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6 Ways You’re Losing Money Without Realizing It | The Financial Diet


Hey, guys. It’s Chelsea from
The Financial Diet. And this week’s video is
brought to you by Wealthsimple. And if I sound a little
under the weather, it’s because I’m just
getting over the flu, and it’s also depression
in weather form outside. So you know, I’m perhaps a
little bit less energetic and I usually am. Anyway, this week,
we wanted to talk about all of the
little ways that you’re probably wasting or losing
money without even realizing it. Whether it’s the
things you don’t do, the things you forget to do,
or the things you do too much, there are so many ways
that we cheat ourselves out of money that could
and should be ours. So let’s jump right into
it with the six ways you’re losing money
without even realizing it, and how to stop the bleeding. Number one is paying
sneaky bank fees. Something that many
people don’t realize is that with any given bank
that you might be using, you are often paying money just
for the privilege of storing your money with that bank. Everything from having too low
of a balance to using checks to overdrafting to transferring
money can ping you with fees. And doing something like
overdrafting multiple times in a day, which is extremely
easy to do without even realizing it, can
lead you to rack up hundreds of dollars in
fees before you even realize what’s happening. Erin just did a great show
on all the sneaky ways that banks might be
taking money from you, and we’ll link you to
that in the description. But the point is, you need
to be aware of every dollar that you’re spending
and being charged when it comes to your bank. Be on the lookout for fees, and
remember that you can always negotiate them. And even if you don’t
get a given fee waived, like when you maybe
overdrafted before you realized your account
balance was low, it’s always good to ask. There are also
modern digital banks that get rid of all
of the fees that make having a checking account
in particular so annoying. Chime is a great one that
you guys could check out. We’ll link you to it below. No matter what banking
decision you make, though, remember that your
goal should always be to not pay money
just to store money. There’s almost always a
better way to be banking. Number two is not thinking
in terms of opportunity cost. Opportunity cost is
an economics term, and it basically means
a benefit that a person could have received
but gave up to take another course of action. Stated differently,
an opportunity cost represents an alternative given
up when a decision is made. Often, the decision that
looks cheap on its surface can mean giving up
something very valuable that you could have had. For instance, if you save
money by not investing in a particular skill– like paying for education,
software, online courses, et cetera– you may be
effectively losing money by foregoing the employment
opportunities that could have opened up with that new skill. Another example is staying
in a lower paying job when it’s become clear
that you’re not going to get a promotion that
leads you to get what you’re worth on the market. It can be the more comfortable
and low risk choice, but you’re forgoing the
opportunity to make more money and learn something
new at a new job. If you think that you
might be underpaid, for example, you can look
on sites like Glassdoor or Salary.com to figure out
what is the appropriate amount that you really should be
earning at any given job. And if you’ve been waffling
about whether to take a specific course or even
potentially go to grad school, do detailed research on
what the average increase in salary from gaining those
skills or degrees tends to be. It’s not perfect,
but it will give you a really good idea of what the
real opportunity cost there is. The point is, thinking not just
in terms of raw upfront cost, but in how any given
decision will benefit you in the longer term is crucial. You should always be thinking
in terms of your future self. But you should also be thinking
in terms of opportunities that may not seem immediately
available to you in the present moment. Unless you force
yourself to think outside of your current
limitations in things like your career, your finances,
or even your personal life, you’re not likely
to advance very far in any of those fields. Number three is being
afraid of investing. One of the things we talk about
most frequently here on TFD is the importance of investing,
especially while you’re young. Basically, there is a thing
called an investment horizon. And that’s essentially
the amount of time that your money has
to grow and accrue all of that sweet,
sweet compound interest in the meantime. Young people often tend
to feel that they’re exempt from investing,
because A, they might not have enough
money that they feel like they can get
started, and B, they always feel like they’ll
just get to it later. But every day that you
wait to start investing, even just a few
dollars at a time, is costing you enormously in
how much time that money has to grow. Going back to
opportunity cost, we tend to think of investment as
always inherently super risky, and that keeping our money just
sitting in a savings account is by default the safe choice. But it’s very much
not the safe option when it comes to that
money’s potential value. Keeping your non-emergency
funds savings in a basic savings account is essentially
the only surefire way to make sure that it will
never really grow or work for you over time. And if you’re looking for a
way to invest that’s easy, low risk, and open
to any income, a great option to check
out is Wealthsimple. Wealthsimple is an
online investing service that you can start using
with literally just $1. And they’ll build you
a custom portfolio to fit your personal
needs, goals, and timeline. Just answer a few
simple questions about your financial
goals, and they’ll manage it for you on autopilot. Think of it like the
Roomba of investing. Just set it, forget
it, and let it go to work in the background. They even offer
retirement accounts like Roth IRAs that
have huge tax benefits. And saving for retirement should
be your first investment stop. You can invest up to your
first $5,000 with them with no management
