100 thoughts on “5 Common Lifestyle Choices That Are Total Wastes Of Money

  1. what can i do if my income is irregular? next month I will finish a job with a regular job to be a freelancer. Should I do it for 4-6 months instead?

  2. Loved this video. I fell for the pressure of looking the part in my last job. I was moved up the job ladder and I was actually teased about my 10yr old economy car. I did eventually need to replace her since I did alot of commuting. I went with a mid size used sedan. I still stayed away from the status cars. The clothing was also a big thing. We could be casual as long as it wasnt a visit from the owners. I used to walk several kms a day inspecting places etc. So I had a pair of good fitting running shoes. Meanwhile my colleagues would be doing this in high heels and complaining by the end of the day. I'm just starting to work on the yearly budget. Esp for suv repairs/oil changes/tires changed for winter etc. Its those occasional need based purchases that I always forget about. I actually enjoy budgeting and tracking our investments. My husband gets a year end bonus. If you take the bonus as a pay out you lose 24% in taxes. If you choose to put the bonus into retirement savings you keep 100% of it and then at tax time we claim it and get back approx 25% that we can once again put back into the retirement savings. I'm in Canada so it is a bit different. Here investing in retirement gives big tax breaks. 😁

  3. Love the meal prepping/planning segment!!! I’m back to cleaning out my hoarded kitchen and it saddens me to throw so much food away when we work so hard. I especially feel guilty when I know people are starving in the world and here I am throwing food out bc I’m not organized enough to cook or eat it before it expired. Heartbreaking. So it’s time to change that starting today 🤗💞

  4. I usually don't do this but Tasha sounds really stupid. Why would you invest when you're in debt? It makes no sense because your debt accumulate interest over time which cost you in the long run. In fact all debt does stop you from hitting your financial goals. How can you optimize your ability to build wealth when you're in debt please explain that? Let's not encourage Millennials to stay in debt.

  5. Hey Tasha love your videos! Could you do a video on how to calculate when it makes sense to repay student loan debt under the British system?

  6. Loved this video! Totally the idea of not throwing all you money toward debt. I mean make your minimum payments , and maybe a lil extra, but not everything. Esp if you are investing, the time your lil bit of money is in the market can really impact how much you get at the end.

  7. Yes switching up the recipes is super important with meal prep. I can not (maybe will not) eat the same things so many times in a row. The variety helps me stick to it 😊

  8. I have subscribed to your channel for almost 4 months now and I really have obtained useful financial knowledge although I have read financial education related books before. Big thanks to you and your entire crews for working so hard to produce quality videos and contents. Thank you. 🍀❣️

  9. I’m sorry but I disagree with the debt. There isn’t any good debt. Debt is owing someone else and if you’re tied down to owing someone money or something you aren’t technically free with your money. You have to be wise with your money and debt can stall you from your financial goals. Sorry Tasha I disagree here with you. But overall your advice is good.

  10. For those with variable incomes asking about the yearly budgeting thing, here's what I do. I budget by paycheck but I also keep a list of bigger purchases that I know are coming up in the next few months (examples for me: shocks and struts on my car, car seat for my new baby) an estimate of how much they will cost, and when I will need to pay. I save for it little by little per check. Budgeting for a whole year is not doable or even smart for many people.

  11. Annual budget: YES!
    Weigh debt repayment vs investment and prioritize the one that maximizes Net Worth/Retirement: YES!
    Housing is your biggest expense and optimizing it has the biggest impact on your daily budget (and also drives your 2nd largest expense, transportation): YES!
    Learn to cook (the 3rd largest expense is food): YES!
    Screw status symbols: YES!
    Solid advice here.

  12. Great advice. Thank you. Congrats 🎉 on your educational and career path. My daddy was an attorney, then appointed to the bench ; Los Angeles Superior court. I was very proud of him.

  13. Yea NoVA, MD, and DC is crazy. I am an hour from DC and my hometown is now considered a bedroom community of DC so a nice townhouse can go for 1200-1600! My commute is 30-45 minutes and I am in STEM so I have to live somewhat close to a larger city to get a reasonable income.

  14. I dislike people who are well off that move to lower income places…. it’s one of the factors that contribute to Gentrification. Pushing out people who do not have the choice but to live in a low cost area. I hope this channel does not move for this reason. Or what are the ways in which they will help mitigate this problem?

  15. In a high cost of living area for a great public school system. So that or having to fund private education for 2 kids. 🤷🏻‍♀️

  16. Awesome video, especially as I'm beginning my first-ever salaried job in a few weeks. My financial situation is changing dramatically, yet I already know I don't want to change my ways of living dramstically simply because more money is now available to me.

  17. Thank you for that debt tip!! It is really easy to think paying off all your debt ASAP is the smartest decision. It's also probably in a lot of people's interest that we do that before saving, as well. 😉

  18. What's your shortlist for the potential move? My priorities are right in line with yours, and NYC ain't it when it comes to my budget!

