Link to original video by Vincent Chan

15.5 Things That Are a Complete Waste of Your Money

Summary of "15.5 Things That Are a Complete Waste of Your Money"

Short Summary:

This video explores 15.5 common money-wasting habits and offers practical solutions to avoid them. The speaker emphasizes the importance of intentional spending, smart saving strategies, and negotiating for better deals. He highlights specific technologies like VPNs, eSIMs, and cashback apps to save money while traveling and shopping online. The video encourages viewers to be mindful of hidden fees, like ATM charges and hotel Wi-Fi fees, and provides actionable tips to avoid them.

Detailed Summary:

Section 1: Bulk Purchases

• The speaker argues that buying in bulk might not always be cost-effective, especially for perishable items.
• He shares his personal experience of buying in bulk at Costco but struggling to consume everything before expiration.
• He recommends buying perishable items in regular sizes from supermarkets like Trader Joe's.

Section 2: Saving Strategies

• The speaker emphasizes the importance of a high savings rate for building wealth, citing Morgan Housel's "The Psychology of Money."
• He highlights the benefits of joining a savings challenge for accountability and guidance.
• He promotes his own free 5-day savings challenge, encouraging viewers to join for a structured savings plan.

Section 3: Spending Without Intention

• The speaker discusses how stores like Target, Walmart, and Costco are designed to tempt customers into spending more.
• He recommends creating a shopping list and sticking to it to avoid impulsive purchases.

Section 4: Designer Glasses and Sunglasses

• The speaker reveals that Lexotica, a company controlling 80% of major glasses brands, sets high prices despite using similar materials and manufacturing processes.
• He advises viewers to focus on quality rather than brand names when purchasing glasses.

Section 5: The "Love It or Leave It" Strategy

• The speaker advocates for buying only items that you truly love, not just like, to avoid accumulating unused items.
• He explains that this strategy encourages quality over quantity and saves time and money in the long run.

Section 6: Branded Medicine

• The speaker shares his experience with allergies and the high cost of branded medicine.
• He recommends purchasing generic versions of medicine, which are legally required to have the same quality and performance as branded counterparts.
• He highlights the cost savings associated with generic drugs due to lower marketing budgets.

Section 7: Dynamic Pricing for Flights and Hotels

• The speaker discusses how dynamic pricing affects travel costs and shares a trick to get cheaper prices using a VPN to change your location.

Section 8: eSIMs for International Travel

• The speaker promotes eSIMs as a cost-effective and convenient alternative to roaming fees and local SIM cards.
• He highlights the benefits of using AO eSIMs, emphasizing their affordability, ease of use, and availability in over 200 countries.

Section 9: Late Fees on Credit Cards

• The speaker advises viewers to avoid late fees by negotiating with credit card companies.
• He emphasizes that companies are often willing to waive fees for loyal customers or those with infrequent late payments.

Section 10: Negotiating for Big Purchases

• The speaker shares his experience of negotiating the lowest price for his car by using research and data.
• He recommends separating the people from the problem, focusing on interests rather than positions, and inventing options for mutual gain.

Section 11: Sales and the Anchoring Effect

• The speaker explains the anchoring effect, where people focus on the original price when seeing a discount, making the discounted price seem more attractive.
• He warns viewers to be aware of fake discounts and to consider the actual price rather than the perceived savings.

Section 12: Cashback Apps for Online Shopping

• The speaker recommends using the cashback app Rakuten to earn money back on online purchases.
• He highlights the ease of use and potential savings associated with using the app.

Section 13: Souvenir Purchases

• The speaker suggests buying small, affordable magnets instead of large, impractical souvenirs to remember travel experiences.

Section 14: Lottery Tickets

• The speaker emphasizes the extremely low odds of winning the lottery, discouraging viewers from spending money on tickets.

Section 15: ATM Fees

• The speaker recommends using a Charles Schwab checking account or a bank with a large ATM network to avoid ATM fees.

Section 15.5: Hotel Wi-Fi Fees

• The speaker criticizes hotels for charging for Wi-Fi and suggests signing up for hotel rewards programs to access free Wi-Fi.

Conclusion:

The video concludes with a call to action, encouraging viewers to learn seven additional money-saving strategies to save 73% of their income.