How a Financial Advisor Wastes Money

Wasting money is a big regret of mine. I see the long term effects of it in my profession.

Every single one of us wastes money on something. It may be a hobby or even a habit. I also have a few things that I waste money on. The list changes a bit as I get older, but this article is about my longer habits. You might find a few things you waste money on in here too.

Here’s how this financial advisor typically wastes money:

1.Eating out. I don’t eat out a lot. I just tend to do it when I’m tired or in a hurry. Unfortunately, a dinner out with my family at a moderately priced local restaurant runs me well over $50 to $100. I could use that money to buy groceries and eat at home for a fraction of that price. In fact, I could have many family meals for the money spend on just one.

2. Buying junk I don’t need or use. I think we all can relate to this. I’ve bought so much junk that now just sits in my basement collecting dust. Some of it I used for a short time, some of it I never really needed. I probably need to take my own advice and wait 24 hours before making any purchase. That way if I truly need it and still want the item, I’ve avoided the impulse buy.

3. Internet and cable. I like choices, but with those choices come a price. I probably spend way too much money on my entertainment and internet bills. I could probably do without the extra deluxe movie channels and sports packages on my TV. I constantly complain about movies these channels play that I watched 20 or even 30 years ago. It’s quite a rip off. Alas, I still do it.

4. Books. I love to read. I read several books a month. Sometimes several books at one time. It’s so convenient now to sit in my living room and find a book online and buy it. It’s way too easy. So I buy books sometimes that I won’t get around to reading. Or even some that I only had a mild interest in. Yes, even I impulse shop from time to time. Curse you Amazon! I could argue that this helps make me smarter, so the money is well spent, right?

I do detest spending money on stuff I don’t need, and another restaurant meal I didn’t enjoy as much as a few steaks on my own grill. I have to admit the majority money I waste has been the direct result of bad habits and pure laziness. Money buys conveniences. I’m only human.

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