hey template here and welcome to another
episode of the tech lead I'll be your
host a tech lead and for those of you
who don't know me I am an ex-googler
tech lead it is coffee time with the
tech lead now given my level of success
and as a multi-millionaire I believe
that I not only have the credibility but
the authority and the right to tell you
about how you should and should not save
your money how you should spend that
money and when I'm here to tell you
about is why I think that saving money
doesn't really work should you be going
out and buying five-dollar lattes is
that okay whether I think about that and
my reasoning for you is that sure it's
fine go ahead go buy that latte it's not
really going to make a difference Indian
anyways it's really more about other
things though you know for example if
you were to go buy a shirt like this
shirt there respect the Tecla shirt
which you can go buy a 1995 link in the
description below amazing quality is
just not going to make a difference in
your finances but to me what is really
disturbing more is about that hunger you
have for this shirt
and how it's not going to release upside
if you don't buy it right what's going
to happen is you're going to steal my
other stuff you're going to want boots
you're gonna want shoes pants car right
you still might want a Porsche a Louis
Vuitton bag you still want the good
stuff that high life and so my concern
for you is that not buying that single
shirt is just not going to solve the
root of the problem that source of the
problem that hunger that desire is still
there and at some point in your life is
going to crop up if several years from
now you go and you buy yourself of the
week wheat on hand back for a few
thousand dollars that's going to wipe
out all of the savings that you've had
over the past few years simply because
you never really quite solve that
initial problem so if you want a shirt
if you want the shirt then I recommend
you just go buy it and you know Who am I
to tell you how you can and cannot spend
your money so to me saving is really all
about the right habits and if you can
come up with the right habits then over
a long period of time say throughout
your whole life is going to save you a
ton of money when the example of this is
actually your cell phone bill every
month you may be paying $60 for it and
that's fine here and there but if you
calculate that and sum it up over your
entire lifetime you're going to find out
that it's actually costing you a ton of
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bill tackling.com so on the topic of
that habits another good one is to avoid
drinking when you go out and I've
managed to save so much money it's not
just that one time cost right this is
something that accumulates day after day
month after month and over the course of
your lifetime it really starts to add up
learning to cook taking care of your
health
choosing your hobbies wisely and so we
need to focus your own or not those
one-time savings but the savings that
can really add up over long periods of
time and I think that's one reason why
if you look at the old sites these deal
sites maybe they save you a few bucks
here and there but they don't really
save you that much because it's just a
one-time thing
they're still fun to do but to me
there's not so much a way of saving
money as much as just a hobby I might
also suggest that you ditch your stupid
friends if they're the type of people
who peer pressure you into buying
high-end brands and materials and they
laugh at you this is really just a
lifestyle decision a lifestyle choice
that can pay dividends over the long
term by getting rid of unproductive
people in your life now another tip I
have for you here is to understand that
there's more than one way to save money
you can also save time because time is
money your time is valuable it's worth
something and it's easy for anybody to
convert their time into money you just
pick up a freelance job go drive some
uber cars going up work Craigslist
there's tons of people are willing to
pay you for your time for skill list
labor oh really and you can make some
pretty good money that way and so if you
were to just be able to free up a lot of
time for ourselves to be able to do
other tasks then that's another way you
can save money in fact so the key here
is avoid things that are highly
time-consuming watching TV is one
example of a hobby that is highly
unproductive when I hear people say that
they save money by stitching their cable
and they switch over to Netflix because
it's a few bucks cheaper a month they
haven't saved much at all really because
they're still spending all of their time
watching TV and they may even be
spending more time than that they may
have actually lost money lost value that
way to me it's not so much about self in
few bucks a month but I'm concerned that
that habit of watching TV for two hours
or three hours a night every single
night that's still there the habit of
consumption and wasting tons of valuable
time that's the elephant in the room
that's still there what we're really
looking here at is given that extra time
and money that you're able to save what
are you able to do with that and I would
say for most people one goal is to start
a side business and they can even be
freelance work but once you have a side
business you're able to take tax
deductions on all this stuff if you're
to go buy a laptop with a side business
you automatically save like 30 to 40
percent just on the taxes on that stuff
you know any business expense you start
saving a lot of money on all this stuff
it is better than any deal that you can
find online and you need to keep in mind
that $10 spent is not the same as ten
dollars earned due to taxes right if you
want to go spend ten dollars you
actually have to earn like fifteen
dollars or even twenty dollars for some
