Die 7 größten Geldfresser im Leben: Wo man am meisten Geld verbrennt! | Finanzfluss

Drinking water from the tap, putting a brick in the toilet bowl or opening the toothpaste tube to remove the last remnants are some absurd tips with which you can surely save a few euros, but not much money and which consume a lot. amounts of money in our lives Living costs The fact is that life costs money, but it still doesn't make sense to spend every penny five times over. On the other hand, there are large blocks of costs that are worth taking a closer look. Why in this video we'll take a look at life's seven biggest money guzzlers?

Have fun with the video. Hello, my name is Thomas, the financial flow, and in today's video we're going to look at some big money gains that you should. Take a close look at your life to make sure you don't spend thousands of euros up front. Let's get started. First of all, this list is, of course, not complete. There are certainly some points that could be added here. Of course, it always depends on the life situation. Secondly, we do not have to give instructions here on how to live frugally or, if possible, reduce costs to a minimum because if you want to generate wealth in the long term.

In the long term, you should not just consider the costs, but above all ensure that you have a high rate of savings invested and, if possible, increase your income regularly. This is a much better way to build wealth. But always reduce costs. As mentioned in the introduction, life costs money and now let's look at the items that consume the most money. Number one is the increasingly popular insurance. According to the Federal Association of German Insurers, each German citizen has an average of 6 insurance policies. There are many contracts every month or once a year. It costs a considerable amount of money.

For this reason, it makes sense to take a closer look at his insurance portfolio in terms of property insurance, but especially also in terms of retirement insurance. provision, because the following guiding principle applies to insurance: only those risks that threaten its existence should be insured. You should only insure those that could mean your downfall in the event of damage, for example personal injuries where you have to pay someone compensation for years or decades, which can lead to personal insolvency. You can cover this situation without damage with so-called liability insurance. Another important insurance is, for example, occupational disability insurance.

On the other hand, there is also very unnecessary insurance. Surely if damage occurs here, it is not a threat to its existence. I am thinking that for example luggage insurance, cell phone insurance or glass breakage insurance, the three insurances mentioned will not protect your existence and in case of damage. If necessary, you can bear the costs yourself. For this reason, firstly you should stay away from overly expensive insurance policies, secondly, regularly compare insurance policies with each other and, thirdly, seek professional help from insurance companies that are really important to you, for example. as in the case of paid consultants or trusted brokers from whom you can get net rates, i.e. commission-free rates, then you pay the consultants for their advisory services or a regular insurance broker who can compare different offers with each other, whose insurance is important and which you can safely save yourself.

That's what we have for you. As already shown in this video, you must also be very, very careful if you want to increase your private retirement provision through so-called life or capital insurance. It is usually very expensive and today produces almost no returns. The second point is the current rates and subscriptions. You do not know? You are simply resting in a pedestrian crossing on a Saturday or Sunday shopping and a young man with a bag approaches you. big smile on his face and he wants to sell you a magazine, a donation membership or another car, but it's all done very quickly.

That is not the problem, but they have the characteristic that they always last much longer than the user's actual duration. For this reason, you should regularly look at these money gobblers and take action if they no longer fit. It makes sense to cancel these subscriptions or look for comparable offers and then use the money for other purposes, here is a short list from us. brainstorming session about what different subscriptions are available that you might want to check out, especially the gym one of course, how often have we decided to be more athletic and support ourselves. At the beginning of the year and a change of life. event, for example, if we move to a new city in the gym, then we have to be critical with ourselves and analyze, and even after the gym has a subscription, we have to pay every month, but maybe only once per month or go every three months. or maybe you should change the rate and then every time you go to the gym you will pay a little more for it, other points are magazines or newspapers, do you still read them or subscribe to applications?

There are many apps that you may have subscribed to through the Apple Store or Google Places and that are then charged once a year. Do you use these applications? Other memberships are, for example, digital ones such as Spotify, Netflix or other streaming services. is still working, for example, where I wanted to solve it is Audible. I'm in charge of two big places, but I now have so many credits that I could get almost ten books from Audible, which means this should suspend my membership here for now. For example, contributions from former sports clubs in which you are no longer actively involved or fellow travelers such as the Bahncard, which, unfortunately, is extended each year for another year and for which the deadline is not met each year. of advance notice.

In addition to subscriptions, there are also contracts and rates that you should consult periodically, for example the mobile contract if I can have more power or pay less money for the same service and the same applies to electricity and gas rates, for example. , you also have the opportunity to change it once a year. Of course, it is worth comparing. Now let's move on to money destroyer number three, which will likely again be a very emotional point: the ever-popular German automobile. I produced a video on this topic where we did a little bit of calculation here and showed that with the car you can get to There are three different ways to lose money.

The first most important point is the loss of value. The loss of value is almost. 50 percent in the first three years of the car. The second point is the operation and maintenance costs. These include fuel costs, insurance costs, MOT costs, repair costs, parking costs, etc. The third way to lose money. with your car is that you don't pay for it in cash, but rather you pay for it on credit and then there are the financing costs. Here you should think carefully about how much your mobility is worth to you, that is, how much you want. To invest money in a car, ideally you should be able to make that decision not emotionally but also, to some extent, rationally.

