6 Ways You’re Losing Money Without Realizing It
This post is brought to you by Wealthsimple.
We talk a lot here on TFD about how to get better at saving money – -everything from eating out less, to naming your savings accounts with super-specific titles like ‘Sprang Brake’ (hopefully not that, though). But there’s no denying that all that self-deprivation takes a lot of mental effort and energy. That’s why it’s so important to make sure you’re not actually losing any of that hard-earned coin. In this video, we partnered up with Wealthsimple — an online investing service that’s easy and open to people of all incomes — to bring you some of the most common ways that people miss out on money, either by carelessly running up expenses in the background, or missing out on funds that they can and should be earning.
For instance, failing to invest once you have some extra funds saved up is essentially forgoing passive income, and the amount you ‘could’ve’ made only grows as you get older. You might think of it as the safe option, but it’s not actually safe at all. Rather, it’s the most surefire way to guarantee you’ll hit a financial ceiling. Not only is your money worth less over time thanks to inflation, but those who did invest in their 20s and 30s will be way better off. (Just imagine the laziest person you know being way better off than you in ten years! Without having worked any harder! Ugh!) Luckily, if you’re on the young side, you already have one of the best things going for you: time. Much like making a homemade chicken stock (or if you’re a quintessential #millennial like Lauren’s partner, brewing your own beer), time is your best friend when it comes to investing. And if you’re worried you’re already late to the game, (a) you’re not alone — some of us at TFD who will remain unnamed feel like big dumb-dumbs for not investing when they were younger, and (b) ‘now’ is still better than ‘never’!
The other tips we give are similar in that they’re both easy to get wrong, but also very easy to get right. Because while our team may all have different lives, goals, and financial situations, there’s one thing we unequivocally like and that is a money tip that doesn’t require us to work harder than we already are. So we hope you enjoy the video, and welcome more tips if you have em!
This post is brought to you in partnership with Wealthsimple. Visit wealthsimple.com/TFD TFD followers will receive a special $50 cash bonus when you open and fund a new account (minimum initial deposit of $500).
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