your business and expense it, even better. But buying new cars is just unnecessary. A car is a vehicle to take you from point A to point B. You don't need that leather upgrade.

FAQ

Q: What are some common money mistakes to avoid?
A: Common money mistakes to avoid include splurging on unnecessary items, emotional shopping, gambling, and making poor investment choices.
Q: Why is gambling considered a poor investment choice?
A: Gambling is considered a poor investment choice because it often leads to financial losses and can result in individuals living paycheck to paycheck.
Q: Why is splurging on bottles and alcohol not recommended?
A: Splurging on bottles and alcohol is not recommended because the prices at clubs are significantly marked up, leading to unnecessary and excessive spending.
Q: What is emotional shopping and why should it be avoided?
A: Emotional shopping is making purchases based on emotions rather than practicality. It should be avoided as it can lead to overspending on unnecessary items.
Q: Why should unnecessary car expenses be avoided?
A: Unnecessary car expenses, such as buying new cars, should be avoided because cars are not considered good investments and can lead to financial strain.