Tips to save money on my car include, for example, well, first of all, buy a used car because. This is where most of it is. The loss of value is now behind you and so you could also think about alternatives, such as public transport or, if you have a car sharing option nearby, you would prefer to take out a car sharing subscription and then only pay for the car when you actually use it. Again, this is not a guide to becoming a hardcore vocalist. We only want to show you the highest cost items and then you can decide for yourself whether you want to optimize here or not.

We once ruled out point number four as an addiction, so if you are still somewhat addicted, that addiction could be, for example, alcohol addiction or an addiction that we have already produced a video on specifically, i.e. smoking. Increasingly more and more expensive in recent decades due to political will. This has been happening for more than 40 years, assuming that the price of cigarettes does not continue to increase, he has spent a total of almost 100,000 euros. about his addiction. If the money is invested regularly, five percent is equivalent to more than 300 17,000 euros of capital. Now you will surely get the premises.

Comment I am a non-smoker and I still do not have 317,000 euros. Of course, that could be the case because this investment is, of course, purely hypothetical, but it's important to understand that if addiction costs money, let's go to point number five because it certainly sounds familiar to me as well and it's very likely not one of humans. protected, that is, the so-called impulse purchases. Research has shown us that, especially when people are emotionally unstable or weaker and tired, we tend to give in much more to impulsive purchases. I know this, for example, from my private environment of doctors.

I had a night shift at the hospital and worked 24 hours a day. The next morning they came home from work and bought something they normally wouldn't have bought for a good friend of mine. Of course, a tabletop is fun. investment for the entire circle of friends and you can do it. You should certainly allow yourself to make impulse purchases from time to time, but these impulse purchases should not accumulate and you should define mechanisms to reduce them. First of all, when you go shopping, it makes sense to think ahead about what you want to buy. Shopping list.

Secondly, it makes sense to always dedicate yourself a reflection period of at least one day, ideally even 30 days, to really think about whether you really need the object of desire and still want it if, after sleeping on it for several nights, you still think in it. The object thinks, so it is certainly a good investment in your well-being. Another rule I copied from Jaycee. , who once said that you can't wait until they ask for it, which basically means that if you don't have enough money to buy it twice without you, you can't afford to fall into financial difficulties.

Point number 6 affects me even more. The greater your wealth, we once called it inflation and opportunity costs. The Germans have extremely large sums in their current account. In April 2020 there were even one billion euros. Then there are all other demand deposits, that is, cash or fixed currency. term deposit accounts This money has a huge disadvantage: it produces almost no return and that is exactly the objective of an investment; on the contrary, it even loses purchasing power due to the so-called inflation of recent years. We had relatively low inflation, but the interest on these demand deposits was also extremely low.

In addition, there are so-called opportunity costs. In this context, opportunity costs mean that we missed the opportunity, that is, the positive opportunity, in other securities. classes that generate returns, such as real estate or international stocks, were lost and this loss of a possible return could be described as costs, therefore opportunity costs, these two points inflation innovation their costs go together for me, this is especially true if You have larger assets You should reduce three to four monthly take-home pay in your checking account or a checking account. If you have the rest in reserve, you should invest in an investment portfolio.

Anyone who has simply left their money in their checking account. the last 20 years, for example 20,000 euros, today you only have 15,000 euros compared to your purchasing power, a huge discount of -25 percent. If you had invested the money at five percent in the capital market during the same period of time, it would now be worth more than 53,000 euros. Let's move on to the seventh great money eater and stay at the top of investment, that is, investment costs. We would not have financial flow if we did not regularly raise the issue of. costs when investing and how much money can it cost?

We've used it here in our little calculator with which you can compare the costs of an ETF to the costs of an actively managed fund at 2 percent and the annual costs of the actively managed fund. one percent, if you have an investment period of ten years and around 50,000 euros, you can see a cost difference of more than 7,000 euros over the entire period. However, if you want to increase your retirement provision, that's what's in As a. As a rule, it is a little more than ten years, you have to multiply this cost difference again. The difference is even greater in the case of so-called life and pension insurance.

Here the returns are usually a little lower, but the costs are higher. I hope this video is useful to you if you have an overview ofIf you want to cover your running expenses, I can only strongly recommend that you keep a budget book for a certain period of your life, which could be just three months for example. Once you know what you spend your money on, we. Of course, I want to produce videos of that. There is also a budget book template in Excel which you can find in the video description below. It is also important to mention that these are not tips to get rich, because to get rich you had to do it. sets the highest savings rateas high as possible and, above all, make sure you have a regular income.

Increase and invest what you have saved by reducing costs. If so, give us the thumbs up and write in the comments. below which cost blocks have we forgotten and what kind of little witch do you have to reduce these cost blocks? Otherwise, once you find out about our channel, we will be happy for you to subscribe. We regularly produce new videos. and tutorials on investment topics, investment strategies and financial products to make the world of finance more understandable, thank you for watching and see you in the next video