5 Things Gente Who Are Good With Their Dinero Never Buy
You’ve got the shiny new job and are earning a bit more money now, so you’ve started considering all of the things you can afford that weren’t an option before. Gold encrusted chanclas – que fancy! Ok – stop and reconsider going on that spending spree and think like a wealthy person who is good with managing their money instead. By that I mean, look for ways to make your money grow instead of spending it. And wealthy or not, commit to avoiding the temptation to purchase things that people who are good with money never buy.
New Cars 🚗
Talk about value loss. You drive off that lot and the interior may have that new car smell but your car’s price tag just slashed itself as if you purchased on clearance! All of 10% is lost within the first month and 20% in the first year. A leased car may feel like less costs in the short run, but between down payments and the length of each lease, you’re better off owning in the long run. A used car is your best bet here.
Costly Housing 🏘️
That casa grande sure looks good on the hill, but maintenance may be more than you can keep up with. If there are repairs to be made, it may start to feel like a money pit. Find housing just big enough for your needs and keep the household expenses at a reasonable and affordable level.
Frivolous Credit Purchases 💸
Buying with a credit card has never been easier. But it’s not a license to buy the biggest TV that will fit in your living room or the flashiest phone or video game console! Wealthy people spend within their means and don’t bite off more than they can chew.
Luxury Goods 👜
There was a time when owning designer goods was a sign of status. That trend has been on sabbatical since the stock market took a nose dive in the crash of ‘08. It’s ok to have a few luxury items but a closet full of them is unnecessary. Your money can stretch so much further without it.
Fast Fashion 👗
It’s called fast fashion for a reason. It’s easily made, which greatly lowers the quality. If the pieces don’t fall apart quickly on their own, they compete with other accessible pieces and the rotation begins. By justifying the lower costs, the volume is likely to increase. Your hard earned cash is better spent on quality items that will last.
Now that you know the 5 things to avoid purchasing, you are on your way to amassing wealth.
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