How To Save Money To Start Your Own Business – Money Mistakes Leaving You Broke!

How can you save money to start your own online
business? I am going to go over all the money mistakes
that you are making causing you to go broke. I started saving money since I was only 3
years old. My parents have always taught me to save money
in case of emergencies, save money for education, don’t spend your money on useless things. That was something that I was brought up with
and they had a little piggybank for me ever since I was 3. Now obviously I don’t have that piggybank
anymore because I am a full grown woman but I had this piggybank since I was 3 years old,
all the way up to when I was finished high school. They were very strict with me and my brother. And my mom has always said to me, “if you
don’t have savings, you are not going to be able to do anything in your life.” I think traditionally, Asian parents really
teach their kids how to save money. I think, at least for me, that’s how my parents
were brought up. My parents were actually brought up really
poor and they saved literally every single dollar to they made ever since they were growing
up. They kind of applied it to me and my brother
while we were growing up. Now, when I was growing up, I absolutely didn’t
understand this. I actually didn’t like it and a lot of people
that were going to school with me, all the other kids, had really cool clothes, really
expensive cars. Even in high school, people had really expensive
cars and I never really understood, “okay, how are you affording this?” Because, for me, I never had that lifestyle
when I was growing up. My parents always taught me to work for what
I want and you absolutely do not get free handouts in life. That never existed, I was never taught that
and they were very firm on it. They always said, “Tamara, if you want something,
you work hard for it.” Nothing in life comes for free. Now, I didn’t really understand this and I
was very envious of kids when I was growing up thinking, “how do they have everything? I wished everything was past down to me.” And now when I am a lot older, I am actually
so happy that I grew up that way. Or else I would never understand the value
of money. How hard it is to save your money so you can
put it towards something that is more important later on. Before we get started into all of the money
mistakes that you are making right now causing you to go broke, I want to introduce myself. I am Tamara Tee. I started my YouTube channel in 2017. I teach people how to build a freedom lifestyle
by starting their own online brand, selling products on Amazon FBA. If you guys want to see more videos from me,
be sure to subscribe to my channel. Hit the notification bell so you can get notified
every single time I post a new video. Alright, I got my very first job when I was
only 14 years old. I was a hair dressing apprentice to one of
the most expensive hair salons here in Vancouver. I thought I wanted to do hair dressing because
it was really fun and back then, I really liked dying my hair all different kinds of
colours. I think everyone has gone through this phase. I started to do hair dressing. Now, when I got my first job, that wasn’t
very, that wasn’t a 9 to 5 job because I was still in high school, but it was a weekend
job and it was an after school job that I went to a few times a week, just so I can
save money and buy things. Now, every single time I got a pay check,
I got a very small pay check because I was only on minimum wage and working part time. My parents have always taught me and I am
going to teach you now the very first thing that you should be doing, is putting aside
some money. Every single time you get paid by your employer. It doesn’t matter if you’re only making $50. It doesn’t matter if you’re only making $25
per pay check. You need to set aside some money every single
time that you are getting paid. Now, if you’re not doing this, I don’t know
why you’re not doing it. But it’s very, very important because in case
something happens, in case you have an emergency, in case one of your family or friends are
sick, maybe you have to travel to somewhere unexpectedly, maybe you want to save up to
start your own business, all of these things that are very important in life, you have
to have money for. If you don’t have money for it, you’re not
going to get anywhere in life. It’s just simple as that. Even for myself, every single time when I
got paid, I usually put aside 25% to 50% of what I was getting paid. Usually it was about 50% and the other amount
of money I was making, I used to pay my bills or just for pleasure. You know, going out, going to eat, which we
are going to talk about a little later as well. But you really need to be managing your money
and knowing how much you are able to save every 2 weeks from your job. The very first money mistake that is making
you broke is that you are spending way too much money, eating out, drinking, having coffee,
having tea, and buying bottles of water. Now, I know this sounds ridiculous but you
guys, do you realize how much you spend eating out, going out, drinking, having a cup of
coffee 5 times a day, having tea 2 times a day? What you should be doing is buying these coffee
pods, okay? These coffee pods, Starbucks coffee pods,
I buy these at Costco. I think it’s, after I do the math, I think
I am literally paying 50 cents a cup. Whereas, if you were to actually walk into
a Starbucks, you’re paying over $2 a cup of coffee. You could be making this at home and putting
it in a cup or something and leaving your door in the morning to go to work. It just makes more sense financially. Also, if you guys are spending a lot of money
