I've been preaching for a couple of years about building assets and net worth instead of living.....hmmmm....what's the politically correct term?....heh. Let's just say instead of blowing everything you make on toys.
It amazes me though at the number of people who have taken a large amount of cash out of this industry and have little or no net worth and in many cases do not even have credit. Too often those poor management practices also carry over to other things and they do not have insurance either. Something bad happens and they're suddenly "down on their luck". I'm not unsympathetic, but it aint "bad luck", it's piss poor planning and money management.
I shake my head everytime I see someone who builds up $40-50K and turns around and spends the whole wad to buy a car....one of the most rapidly depreciating assets you can buy.
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