If you’re like me you can’t stand to waste money, I’d rather use that wasted money for something fun like a vacation. I cringe when I think about wasting Money. Well, I’m not alone According to The Wall Street Journal, if you invested $3.50 per day instead of spending it on that coffee drink, you’d earn $211,922 over the course of 30 years, assuming a 10% percent return. So the team at the Wall St journal asked several financial experts to name the things they think are the biggest wastes of money:
1. Big houses. As we modernize, we don’t need all this space. For example, we don’t need elaborate kitchens, because we have all kinds of delivery services for food. And maybe you don’t need a workshop in your basement, either. You used to have a filing cabinet for your tax information, but now it’s all electronic, so you don’t need that, either. Great Point
2. Health clubs. Subscriptions to health clubs are notorious and capitalize on people’s failure to anticipate their future laziness. Like My Planet Fitness Membership
3. Coffee and bottled water. When you ask people why they don’t save, why they don’t invest, why they don’t use their 401(k) plans, the No. 1 reason is “I don’t make enough money.” Five dollars a day makes a huge difference. If you’re sipping a latte right now and you’re not saving, well, that’s dumb.
4. Peloton bicycles. You buy the Peloton bike for $2,000 because you care about your health, but you hate the hard physical work, so it sits in your garage or basement and collects dust or clothes
5. Luxury items. Essentially anything that people use to signal to other people that they are successful in some domain because they don’t feel so successful in reality can be a compensatory product. So, conspicuous things like luxury goods and accessories that have big showy logos, to signal that they have money and social status.