01-01-2022, 10:26 AM
(01-01-2022, 09:34 AM)NilesMike Wrote:Taken to an extreme it sure would. These guys could have bought a flashy truck, and kept it 12 years. I mean they were automotive techs by trade.(12-28-2021, 10:45 PM)fenders53 Wrote: Autos can be deceiving as when. Some of my young employees would spend $60k on a pickup which exceeded a year of their gross pay. Trade it in every few years and take a bath on depreciation. Raise the payment another $100 month. Live in a modest home or rent. Put my cars to shame but I was investing and a paid off mortgage.
The simple way to financial success, do not buy depreciating assets and do buy appreciating assets. While I love cars and have had my share of classics, I bought building instead. Fixed them and rented them out. Never as sexy as the cars but oh so much better financially. People worry about being under water ina property or what if the stock price goes down, yet never blink when their car depreciates before they even got to drive it home. FOOLS!
That alone is the difference between financial success and failure.
I got these guys to invest eventually, but they wasted the most important ten years spending every dime they made. I like a little nice stuff but even in retirement I don't intend to waste large sums collecting "stuff".