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)
Help support us by joining our Patreon! (https://www.patreon.com/BrokeMillennialFinance)
Join Our Discord Server! (https://discord.gg/xVcF6JBuJg)
Check out our website for more content: (https://brokemillennialfinance.net)
Subscribe To Our YouTube Channel: (https://www.youtube.com/c/brokemillennialfinance)
Here are the referral links for you to join to get your free stocks:
Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)
Public: (https://share.public.com/BrokeMillennialFinance)
Robinhood: (https://join.robinhood.com/naveras-a23246)
Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)
Want to reach out to us? Email us at [email protected]
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.