Two people earn the same salary. Ten years later one has a paid-off home and a growing portfolio, and the other has a nice car and a credit card balance that never goes away. The difference is a short list of things one of them simply never did.

In this video: ten things wealthy people don't do with their money, why each one costs so much, and exactly what to do instead.

Inside: why the typical millionaire's car is a plain one (and most luxury-car drivers are not millionaires), why a new car loses about a quarter of its value in year one, how a 21% credit card rate quietly beats any investment, the lifestyle inflation trap and the split-every-raise rule, why most people could not cover a $1,000 emergency, what active trading actually cost investors in a famous study, why missing just ten market days can cut your return nearly in half, how a 1% fee can eat about a quarter of your final balance, the research on giving money to adult children, and why staying wealthy is a different game from getting wealthy.

At the end there is a simple one-page exercise: list the ten items, mark which ones you do, circle the one that costs you the most, and fix only that one this month.

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Chapters:
0:00 Same salary, different result
1:01 #1 They don't spend to look rich
2:40 #2 They don't pay interest on things that lose value
3:57 #3 They don't carry credit card debt
5:34 #4 They don't let every raise inflate their lifestyle
7:01 #5 They don't go without a cushion
8:50 #6 They don't try to beat the market by trading
10:19 #7 They don't try to time the market
11:53 #8 They don't pay high fees for average results
13:41 #9 They don't fund their adult children's lifestyle
15:19 #10 They don't stop playing defense
17:01 The pattern behind all ten
17:51 What to do today

Studies and sources mentioned in the video: The National Study of Millionaires (Ramsey Solutions), "The Millionaire Next Door" (Thomas Stanley and William Danko), "Trading Is Hazardous to Your Wealth" (Brad Barber and Terrance Odean), S&P SPIVA active vs passive scorecard, Vanguard research on missing the market's best days, Edmunds new-car depreciation data, Bankrate and Federal Reserve emergency-savings surveys, the Federal Reserve Survey of Consumer Finances, Morgan Housel's "The Psychology of Money", and Warren Buffett's 2013 Berkshire Hathaway shareholder letter. Figures are rounded and sources differ in method and time period.

This video is for education and entertainment only and is not financial or investment advice. Priya, Camille, Walter, Noah, Jonah and Leila are illustrated characters used for illustration, not real people. Returns, rates and rules of thumb are not guarantees.

#personalfinance #money #wealth #investing #savingmoney