fees whatsoever. Plus, TFD viewers get a special
cash bonus for getting started. Check them out at
wealthsimple.com/tfd or use the link in our description. And remember, you can get
started with literally just $1. So no excuses. Number four is not
using the right credit card for your life. Something a lot of
people don’t understand is that using the
right credit card is about a lot more than
just building your credit and having access to funds
earlier in the month. Everything from points
to miles to cash back makes the right credit
card super useful for things that you would
otherwise be paying for totally out of pocket,
such as airline tickets. I’m someone who flies a
lot, so I almost exclusively use my Delta AmEx
SkyMiles card, which I run all of my
monthly bills through, so that I’m getting tons
and tons of miles racked up for money that I was
already spending. And while you do have
to be careful when it comes to airline cards– i.e. some of them are
really limiting when it comes to things
like blackout dates– if you learn to
use them properly, they can save you thousands
of dollars on airline tickets. But even if you’re not
someone who flies a lot, there are tons of
great options out there for rewards cards for
whatever you might actually have a use for. We’ll link you to
a great roundup in the description
for the best reward cards for different lifestyles. Just make sure to read the
fine print before you sign. And remember, if you don’t yet
qualify for a really high value rewards card, you can
always get a more basic card and work your way up to it. It actually doesn’t take
as long as you would think. A TFD members partner wanted the
Delta SkyMiles AmEx initially, but couldn’t qualify for it. So he got a more
entry level card, and religiously built his
credit for about a year until he qualified for the
entry level SkyMiles card. And only a few years
later, he already has the Platinum 1, which
gives him the highest rewards. He flies a ton for his career,
so it’s super useful to him and saves him a lot. Wherever you currently
are with your credit, remember that the healthiest
way to see credit cards is as a convenient way to
live the life you already want to live in a more cost
efficient and effective way. It’s not just about
building your credit score. It’s also about using them to
your advantage to save money. Number five is letting
things run continuously. Everything from lighting
to heating and AC to running the water while
you’re brushing your teeth or taking super long showers– of which I am guilty
on both counts– is costing you
money for no reason. There’s a reason that most
of our dads spend about half of their waking hours walking
around the house turning down thermostats and turning off
lights and mumbling about how, when you can pay
the bills you can keep the house as hot as you want. Well, guess what, you
literally do pay the bills now. And it’s time to imitate
your dad in this respect. We all know that we should
be creating a low consumption and energy efficient household. But we’d probably be surprised
at how much not doing that can cost us in raw dollar amounts. It’s literally for many
people in the hundreds of dollars a year. An easy way to get
over these bad habits and start approaching your home
life in a more measured way is to start setting month
long challenges for yourself. For one month, make
a conscious effort to only use exactly
what you need. That means no lights on in
rooms that you’re not in, not running more water than
you need when doing things like brushing your
teeth, and it means keeping your heating and AC both
at a pretty mild temperature, and learning to put
on some damn socks. Sorry, that’s my
dad talking again. And if you’re in a
warmer month or climate, that means learning to use
as little AC as possible. I lived in a country
where AC is not really a thing for several
years, and it taught me that your brain adjusts
pretty quickly to the idea of, I’m just going to be kind of
hot when it’s hot outside, and that’s just
what life is like. I’m not saying you need to
get rid of AC altogether, but perhaps you could
learn to not keep things at a temperature where
ice cream stays solid when you leave it out on your desk. And do this month long energy
challenge with a buddy, so that you guys can hold
each other accountable, and see how low you can
get your bills down. A fun study showed that when
neighbors had their energy consumption listed
publicly, they actually consumed way less. When it comes to not
wasting on basic utilities, shame actually seems to be
the most effective thing. Number six is not
asking for a raise. Recently on the
three minute guide, Erin broke down how to ask
for more money at any job. And while I can’t
do as thorough a job as she can with the topic,
because she’s always been weirdly good at
negotiating and she has a lot more useful
tips than I do, I can say that it’s an
incredibly important concept to reiterate. Every time you don’t negotiate,
don’t ask for a raise, or don’t raise your rates
on any contracted work, you are actively cheating
yourself out of money. Negotiating isn’t
just acceptable, it’s what’s expected out of
any professional in a work environment. It actually looks weirder
if you don’t negotiate. And it’s not just the low
opening salary or rate that hurts you when
you don’t push back. It can be very damaging to get
in a pattern of low balling yourself, because it also
affects what you can ask for in your next position,
as well as the starting point from which you are
given raises for as long as you’re at that employer. Thinking of negotiation
in concrete terms of how much money you are
losing by not doing it is a lot more effective
than thinking about it as some sort of like
abstract extra money that you’re getting
on top of your salary. You’re costing yourself
by keeping quiet. Remember that every dollar
that you waste or miss out on is a dollar that you could
be doing something so, so valuable with, like
investing in your future. Get started today
with Wealthsimple at the link in our description,
and get a cash bonus just for being a TFD viewer. As always, guys, thank
you for watching, and don’t forget to hit
the Subscribe button and to come back every
Tuesday and Thursday for new and awesome videos. Bye.

