I summarise a long article to this:
1. You care what your car looks like.
2. You feel entitlement: You believe you deserve to live a certain lifestyle, have certain things and spend a certain amount before you have earned to live that way, you will have to borrow money. That large chunk of debt will keep you from building wealth.
3. You lack diversification: Do not keep all your eggs in a single basket.
4. You started too late: The magic of compound interest works best over long periods of time.
5. You don't do what you enjoy: You need to enjoy your job.
6. You don't like to learn.
7. You buy things you don't use.
8. You don't understand value: Does your purchase brings you values?
9. Your house is too big.
10. You fail to take advantage of opportunities: Keep your eyes open!
3 comments:
i had read another book about money & wealth and it's slightly d same as your summery.
A car, like your attire, should at least be presentable, especially if you're in doing business or large volume sales of some sort, but then again that's if you're already rich LOL.
Ian, what you say is true. But I think what it means here is that you don't buy expensive car just to impress.
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