people now another major tip I have for
you here is to learn to leverage your
family a lot of people like to ditch
their families they think they're better
than them and they just want to go up
and make it on their own be all
independent and all that but you end up
wasting tons of money that way your
family has a whole bunch of resources
and you were living free on those
resources before you decided to move out
and so a lot of your personal expenses
I'll say 50 to 100 percent of your
personal expenses don't really need to
be there
housing is a big one it Trump's almost
everything and if you were to live with
your parents for a while you could save
so much you know around here in Silicon
Valley
housing costs at least two thousand to
four thousand dollars a month I pay four
thousand dollars a month you imagine how
much money I could save on that if I
were to just go live with my parents I
could be buying a Tesla every single
year and still break even if I just
chose to live at home your family may
also have
a bunch of appliances furniture vacuum
cleaners spare cars all of that stuff
can be shared these days it seems that
everybody wants to be a professional
chef because it's become consumer eyes
you just go to William Sonoma
everybody wants a high-end knife set
everybody wants their high-end pots and
pans you know all of this stuff can
actually be shared though in reality if
your parents have a really good pot or
pen you just go bottle that if you have
a really nice steak maybe once every
month or so and what you want to go try
and cook that another tip is really
tracking your expenses and I mean really
taking a look at them I know a lot of
people they don't really check their
monthly expenses they just kind of
haphazardly do it but really took a look
at where money is coming in and where
it's going now and tracked each expense
and question each one right like as we
mentioned before your cell phone bill
that's a pretty big chunk actually I
would say for a lot of people it's like
60 to 100 dollars a month and you know
you can question that like think about
do you really need to be paying that
Netflix is another one which I think a
lot of people are paying for which you
don't really need so much right like I
don't subscribe to any TV services I
just watch some basic YouTube i watch a
few ads here and there and that's fine
it's OK for me and I actually enjoy
watching advertisements speaking of
which check out tackle eating calm and
you can also buy my shirt here a few
years back I started to really look at
my receipts at grocery stores and
realized cookies granola bars cereal
that stuff costs a lot those were some
of my biggest expenses it would cost
like ten dollars for a box of cookies
and for ten bucks at a supermarket you
can actually get like a steak or
something like that so I used mint.com
which we're not sponsored by but you
know services like that you can check
through all of your transactions across
multiple credit cards I'm just watching
off any outflow of money very carefully
especially because I won this such that
any time money leaves it is intentional
another good habit is to learn to resell
your stuff anything I buy i buy with the
intention of reselling i save all of my
boxes I keep the gear especially
electronics in good condition and I
regularly go on sites like eBay or
Amazon sellers to resell my stuff and
then the last tip here is about changing
your mindset which i think is really the
core of the problem you have to
understand that not everything that
glitters is gold in the sense all of us
are already rich compared to
people in lower rungs of society we just
keep wanting more you know and that's
really endless
you just keep climbing that ladder of
all these Jaguars Porsches or if it's
clothing you want Deb Banana Republic
diesel Burberry Louis Vuitton you just
keep going up that ladder if you want to
and what's really going on is you're
getting into consume what sorry I call
it that you get yourself into this cycle
of consumers and where you just keep
wanting and wanting more and that's the
source of the problem you need to learn
to stop wanting so much stuff right be
focused on what you want know what you
want and just get that only right but
you don't want to keep getting yourself
into the cycle where you want this you
want that you just want everything and
it's really aimless for myself I'm not
really interested in consuming other
people's stuff
I like the producer side right I like to
be the one making this stuff like this
shirt and then I won't wear this right I
don't really want to go wear a Louis
Vuitton shirt I want to wear my own
shirt as a photographer I don't want to
buy other people's photos I want to
frame my own pictures I take and as a
video producer when I watch TV i watch
my own videos so let me put it this way
to me saving money is not about being
cheap it's about the type of person you
will become if you get overtaken by
consumers and you get out of control
that way right if you're always thinking
about the latest brands which car you
want which heart you're gonna drive
which shoe you want to buy all the
hobbies that you've taken up all of the
TV shows and movies you're gonna go to
the concerts the events it's all of that
stuff that's going to cause the most
damage for you because it's going to
consume all of your time and you're not
going to be able to produce you just
become a pure consumer at that point
that is the point of saving money it is
to help you develop the right habits and
mindset to avoid becoming a pure
consumerist so says some limits for
yourself and realized that it is not so
much about saving a few pennies here and
there it is about the lifestyle that you
create for yourself let me know your top
tips on saving money if you like the
video give the like and subscribe and
I'll see you next time bye