on alcohol, that is very, that’s the easiest way for you to go broke. Drinks at restaurants are so expensive. Now, every time I like to go out with my friends,
I do order a drink but I barely eat out a lot. I actually really like cooking at home, cooking
healthy meals, feeding myself so my brain is actually working and I am not taking naps
from eating McDonalds or drinking a lot. I buy these at home too, the organic green
tea bags. This, I think I got 200 tea bags for $10. If you buy a cup of tea at Starbucks, I think
it’s $2 or $3. Anyway, you get the idea. All of these little habits that you are doing,
going out, paying for alcohol, paying for coffee, tea, desserts. You can buy a whole cake at Dairy Queen for
$20 or $30 instead of 1 slice at a restaurant for $10. All of these little habits that you are doing
are causing you to go broke. Now, I am not telling you to sit at home and
not enjoy yourself and not to go out and enjoy at all, I am just saying when you’re at a
restaurant, what are you really ordering? That’s a lot of money that is being added
up every single month that you should be putting aside to start your own business. A lot of people come to me and they want to
start their own Amazon FBA business, that’s what I teach on this channel, but they don’t
have the money. Then when I ask them, “what are you spending
your money on?” Are you eating out? Are you buying coffee? Are you going out Friday, Saturday, and Sundays
and spending a lot of money on alcohol when you can go to BC Liquor Store, go to a liquor
store and buy a whole bottle for the exact same price. There’s so many things that you are doing
and you just don’t realize. The next time you pull out your wallet, just
make sure, what exactly are you paying for because it’s going to end up on your credit
card bill. And at the end of the month, you’re like,
“holy crap, I need to pay this off.” The second mistake that you are making in
your everyday life leaving you broke are subscriptions. What are you subscribed to? For myself, I legit don’t have television
and when I watch Netflix, it’s actually borrowed from someone else’s account. It wasn’t done intentionally. Now, I am not cheap. I am not saying I am cheap but that just kind
of happened. Someone shared their password with me and
I was like, “sure, why not?” Anyway, getting back on track, what are you
subscribed to? Look, I am not even subscribed to Amazon Prime
because I don’t shop on Amazon enough to even take advantage on their 2 day shipping. I think I shop on Amazon once a month or maybe
even less because I am from Canada and the Canadian Amazon marketplace actually kind
of sucks and I’d rather go to a local store. Are you guys subscribed to magazines? Are you subscribed to really expensive, different
kinds of classes? When I was penny pinching, back then when
I had my 9 to 5 job and I needed money saved up to start my own business, to travel, to
pay my car insurance, whatever it is, I had a lot of things to pay for because I lived
on my own for a long time. Now, one thing that I remember I was spending
a lot of money on was a yoga membership. Yoga memberships, especially for hot yoga,
are so expensive. I think I was paying $150 a month. And then I thought to myself, I am really
into fitness by the way, I work out 5 days a week but, so I need to get that exercise,
right? It just helps me mentally and makes me feel
better about my lifestyle and everything overall. But, back then $150 for a yoga member pass
was a lot. I thought to myself, “what else can I be doing
instead that is active?” So instead of spending so much on a yoga pass,
I decided to take a run outside and do some yoga and stretches and some weights in the
comfort of my own home, just so I can save $150. Now, everything adds up, right? $150 is not a lot but when you have 5 different
subscriptions going on that you barely use, or you could be substituting for something
else, you guys need to be looking at what you are spending your money on for these subscriptions
and substitute it with something else. I don’t have cable because I don’t have time
for cable. But I do have a very fast Internet connection
and a lot of data in my cell phone plan. Because obviously I run my own online business,
right? Just go over everything that you are subscribed
to and ask yourself, do you really need to be subscribed to these things? Are they for pleasure? Especially things that are for pleasure and
that are not helping you get towards your goals and to grow your business, you should
not be subscribed to them at all. The third mistake that you may be making,
preventing you to save money, to start your own business, are maintenance expenses. Maintenance expenses, I mean ladies, for you,
it would be getting your nails done. For guys, it may be video games or a very
expensive protein powder or whatever it is that you guys spend your money on. Now, my fiance is pretty low maintenance. He doesn’t spend a lot of money on that stuff
but for myself, I used to spend so much money on all of these maintenance things. I used to get my hair done. I used to get my lashes done. I used to get a facial. I used to go to the spa. I used to go for a tan. I still do some of these things All of these
maintenance things that you can actually substitute or tone back a little on are causing you to
go broke. And these maintenance expenses, especially
for women, they really add up. I can easily spend $1,000 a month just on
maintenance. And I would feel, that’s the average price
of maintenance, right? And that’s actually not a lot for women. If you want to look great and feel good and
