How to need
Less Money
The 7 EASY STEPS To Spend LESS MONEY Today! | Minority Mindset
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[Music]
what's up everybody I am just releasing
a welcome to the minority mindset I've
made a lot of videos on starting a
business and how to grow your money I
remember there are three keys to having
money you have to make money you have to
get your money to work for you and and
you have to keep your money if your
spending habits are bad it does not
matter how much money you make you will
not be able to keep your money people
with multi multi-million dollar for kids
like MC Hammer and Mike Tyson have lost
it all because they were not able to
keep their money I'm going to go over
six ways for you to spend less money so
you can keep more of it number one
before you go shopping write down the
things you need and then only buy the
things that are on your list doors are
designed to get you to spend as much
money as possible which is why I'm split
on the topic because on one hand I want
you to make as much money as you can per
customer and on the other hand well I
want you to keep as much money as you
can which leaves me in the middle we
didn't go shopping without a list it's
really easy to get distracted when you
see that big red sale sign and you have
nothing telling you not to buy it oh
here's the thing and listen to me very
very carefully if something normally
costs $250 and you buy it on sale for
$100 you did not save $150 you spent
$100 it starts with your mindset
number two don't spend money on drinking
and smoking I can already tell you that
this one's going to hurt some people's
feelings but it's a lot of money that's
not being put to good use
the average American smoker spends
fifteen hundred dollars a year on
cigarettes in the suburbs but if you're
a smoker in the city you'll be spending
a lot more if you're a heavy smoker in
New York you can be spending seven
thousand dollars a year on smoking and
the average American spends one dollar
out of every 100 that they make on
liquor neither of these two things are
necessities and you can keep a lot more
money if you never spend money on them
three if you struggle with controlling
your spending habits don't carry a
credit card paid with cash when we use a
little piece of plastic to buy things we
don't feel the same pain as if we take
this cold hard cash
we worked so hard for and then just give
it away McDonald found that would
somebody pays for their order with cash
their average order size is four dollars
and fifty cents but when somebody pays
with a credit card the average order
size goes up to seven dollars and dun
and bradstreet did a famous study where
they found that we people spent twelve
to eighteen percent more when we use a
credit card than if you use cash because
we don't feel the same pain of spending
money number four if you can buy generic
a lot of times the biggest difference
between generic and brand name products
is the price sometimes a generic and the
brand-name products are made in the
exact same Factory and the only
difference between them is a label that
you slap on buying generic products
isn't going to make you rich but when
you're putting every dollar you have in
your business dollars matter eyes keep a
running calculator on all of your
expenses I know what you're probably
thinking who has time to keep track of
every single thing they spent well it's
actually really important when you're
trying to get more sales for your
business analytics are super important
because it's hard to improve something
if you can't measure the exact same
applies for your finances if you don't
know where your money is going how can
you improve your cash outflow I need you
to know where every single dollar you
make goes you need to know how much
money you're spending on entertainment
help with your spending on gas how much
money or food how much you're spending
on eating out how much studying shopping
you have to know all of these things
once you figure out where your money is
going then you can see how you need to
reallocate your budget but you can't do
that unless you keep a running record of
this fixed size for my language but pay
your on time you know most of my
videos are inspired from things that I
see in my life and well I have some
friends who aren't that good at paying
their bills on time they have the money
to pay their bills they just forget to
pay it so then they get a late notice
which causes the $25 fee just because
they're a couple of days late that's
pretty funny right you think that's
funny
look at my face does it look like a
laughing no it's not funny I hate
wasting money and late fees are a
complete waste of money when you're
paying late fees you're essentially
taking your money
and throwing it down the drain paying
your stupid bills on time so you don't
have to pay unnecessary fees gee and
number seven this one's a little bit
different than the rest I'd say is
something that most people from
immigrant families have gone through
don't spend more than you need to for
things that are not related to your
business let me give you an example
somebody hit our family car once in a
yogurt and the whole side mirror pieces
actually fell off we took it to a shop
to get it fixed and the shop owner
wanted $400 now it's not like $400 is a
crazy amount of money it's a lot of
money fighters not insane but you have
to remember my family comes from Punjab
India which isn't a very rich place so
we're accustomed to create solutions so
what did we do
my dad duck take the piece back on the
car and then he found a small mirror at
a shop for like six bucks and then glued
it on top of the shattered glass I got
the whole thing fixed for like ten bucks
look you got to do what you got to do
especially when you kind of start a
business or you're trying to improve
your financial future it's not the most
glamorous but sometimes you got to put
in a sacrifice and make every single
dollar count for a better tomorrow
what's up everybody if you enjoyed the
video hit that thumbs up button and what
are you doing to keep your money let me
know in the comments below don't miss I
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hustling