  19. Is there anyway to live a good and fulfilling young life 20-40 and just live a comfortable retirement? I have a disease that’ll probably not let me live past the age of 50 if I’m lucky, yet I can never find financial tips on how to live a fulfilling life and not only focus on my life past work

  20. With the comment on "being willing to move from city to city with children in tow" I'm curious to hear what your oldest feels about that lifestyle.  You always hear of people who grew up in a family that moved a lot, who really weren't able to form relationships with peers because they were always moving, and how that was a lonely way to grow up.  Also, because you move to areas where you know no one, do your kids have relationships with their extended family?

  21. I earned my law degree while I was working full time as a single mom, so my schooling option was more or less limited to online classes. At that time, California was the only state that allowed prospective attorneys to sit for the bar exam with a JD earned online. More states are opening up to the idea now, but usually you have to practice in another state for a number of years and/or pick up some brick and mortar classes before you become eligible. I moved from Upstate New York to California for the opportunity to follow my dream and practice law, and, while I hope to move out of Los Angeles at some point, it's out of my control how long I might have to wait to sit for a bar exam in a lower cost of living state. However, I saved a ton of money on my tuition by choosing a reputable online school, and I more than doubled my income by getting my law degree, so for me, moving into a higher cost living area was worth it for the few years I might have to stay here. Nevertheless, it isn't going to make sense for everyone, so if you have the option to live elsewhere, it's something to think about.

  22. I’m glad that you mentioned diversity! As someone born & raised in LA, it’s hard to leave here due to job opportunities and the diversity here. I’m sure you know as well as I do that while certain places in the country may be affordable, some of those places are not best suited for people of color. I would love to hear your shortlist for other cities to move to!

  23. When you say the baby steps have you lose money you're assuming human beings are rational and have complete control over their emotions. The baby steps recognize that that is actually not the case and that paying off debt reinforces positive emotions and values that can accelerate the building of wealth.

  24. The section on living in an area that has a low cost of living was terrible advice because there are so many things to take into account in where to live and job availability. Areas with low costs of living also tend to have lower salaries so you'd still have a similar cash flow. For example, I've been living in South Carolina which has an amazingly low cost of living, but after getting laid off, there's little to no work in my profession, at least not at a salary level that keeps me at or below paycheck to paycheck for my lifestyle/expenses. So I'm having to move to a much higher cost of living area where jobs are more plentiful, but my salary is also matching what I'd need to live comfortably there, in comparison to if I stayed put and leaving my profession that I love.

  25. I know there’s a video for budgeting for personalities but can we go more in depth and different styles of budgeting. Yearly budget is not gonna work for everyone in the world and And the way you describe it makes it feel like you’re not doing budgeting correctly if it’s not a yearly budget. We should explore all the budgeting options for different people, Maybe a pros and cons for all but it should really about picking a budget that works for you.

  26. This feels very judgmental of behaviour that doesn't warrant that. For example, paying off your debts quickly is not "a total waste of money". Wasting money means spending it on something that doesn't actually do anything for you. Now paying debt off may not be the optimal strategy in all situations, but it does relieve you of a burden you would have to shoulder anyway, of a lot of risk (which I wonder whether you calculated that in in your comparisson with the Ramsey plan) and a lot of psychological stress while teaching yourself useful habits. To be clear, I am not saying everyone should and it can be worth reconsidering, but it is a valid lifestyle choice and doesn't deserve to be lumped in with impulse buying something you never use, buying insurance that covers you for something you already had covered or indeed status symbol purchases.

  27. I keep trying but I just can‘t warm up to Tasha‘s videos 😐 I also feel like her advice does not match the Financial Diet‘s generally speaking. I really hope they will start replacing the friday videos with something different…

  28. Also das Bedingungsloses Grundeinkommen durch Zwangsenteignung finanzieren , was für ein billiger Scheißdreck ist das den !!! mfg eure Conny

  29. I'm about to move into a dorm far from home without a meal plan for the first time and I'm a little stressed that I don't really know what my grocery and toiletries spending will look like 🙃

  30. Lordy, lady! I live in the DC area, too, and it is just killing us. (NOVA) Our house tax is over $16,000 a year on a 1400 sq foot house on a great but tiny 1/3rd of an acre. It is disgusting. When we retire we will HAVE to move. Just wild.

  31. Too many Americans nowadays are living pay check to pay check and do not have the resources to make annual strategic financial plans a practical reality. They are one lay-off, broken down car, missed credit card interest payment, or sick child away from financial disaster. No sense going on a long term "financial diet", when one is financially living on a "starvation diet". Just sayin…

  32. I don't like most of Tasha's videos, because the advice she gives doesn't make sense for most people. Most people don't have the stability to make a 1 year spending plan. Most people don't have the option to turn down a job to wear more comfortable clothes. Most people don't have much choice in where they live. I know that she has not always been wealthy, but the advice she gives almost exclusively applies to upper middle class and wealthy people.

