Top 10 ways to Waste Your After Tax Income

I take the transit to play every morning to my office. On the way Metronews and 24hr News helps me get pumped up.

It was exciting to see in the news the top 10 waste of your hard earned after tax money. Yes, it says the readers voted. But I knew it all along…. And it seems like I am not wasting my money in any of the top 10 ways.

I will try to explain it in detail here and just for a note.. multiply any cost by 1.50 and that is the actual amount you are earning to waste the money.

Here is my top 10.

1. iPhone or any Smart Phone – If you are not using it to make money and do business deals it’s a total waste… no matter how you justify it. Cost could be as much as $2,400/year. Apps eat more of your money.

2. iPad – Just a fancy bigger iPhone and you can’t even use it to make a phone call. Use a diary/notepad instead. You will be amazed, how beautiful your hand writing is!

3. iBooks/Ebooks – Just a fancy way to sell you some gadget. Total waste of money. Get your books from your local library/used bookstore/or mall bookstore. Feel it, read it, smell it, write all your notes on it and then pass it to your friend.

4. Alcohol – Bad for you and everyone around you.

5. Cigarettes

6. Lottery/Gambling – Look at how much money they are making. If its good for them, then its certainly bad for you.

7. Gym Membership – It’s a very good investment if you use it. If not, it’s a total waste.

8. Deals/Sales in Store – Deals are there to lure you in and sell you more stuff that you do not want or need. If you fall into that trap, deal is certainly a waste of money.

9. Car – Yes, ultra expensive super car is a waste of money. But a city travel modest car can be a time saver. And as we know, time is one thing you can never get back. Time efficient way to travel is certainly a car.

10. Coffee – Designer coffee in chic store is a waste of your money. Absolutely.

I am carefully wasting some money on no. 9 and 10.