7 things people who are good with money never buy

[DGUtley]

7 things people who are good with money never buy.. People who are good with money look for quality over quantity, and don’t make purchases that will derail their money goals later.

1. They're not buying brand-new cars...
2. And they're not leasing new cars, either...
3. They don't buy houses they can't afford...
...
















https://www.businessinsider.com/pers...ney-do-not-buy

[FindersKeepers]

Ah yes -- people do not get wealthy nor stay wealthy by throwing money around.

All seven of those are good advice, I just wish schools would teach students better spending habits.

Credit cards--or borrowing money for anything other than a mortgage--can get a person in trouble. The problem as I see it is that so many people today feel as though material things make them more acceptable in society.

I had a conversation once with a young mother who purchased one of the local Habitat homes. She and her family were excited to have a real house, and we were all excited to move them in, but she didn't have a clue about money. They were on food stamps and she constantly griped about not having "enough." Yet, when Christmas rolled around, she bought the three-year-old daughter a Barbie Car.

When I mentioned it was a nice gift -- she became defensive -- saying her daughter needed to feel just like the other kids on the block. She didn't want her to feel different. Three years old. Imagine that. Way to instill a sense of insecurity in a child.

Some people make poor money choices and those include buying high-dollar athletic shoes, iPads, etc., when they can barely afford to put food on the table or pay their rent.

[Standing Wolf]

Timeshares.

[nathanbforrest45]

I haven't bought a new zero mile car in 30 plus years. I also buy low mileage used cars. I also don't buy my toys on credit, motorcycles, boats, telescopes etc. If I can't afford to pay cash for them I don't need them. Pastor Homer Lindsey Jr. the late pastor of First Baptist, Jacksonville FL. said the only thing you should buy on credit is a house because you just can't save fast enough to get a house. I agree except that I believe buying a new car on credit is more cost effective than buying a well used car with all of its mechanical issues that are sure to crop up. With the new car you will at least have several years of free maintenance.

I also vividly recall a high school teacher telling the class that if you cannot live on your current income you cannot live on any income because that means you don't know how to budget your money. You should always strive to live slightly below your actual income. She received a lot of push back on that but she was correct. How many people do we know that are doing well on relatively small incomes while we see the guy down the street with a Mercedes Benz, Lawn service, $40,000.00 fishing boat, maxed out credit cards and so far in debt he is eating raman noodles every night.

[nathanbforrest45]

Timeshares.

Yes, timeshares are a wonderful investment. They are after all the only purchase you will ever make that you have no idea how much it will cost or how long you will be paying

[DGUtley]

I haven't bought a new zero mile car in 30 plus years. I also buy low mileage used cars. I also don't buy my toys on credit, motorcycles, boats, telescopes etc. If I can't afford to pay cash for them I don't need them. Pastor Homer Lindsey Jr. the late pastor of First Baptist, Jacksonville FL. said the only thing you should buy on credit is a house because you just can't save fast enough to get a house. I agree except that I believe buying a new car on credit is more cost effective than buying a well used car with all of its mechanical issues that are sure to crop up. With the new car you will at least have several years of free maintenance.

I also vividly recall a high school teacher telling the class that if you cannot live on your current income you cannot live on any income because that means you don't know how to budget your money. You should always strive to live slightly below your actual income. She received a lot of push back on that but she was correct. How many people do we know that are doing well on relatively small incomes while we see the guy down the street with a Mercedes Benz, Lawn service, $40,000.00 fishing boat, maxed out credit cards and so far in debt he is eating raman noodles every night.

I like lease turn ins. In October 19, I bought a lease turn in Lexus from a dealership in Missouri and had it picked up and delivered to Medina, Ohio - sight unseen. 7000 miles. Clean carfax, etc. Saved about 40%

[Cotton1]

They watch the money that slips thru the cracks or is wasted.

$25 a day is easy to lose track of. However that is $750 per month.

Over a period of 30 years with an average annual return of 7% that $25 is close to $900,000 extra.

[Cotton1]

They live beneath their means. It's a mindset.

Ever notice most people live above their means ?

Not "most" of the wealthy.

[US Conservative]

Buy cash upfront. Let someone else knock the new off it. Almost always cahs up front is cheaper, though there are cases where financing is cheaper if you are buying new and paying it off in full immediately after.

[Sybil Ludington]

The last car I bought was in 2003. I researched cars, which were in the shop with serious problem more often than any other. My choice didn't go over well at home for a while. I bought a Honda Element. My father was retired from General Motors. When I went by my folks house to show them what I bought, he was "YOU BOUGHT A WHAT?! But you didn't get your GM discount." I told him that if my research was good, then I believed my purchase would pay off in the end. And that if I was right, this might be the last car I buy for the rest of my life. And I was right! All I've had to do is pay for regular maintenance: oil changes, brakes, tires, batteries (the one that came with the car lasted 7 years!). The only big-dollar item I've had was last year when I needed a new alternator.

About a year and a half later, I was taking dad to an appt, and on the way he said "if you tell anybody, I might deny this, but, I hate to admit...I think you did a good job choosing the car you did. I'm a little ashamed of the product GM turns out these days..."