100 thoughts on “6 Ways You’re Losing Money Without Realizing It | The Financial Diet

  1. Chelsea, I really like your videos, I would really love 💕 you to say hello to me, I am very good with money. 😊🌻

  2. How much did they pay you for advertising? this is horrible, I will never trust anything from your channel again, you should mark your videos that are paid for!!!!! this is advertising, not genuine advice!

  3. Thanks a lot for such a good video channel. I watched almost all your videos. They are so good and you are so lively. Thanks 👌👌👌👌👌👌👌

  4. I can't help it but u r missing a picture from the wall behind you or it is hung off center! It through me off lol.

  5. In my apartment, depending on the season, we dont turn on the lights until after a certain time. In the summer i try not to turn on the light until around 6ishpm

  6. So tell me more about this $50 welcome from Wealthsimple when you sign up through TFD’s referral and drop $500

  7. Hello, I am leaving in Europe, so maybe that's the case, but why do you need credit card? Isn't it cheaper to use just cash, and don't pay any cc fees and interests? I'm curious about it 🙂

  8. If storing money cost money there's no way in hell I'd be storing that money in a bank. Its easy to store money without paying. I belong to HSBC and bank of america and I never pay fees but I also never overdraft and I always keep my daily balance above 1500.

  9. No need to "negotiate" fees. Just get a Capital One 360 account. No fees whatsoever, overdraft is automatically covered by one of your savings accounts (which are free and you can open/close them at will – up to 20 at a time). Cancel your brick and mortar bank accounts – they all nickle and dime you. No, not paid by Capital One, but I really like their way of doing business. Uhh, did I mention they pay you interest on everything in your savings and checking accounts? Not much, but have you seen over 1% from BofA or any other traditional bank?
    Credit cards? Points don't work unless you spend an obscene amount of money on your credit card. A domestic flight is what? 50000 miles which equates to 50000 $ spent? My tip: use credit cards as little as possible (I don't use them at all, just once or twice a year to keep the account open) and your credit will improve on it's own. You could use a no fee, cash back card, which is pretty much the only way to actually gain a benefit from a credit card – on the other hand, the system is broken because you don't really get cash back, you just pay less fees (the fees are incorporated into the price of whatever you buy – I prefer buying a stores who don't accept credit cards and are thus around 5% cheaper)
    Is this a paid for by banks commercial? Sounds a lot like it, because quite some of the advise is pretty bad advise.

