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11 Things That Will Destroy Your Wealth

Money has always been like a love affair, too 
sweet if you're smart enough not to get caught.   But if you also make one small mistake, it could 
turn sour quickly when your partner discovers your   infidelity. Just like money, if you're smart with 
it, you'll enjoy the benefits of always being in a   stable position in your life. Mistakes, no matter 
how minor, could lead to the destruction of the   wealth you worked so hard to create. Here are some 
of the things you probably didn't know that are   destroying your wealth.
11. Gambling  The number one rule in gambling is that 
the game is always in favor of the house.   No matter how close you feel you are about to win, 
please resist the urge because it is just a scheme   to milk money from you. You might be playing on 
the slot machines or card games, and you are on a   winning streak. In the long term, the house will 

It’s a well-planned illusion while at the   casino, as they want to have you there for as long 
as they can. They will offer free refreshments   and the environment itself will trick you with its 
nonexistent natural light, making you unable to   tell the time. Our addicted brothers and sisters 
lose more in the gambling dens, ranging from about   55-90 thousand dollars each year. That’s enough to 
start a business that will sustain your lifestyle!  10. Cars
These raving beasts are a sight to behold,   and it's even better when you own one or two of 
them. However, don't be too quick to spend your   money on acquire such an asset.

This is because 
it comes with a lot of baggage that will surely   destroy your wealth. Why? Well, buying a new 
car will have you paying extra monthly or   yearly charges to maintain it. This ranges from 
car insurance, car payments, finance charges,   and down payments. And we haven't even included 
the amount of fuel you need to run your errands   daily and the parking fee.

This will add up to 
roughly $450 a month on top of the 35,000 used   to purchase the car if it was new. Maybe you 
thought that it would be a smart move to buy   a used car instead of a new one, which would have 
cost 20,000 dollars. Sure, you saved a few bucks,   but the fact is that you just bought yourself 
a liability that depreciates every single day.   The stats show that a new car depreciates 15% 
in the first year of driving it. Thereafter,   it decreases a further 15% each year. So, if you 
wanted to sell the same car three years later,   you'd only get $10,000-18,000 for it. Now that car 
dealership isn't looking all that enticing, right?  9. Debt
Don't get me wrong. Debt isn't always the enemy,   as it can help salvage a failing business, or even 
create an outstanding income-generating stream if   well thought through.

I'm talking about student 
loan debt and credit card debt. These two are the   most well-known American dream slayers, with up 
to 1.6 trillion in student debt alone in the U.S.   Stay away from the fascination of going to a more 
prestigious university than you can afford. It   forces you into debt that will take a good amount 
of time to pay off, instead of opting for a local   university that will take you in for a cheaper 
price. You could also look into getting grants   and student scholarships. Coupled with student 
loans, a majority of students find themselves   deep in credit card debt after spending their 
entire college years purchasing on credit the   things they can't afford with cash. These debts 
are carried to adulthood, leaving many shackled   to massive debt. Despite getting a handsome 
paycheck at the end of the month, many end up   broke because a large portion of that income is 
spent on repaying all the debt they have accrued.  8.

Financial illiteracy
Alan Greenspan once said   that the biggest problem in today's generation and 
economy is the lack of financial literacy. It's no   wonder many people are finding themselves deep 
in debt and stagnant despite having well-paying   jobs. No person is interested in learning about 
money management. They'd rather just wing it when   it comes to their finances, not knowing that 
financial knowledge is powerful. We simply   think that we can duplicate what other people 
are doing, and our money bags will be fuller.   Sorry to be the one to tell you this, but your 
finances are as unique to you as your fingerprint.   There is no ‘one shoe fits all’.

You have to learn 
to balance what you spend on versus how much you   earn. to come up with the most workable budget 
for you. Learn about accounting and investing.   This kind of knowledge will be beneficial in 
the long run. Whereas a lack of it will destroy   your wealth more than you acquired it.
7. Fashion  Gucci bags, Louboutin shoes, a Rolex watch all 
to try to make a good first impression. Stop it,   please, you don't need to have the 
most expensive suit in the room to make   an impression. All you need is a 
normal-looking one that's crisp and clean.   Brush your teeth and maintain a good hygiene 
season with some charisma and personality.   You'll have everyone in the event looking 
for an opportunity to interact with you.

