Just yesterday my wife and I were waiting in a line of cars for a “Drive-By” birthday “party” for an old friend. (You drive by and say your congrats and wishes, pick up your food, and go… Some alterations to social life due to COVID)
While we were waiting there in our used 2017 Dodge Caravan that we paid $16k CASH…. we started observing all the vehicles driving by.
And I told her, “I have no idea how American’s live?! They HAVE to be living paycheck-to-paycheck and in debt!”
They have big truck payments, SUV payments, big house payments, multiple “toys”, new clothes every month, cable, expensive phone bills, gas-guzzlers, baby sitter, and I would bet they have loads of credit where they keep adding a new ceiling to it.
And I know they don’t make more than me.
Even my construction w-2 job… there is an infatuation with trucks.
Every guy rolls in with a brand new truck, and they don’t need it (they don’t pull anything, they don’t haul anything, they only commute to and from work).
And payments have to be anywhere from $400-$700 a month on these.
Here I am pulling in with my 2013 hatchback Subaru that’s been paid off for 5 years.
I think it was in the “Millionaire Next Door” book that said the wealthy save 20%.
There’s no greater feeling than having NO debt (and people OWING you instead), and stashing away cash into your various saving budgets (Wealth, giving, vacation, and “Screw them” funds) every single month
On the outside, Average American’s seem rich, well-off.
But, on the inside they are poor.
There’s a reason why some of my Rich friends and investors I’ve interviewed roll up in cheap sedans, or a beat-up Colorado truck, or a 1990 4-banger truck…
There’s absolutely no need to have an expensive truck unless you tow, or haul rehab materials to and from projects.
Speaking of tow… I would argue there’s no need for someone to even have new “toys” like an RV.
We camp maybe 2-3 times a year (if that), and the cost of buying a camper/RV is huge compared to just renting one.
Anyway… that’s some Tuesday financial advice I observed from watching Americans… as the late Great Earl Nightingale says:
“Look around and do the opposite of what everyone else is doing, and you’ll never make another mistake in your life”.
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“Keep moving forward in your REI venture”
Paul do Campo
I’ve spent many hours learning and implementing marketing methods in REI, chasing sellers, and building cash flow streams… and I show you what works and what doesn’t from real-world investors in the trenches today through my daily tips, articles, and audio interviews at realestateaudios. com
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Chino California 91710
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