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Some people feel like they are behind in life and making wrong decisions that cost them money. The speaker provides five money hacks to get ahead in life. The first hack is to not buy a new car because it loses value quickly. Instead, buy a used car that has already gone through depreciation. The second hack is to avoid spending on new electronics like phones and laptops, as they are expensive and unnecessary. The third hack is to limit eating out and set a budget for food expenses. By implementing these hacks, one can save money and invest it for the future. Do you ever wonder why some people are ahead in life, why some people seem like they're just doing everything right and you might just be doing everything wrong, or you feel that you're doing everything wrong. Well, okay, you gotta get out, out, out, out, out, out. Do you feel like you're just behind in life, just other people are doing better than you, you just can't get anything right, you're making the wrong decisions in life, and these decisions are costing you thousands, these decisions are costing you hundreds to thousands of dollars. If this is you, don't worry because in today's video I'll be giving you five money hacks so that you can get ahead in life and get back on track or get on track to where you want to be. With these five money hacks, if you incorporate these money hacks into your life, I promise that you will begin to see results, you will begin to see change, and your money will start growing. With the first money hack I have today, we'll be talking ... For the first money hack, and let's jump right into it, with the first money hack being don't buy a new car. With new car prices reaching almost $50,000, it doesn't make sense to buy these new cars unless you're making $150,000 or more a year. Let's look at that. With new car prices reaching almost ... With the average new car price of around $50,000, an average person making $60,000 a year, it just doesn't make sense to buy a new car. One rule of thumb that I've heard is ... One rule of thumb is buy a car that's 50% your income. If you've made $100,000, I guess that would mean you could buy a $50,000 car. I wouldn't recommend that. Another thing with buying a new car is that as soon as you sign the ... Another thing with buying a new car is that as soon as you sign the paper, as soon as you take that car off the lot, it loses about one-third of its value. When you pull off the lot, your $50,000 car is now worth about $34,000. A rule of thumb ... One thing you can do instead of buying a new car ... Instead of using a rule where maybe you buy a car that is 50% of your income, one thing to do is buy a used car. You buy a car that has already gone through the major parts of its depreciation, say buying a car that's five years old, three years old, and by then, the car has already went through the majority of the depreciation. When you drive that car off the lot, the depreciation, the value that you're losing in your car is not nearly as much as the value that you're losing in a new car. Select the owner that's not watching this YouTube channel. Let that person go buy the new car, and then when they're done with that new car, when they don't get another new car, you go buy their used car and let them take the hit for the depreciation on it, and you are taking a way less hit of depreciation. Once you buy that used car that's five-year-old or three-year-old car, you're taking way less of a hit than they are when they bought theirs, when they bought theirs new. If you do follow a rule for buying a car, I would recommend the 23-8 rule, which means you put 20% down on a car. You put 20% down on a car, you finance that car for three years, and your payments are no more than 8% of your income. For example, let's say you make $100,000, 8% of your income would be about $666 a month, so you need to find a car that is within that criteria of a three-year loan, and you have to make sure you put 20% down on that car. The biggest reason to put money down on your car is so when you buy it and you drive it off a lot, you're already not underwater, meaning your car is worth more than what your loan is. Meaning underwater, meaning your car is worth less than what you own the loan. By putting this down payment on the car, the value of your car is almost guaranteed to be more than what you owe on the loan. This would be a $666 that you could pay monthly for a car for three years, and you're doing three years because you want to pay the least amount of interest as possible. This is only if necessary, if you need a car, buy a used one, and use the 23-8 rule. Me personally, I have a used car, and the money that I would be putting into a new car is going to my investments. In fact, the average new car payment is $726, with the average used car payment being $533. Just imagine if you were putting $723 to your Roth IRA or some other account like that. Just imagine if you were putting $583 to your Roth IRA, which is what you would need to put to it to max it out in 2024, and you have ... Let's just dream. Let's think for a little bit. Imagine if you didn't have a $700 or $600 car payment, and you were putting that towards your retirement, say your Roth IRA, Brooklyn account, or even your 401k. Let's pretend, let's imagine you don't have this car payment hanging over you. Instead of putting $700 to a car payment, you're putting $583 to your Roth IRA, which is what you would put to it to max it out at $7,000 for the year 2024. A lot of car loans are on five years, four years. A lot of car loans are on four, five, six year loans. Let's imagine instead of putting $700 or $500 to a car payment, we're putting $583 to our Roth IRA, because obviously we can do it, because we were putting money to a car for five years at $500, $700. Let's put this money to a Roth IRA, and let's say it grows at a 10% return, and you're