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RE: Understanding the Importance of Investments and Economic Stability - Advice - I Seriously Recommend You Make Extra Effort and Buy Steems Now...
There are only four ways to make money. Employed, Self Employed, Big Business Owner, and Investors. Being an Employed is where majority of us fall and this majority think liabilities as investment. Liabilities such as cars, house, and etc.
I so agree! This is why (most) rich people I know lease their cars rather than buying them outright. Rather than forgoing a lump sum of cash for a car (which will depreciate AS SOON as you drive off with it), they are able to invest that lump sum of cash and only pay a minimal fee monthly for their lease.
The same can be said for purchasing a house vs renting, however the housing market typical tends to trend upwards, so it's less straightforward in this scenario.
There are loads of great YouTube videos out there on this sort of stuff for anyone that wants to do some more research on it!
So true! And I wish I would have really paid attention to my granddad’s habits at a younger age. He wore the same clothes for as long as I could remember, would run cars until they just died, etc. My mom would always call him cheap, But then when he passed and my aunt and my mom’s Inheritance was far more than what they expected. So now that I am older and have a much better understanding, I am about as cheap, although I spend a bit more than I should, and trying to teach my kids the same. I just pay bills, buy food and legal weed, and the rest is for crypto and precious metals!