Personal Finance Youtuber Tae Kim: 17 Products You’re Paying Too Much Money For
Written by
Katie Wudel
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It’s easy to spend money without thinking about it. One way overspending occurs is when you purchase items that cost more than they should.
Personal Finance YouTuber Tae Kim warned viewers about overpriced products that are simply not worth the money. Here are some of the purchases Kim says you should avoid.
1. Movie Theater Food
Kim said A family trip to see a movie turned into a lesson on the exorbitant cost of movie snacks. For a simple combination of hot dogs, popcorn, and a drink, he paid more than $50. His advice? Bring your snacks or skip the concession stand altogether.
2. Airport Food
Traveling can be stressful enough without the added burden of pricey airport meals. With examples like $8 coffee and $20 sandwiches, Kim suggests planning ahead by bringing packed meals and a reusable water bottle. This will help you avoid overpaying.
3. Self-Storage Units
Kim highlights the hidden costs of self-storage, with an average 10×10 unit costing around $2,000 a year in the US. He encourages decluttering and creating functional home storage solutions instead of falling into this expensive trap.
4. Car Maintenance at Dealerships
While acknowledging the quality of dealership services, Kim notes the higher costs compared to independent auto shops. For non-specialized services, he recommends looking elsewhere, such as Costco.
5. Collectibles
Kim reflects on his childhood baseball card collection, emphasizing how the value of collectibles is highly volatile and often disappointing. His advice is to avoid these as investment vehicles.
6. Get Rich Seminars
Kim warns against overpriced get-rich-quick seminars, advocating for investing in real skills through platforms like Skillshare, which he personally endorses.
7. Timeshares
Describing timeshares as a “lifetime commitment to annual payments,” Kim advises against these due to their hefty fees and the complexities of booking vacations.
8. Single-Use Liquid Hand Soap
Kim suggests using refillable dispensers and buying bulk refills as a cost-effective and environmentally friendly alternative.
9. Extravagant Weddings
Reflecting on his own experience, Kim urges couples to consider the financial implications of a lavish wedding, highlighting the emotional and financial pressures that often accompany these events.
10. Greeting Cards
Kim recommends buying blank cards in bulk for all occasions, citing the markup on seasonal or event-specific cards.
11. Luxury Cars
Kim questions the value of luxury cars, pointing out that they are often overpriced for the performance and safety they offer compared to more affordable brands.
12. Brand Name Clothing and Accessories
Like luxury cars, Kim notes that designer clothing often carries a premium price for the brand rather than quality, urging consumers to focus on craftsmanship.
13. Luxury Hotels
Drawing from personal experience, Kim suggests that the luxury hotel experience is often not proportional to its cost, especially when compared to moderately priced accommodations.
14. Inflight Wi-Fi
Citing its unreliability and high cost, he recommends skipping Wi-Fi and enjoying the flight instead.
15. High-End Gym Memberships
Kim urges evaluating the actual usage and benefits of expensive gym memberships and considering more cost-effective fitness options.
16. Actively Managed Mutual Funds
Advocating for low-cost index funds, Kim warns against mutual funds with high expense ratios.
17. Whole Life Insurance
Kim recommends term life insurance as a more affordable option, advising investing the cost difference.
The Bottom Line
Kim’s video serves as a valuable resource for anyone looking to cut unnecessary expenses and make more informed financial decisions. His practical advice, based on both personal experiences and wider market trends, offers a roadmap for better financial health and savvy spending.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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