spend your money on all of these pretty things, you are going to end up broke. And if you want to start your own online business,
if you want to save your money for inventory, for advertising, whatever it is that you need
to really start scaling up, owning your business and tripling your income, getting rich, whatever
goal you have, you need to cut back on all these maintenance expenses. Do you really need to be buying that $50 shampoo
bottle that your hair dresser is trying to sell you? Or can you just go to Whole Foods or another
drug store and buy a bottle for $5, right? It works exactly the same depending on how
your hair is. That’s what I am trying to get at. There’s a lot of ways on how you can dial
back and tone down on a lot of these optional kind of expenses. Another type of maintenance expense and I
know everybody spends their money on this, including myself, is clothing. Clothing, wallet, shoes, watches, purses. A lot of us love these things because it makes
us look good. It makes us feel good. I am not telling you to not buy these things
at all but when you are trying to save money and you don’t want to end up being in debt
or going broke, then you should really cut back on these things because they are not
necessary and vital to your life. They are not important at all. It doesn’t matter what people think of you. What matters is what you think of yourself
later when you actually sacrifice all of these things in order to get to where you want to
be. Even for myself, before I sacrificed a lot
of these things, I toned back on the shopping. I toned back on a lot of the maintenance expenses
and when things started getting better in my life, I went back to buying things that
I love and I don’t see a problem with that. You’re allowed to spend your money on whatever
you want that makes you happy but just remember, are the important expenses paid off? Do you have enough money to really start what
you want to do? And if you don’t, then everything I mentioned
needs to be cut back. Also, if you guys continuously make these
expenses, habits to your life, you are going to end up broke. I have a lot of friends who only spend their
money on these things because they’ve made it a habit and that’s how their lifestyle
is. And when they don’t have it, that’s not them. You don’t want to put yourself in that situation. You want to put yourself into a situation
where you know where your money should be invested, how you should save it, how much
money you need to start your own business, and everything else that is important and
a priority and then you worry about all the pleasure kind of stuff later. It will come after you have reached that level
of success. If you guys are really having money managing
issues and you just don’t know how to prioritize your expenses or your spending habits, you
really want to change them, and you just don’t know how, it may be wise to pay for a financial
advisor or someone who can manage your money for you. I know people like this who actually need
help to manage their money because they are so bad with their money. It’s not really their fault. It’s just that they never met people who can
help them save money or know the importance of money. So it’s just how they were brought up. If that’s you then you may need to get the
help that you need so you can start saving money and get to where you really want to
be. I have a lot of friends that asked me how
I was able to save so much money and how I was able to own so many assets at such a young
age. I bought my very first brand new car, paid
off at age 20. And I bought my own house at age 24. I was able to do all of this because I was
taught how to manage my money at a very young age. My parents would give me sh*t if I were to
spend my money on stupid things but I still spent a lot of money on nice clothes, nice
purses. I’ve done that, I’ve been there, I enjoyed
it. But what you really should be spending your
money on and if I could go back in time, I would do this for myself as well, you should
be putting your money aside for knowledge. Knowledge is king. Without knowledge, you can’t get to anywhere
in your life. You have to know a certain skill set. You have to know how to run a business. You have to have the money to pay for all
of these things that will only help you become better. If I could turn back time, that’s what I would
have spent a lot of my money on. I didn’t have to pay for much of college or
university because I never went to college or university. I took a really short course in college that
was a few months and it wasn’t even that expensive. And then I started my 9 to 5 job. But for anybody, you know how much it costs
to go to school, to pay for an education, right? And I don’t even believe in the school system,
just so you know, I’ve said this a few times. But if I were to go back in time and spend
my money on other sources of knowledge, especially sales. I wish I had a mentor back then that taught
me all about sales. How to sell. How to close. How to sell high ticket sales and everything
else like that, I would have loved to do that. And that is what you should be putting your
money towards and what you should be saving towards. Knowledge. Okay guys, I hoped this video has helped you
today. I really want you to start applying these
things to your life especially if you have bad habits of spending your money on useless
things. If you guys have any comments for me, please
leave me a comment below. I respond to everybody. Subscribe to my channel. Help me, give me a big thumbs up. And I’ll catch you guys in the next video.

