One of the biggest money mistakes I see people making over and over again is buying things they don’t really need with money they don’t really have.
Let me explain.
In a world of “buy now, pay later” it has never been easier to have the latest and greatest tech, upgrade the car to the current model, or go on that overseas holiday you’ve been dreaming about.
Well, maybe not overseas RIGHT now, but you get what I mean.
There is no shortage of finance companies willing to lend you the money and sign you up for a payment plan (60 months interest free!) – however the reality is if you can’t find the cash to pay upfront, you simply can’t afford it.
And when you really think about it, if you are borrowing money today for things that are only going to reduce in value over time, you are actually borrowing from your future self.
One of the simplest – and quickest – ways to build wealth is to get out from under your repayments so that you can start saving and investing for the future.
So the next time you’re in the showroom staring at those shiny new wheels, instead of asking “can I afford the repayments?” ask yourself “can I afford it?”.
Your future self will thank you for it.
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