Many people spend all the money they would use to build real wealth on displays of wealth, cars being at the top of that list. The way to build wealth is to not spend money and instead to invest it… at least until you hit probably 8 digits where it becomes easy to live off the wealth your wealth generates without eroding your principal. However, most people are nowhere near that and would gladly take a 7 year 9% interest rate loan on a $90,000 truck so their neighbors will think they have money.
I occasionally drive past a place that is some type of “wealth boot camp”. I guess you give them money and they tell you how to make money?
Point is, every time I pass it there are multiple identical model Mercedes parked out front and all I can think is “I don’t think you’re doing this right”
Many people spend all the money they would use to build real wealth on displays of wealth, cars being at the top of that list. The way to build wealth is to not spend money and instead to invest it… at least until you hit probably 8 digits where it becomes easy to live off the wealth your wealth generates without eroding your principal. However, most people are nowhere near that and would gladly take a 7 year 9% interest rate loan on a $90,000 truck so their neighbors will think they have money.
I occasionally drive past a place that is some type of “wealth boot camp”. I guess you give them money and they tell you how to make money?
Point is, every time I pass it there are multiple identical model Mercedes parked out front and all I can think is “I don’t think you’re doing this right”
In my small hometown there are truly people with trucks that cost more than their house appraises for.