Marc Guberti

Sat, Jun 14, 2025, 7:31 AM4 min read

Doing the wrong things with your money can ruin relationships, hurt your investments, and move you further away from your long-term financial goals. That's why financial guru Humphrey Yang recently shared three things you shouldn't do with your money.

Following his advice can help you avoid a lot of heartache. Getting rid of bad thoughts, habits, and actions will then free up more space to practice good money habits.

"It can get really messy," Yang stated if you do the wrong things with your money.

These are the three things Yang mentions in a recent TikTok.

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Yang was quick to mention that you should avoid lending money to your friends and family. He makes this point clear within the first five seconds of the video and explains that lending money to friends and family can create unnecessary awkwardness and drama.

Imagine giving $10,000 to a family member who promises to pay it back but then they don't follow up on paying it back. It's going to make the relationship feel uncomfortable, especially if a friend or family member gives you a hard time when you ask for your money.

You can set a hard line and not lend a dollar to anyone. However, if you still want to give some money, you can give a much smaller amount as a gift. For instance, if a friend or family member asks for $10,000, you can give them $100 on the condition that they never ask you for money again. It may be better to set a hard stance and not give anyone any money right from the start, but each person is different.

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Having some money in the bank is good in case a random expense comes up. Then, you won't have to sell your stocks and other assets to cover an emergency.

However, the bank account you use plays a big role in how much interest you earn. Many big banks rely on their branding and long history to attract customers. However, many of these same financial institutions have checking and savings accounts with low or no interest.

If you explore your options and consider online banking, it's easier to find high-yield savings accounts that offer up to 4% APY. If you save $10,000 at 4% APY, you will earn $400 during that year. However, big banks usually have much lower rates, meaning you'll receive far less than $400 with the same $10,000 balance.