7 Ways to Go Broke and Stay There
Posted by Eric Twitty on October 30, 2008
Welcome back!
Want to make sure that you struggle financially for the rest of your life? Be sure to do these things:
1) Buy the nicest, most expensive car you can find
Go out there and get that car you always wanted but never really could afford. It’s fine as long as it makes everyone jealous right? Just think about how many people will want to be like you.
2) Buy the nicest house you can find
You can’t have a nice car without the nice house. Go find a big, expensive home that will impress your friends and make them even more jealous of you. They will really want to be like you now.
3) Use credit cards to buy what you can’t buy with cash
Who cares if you don’t make enough money to buy the things you want. That’s what credit cards are for. Charge up those cards. You can buy something for $500 and only spend $10 per month.
4) Don’t save your money, you can’t take it with you when you die
Why save money? If you don’t spend it someone else will right? Buy whatever you want. Have you been wanting the latest designer jeans? No problem. Buying jeans is way more fun than investing.
5) Don’t let your neighbors out-do you
You can’t still be driving a 2008 Mercedes when your neighbor just got a 2009 model. Go out there and not only get a 2009, but a more expensive model too. Never let your neighbors have nicer things than you.
6) Don’t waste time buying groceries and cooking when you can go out to eat every night
You don’t have time to go to the grocery store and cook. If you are eating at home, who is going to see you in your 2009 Mercedes? They don’t even have a valet at the grocery store. You should go to expensive restaurants to eat because that’s where the rich people go. You drive a Mercedes. You are rich too, aren’t you?
7) Make sure you have all the latest technological gadgets
You can’t live without the latest IPhone. You have to have the 60 inch plasma t.v. in your living room. Do you have the little 10 inch plasma t.v.’s in every bathroom? What about the newest Blue-Ray DVD player? And last but not least, you must have one of those automatic vacuum cleaners that vacuum your floor for you.
Is this you?
Are you doing these things? If you are then you are well on your way to going broke and staying there until you change your habits.
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Tom Humes said,
Nice Site layout for your blog. I am looking forward to reading more from you.
Tom Humes
Winton Bates said,
I agree with everything on this list, except for No 2. Buying the nicest house you could find would have been a good way to go broke a few years ago. But I am not so sure that is true now.
With recent falls in house prices it might not be a bad time for people to go out and buy the best house they can afford. It is possible that house prices may fall further, but those who try to pick the bottom of the market may miss out on bargains.
There are probably better ways that people could invest their money, but I’m not sure that buying the nicest house you can afford is still a good way to go broke.
Eric Twitty said,
Winton,
I agree that because of the recent drop in housing prices that now is a good time to buy a home. That doesn’t however mean that you should go out and buy the nicest, most expensive house you can find. The problem as I see it, is that many people use too much of their income for their mortgage payment. Your monthly expenses should be low enough that you have enough income left over to build wealth for yourself.
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