Video summary

9 Things I Stopped Buying to Make More Money

Main summary

Key takeaways

Finance

Core theme

  • The presenter argues that cutting discretionary/low-return spending can free up more monthly cash for investing and wealth building, without reducing “quality of life.”
  • Decisions are framed as trade-offs between purchasing liabilities (items that tend to depreciate or don’t grow in value) versus using that money for investing/education.

“9 things I stopped buying” (and why it matters financially)

  1. Books (with cost-control)

    • Books are described as a “super important” investment in human capital/knowledge.
    • Approach:
      • Keep favorite books as hard copies.
      • Use Kindle or rent via the library app Libby for books you won’t reread.
    • Key idea: knowledge retains value more than physical items.

  2. Brand new cars

    • Depreciation-based reasoning:
      • A brand-new car loses about 10% immediately (“the second you put the key in the ignition”).
      • It can lose another 60% by its third year.
    • Implied recommendation: avoid new cars if that cash could be invested instead.

  3. Souvenirs from trips

    • Souvenirs are treated as low-value spending and add storage costs in a small apartment.
    • Alternative: preserve memories via an online journal/vlog.

  4. Updated/upgraded technology (upgrade only if it’s worth it)

    • Example: Apple Watch
      • The first Apple Watch purchase created a “big jump” in happiness.
      • Upgrading cost “a few hundred quid more,” delivering only about a ~5% increase in happiness—not worth the incremental spend.
    • Method: before upgrading, ask whether the extra cost beats spending on something that yields more “happiness per £.”

  5. Buying because it’s on sale

    • Warning against “psychological tricks” of discounts:
      • Example: if something drops from $200 to $140, you “saved” $60—but only if you still would have bought it otherwise.
      • If you buy because it’s discounted, you’re still spending money: “you’re paying the store’s marketing logic.”
    • Sales can lead to purchases you wouldn’t have made without the discount.

  6. Investing in things you don’t understand

    • Not a literal purchase category, but a financial caution:
      • Don’t allocate money to investments unless you understand what you own, including risk and even ethics/intent.
    • Advises basic due diligence even if using an advisor.

  7. Fast fashion

    • Mentions avoiding brands/stores such as Forever 21, Misguided, and Boohoo.
    • Rationale: prioritize quality over quantity to reduce repeated spending on items that wear out or go out of style.

  8. High-maintenance services

    • Examples: nails, eyelashes, hair dye.
    • Financial angle includes:
      • An implied time opportunity cost (e.g., an hour spent on these could be used for higher-return activities/work).
    • Emphasizes time-value trade-offs, not just price.

  9. A prenup (described as “no unnecessary present pact”)

    • Intends to sign a prenup.
    • Macro context mentioned:
      • “Cost of living crisis”
      • Expectation of “the longest recession in the UK to date” (timeline not specified precisely).
    • Gift benchmarks used to justify reducing gift pressure:
      • Average British adult: £548 on Christmas gifts (source cited: find a dot com)
      • Average American: $990
    • Recommendation: reduce habitual/obligatory gifting, especially during economic stress.

Method / framework used (behavioral “allocation” logic)

  • Trade-off analysis

    • Ask whether a purchase is a liability that decreases in value vs. an investment that benefits the future.
    • Compare incremental cost (e.g., upgrading or buying new) against alternatives like:
      • investing
      • educating yourself
      • building wealth

  • Happiness / return-on-money check

    • Evaluate whether extra spend produces meaningful incremental benefit.
    • Example: Apple Watch upgrade roughly 5% happiness for “a few hundred quid.”

  • Intent filter for discounts

    • Only buy when it aligns with a planned need; otherwise treat “sale” framing as marketing that can cause unnecessary spending.

  • Understand-before-allocate (investment due diligence)

    • Don’t invest in instruments/strategies you can’t explain in plain terms.

  • Opportunity cost of time

    • For time-heavy services, consider what that time could produce elsewhere.

Explicit recommendations / cautions

  • Avoid purchases that create depreciation losses (notably new cars).
  • Don’t upgrade tech just because a newer version exists—ensure incremental benefit justifies incremental cost.
  • Be cautious with on-sale purchases; avoid spending driven by discount framing.
  • Don’t invest in products you don’t understand.
  • Reduce categories that are high churn/low longevity (fast fashion, high-maintenance routines).
  • During economic stress, reduce habit-driven gifting.

Key numbers / metrics mentioned

  • Car depreciation
    • 10% loss immediately after driving off the showroom
    • 60% further loss by the third year
  • Apple Watch upgrade example
    • Upgrade cost: “a few hundred quid more”
    • Incremental happiness gain: approximately 5%
  • Christmas gift spending averages
    • UK: £548 average British adult
    • US: $990 average American
  • Other timeline references
    • Renting books: via Libby (no specific timeline mentioned)
    • Gifting/pact: stated “this Christmas”
    • Fast fashion example: avoids clothing purchases for six months (claimed personal example)

Assets / tickers / instruments mentioned

  • None explicitly mentioned (no stocks, ETFs, bonds, commodities, or crypto tickers).

Disclosures / disclaimers

  • None explicitly stated in the provided subtitles.

Presenter / sources

  • Presenter: Unnamed (speaks “hi guys” and “welcome back to the channel”; no name provided)
  • Source cited: find a dot com (average Christmas gift spending)

Original video