  33. Paying a short debt is the best thing I had done because then As I got used to pay a certain amount a money every month after I was done I continue saving that money every month and after a few years you have quite a bit of money on a side…

  34. About debts, pay off your credit cards ASAP. Have only one credit card and allow yourself a spending no higher than $2,000 which is what most of us workers can afford anyway. If you need anything higher than $2,000 then start saving seriously for one year… o more… paying debts quickly and not having too much money to put on credit will save you from financial problems… think twice about what you really need in life, not what the TV and Hollywood tells you about it. STOP KEEPING UP WITH THE NEIGHBORS. Don’t assume things like they have it better than us, because many times they are up to their nose and cannot sleep at night thinking how they are going to pay for all the thrills they love… be conservative about money and allow yourself something you really want by SAVING AND WAITING to get it. I have been married for 32 years and my husband and I have lived by these rules, and it has been working for us…

  35. I very much appreciate Tasha pointing out & giving a link to an explanation of how Dave Ramsey's rapid debt payoff plan is actually a terrible idea 🙂

  36. Tasha, will you be putting your home up for sale in spring 2020? What are the cities you plan to check out to find a new home?

  37. About moving out of a highly sought after area: I chose the 40 minute commute with a 3 bedroom house with garden over the 10 minute commute and a 1 bedroom flat. I grew to like the commute, to be honest: no better time to listen to great stand up comedy.

    About the meal prep: what works for me is to cook in 3 batches: one to eat right now, one for the fridge and one for the freezer. That way you always have something for when you don't want to cook (instead of take-out) and you only have to cook about 3x a week anyway.

  38. The whole student loan dept Situation Sounds quite intemedating… luckily education is free in the System I Studied… The one year in England was still a Challenge but i managed to save enough money in Advance to afford that.

  39. A yearly budget?? How it this possible? Yeah, for a trip,tires and kids school yeah, because you can save monthly for that thing. But a yearly budget as exact as a monthly one I don't think is possible for anyone,maybe if you are retired or something similar.
    The main reason this is unrealistic is that not that many people from the age segmant that watches this (20-40) have a regular income. You can have a job and maybe the company is going bankrupt,you can be the owner of a business and your income depends on other factors.

    She had some good advice in the past in some of the videos,but now,I think she just need to make videos and she comes with this kind of subjects…

  40. Oklahoma City is a great low cost living city. It's also amazing how the city is changing. If you guys want info on the city, message me and I'll share information on housing costs, amenities, etc.

  41. My coworkers told me I deserved a designer bag for my 50th birthday. Let's just say 50 came and went…without that designer bag.

  42. I've been wanting to start budgeting but its getting started. Also, I have an idea of how to do it so I need to do some research to learn exactly how. I'm at that point in my life where I think I can do it in my head but that's not the reality. I'm recognizing it never was.

  43. Great video! I’m an attorney too so I can relate on the suit thing and wearing more comfortable clothes on non- court days! Batch cooking on the weekends has been a huge help but now we need to do that yearly budget!

  44. I feel like I don't know what or who to believe anymore. One mintue paying off debt is all the rave and now it's not😒

  45. Starbucks is not a status symbol purchase. It's overpriced yeah, but only by a dollar or two. Law of small numbers comes into play here. And there are much better/more expensive roasts out there. Starbucks doesn't hold a single candle to a bag of Kona coffee "imported" from the source.

  46. I think you can pay off debt and save at the same time. I think the issue with rapid debt payoff as described by Ramsey is that it is super restrictive so once people are done I would want to splurge to be honest.

  47. I started a one year budget this year, after watching one of your videos and I LOVE IT! Completely changed my life. I didn't realize I was literally living paycheck to paycheck until I started working on my one year budget. Being able to see the big picture really motivated me to stay within budget.

  48. I budget yearly. 2020 done. I stick pretty much to the same routine and June, back to school and Christmas I add stuff. It took me 30 minutes and with monthly reminders, it's mapped out. Great idea, it works!

  49. 1. Not having a 1 year spending plan. (0:18)
    2. Paying off low interest debt before you've hit your minimum savings rate. (2:22)
    3. Living in a high cost of living area. (5:02)
    4. Not cooking more of your meals at home. (7:39)
    5. Status symbol purchases. (9:50)

  50. It's surprising how cooking at home and not eating out is mostly talked about as a way of saving money in america,here in africa we cook!! Restaurants there must be balling in profits.

  51. Moving to an area with lower cost of living doesn’t make sense to me as something that should apply to everyone and moving your kids around multiple times as well. Some things are worth paying more for like a safe neighborhood and stability for your children

  52. I really love how Tasha includes your lifestyle and goals. I have friends who like the finer things in life but would never value it over a personality. It becomes tiring to hear someone criticising you for owning a designer bag or a prestige car for the reason of "keeping up with the Joneses".

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