Stop buying these 10 things if you want to retire 10 years early

Updated on October 01, 2022 18:15 PM by Michael Davis

Can you fool your way to a lot of money? Most likely not. Can you save enough to be able to retire early? Absolutely! You'll probably be fine if you spend money on just one or two of these things. If you have more than that, it will be hard to retire early or even on time.

Let's get right to it:

Credit card interest

This shouldn't be a surprise. I have to talk about not getting into credit card debt as often as I can. If you spend more than you make and put it on credit cards that you can't pay off every month, you're stealing from your future self. It's a handcuff that makes it hard to save, invest, and reach other financial goals. If you have credit card debt, which you'll know because you'll be paying interest every month, make getting out of it your top priority.

Higher Education

66% of people who go to a public college leave with debt. In 2020, the average debt for a four-year public or private college that was not for profit was almost $30,000. There are many options besides college, and with rising tuition, people should think about them. You can get a specialty certificate that is directly useful for a job at a trade school. You can work for someone else. One-time online courses are possible. Take a crash course in coding. Become a realtor. Or, you could start at the bottom and work your way up. At a tenth of the price, community college is another great choice.

Also Read: The World's 10 Most Protected People in 2022

Individual stocks

Sure, when you choose individual stocks to invest in, you have more say over how your portfolio is put together. You might be smarter than everyone else and make more money than the market as a whole. Most people, even the most experienced investors, don't do this. When you choose individual stocks, you're taking on more risk because you're not spread out. They need more time, training, and care. It can be harder to control your feelings. You could let your own preferences get in the way and lead you astray. Also, keeping track of all of this can be a huge pain. I think you should buy index funds, which are groups of stocks. I always suggest ones that track the S&P 500 or the whole stock market, but you can also choose from a variety of index funds if you like to do research and have some options.

Also Read: Top 10 cities in the world with the highest GDP rate

Excessive Entertainment

Comfort and having fun in moderation are both good things. But too often, some people go too far. These are the people who can't wait for the weekend and go crazy when it finally comes. These are the kinds of people who want things right away. They think that getting things and doing "stuff" will make them happy. Shared experiences are very important, but you can make memories and spend quality time with your loved ones for cheap or even for free right in your own town. Remember when you were a child. I bet most of your best memories are of making up games with friends, playing in the park, or going camping. As we get older, ads, social media, and the urge to go, go, go and spend, spend, spend, spend come at us from every direction. Slow down. Be thankful for what you have. Stop doing it for the 'gramme and keep that money!

Timeshares

Timeshares are not an asset or a good way to make money. They don't bring in any money. If you want to know how I felt when I was pressured to buy a timeshare, watch this old and very embarrassing video. The main point is that they were very nice to me until they became very mean. I'd love to hear about your worst timeshare experience in the comments.

Also Read: Top 10 most evergreen actors of all times

Exercise machines and/or fancy gym memberships

Home machines cost a lot of money. Also, they break down, need to be fixed, and may need a subscription. Also, about 40% of people say they don't use them as much as they thought they would. Instead, they end up collecting dust and are sold for 20 cents on the dollar. Gyms can be helpful if you go there often, but 67% of memberships aren't used. So, set a limit that works with your monthly budget (hint: it's not $200 at Equinox). I go to the Planet Fitness near me for $10, and it's great. It's clean, has a lot of machines, a lot of TVs, friendly people, and costs only a sixth of what my last gym did. If nothing else, you might want to cancel your membership during the nice weather months and work out outside instead.

Also Read: The top 10 most powerful leaders of the world as per announced by Forbes

Pools

On average, it costs $80 to $150 a month, or $960 to $1,800 a year, to take care of a pool. That doesn't sound too bad, but when you add up repairs, opening and closing costs, electricity, and water, the annual cost of owning a pool is $3,000 to $5,000. On the other hand, maintaining a hot tub costs about $20 a month, and you can use it all year long. So, switch to a tub and save money!

Unnecessary items for your baby

Even though I'm not a dad yet (maybe someday I will be), I think some parents go way, way too far when they buy things for their baby. In the United States, the market for baby products is worth $1.7 billion. Some babies are really treated badly. For example: designer shoes, designer clothes, designer diapers (I guess that's a thing), too many toys, baby bathrobes, wipe warmers, netted fruit feeders, squeezable spoons, a peepee teepee. I don't know what some of these things are, but if you do, stop! Even more so that last one. It sounds disgusting.

Also Read: 10 Celebrities Who Gave Up Acting Forever

Cheap anything

A prime example is furniture. You might save money at first if you buy cheap furniture from Ikea, but you'll probably need to replace it sooner than if you bought quality pieces. This is true even for small purchases. When I was 12, I made the mistake of buying cheap kitchen knives, coffee makers, shoes from Target, pretty much anything from H&M, office supplies, candles, kitchen appliances, and even a fake watch.

Also Read: 10 celebrities who have gone from Riches to Rags in no time

Real Christmas trees

I'm going to end by putting on my Grinch hat because this is about me. We bought our first house in November of last year, so I was very excited to buy my first real Christmas tree. We went out in the rain and drove to three different lots because they were all sold out. We paid $210 for a 7-foot tree. Even though it came with a stand we needed, that's still crazy. I found out that the average range for most people is between $65 and $175. You could put some of these good gifts under the tree. Or you could invest the money instead! Not only that, but fake trees don't have bugs or allergens, they don't drop stuff all the time, your pets won't drink bad water from them, and I could go on. But if I'm being honest, I'll probably still buy another one. The smell can't be changed.