  10. How, please tell me HOW can one overdraft multiple times a day?! Isn't the individual aware of his/her balance?! That's just immature…

  11. Hi Chelsea! Thanks for sharing such valuable information! As you lived in Europe for some time, could you recommend an alternative to wealthsimple in the European Union? Unfortunatelly WS UK which would cover the EU doesn't offer many of the products available in the US. Any idea will be much wellcome!

  12. I totally agree on all of your points. And the Investing one is a big tip. I used to think that investing was for people who had lots of money or who could afford to loose all of it; iv'e learned thats not true. Since starting with Primerica (ps. awesome company that does insurance, debt reduction and investing) i have helped so many people in just a few years make more then what the bank was giving them (they were only getting 0.02%). And my own investments have grown too. Great video!!

  13. Honestly, would really like to know if a labor job hourly wage that requires no degree, like my husband just got working as a city bus driver, can be negotiated once he's done training or even after he's been there a year? They say they get set raises often but, can those set raises really need negotiated?

  14. 1 don't have bank account
    2 always do
    3 not allowed
    4 don't have bank account
    5 try to reduce the bill
    6 don't work.
    I'm 19 but I don't have my NID card due to very slow official work.

  15. I had an upright freezer which was not used much, unplugged and found huge energy bill reduction and i got it out of my garage, more room for the car!

  16. Can i ask for a raise when if im just a cashier or something??? Or does it only apply to more legit work?

  17. Banks owe you the amount of money you have on there. You don't actually have the money- you are owed that amount that the bank has promised to give you back.

  18. So you mentioned that savings accounts do nothing for growth of your money. But in fact that is wrong, it counts on the bank. My bank gives me 8.7 interest every month I have money in the account.

  19. Wow the amount of hate for someone trying to save people money, I'm great full for the information thank you. I think some people!e just don't know how to appreciate information and research anymore.

  20. According to research conducted at MIT, people on average spend 12-18% more when using credit cards. Credit Card rewards are nothing more than gimmicks. Use cash!

  21. Hey!
    I'm watching your video from France and apparently Wealthsimple is not available in some European countries. Do you have any alternative to that app?

  22. Chelsea, here’s a question for you: would you suggest a 25 year old to start investing for the long term or try to save enough for a house deposit?

  23. I've appreciated some of the more down to earth style advices from other videos, even though I'm likely too old for your demographic. But damn, this video is just so uppity and filled of middle-upper class BS. "Save thousands of dollars on flight bonuses"? What kind of detached lifestyle are you even talking about?

    "Make your money work for you by investing" is great advice, but that's not what you're saying here. You're saying that having a regular savings account is a bad idea and that you should always go for the "sweet, sweet compound interest". Not even aggressive bankers suggest to people that they should put all their money in funds to turn a profit. A wiser choice of action would be to split your savings in a secure fund and a more risky fund. You definitely don't want all your money in risky funds the next time we get a housing crisis. Which could be basically any day now. The current expensive global economic cycle is already showing signs of coming to a halt.

    Also, if you're seriously gonna go and advice people to put their money out there in the world of funds and stocks, PLEASE do make a point about ethics for your probably early-twenties audience. Right now you're just coming off as snobbish.

  24. I always get baffled about that "credir score" thing, and the whole not investing thing, then it gets to me it's probably just American things.
    Where I live we have reliable investment funds that usually come with some share from the Company you work at as well. I mean, you put some money for yourself, then they add some money for you. You can't open them for like 5-10 years, but you do get a nice sum at the end, and it's raliable and you don't need to deal with it too much. I don't get US economy, honestly. The more people are worried about money the more they are likely to get criminal, and for good reasons. When it's your/yout loved ones health VS taking the risk of commiting a crime, you don't hesitate for long.