putting it in there for five years. Of course, you want to do longer, but we're going to go over the term of a car loan. We're going to say five years in the Roth IRA. In five years, in five years at a 10% return, you would ... Putting $583 into a Roth IRA for five years, putting $583 into a Roth IRA for five years, you would be coming back with $45,000. Let's say you just continue to put $583 into your Roth IRA for 10 years instead of going out buying another car, another new car or a leased car. You would have $119,000 in your Roth IRA. Let's just say we continue to put money into our Roth IRA, and it grows at a 10% return for 20 years. You have $442,000 in your Roth IRA just by not buying car payments and putting that money into your retirement account, so when you get older, you don't have to be ... You won't be dying on the Walmart floor. That would be my first hack. Don't buy a new car. Buy used. If you do buy a used car, don't buy too much that you can't ... Don't buy more than you can afford. I would honestly recommend you not even get a payment. My second hack is don't spend on new electronics. Do not buy the newest iPhone. Do not buy the newest iPad or the newest MacBook every year or even every other year. Even every three years, these devices do not change. They're generally the same, and they're all running fast. These are all new devices that are meant to run fast, that are meant to be efficient. There is no need for you to buy a new MacBook Air 2024 when you just bought a MacBook Air 2020. If your laptop breaks, you can go and buy a refurbished MacBook Air 2020, because guess what? The average person is going to buy the new MacBook even when there's nothing wrong with theirs. They're going to sell theirs back to Apple, or they're going to sell theirs to someone that refurbishes electronics, that brings electronics back to life. You can go buy another 2020 MacBook Air for half the price of the 2024, for half or even less of the price of the new 2024 MacBook Air. For example, I've had my iPhone 14 since it came out. It's been about two or three years, still works fine, dies a little faster, but I just bring my charger with me. I plug it up overnight. I don't know. I feel like it's just the battery has been what it is, it is what it is. It does what I need it to do, it answers calls, it texts people, I can watch YouTube on it and have no issue. I don't plan on buying a new phone. I see these commercials for the iPhone 15, the iPhone whatever, and I don't feel the urge to buy these new phones because these phones are getting expensive. We're talking $1,000, we're talking $1,200 for a phone. A lot of times you might finance this phone over time, bumping up your phone bill, which can be taken away from your investing, from your future. It's putting a halt on your future and we don't want that. We don't need to buy iPad. We bought an iPad. We didn't finance it or anything, but we bought an iPad and I swear we do not use it. It sits in the drawer. I don't know why I bought an iPad. A few years ago, four years ago, we said, oh, let's get an iPad. We had MacBooks, we had our MacBook, we had our iPhone, and we just wanted an iPad. We got the iPad and we don't use it. We didn't sell it, but we still have it, but you don't need an iPad. Your phone does the job. Your computer does the job. The iPad doesn't do anything different. You don't need a new iPad. You don't need a different Apple Watch. Just get the old Apple, a regular Apple Watch. You might not even wear it as much as you ... We both have an Apple Watch and we don't even wear it anymore. You're not missing much when it comes to these devices. They require charging and you got to have it always charged, so just stay away from buying new electronics. Buy your electronics once, hold it for as long as you can until it breaks, and then buy either a new one years and years down the road, or just buy one that was a couple years old. The same thing like when buying a new car. You don't have to buy a new device. You can always buy used, except when it comes to headphones and stuff like that because that's kind of nasty. Buy used devices if you need a device, but if you don't need it, just hold off of it. If you're thinking about buying something new, wait a week before buying it and then see if you still have the urge to buy that new device. Another money hack is buy your own food. Don't eat out so much. Now, I'm not saying don't eat out. You can definitely eat out, but I would put a budget to how much you're going to be spending when eating out. For example, you can say you're going to spend $100 or $150 on eating out, and the rest of the money will go to groceries. You will save tremendously by going to the grocery store more than eating out. Yes, it takes time, but how busy are you? Yes, it takes time, but the money that you save will be way more. You'll be able to save way more money that can go to your retirement, that can go to your investments, that can go to your family, than going out to eat. Example is when you go to a burger restaurant. Example is when you go to a restaurant that sells burgers. Burgers are ... A meal for a burger is about $13, $11, $12, $15. When you can go to your local grocery store, and you can buy 10 patties for $10. For this one burger that you went to this restaurant to buy with fries and a drink, you're paying $15. When you can go to the grocery store, and you can buy a pack of 10 burgers, you can buy fries for $3, and you can buy a soda for $2, and you spent $15. You can also eat that throughout the day. You eat that the next day. That might last you for three days, depending how big your family is, depending if it's just you. You can go buy the lettuce and tomatoes, and it might come out with $20. This is lasting you over days. When you just went to this restaurant to buy this burger, fries, and drink, that's lasting you for that one moment. You see where you can