What are some dumb purchases you've made? Let me know by leaving a comment! No wrong answers

@VincesInHocSigno

2 ай бұрын

$1000 on an Amazon marketplace sellers course, when I wasn't even sure I wanted to pursue it. I was just sold on making money.

@scarycooper

2 ай бұрын

Including my losses in the casino, I spent about a grand in a single Vegas weekend at about 25.

@brennawilliscrosby3718

2 ай бұрын

My cat, Winston

@mikedowell8465

2 ай бұрын

Surfboards

@pheebschen5296

2 ай бұрын

A handbag that costs a month of salary, thinking it’d make me feel like I’ve made it

I would not find your "hobby" section wasted. They provide valuable experience for your life, which is not all about saving money. I know what you are going to say, but playing a musical instrument, 800 dollar camera, and PPL are hardly a waste. Actually, you could have ended up wasting more. I have been using 600 dollar Sony mirrorless camera for 6 years. If you stick to these items long enough, they will pay out themselves.

@robertdunay4499

2 ай бұрын

I think the best way to go about hobby purchases is little by little. Start with some cheap version of the thing: old golf clubs, an old miter saw, what have you. Then if you realize you like that hobby, you can get nicer items to help enhance the experience

@Autotad

2 ай бұрын

@@robertdunay4499 Adding onto "getting nicer items": be smart about what you are buying and get something that you can grow into. My hobby being cycling, started with an entry level bike and got into, then once I realized I was actually into it got a mid-high tier bike knowing that it would last me for quite a while. I've seen so many friends buy a new bike every year thats just marginally better than their existing rather than being honest and biting the bullet twice.

@Dankflamio

2 ай бұрын

The hobby section was only considered a waste because he did not stick to any of them. Hobbies are some of the most valuable purchases in life but only if you actually keep and use them. People have guitars worth thousands of dollars but stop playing after a year. Or hobbies like golf and photography can be just like that too.

@youngbear2258

2 ай бұрын

@@Dankflamio i agree, but he mostly went with "cheap" options...like 250 clarinet is for a beginner. He did not go a couple of Ks to get his first clarinet.... In case of camera, my camera only gets used once or twice a year but I dont consider it waste as I still use them when needed....

@markb2860

2 ай бұрын

The waste comes in the fact that it was purchased to quickly, test a hobby out first by renting or borrowing if possible or purchase a cheap option first. I am guilty of these purchases but I almost always go with the frugal option first and upgrade later if I see fit, which I rarely do because the cheap option works fine

Cell phones - buying one each time a new one came out.

Grad school. Only go to grad school if you A) get an assistanceship/fellowship. B) that graduate degree lead DIRECTLY to a career certification (engineering, medicine etc). On a micro scale, the other worst purchases were on a couple of Free-to-play games.

@cmerr2

2 ай бұрын

Second. Grad school is 1000% a waste of money. My advice for new grads is always "get someone else to pay for it". I paid $60k for a graduate degree that nobody has ever cared about and never helped me once. I was almost a decade into my career before anyone actually verified that I even had one. I did out the math and the opportunity cost on that $60k is close to a quarter-million. I could have had $250k MORE than I have now - had I not gone to grad school.

@OGtruthserum

12 күн бұрын

@@cmerr2 100%! I didn't pay a single cent for grad school. Without grad school, I wouldn't have my ideal job since it requires a master's.

Love how honest you are about these very realistic situations that people come into in life. Dumb purchase: $2500 in a car warranty with a used car purchase. Also spent a few hundreds of dollars on household items immediately after moving into my first home. It took awhile of living in the home to realize it didn't fit the home or space, so it was wasted and later sold at a loss. The benefit is knowing that these items did help other families since it was much cheaper for them to buy these things that were basically brand new.

@humphrey

2 ай бұрын

thanks for sharing! yikes the car warranty, did you ever need it?

@MamaOwlbear

2 ай бұрын

@@humphrey No 😭 I won't be making that mistake again.

When I was dipping my toes into a bunch of different hobbies in my early 20s, I found it super useful to try to find really good used deals on Marketplace, that way I could always get my money back (or sometimes sell at a profit) if I wasn’t committed to the hobby. This is much cheaper than buying everything brand new.

@humphrey

2 ай бұрын

That is awesome!

@marcfrancois6913

2 ай бұрын

What hobbies did you try out

I'm really impressed that you can track and talk about these poor purchases. Most people talk themselves into believing they are good or they forget about them

Thank you so much sir, you're like an elder brother or father figure for me, this video is literally a blessing in disguise for me as my 20s just begun,...all in all thanks a lot for making the video so personalized and teaching such a valuable lesson..also wanna mention one of my wasteful purchase,..Ok so like a month ago i bought Airpods (the older version, bcz obv it's cheaper) and i thought or used to think that it will just change my life somehow but now i regret buying it bcz i bought it from my savings without telling my parents haha and now i have to cut down on literally everything just to hide the fact and compensate...But i guess i learned a valuable lesson :)

A lot of respect to you for listing your personal worst purchases. Many people don't share their personal experience and just discuss generally.