We can all attest to doing all this clingy, 
dressing just to keep up with the Jones.   But we end up looking rich outside while 
our bank accounts are screaming for help.   It costs more to buy a 200$ bag that you carry 
only once instead of buying one versatile one.  6. Eating out
Did you know that   you probably spend around $3,000 a year just on 
take-out? That's five times the amount you'd have   spent if you'd cooked the food yourself.

get me started on the amount of time you wasted   waiting for your delivery to get to you. Or how 
long it takes to pick up the delivery yourself.   You'd be saving a good amount of cash every month 
by cooking your meals at home. You can stash this   money away in your emergency fund for a rainy day. 
Doing this not only saves you money, but allows   you the opportunity to have a hot meal every day. 
You can watch how many calories you're eating.   You can even personalize your meals as much as you 
want without the worry that the restaurant will   forget to add extra gravy again.

it's healthier to make that dinner yourself.   Don't fall into this money trap and have your 
wealth robbed from you as you sit by and watch.  5. Wrong relationship
Being in the wrong relationship might   just cost you a fortune in your finances. 
Up until today, you probably didn’t know,   but statistics prove that the average man 
spends close to 120,000 dollars on dates.   A wedding costs about $34,000 to plan, with 
an additional $6,000 for an engagement ring.   Can you imagine spending this much only to 
be hit with divorce papers? Quite expensive,   don’t you think? A survey carried out has shown 
that millennials getting into marriage secure   themselves by signing a prenup in case things fall 

In that case, they’ll walk out of someone’s   life with something in their pocket. I don’t know 
whom it might concern, but you better be keen when   getting into relationships because the wrong 
relationship will not only cost you emotional   grief but will also dent your wealth. The 
average marriage that works out in the US is 50%,   so it’s important you know this before venturing 
into it blindly. This means that if you flip a   coin, you’ll be able to predict whether your 
marriage will work out or not. In the case   that things don’t work out for you, it costs an 
average of 13,000 dollars to facilitate a divorce,   not forgetting other expenses such as alimony 
and child support that would be on your back.   Without a doubt, we better invest smartly to 
avoid these blunders that will destroy our wealth.  4.

Shopping has turned into a famous   trend all over the world where once someone makes 
some small amount of money, all that runs through   their mind is how they’ll swing by the mall and 
shop till they drop. We should be very precise in   our shopping and it would be better if we tagged 
along with a shopping list to avoid the temptation   of overspending. A close look at this will help 
realize how much money is lost in thrift shops   and shopping malls. All these shopping sprees 
eventually lead to debt, and even more debt   if you aren’t keen enough.

Can you believe that 
the average credit card debt stands at $57,008?  3. No emergency fund
Living without an emergency fund   is like going hiking and choosing not 
to carry an extra bottle of water.   because the instructor said that you'd be back 
from the hike in 6 hours. Only for you to end up   dehydrated because your only water bottle fell off 
a cliff. The point here is, life is unpredictable,   it's so important to have an emergency fund ready. 
There isn't a standard amount of money you need   to keep for any emergencies. Some say that you 
need to have saved triple your monthly income   while specifying a certain amount. However, we 
are sure that not having an emergency fund will   leave you broke in the event of an accident or 
calamity. You'll be forced to pay out of pocket   or max out your credit to shelter yourself.

will, in turn, lead to several financial strains   unfolding in your life. You'll be left wondering 
where your whole salary is disappearing to.  2. Alcohol
Some claim that a little wine every   day does more good than harm. But have you ever 
sat down to think about the financial implications   that are associated with drinking? You're lucky 
if you drink just a little, because heavy drinkers   are suffering out there. In 2018 alone, people 
have already downed more than 6.3 gallons of beer   and 900 million gallons of wine. Do the math, and 
you'll be stunned. Even more shocking is that the   wealthy and those who are well educated are the 
ones partaking in this joyous affair. Be smart   to avoid this other money trap, because we've 
all heard those stories. The ones who were once   at the peak of their careers, both in title and 
income, end up losing their jobs because they   go out drinking way too much.

Reporting late 
to work or even delivering inaccurate reports   such a waste of good talent don’t you think?
1. Jewellery.  Hip-hop has a firm grip on the dress code we 
wear, as well as the bling and glamour that   adorns our outfits. You’ll see little to none of 
these celebrities without some dope iced-out chain   or a gorgeous Rolex watch worth millions. Take a 
look at Lil Wayne. For instance, he owns a pinkie   ring worth two thousand dollars and Rick Ross’s 
custom-made chain worth 1.5 million dollars!   Practically speaking, owning such things may 
destabilize your wealth. Did you know that   jewellery is a depreciating asset? Probably not, 
so next time you invest millions in jewellery,   you better take a moment to critically assess 
your decision. Even if you purchase top-shelf   jewellery, it won’t bring back as much as you 
invested, even if you resell it after a day.   Jewellery is merely a status symbol that 
you really won’t need to spend cash on.   At the end of the day, the amount of wealth 
you are worth is not calculated by the gold   chain on your neck.

Be smart. One 
last question before we wrap up:   What will you do when you are given ten thousand 
dollars in cash? Let us know down below. Well folks, thank you so much for watching. 
If you enjoyed the video, give it a thumbs-up,   and if you’re new here, welcome and 
subscribe for more content like this.   With that said, have a great 
day, and see you in the next one..

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