But.... that’s not really true now is it? Who would be able to afford a home if you didn’t buy anything you couldn’t buy twice? It’s not quite universally true either. It’s safe advice for sure. Like: “never put something on credit unless you have the cash to pay it off completely at any time you want...” but for many people that isn’t practical advice. Then what about something like a dog? Where you can “buy” a dog from a shelter etc. for less than a couple hundred dollars- but easily spend 3 times as much money right away getting everything you need and taking care of medical costs?
My point is what we are talking about isn’t something necessarily teachable. It requires you apply “common sense” to use- and well- the idea itself is somewhat “common sense.” Just because you have money in your bank account for something doesn’t mean you can “afford” it. Cars, houses, pets, kids, even getting a job has expenses associated with it and they’re all different.
I had to buy a new car because my old one broke down. It was 10K, but I sure as shit don't have 20 just sitting around. Sometimes, real people have to make decisions.
6Reply
deleted
· 4 years ago
Most millionaires give shitty financial advice cause they believe they have really earned their money by working for it.
Why do people keep down voting you? It’s actually pretty true. The financial advice of millionaires- especially ones that made their money in “lottery” industries like entertainment- should be scrutinized. 1. Knowledge is money. The more people succeed the less money is there for those at the top. A real estate tycoon doesn’t want you as competition. Why would they tell you their tips unless they didn’t work- or they could make more money telling you than using them? 2. Money makes money. The more money you have- the easier it is to get more. We shouldn’t ignore the wealthy outright- but we do have to think a little about what they are telling us.
What can Jay Z say? “Save the first few million you make off your albums, market yourself well and brand yourself. Make sure to invest your millions in majority ownership of companies you plug in your music to your millions of fans. Do media tie ins and concerts plug ins and pay other celebrities to rep your business interests...” he can tell you to work hard, work smart, keep your eyes open for opportunity and do what you have to do to seize it. He can tell you that big gains take big risks usually. If they pay off you’ll be rich and can do what he does. If they fail you may be worse than when you started. You can try and make it but most who try don’t or we’d all be multi millionaires.
Comments