Humphrey thank you soft admitting your “failures” . Sometimes we need to remember even respectable people made huge financial mistakes.

At least, "I spent $5,500 developing a slots game" isn't as bad as "I spent $5,500 playing slots."

3D printer. After the novelty of printing free files from Thingiverse wore off, I realized I didn't really enjoy 3D modeling and printing my own stuff. Ended up selling it to an engineer friend who is getting way more utility from it than I ever could. Server. I was just starting my career in IT and wanted to be that "cool tech guy" who had a server/networking rack as his house. Spent way too much money on hardware and while I don't regret any of the networking gear I got, I went way overboard on the server hardware. Basically anything I deployed on my server I could have either run on a VM on my gaming desktop for free, in the cloud for less than $10 a month, or on a cheap Dell/Lenovo desktop bought from the university surplus department.

@TheThreatenedSwan

2 ай бұрын

Damn, that's what I want to do like printing for an e paper reader, enclosure for speakers, camera stuff, and implementing nextcloud

Some purchase suggestions in your 20s (non essential). Get yourself measured and buy a made to measure suit in navy or gray with a well fitting shirt and conservative tie. Buy a pair of black oxfords, a mechanical watch, leather boots, a bag, skin care products, invest in a lifetime activity like cycling, fishing, hiking, reading/writing, painting, musical instruments.

Grad school application fees. I've spent hundreds on applying to schools plus extra on supplemental applications. I even applied to ones where I didn't really want to go to but did anyways as a safety net. Also spent hundreds on applying to several different residency programs because I was told doing a residency was good. (Pharmacy residencies are not required to work as a pharmacist.) I ended up picking the closest pharmacy school to me where I can commute plus I went straight into the work force without residency. I regret wasting all that money to this day.

I feel like you’ve lived so many lives! Thanks for sharing!

Pets. I love animals, and have always had pets. But I got in over my head. I don’t think people realize how much pets cost. A typical dog will cost you over $20,000 over its lifetime when you include food, vet bills, and accessories. Most people are not prepared for that and the animal suffers. And never get a bird. I have 7 and I love them but they will probably outlive me and they cost a fortune.

Off topic… I would love a video on what’s the best thing to do with windfall money. From a couple thousand up to $500,000.

@humphrey

2 ай бұрын

noted, thank you

I wasted (still wasting) a lot of money on bodybuilding. 20 years of buying supplements, food, gym memberships, etc only to lose money every day. And women don't even care about muscles.

@SuperNeny99

2 ай бұрын

You’re investing in your health and your return on investment will come back when your older not now. Keep it up chanp

dirt bike and pre paid service plan 5000$ in 2008. I really loved that dirt bike but in retrospect I should have been saving my money instead. I should have bought a used bike and leaned to do the basic service myself. Eventually I did just that with a street bike. oh, and a warranty on my tundra I ended up using it but I still lost 1000$ after all was said and done. the only other thing I can think of was buying small crap that added up over years, you know, things that no one really needs just crap. one more, bars......... I spend 5000$ one year at one bar.......dumb choice.

Hi Humphrey, off topic, but I think it would be cool to see an in-depth comparison of getting a new car vs used car. I often see people say to never get a new car because of depreciation but I feel like if you take care of your vehicles until they eventually give out, then depreciation doesnt matter in the end. Ive had a used car and a brand new 30 mile car and have a few points on why I actually thing a new car is worth it. 1. A lot of dealerships will do any kind of maintenance for a few years for free. 2. Getting a used car means youd have to get another one faster than if you got a new car. By getting a new car, I essentially can hold off from buying my next one for probably a few years. The average car is driven around 12,000 miles a year so getting a car with 60k miles means id have to get another car 5 years sooner opposed to a new car. 3. You never know exactly how a used car was treated by its previous owner. Dealerships often put on a fresh coat of paint and fix up any dings and dents and call it a day so youre hoping the previous owner didnt run the engine super hard to the point that youll have long term issues down the road. Just thought id put my opinion in since im always told to never get a new car but i personally think its worth it.

Really loving your channel! Helping me a lot. Thank you 😁😎🙌🏻

@humphrey

2 ай бұрын

glad its helping!