14 Replies to “How To Save Money To Start Your Own Business – Money Mistakes Leaving You Broke!

  1. Another great video. The old me was an impulsive buyer and don't save money. I got broke. I'm starting over again. Now, I'm mindful spending my money. I think twice before I spend. I can now walk out the bookstore without buying a book. I'm saying to myself "I can add this money to my business" 😊

  2. A good tip that worked for me: Have 0 paper money in your wallet! Literally 0. "What if I need gas money or this or that?" Well, you take money for that but have nothing to spare. "What if I run into an emergency and need money?" Then use your credit card. This is going to make it harder to spend money on stupid shit(at least for me since I always pay with cash and only use cards for my businesses).

  3. Great video. That is still important even if you already started a business. As soon as you saved some money you can start selling on Amazon FBA. Therefore, I also make some video showing how I make $$$ selling on Amazon FBA.

  4. book are the thing that will make you rich all it take is 1 book to change your mindset i reccomed this book called rich dad poor dad if you have a poor mentality once you find that 1perfcect book youll love to read book

  5. I've dialed back on all these things awhile ago now cause I have three kids. I also told my 11 year old daughter I don't believe in the school system cause they don't teach you how to save!
    Now I've saved up to start my Amazon business.
    Thanks for the great video!

  6. Great video Tam. To become successful, you need to put in the time and sacrifices and work hard for it.

  7. Tamara, there are a lot more things (bad) that people do that cause them to always be broke. One of these things is having so many credit cards, which is common, I think. Some people have so many c. cards in their wallets you think they have a stack of playing cards. Why does someone need to have so many credit cards, unless they're always in debt and are always buying things that they need to keep applying for even more credit cards ?

    And it's actually better to carry cash than credit cards. Psychologically, it's much easier to pull out your card and charge things on it than to pay with cash, especially for more expensive purchases. Credit card companies know this and that's why they're always sending you offers or keep giving you credit line increases and they keep changing the design of their cards to make them more shiny and attractive.

    Some cards are so attractive you just want to use them just to look at them. lol And people fall for this.

    Also, buying a brand new car is one of the worst things to do, ever, UNLESS you intend to keep it for 15 years. You will put yourself in a big hole and add even more bills to your bills. Buying a brand new car is like throwing money in the air. The average car loses about 20% or more of its value after just one year and by the second or 3rd year it will have lost about 1/3 or more of its value. So, Imagine losing 15,000 dollars on a $40,000 car in just 3 years. What's worse is that some people do the same thing (buy a new car) every few years.

    I don't know but I can never understand people. They don't make any sense with their stupid spending habits. I watch these guys who keep going back and forth to Starbucks or gas stations to buy cup after cup of coffee and then sometimes they don't even finish it ! WTF is wrong with these people ? lol. For what they spend on the coffee they buy in one month, they can buy a really nice coffee machine and make coffee at home for a faction of the price.

    Like I said before, people just can't understand the concept of saving money. It's totally lost on them. It's almost like they're compelled to just keep spending even though they know it's keeping them broke but it's like they can't put 2 and 2 together.

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