In another episode of Andy’s financial tips, he shares one of the biggest financial mistakes he made, early on in his life.
Hi, this is Andy for Grit. What does fancy mean? We sometimes succumb to spending on fancy things—a car, a bag, shoes, whatever it might be; something fancy to perhaps get external validation, to maybe look rich. And look, I firsthand made the stupidest mistake of buying a sports car when I was 24. Not that I was a fan of German engineering, it’s because I wanted to look rich; I wanted to show off. This was still in my formative years at 24. Guys are a little immature, aren’t they? Perfect example. And that was one of the worst decisions in my life and I’ll talk more about later but that was a terrible decision. It did not help me get rich, it set me back.
That’s one of the biggest mistakes people do, is thinking that they can spend to look rich, when in fact it holds you back. Now I’m not saying be a miser and skip on that latte or as your mates often say; no, that’s not what I’m saying. If you want to spend because it brings you joy and brings you happiness, yes, but not, not if it is for seeking external validation. I’ll talk to you soon. Bye.
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