Always start small with hobbies and consider renting more expensive equipment especially with things like cameras/other electronics

The best way to buy a tuxedo is to buy a used tuxedo. That’s how I bought my husband for our wedding. One brother lent him a cummerbund and one brother lent him a set of cufflinks and my father lent him a bowtie. The tuxedo was around $139

Not a purchase but not being financially educated and not investing earlier. I can’t retire as early as I want to now😢 Thanks for sharing, Humphrey ❤

@mikedowell8465

2 ай бұрын

Me too, brother!

Not crazy expensive, but I bought hundreds of blank checks from my bank with a really nice background when I became an adult because I thought I would go through them in a year and it's been 15 years and I only used 5 💀

super interesting video! really appreciate your honesty in admitting these mistakes. also, why did you want to play the clarinet? not a super popular instrument lol

Let's go Humphrey love that you've been pumping out so much content lately

@humphrey

2 ай бұрын

thank you!

Hitting that Like button to decrease the pain of these purchases 😅

@humphrey

2 ай бұрын

thank you

lol, yeah the forced sunk cost fallacy of buying something to get into that new thing weirdly doesn't work. It worked for me on 3D Printing... but really that is about it. I learned a long time ago to not buy something until I am going to do that thing... and not having that thing saves me money because I often can't buy the thing before the event that would need it. Sort of a win-win?... or maybe loose-loose depending on how you look at it? But it does force me to borrow things for a 1-time use, or to not buy something unless it is something I will be doing regularly.

Appreciate you sharing these insights!

@humphrey

2 ай бұрын

My pleasure!

Staying at hostels in my younger years was the best decision in my life. I am still friends with a looot of the folks I made in the hostel/during pub crawls. Not only was it cheap, but also I made friends for life. Don't get scared with hostels, people! And there's always the option of going for a private room with ensuite bathroom and it will still end up cheaper than a hotel room. As for the dumbest "purchases" I've made? Well, I bought Bitcoin and Ethereum in BlockFi and did their BlockFi Interest Account crap, thinking I'll make passive income this way. Womp womp.

@humphrey

2 ай бұрын

Great insight Akire... Yeah

Where do I even start, I’ll be 24 in 5 days and I have definitely made more than my fair share of dumb purchases. My gambling losses are close to or about 10k all time, I lost 4k investing in crypto before knowing anything about crypto, the hobby thing got me really good as well in all sorts of categories, I have owned 4 vehicles so far one of which was a truck that I didn’t need and ended up having to sell it at a 5k loss, the lost goes on but I’ve definitely thrown out much more than I should have but I’m getting back on track now and putting my money to better use while still allocating an appropriate amount of funds toward leisure.

Handbags, watches, luxury dresses and jewellery. It’s like a car once it leaves the store it’s worth less the irony is that now 20 years later these things are actually worth more than when I bought them, but not as much as I would have gotten In interest with the money in the bank.

I got inspired on TikTok & I spent $1,500 on tattoo supplies while I was unemployed during COVID (Mind you I never draw). I was supposed to pay bills with that money so then I paid my bills on my credit cards. I put off paying my CC balance and paid hundreds in interest. I practiced tattooing for 2 days, the supplies have been in my closet since. 🙂

My best time in my late teen/early 20 was when I packpacked though Europe. Staying at youth hostles, meeting like minded backpackers, made so many friends. It was both cheap and way fun. That's the right way to tour europe.

@humphrey

2 ай бұрын

nice!

You should make a video on your old gaming days! Maybe even showcase some gameplay. That would be a nice change and who knows maybe a side video playlist

I relate to the travelling alone. I booked a room at an all inclusive and I'm usually pretty independent, but staying in my room alone was a horrible experience. I even made friends, but it would have been better to go with someone and share a room. Lesson learned

Ethically speaking, I would have thought that Humphrey is above making gambling apps.

@humphrey

2 ай бұрын

appreciate that, yes, that was a long time ago and my stance has changed now. Not making a gambling thing today

I learned this when I got into golf. I spent less than $200 for a full set of clubs and I got a good amount of use from it. I got into a car accident so I couldn’t go to the range for a while, but I certainly could have spent much more

04:32 Very true, and the same holds true for *potential spouses*. Vett him/her fully. Background check, etc. Hire someone to do it if needed. No one is immune to being deeply deceived. As the saying goes, “If you’ve never been conned, you simply haven’t met the right con-person yet.”

I wouldn’t call these dumb purchases. They are simply lessons that costed varying degrees of expense. Life is full of such lessons. Some are more expensive than others. Now a dumb purchase would’ve been buying the plane before you got your pilot license and then crashing it immediately in a flamboyant display of youthful idiocy.

@humphrey

2 ай бұрын

LOL

@humphrey

2 ай бұрын

buying a plane would be funny

Nice clothes hauls, a few outfits is ok specially when trying to make it in a corporate setting, but weekly hauls was my dead weight. I was thirty with zero savings and just my retirement.