save this money is by going to the grocery store. You can also meal plan. Plan meals out. Buy boxes of chicken. Buy rice. You can meal plan rice and chicken throughout the week, instead of going out for lunch every day, spending $10 to $15. You can go spend $10 to $15 on one grocery run, and that can last you for the whole week. Instead of spending $50 for a week by eating out at lunch, you can spend $15 or $20 for the entire week. With the money that you are not spending on going out to eat, that can go to different categories, like saving. That can go to different categories, like taking your family on vacations, and just anything you really want, but you can definitely save more by going to the grocery store and not eating out as much. If you are in a bad position financially, grocery shopping will save you a lot of money over time. If you don't feel like cooking, you can always buy air fryers, rice makers. There's so many appliances out there that make cooking quick and easy. You can get a place with a dishwasher, put your dishes in there, and the dishwasher does the job. You can always do things like that. We have an air fryer, and it makes cooking so much easier. I don't have to sit there in front of the stove. I just throw whatever meat, or whatever vegetables, or whatever I want to put in there, cooks it, and then I come, and then it beeps, it goes off. I come and check it out, usually cook good, and I just serve. Another money hack that I don't know if a lot people do is shop insurance plans. You are not stuck with your insurance company. You can always switch. You owe them nothing. Do this for yourself, so you can have lower insurance premiums on your cars, on your house. Whoever has insurance, you can shop insurance, pet insurance. You can shop different pet insurance. You can shop for different pet insurance companies in order to lower your pet insurance bill. One example is for our car insurance. We were with Allstate, and we were paying about $250. I thought that was a lot, and I was with them for a good amount of time because we had everything bundled. I thought it would be a hassle by leaving them, but I said, I don't want to pay all this money for car insurance. The thing about getting interrupted. Hello? Wife? Yeah? What are you doing? Pooping. Okay. I said, I don't want to pay all this money for car insurance, so I'm going to pay for all this money for car insurance, so I shopped for different car insurance companies. I came across State Farm, who said they can give me a car insurance premium for $100 less a month. It was even more than $100 less a month, and I said, where's the catch? There was no catch. They just gave me cheaper insurance. Now we're paying $124 for two cars, and we left our Allstate. We still have our house with them. We still have the rental house with them, but I just wanted cheaper car insurance for the moment, and that's what I got. Now we cut our car insurance bill more than $100 just by shopping for different insurance companies. We owe no loyalty to them. We are looking out for ourselves, and we want to save that money, so now we have an extra $100 plus that can go to different categories if you wanted to. It can go to the going out to eat more. It can go to the going out to eat fund. It can go towards the dogs. It can go towards our savings. It can go towards our retirement, which I'm pretty sure I moved it towards our Roth IRA to bump that up by even more, so shop insurances, shop insurance, and you can even go on Google. Just type in shop insurance or different insurance companies, and it will show you comparisons of what companies are offering, and call them up. Just put in quotes, and you're going to get calls. Just decline them if you don't want to talk to them, but try shopping insurances. It will save you a lot of money over time, and like I said, you're not locked in forever. Don't be scared to leave your insurance company. My last money hack is change phone plans. We were with T-Mobile for two years, and we had loyalty to them. When I was in high school, I was on a T-Mobile plan under my dad. My wife, when she was in high school, she was on a T-Mobile plan with her dad, and then we moved out. Of course, we're going to go to T-Mobile because that's all we know. We got our phones through T-Mobile. They were even financing a way through T-Mobile, and I wish I didn't do that, but then we finally paid them off, and the bill was like 120. Then I found out about Mint Mobile, which is not a sponsor of this video, but Mint Mobile, I probably found out from hearing them on YouTube, YouTubers promoting them, and I said, let me check out Mint Mobile. I saw their plans were about $35 for unlimited. We changed our phones to Mint Mobile, and haven't had no issues with it since. Then it was all through the ... It was all ... $3 for every phone plan from the Year of Mercy fund, and that cut our phone bill down to ... We went from $140 to now we're paying about $55, now we're paying $55 because we lowered her plan to a lower gigabyte or whatever. I don't like that. Can you hear me? Yeah. Ew. With this change, with this extra money that we have, now again, it adds on top, the insurance lowered, the phone bill lowered, so now we have about $200, $300 of extra money just flowing around, and we're going to assign these dollars to our retirement, we're going to assign it to our savings, we're going to assign it to the grocery bill, or wherever we want to put it, but we have extra money left over because we shopped insurances, because we changed phone bills. An extra $30, an extra $100 is a good amount of money, especially when things are tight, so I would definitely recommend changing your phone bill. And that is it. That is the five money hacks that you can do to better improve your life. I hope you guys enjoyed the video. If you did, be sure to subscribe to my channel and leave a like. I will see you guys in the next one.