3 Bad Investments Poor People Make

So today I asked some friends of mine, and by the way most of my friends are above the age of 50 lol, that should tell you something about. And I asked them a simple question, what were the best investments you made and the worst investments you made.

I’ll tell you the Best, one said, My Wife, My kids and my Health; the other said that’s obvious but also my house; they both agreed. One paid off his house in 6 years and the other paid off his house in 15 years, and they said, having that extra cost off the books really does make a difference.

But let’s talk about the bad.

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1. First Idea without a Twitch of the Muscle was Car

-They instantly agreed, he said you spend 42k on a brand new car and consider it an investments and then 10 years later you sell it for $6,000 dollars

-And my friend knew this feeling because he was selling 10 years old infinity for that same price

-And the other knew that cars were a bad investments because they kept going down a value

However they both agreed that it’s a Necessary evil

-That’s were we disagree

The Best way the buy car:

-Some cars are built to last and others are built to make money

-The best cars as far longevity are Toyotas and Honda and now Mazda is making their way into the field

-But these cars will last 15-20 years, now I’m not telling to buy a car that’s that old but I’m saying buy a 5 years old car with 75% of its life left for 50-60% less of the price and then sell it after 5 years or longer

2. Boat

-They both laughed when they said this one

-One said, there are two good days when you buy a boat, the day you buy it and the day you sell it.

-And I added to it by saying, the best way to enjoy a boat is when youre friend owns it

Buying a boat:

-Maintenace: $2000

-Parking:

-Idle time:

-Insurance: $300

Somewhere around $4300 a year

3. Loans and Credit (borrowing money at un attractive rates )

– One of the guys told me, he once found himself having to get a loan at 25% interest rate for his business

– A lot of people might laugh at this but how many people are borrowing money at 15-35% just by having a credit card

– However, they said that sometimes it necessary evil, because somethings change sometimes

However here is the truth

-A lot of people skip steps before they start investing, start a business and everything else

-It’s so important to have no debt, save for emergencies and then finally begin

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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