Financial freedom isn’t just about making more money—it’s about being smart with what you have. After watching Steve Chen’s recent Instagram post (founder of CALLTOLEAP.COM), I agreed with many of his points about habits that keep people poor. As someone passionate about financial literacy, I believe these small daily decisions can make or break your financial future.
The beauty of Chen’s advice lies in its simplicity. You don’t need complex investment strategies to start building wealth. Eliminating these common financial drains can dramatically change your financial trajectory.
Daily Habits That Drain Your Wallet
Chen identified nine specific habits that consistently keep people trapped in financial struggles. Let’s examine these wealth-killers:
- Smoking – Beyond the health risks, this habit burns through thousands of dollars annually
- Drinking alcohol – Regular consumption adds up quickly, especially at bar prices
- Daily coffee shop visits – That $5 daily latte equals over $1,800 yearly
- Frequent food delivery/dining out – Convenience comes at a steep premium
- Buying bottled water – A small but consistent unnecessary expense
- High-interest credit card debt – Paying minimum balances keeps you in a debt cycle
- Luxury clothing purchases – Status symbols that rapidly depreciate
- Annual phone upgrades – Paying premium prices for marginal improvements
- Gambling – The house always wins in the long run
What struck me most was Chen’s personal example. Despite being a millionaire, he still practices many of these money-saving habits. This isn’t about deprivation—it’s about making conscious choices that align with long-term financial goals.
View this post on Instagram
Small Changes, Big Results
I’ve found that making even a few of these changes can yield surprising results. For instance, Chen mentioned brewing coffee at home costs him less than 25 cents per cup. Compare that to a $5 coffee shop drink, and you’re looking at potential savings of over $1,700 annually from this single change.
“I got my own coffee machine, and each cup of coffee cost me less than a quarter.”
The food delivery point particularly resonated with me. The convenience economy has trained us to prioritize immediate satisfaction over financial health. Chen notes that cooking at home isn’t just financially smarter—it’s typically healthier too. This creates a double benefit: saving money while potentially reducing future healthcare costs.
Breaking the Consumerism Cycle
I appreciate Chen’s approach because he challenges our consumer culture. Take his phone example—he’s still using an iPhone 13 and is “completely happy with it.” This mindset directly counters the marketing messages bombarding us daily that suggest happiness comes from constant upgrades.
His point about gambling was compelling. When Chen compares the 1-in-259-million odds of winning a lottery jackpot to the 1-in-6,000 chance of being struck by lightning, it shows how these “get rich quick” schemes work against us.
The most valuable takeaway from Chen’s talk is this: wealth building isn’t about flashy investments or get-rich-quick schemes. It’s about consistent, everyday decisions that compound over time.
Living Below Your Means Isn’t Deprivation
There’s an important distinction to make here. Living below your means doesn’t equal a life of misery. Chen shops at Target, Uniqlo, and sometimes Goodwill—and feels no shame about it. This challenges the false narrative that financial responsibility means never enjoying life.
Chen’s credit card advice is particularly valuable. By paying his statement balance in full each month, he avoids interest charges while still building his credit score. This simple habit can save thousands in interest payments over time.
His reusable water bottle example shows how financial and environmental responsibility often align. He’s been using the same bottle for twelve years—imagine the hundreds of plastic bottles (and dollars) saved over that period.
Financial freedom starts with breaking these everyday habits that silently drain our resources. As Chen summarizes, “Be humble, live below your means, and fight consumerism.” This isn’t just about getting rich—it’s about taking control of your financial future through mindful daily choices.
