What are you spending your money on?
Are you investing your money into assets or wasting it on liabilities and more expenses?
On this card from millionaire mind cards it states:
“Rich people buy assets, things that will most likely go up in value. Poor people buy expenses, things that will definitely go down in value. Rich people collect land; poor people collect bills.”
Are you buying assets or expenses?
It seems really odd to “buy expenses” but that’s what a lot of people do. They buy the new toy, the new gadget and start paying for the things and their bills just continue to rise because they have to have the newest and best.
Before you buy something think to yourself is this an asset or a liability?
Think: Do I want this or am I just getting it to “beat my neighbors”
A lot of times you’ll find that your upgrading way too often and wasting a lot of money when you can continue to use what you already have. The more you save and invest into assets the quicker you will grow your wealth and net worth so focus on that.
You can buy assets or create assets, focus on doing that instead of buying expenses and liabilities and your wealth and net worth will grow.
I hope you learned a little something from this card! you can pick up the whole deck below…
Please comment and share!
David,
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