Let’s play a game today. I’m going to present you several items, and you tell me if paying for or purchasing these items will either a) increase your wealth or b) decrease your wealth. As I’ve mentioned before, the way to become wealthy isn’t through earning a salary, it is through either saving and investing or building something on your own. Unfortunately, not many people have been taught or care about this simple concept. As a result, they end up working their entire lives with nothing left over to show for it. They have nothing left over for emergencies, to retire on, or to pass on to their loved ones. Fortunately, it doesn't take too much time to learn how to spend money wisely.
For each item below, determine if it will increase or decrease your wealth. Some of these fall in a gray area.
"Formal education will make you a living; self-education will make you a fortune." - Jim Rohn
Professional Development and Personal Finance Blog