In this episode, we talk about a CNBC article in which a 38 year old retiree gives his advice to Americans on what they need to do to retire early and stop bad spending habits! See full article here (https://www.cnbc.com/2020/03/04/stop-wasting-money-on-these-7-useless-things-and-save-for-early-retirement.html)

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Show Notes:

• CNBC Article on a couple that retired at 38 years of age discuss how they did it and what you should do.
• They discuss stop wasting money on these 7 things:
  • 1. Eating out
    • According to a 2019 survey of more than 2,000 Americans, 69% said they wasted money dining out
    • They ate out about $750 a month
      • Restaurant meals: $210
      • Drinks: $189
      • Takeout or delivery: $178
      • Buying lunch: $173
  • 2. Phone upgrades
    • This can cost you anywhere from an extra $600-1200 a year.
    • Really no point in upgrading unless you have major technical issues.
  • 3. Clothing and apparel
    • The average American spends about $1,866 per year on clothing and apparel
  • 4. Lottery tickets
    • From scratch-off cards to Powerball and Mega Millions entries, nearly half of Americans play state lotteries. According to a 2019 report from Bankrate, consumers each spend an average of $86 a month on lottery tickets.
    • A staggering 59% of millennials believe winning the lottery is a reasonable way to retire
  • 5. Extended warranties
    • Extended warranties have become a big business: Roughly $40 billion
    • No real reason to do this. Most products have their own warranties.
  • 6. Cable TV
    • You can watch free content on youtube, twitch.
    • You can get low cost services such as hulu, netflix etc.
  • 7. Impulse purchases
    • 88.6% of Americans have succumbed to the temptations of impulse shopping, with an average spend of $81.75 per session or $17.78 billion per year. Americans also make up to 156 impulse purchases every year, spending up to $5400 annually, or $324,000 over their lifetime.