00:00Seven things to never do with your money, coming from a qualified accountant and a
00:03former investment banker. Number one, making financial decisions based on emotions. Impulse
00:08buys and panic selling are common emotional mistakes that can completely derail your
00:13financial plans. Number two, overlooking the total cost of ownership. Don't just look at
00:17the purchase price, consider all the additional costs such as maintenance, insurance and fees
00:22that come with owning something. Number three, using a credit card to buy something that you
00:26can't afford to pay for in cash. The interest rates on credit cards are super high and completely
00:30outweigh the perks if you can't pay on time. Number four, ignoring your workplace contributions.
00:35If your employer offers a match and you're not taking it up, you're essentially turning down
00:39free money. Number five, buying something just because it's on sale. If an item originally costs
00:43100 and you're buying it for 60, you haven't saved 40, you've just spent 60. Number six, trusting
00:48get rich fast schemes. If it sounds too good to be true, it probably is. Number seven, ignoring the
00:53power of compound interest, both good and bad. While compound interest can grow your savings,
00:58it can also balloon your debt. Invest
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