  25. Hello from Spain! Very interesting and thoughtful videos. I really like them 🙂 I have a question, since wealthsimple is not working in Spain yet… Which one would you recommend in Europe/Spain? Thanksss 🙂

  26. Thanks for the info on Wealthsimple. I am retired and have other investments, but still had a savings acct. that was with a national bank – and yes it paid so little interest that I had to put on glasses to read the amount. I just signed up with Wealthsimple and opened an investment account and a savings account. OH YES,
    a better investing way so THANK YOU.

  27. These are so true, thank you for sharing a very informative video! Everyone needs to learn more about money and how to be smarter in dealing with it.

  28. I don't know how anyone can afford to live in NYC !!!  Oh, except for the guy who lives in a dumpster in Brooklyn.;)  Anyhow, you're a delightful girl with some good tips.

  29. Saving money doesn't have to be hard. Little lifestyle change can really add up. Start spending wiser and you will see a huge difference.

  30. You should not take super long showers because of the clorine content. How many people have a water filter system in their whole house? Not a lot.

  31. You've probably answered this, but where did you get that drawing/painting/print in the background? I LOVE it.

  32. #6 ASK FOR THAT RAISE THAT YOU KNOW YOU'VE EARNED. Example: I started as a corporate tax accountant at $47,500. Got a small COL adjustment at month 6, up to 48,000. End of year one, my achievements were staggering. Pulled back over $1 million in taxes paid in prior years by amending 3 years of tax returns. So I asked for a 25% raise at 1 year mark. Company countered with 11%. I immediately submitted my letter of resignation. (I mean immediately, literally during the raise review with HR.) Shortly after the meeting, they pulled me back into a room with the CFO, my direct boss, & an HR manager to offer my full asking price. Being that I'm a bit of an a**hole, I made them go to 30% as a 'stupid tax'. (Important note: I had another job already lined up at 58k with an unsigned contract in hand, so I had a lot of negotiating power. I did not use it as an active negotiating tactic. IE I never told them I had the offer. Using another job offer as a negotiating tactic is very toxic to your long term employment relationship with your bosses.) Just remember folks, in the grand scheme of things a $14,400 raise is a drop in the bucket to a large company but its a HUGE amount for you…A company like mine which had a net income of over $100 million won't miss that $14,400. One last tip, don't ever let anyone use a toxic negotiating tactic on you or to 'put you in your place'. When I was negotiating my raise they attempted to use 3 'toxic negotiating tactics'. #1. Said I got a raise at 6 months and they don't give 2 in a single year…(Lie. Call it for what it is.) #2. Said that my raise would come in the form of a performance bonus/profit sharing. (But everyone gets that. I was negotiating my BASE salary.) #3. Comparing how much you're making to how much others around you are making. (They said 'You're already one of the highest paid junior level employee's in the office'….OK. GREAT. SO WHAT? Just know what you're worth and don't let a toxic HR manager drag you down to being co-equal with the 'others' ESPECIALLY if you're a high performer.)

  33. I didn't make any money with wealthsimple!!! I lost all my money,and the open the market only day time Monday to Friday!!!! And they don't show you how I lost ! Just send me an email and tell I felld!!

  34. Is the WealthSimple app possible for a Filipino that lives in the Philippines? I saw the advertised currency is in dollars.

  35. Even though air conditioning is not an option from May until like October in the southern midwest…. we save a TON on heating by limiting how cold it has to be (50 Fahrenheit or around 10 Celsius) before we even think to turn it on. We then stock pile extra saved money away in prep for the excruciatingly hot summer months so that it's not a big slap in the face when 100 degrees rolls in.

  36. i' m slightly over 50 iv'e always been interested in doing this. really did'nt know what to do ,or who to even ask for help with this. can i still do some about this or is it to late to even consider doing anything at this stage.

  37. BOYCOTT ALL BANKS. JOIN A CREDIT UNION! They're for the people, not for Wall Street!
    https://www.mycreditunion.gov/about-credit-unions/credit-union-different-than-a-bank

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