Quote:
Originally Posted by jlwdm
I live in an area where there is a lot of money and everyone buys expensive new cars. The financial advisors I see that really push buying used cars want you to pinch pennies your whole life so you can die a millionaire. Being a millionaire is a fairly low bar these days. People with good money focus their time on making money.
I am between sessions at the track right now. Don’t tell me it is a bad financial decision - it is a lifestyle decision.
Jeff
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BS. You pinch pennies now while you have an income so you don't have to do that when you retire.
Yes, people with good money focus their time on making money, that is correct, and most of these people understand that they don't need a new car and instead buy a used car with cash because they understand what a bad investment is, and during the first 4 to 5 years a car to them is a bad investment, and they didn't get rich making bad investments.
While it is a lifestyle it doesn't mean it's the right way all the time, especially if living that sort of lifestyle means you won't be living comfortably when you retire. There are plenty of super millionaires from the sports or entertainment industry who went broke due to living it up lifestyle, and a third of all lottery winners are bankrupt in 3 to 5 years, and a total of 70% are bankrupt in 10 to 15 years after winning (that includes the first third). These people were living life for the now, and not worrying about later.