Very interesting tidbit on Reid Young's screening for buyers of his book. I just saw Tim Ferris on the My First Million podcast who said he did the same screening for attendees to his $10k+ seminar.

I spent 3.4k on a luxury watch as a gift to myself celebrating my first year of employment as an engineer. It's a nice watch, but every time I think of wearing it I feel embarrassed because of the price.

At first I would say my laptop, I don’t use it a lot but it is more then 6 years old now and still works. The second is name cards, I thought it would be helpful to give it when I had job interviews. In the end I got hired at the first job I ever applied and I am working there for 6 years now lol

The tuxedo is great advice. I bought a Calvin Klein suit for $200 from Joseph A Bank. I’ve worn it several times and love it, my weight doesn’t fluctuate either. You can buy nice suits so much cheaper than $1,000

@humphrey

2 ай бұрын

That is awesome!

Curious as to what work you did in the gaming industry. Also what games did you play professionally? Great video!

@humphrey

2 ай бұрын

I did monetization for a mobile video game, in addition to customer support and Qa in the early days

The hobby category is a great one, I am definitely guilty of it

Phewww, lego didnt make the list!!!

My dumbest purchases are also hobby related. Camera, Gateway computer, etc. Am I the only one who wants him to wear the tuxedo for one of his future videos? Isn’t it weird how we will hold onto things that cost us a decent amount of money even though we never use it anymore?

About 10 or 11 years ago I worked nights and after playing Halo I’d put the tv on and at 2 or 3 am every day I’d for some reason watch those “get in shape at home work out videos”. Those shows where you watch the work out Gu Rue training classes but sold the entire workout set. Those things that came with a 10 cd set work out mat and CALL IN THE NEXT 5 MINUTES and you could have type of a deal. WELL…In stead of 4 easy payments of $49.95 and on the phone with the operator the dam thing cost over $600. The box was 4 feet tall filled and I swear to you I never opened it. The box served as a beer stand in my room at my parents house.

Yes.., I spent $18,000 to get a webgame made that was never finished, but it made me make one myself, which today is onling.. but no active user.

I would like to know where I should park some extra cash that I have and not make another dumb decision.Any advice? Anyone?

I also took up poker in my 20's but I went to the library and checked out books for free instead of buying them🎉

A dating app subscription. I’ve had more success meeting people on my own in real life than I had on tinder

i spent A LOT on csgo cases, never again.

we need you to do a video in the tuxedo

@humphrey

2 ай бұрын

Lol!

Cameras also hold their value really well on the resale market - so you don't end up losing more than $100 on resale.

Oh and exercise bikes and treadmills. No one ever uses those. Chalk that under hoboes I guess.

I used to easily spend hundreds of dollars a year on games just cause they were on sale and I thought I’d eventually get around to them. I didn’t eventually get around to them lol

A private pilot is wild😂🤪

I bought virtual clothes for my Neopets

Hi Humphrey!!

@humphrey

2 ай бұрын

hi katie!

I wish I didn’t waste money in my 20s trying to impress friends as well as girls to get dates. Instead I should have started learning about investing and putting more towards investments/savings!

It sounds like your slots game waste of money was in fact not a terrible idea, but bad background checking on the developer team.

@humphrey

2 ай бұрын

true that...

Can you break down tik tok vs KZread earnings?

I don’t know I spent a lot of money on dumb dumb stuff. So wasteful. 😢 We all live and learn. 😅

College

@humphrey

2 ай бұрын

damn

Dumbest purchase for me : buying SPAC stocks during covid..... Expensive lesson ! One got private after -99%..... One got bought and getting cash and stocks.....😂😂😂😂

Building an app is not cheap. (I'm a software engineer by trade.) So sorry to hear you got scammed, that just gives a bad name to everyone..... First guy should have known and been honest up front. A Windows app (assuming that's what it was because that's what you showed in the video) != an iOS app in anyway. Two completely different processes.

Not that bad.

In my 20s a sh*tty computer that would need to be upgraded in a year costs over $2000. I wasted way too much money on them. So much so, that I am sitting out the early adopter EV game. I will catch up with it when technology has improved and stabilized.

@humphrey

2 ай бұрын

thanks for sharing man

You don't cook? Like, at all? This confused me.

Bro you're not fat

A lot of people in their 20’s made these mistakes. 😂

@humphrey

2 ай бұрын

haha

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👋🏽👋🏽

Number 2 🙌

Second

@humphrey

2 ай бұрын

hi!

First

@humphrey

2 ай бұрын

welcome!

Humphrey, you have a bad habit of over investing early in your hobbies. like, someone who just drops $10k into a new investment account in hopes of being more consistent with investing and then never invests again after that. just lets the $10k just sit there collecting dust.