More often than not, we buy dumb things that we don't need to impress other people that we don't particularly like. This is what Gary Vaynerchuk preaches and I'm also guilty of doing this for the majority of my young life. However, I've changed my spending habits after I graduated college and adapted a frugal and investor lifestyle. In this episode, I discuss some of the things that you should avoid buying this year. "Be grateful you even have a chance because the odds of becoming a human being are 400 trillion to one." - Gary Vaynerchuk #frugal #investing #investor #financialliteracy #stocks #stockinvesting #donotbuyacar
RESOURCES:
➜ Google slides presentation:
➜ Compounding Interest Time Table:
➜ BPI Trade:
➜ PSE Edge:
➜ Pesobility:
➜ PSE Dividend Yield:
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Peso Smart PH is a channel that aims to educate Filipinos on how to handle their money better, invest in the stock market, take advantage of compound interest and discuss all things personal finance. I'm an avid fan of Warren Buffet, Mark Cuban, Gary Vaynerchuk, Robert Kiyosaki, Og Mandino and Tony Robbins. I wanted to share this journey with you guys to broaden my understanding and knowledge in the world of investing, money and wealth.
New Phone
➜ There’s always a new version of your current phone every year
- Apple
- Samsung
- Vivo
- Xiaomi
- Sony
➜ Remember, if you don’t need it, don’t buy it
➜ Also, if you can’t buy it twice, you can’t afford it
➜ I used my old smartphone from 2015 to 2019
➜ I purchased a new smartphone back in February 2019 and I still use it now
Brand New Car
➜ Most new cars lose about 10% of their value as soon as they're driven off the lot, and another 10% to 20% by the end of the first year. After that, you're looking at a decrease in value of about 15% to 25% per year, for an average loss of over 60% by the fifth year.
➜ There’s one thing that my freshman economics professor told us back in 2013:
- “In the first 5 years of your career after graduating, do not buy a car. DO NOT BUY A CAR. Instead, put your money in a mutual fund and you’ll be a millionaire after 5 years.”
- I didn’t really follow everything he said but I took his advice of not buying a car and took the stock market investing route instead.
➜ Of course, if buying a car will give you more income, then by all means go buy that car.
➜ But if you’re buying just to keep up with friends, family, etc. then DON’T!
More Clothes
➜ The average person spends around $161 per month on clothes – women spend nearly 76% more than men do on clothing in a year. The average family of four spends around $1800 per year on clothes, with $388 of this on shoes.
➜ The average adult aged 25-34 spends $161 per month on clothing. Adults aged 35-44, however, spend slightly more, at $209 per month. This makes sense since the mean income for adults aged 35-44 is 26% higher than adults aged 25-34.
➜ Spend money on quality products instead of buying “cheap” options over and over again multiple times.
Pets
➜ A brand new pet from a breeder is quite expensive
➜ Adopt instead
➜ Local animal shelters offer free or almost-free adoption
Where you can adopt pets:
Happy Animals Club
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Hound Haven
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PAWS
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CARA Welfare Philippines
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It Started with Sam
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MBY Pet Rescue and Sanctuary
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Resources and Articles
➜ 10 Things You Really Shouldn’t Buy New
➜ How car depreciation affects your car’s value
➜ How Much Money Should You *Really* Spend On Clothes?
➜ Average Cost of Clothing Per Month Will Surprise You
All Music are from Audio Library
➜ Their YouTube Channel:
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