6 Things You Should Stop Buying If You Want to Build Wealth

So, you want to start building wealth. But, you have a problem.

Building wealth is as much about knowing what to do with your money, as it is making money itself.

There’s no use earning $10,000 a month if you’re going to waste it all on things that only make other people richer.

So, I’m going to take you through 6 things you need to stop buying, if you want to achieve financial freedom.

Unused Monthly Subscriptions

You can get monthly subscriptions for just about anything, and there’s a reason why more businesses are choosing this model.

The problem a lot of people have is that there’s a high chance you’re still paying for monthly subscriptions that you’re not even using anymore.

In other words, you’re giving businesses your hard earned money, for no reason whatsoever.

Sure, it may only be a couple of dollars each month, but these payments add up, and they’ll be much better off going towards building your wealth, than building someone else’s.

So, every couple of months, go through and see if you’re paying for something that you’re not using anymore.

It could be:

• A streaming service.

• A gym membership.

• A piece of software.

But if you’re no longer using it, it’s up to you to make sure you’re no longer paying for it, too.

Food Delivery

The convenience of ordering food, and having it delivered straight to your door in a matter of minutes, is great.

But, at the same time, that convenience comes at a cost.

Sure, one or two a month won’t be a problem. But, if you’re paying for food delivery every day, or multiple times a week, you end up paying much more than you should be when it comes to food.

You could be spending 2, 3, or even 5 times as much as you should be on food. This, if anything, will only stop you from being able to build wealth.

Take some time to shop each week for food and you’ll save a ton, which you can then use to build your own wealth, not the wealth of companies that are exploiting your laziness.

Brand New Cars

In the past decade or so, your car has become a bigger status symbol than anything, even your house.

But, the problem with buying a brand new car is simple, and it’s called, depreciation.

The majority of cars from the most common manufacturers:

• BMW

• Toyota

• Mercedes

Can lose around half their value in the first 5 years.

You can easily avoid the bulk of the depreciation by shopping around for cars that are at least a couple of years old.

The good thing is that you’ll still be able to drive around in a nice new car too.

If you can avoid the desire for a car that’s come straight out the factory, you’ll save yourself a ton by avoiding the bulk of a car’s depreciation.

High Risk Investments

The fourth thing you must avoid if you want to get rich is over exposing yourself to high risk investments, like penny stocks, or the cryptocurrency industry.

Now, if you want to test your chances of turning $1 into $1,000,000, then the crypto market might be your place to go.

But, if you ever see someone hitting the jackpot on a super risky investment, just know that there were 10,000 people that you didn’t see, who lost everything.

Sure, we all love a bit of risk and speculation, but it’s important to not take on too much risk, or you’ll end up losing out on a lot of money.

A lot of investors would tell you to never have more than 5% of your net worth in super high risk investments, like cryptocurrency.

It’s your choice, as it’s your money, but not everyone gets rich quick with high risk investments.

In fact, the reality is that you’re much more likely to lose everything.

Borrowing Money

One of the biggest rules of money, that anyone will tell you, is that you should only spend money you already have.

Why? Interest.

Banks and other financial lenders are happy to let you borrow their money, because they know that they’re getting a bigger return in the future.

How do they do this?

By charging borrowers with interest on any money that they borrow.

So, you end up paying back a much larger sum than what you originally borrowed, in effect, making the things you bought with the borrowed money, much more expensive than they should’ve been.

Banks and lenders profit every day off of people’s inability to control their spending habits, and this is why people can’t get rich.

It’s a disciplinary problem, and in a society where everyone wants everything right away.

• The nice house.

• The expensive car.

• The designer clothes.

Nobody has the patience to wait for anything.

Patience is a huge factor in building wealth, and you’ll get nowhere by being impatient and borrowing money all the time.

Designer Clothes

I like to look at certain fashion brands, like:

• Gucci

• Versace

• Louis Vuitton

As social experiments, to see how much people are willing to pay, just to look like they’re fashionable, or successful.

Sure, certain brands produce clothes that are of a higher quality, and look great, but the vast majority are nothing but status symbols to get young people to buy into parading brand logos for the sake of looking like they have a lot of money.

In truth, it’s a terrible allocation of resources, especially if you’re on a mission to actually get rich, rather than to just look rich.

Go and get yourself some stylish, yet affordable clothes, and people will stop judging you for covering your insecurities over with brand logos.

Trust me, i’ve been there.

All the huge brand logos and designer gear?

It’s not a good look.

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