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INTRO

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Stop wasting your life. Every day I see people buying luxuries they can’t afford. And for what…to impress the neighbor? There are better ways to make a good impression.

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One of them includes getting filthy rich AKA wealthy. And if you’re thinking I’m just another online guru, let me stop you right there.

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This isn’t a get-rich quick article. But it is a get-rich, guaranteed masterpiece. That is, if you have the right backbone.

The Backbone Of Wealth

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Let me ask you this. Could you spot the average millionaire on the street? I’m 99% sure you could not. Why, you ask? Because they blend in. They don’t go around throwing money at luxuries they don’t need. And there is a simple reason behind that.

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Fidelity Investments found that 88% of all millionaires are self-made. That means they endured all the pain and sacrifices that came with that journey, which taught them humility. And humility pairs well with wealth as they support one another.

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So, if you’re not a humble person, maybe build on that first. But if you are, let’s proceed to the most interesting part.

How To Get Filthy Rich

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I really like simple concepts. In reality you only need to do two things to make money.

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A: Spend on things that make you more money (appreciating assets). The keyword here is appreciating.

B: Don’t spend on things that take your money away (liabilities, inclusive of depreciating assets)

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If you increase A and decrease B, you’re on the path to wealth. Do the opposite and you’ll be broke soon.

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Simple in theory, right? But in reality, it’s often difficult to see whether something is an asset or a liability. So, I made a simple design to help you out.

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While this gives you a practical idea, it doesn’t tell you anything tangible. Don’t worry, I got you.

10 Things To Avoid Buying

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Here is a list of things that drain wallets:

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Luxury Cars: Owning a luxury car is often perceived as a status symbol, but it's a liability due to rapid depreciation, high maintenance costs, and insurance expenses.

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Consumer Electronics: Constantly upgrading to the latest smartphones, TVs, and gadgets

seems like an asset for convenience, but they quickly lose value and become outdated.

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Owning a Boat or RV: While they offer recreational enjoyment, boats and recreational vehicles depreciate quickly and involve significant maintenance and storage expenses.

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High-Interest Debt: Borrowing money at high-interest rates (credit cards) for non-appreciating items like vacations, clothes, or dining out becomes a financial burden rather than an asset.

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Large Mortgages: Buying a bigger house than necessary or taking out a massive mortgage can lead to high interest payments, increased maintenance costs, and property taxes that exceed the potential appreciation.

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Expensive Jewelry: While jewelry might be aesthetically pleasing, its resale value is often far lower than its purchase price due to markups and depreciation.

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Designer Clothing and Accessories: High-end fashion items may seem like investments, but they depreciate quickly as trends change, losing significant value.

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Over-leveraging Real Estate: Buying properties with heavy debt or relying on constant refinancing can lead to financial strain, especially if the property's value doesn't appreciate as expected.

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Collectibles without Value Appreciation: Not all collectibles appreciate in value. Some hobbies, like collecting certain items or memorabilia, might not yield substantial returns and can become liabilities.

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High-cost Education with Low Earning Potential: Pursuing an expensive education that doesn’t align with high-earning career prospects can lead to substantial student loan debt without adequate income potential, making it more of a liability than an asset in the long run.

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If you have more examples, I’d love to hear them. Feel free to send me a message.

CONCLUSION: I Need More Information

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Wealth building is never an easy process. That’s why so few succeed.

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But if you have the energy and the desire, I’m more than willing to help out in any way I can. You can start with my newsletter (that is free).

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To get my best work, feel free to join the world’s most powerful stock market newsletter for wealth, stability, and happiness.

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Disclosure/Disclaimer

Information provided on this site is based on my own personal experience, research, and analysis, and it is not to be construed as professional advice. Please conduct your own research before making any investment decisions.  I am not a professional financial advisor, stockbroker, or planner, nor am I a CPA or a CFP. The contents of this site and the resources provided are for informational and entertainment purposes only and do not constitute financial, accounting, or legal advice. The author is not liable for any losses or damages related to actions or failure to act related to the content on this website.