What money traps should one always avoid ?

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NirvanaWolf said:
I know. I use one myself. Just to build up my credit score and they're convenient but not everyone's got control on how they spend their money. Credit cards are misused by a lot of people and they end up with unwanted debt.
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I have them for ads and business expenses.The mindset is if the debt is not used to produce income don't take on that debt.Always have cash back up if the campaign fails you can pay off the debt.
 
I have lived in a few seven-figure properties and took no pleasure paying off the mortgage for the owner with my rent.

Now I have a couple of properties, they either generate income or are dormant my goal is to grow equity.

Anyone saying a house loan is not a good idea is kinda an idiot, this is literally how you leverage nonliquid assets.
 
NFTs ... OOPS

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mo006 said:
Most people here started their business with no money, what are you talking about.
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I doubt that. You can do seo and create content yourself, which takes a ton of hours and you can't pay people to do stuff you need... being a solopreneur is hard as fuck.

When you have money, you can move a lot better. I personally don't know a lot of people who made it without a penny in their pocket.

If it was so easy, everyone would do it.

Pay to play.
 
Well...

If you work from home, then never leave the house. The moment you leave it, you gotta spend money.

So never leave the house, and never do anything at all other than make money online until you make enough to where you're cool with spending some.

100% tested and effective guarantee or money back :p
 
Homeloan - buying a house is a very bad invest if done in the recent 3-4 years even if tax is written off.
Carloan - worst investment. Buying a car with upfront payment is good if it's a write off, to save tax

Buying things just to fit in or being accepted in a circle is the worst thing one can do financially, spiritually, mentally, emotionally

Try to pick up the book called 'Think like a monk
 
Money is meant for traps.
So, best only use cash you own and stay away from debt.
 
Zwielicht said:
This is all just based on my opinion here in the US.
  • Buying a new phone every year - I was an early adopter of the smartphone, back when people made fun of them for being big bricks. They've gotten faster and more capable over the years, sure, but it's not worth an upgrade every year, or even every few years.
  • Buying a new car - they're smartphones on wheels these days, and manufactures are adding subscriptions to them so that you can "unlock" features like your heated seats.
  • Glasses - debatable, although after my eye surgery, it would've been cheaper in the long run to get this years ago as opposed to getting glasses and contacts this whole time.
  • Renting a house - I'm not a fan of landlords, and as a kid, I had to move around a lot whenever one of them decided to sell the house on short notice. In my experience, many of them have been cheapskates who skip legal checks to save a few bucks, although I'm still sour all these years later after one of them cost me my health because they didn't check the house for mould as they should've.
  • Renting land for a trailer - I have no personal experience with this one, although I've read that some companies have been buying up trailer parks in bulk and raising the rent on the existing renters exorbitantly.
  • The wrong used cars - not all used cars, just ones with costly issues. Most people don't know how to check for these issues, and buy a used car that'll cost thousands to fix.
  • Wild-caught pets - it's not a money trap if there's one you really want to help, but some people buy wild caught reptiles for their "collections" only to find out they have parasites or other issues that require a vet to treat. Not just any vet though, but an exotic vet who may be hundreds of miles away.
  • Buying IM tools without knowing what you're doing first - some people get excited, invest hundreds into various tools (sometimes even on a subscription basis), and... don't do anything with them because they're not even sure what to use them on.
  • Health insurance - US health insurance can be summarised as a "you're damned if you do, you're damned if you don't" situation. Just another subscription service that's even more useless than the others when you have an actual medical issue that needs to be taken care of. They give you the run around on everything in order to avoid doing the exact thing you're paying them to do.
Reading this, I realised I don't like subscriptions.
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This.
I don’t agree with all of it but we lack serious financial literacy in the US.
Now I’m going to get LASIK next year. I realized how much I’m spending on contacts and could have paid for it 2x over from just the last 4 years.

I own 4 apartment buildings, just paid one off, now funneling cash flow at the other three. I rent where I live because someone else is responsible for major repairs and I can move when I feel like it.

to add my own:
  • Only buy cash flowing assets like a business or real estate (rentals).
  • Health insurance is a scam. When you can afford it as self employed, you no longer need it.
  • Stocks and complicated financial instruments are gambling. Toss your money in an index fund and leave it alone forever. Slow and steady wins the race.
  • Only take out enough life insurance to allow your spouse to figure shit out if you die early. If you have a significant business that can run without you or significant holdings, quit wasting your money on it
  • If you can’t explain it to a 5th grader, don’t get involved in it
  • If a 5th grader looks at you weird when you do, you’re going to lose your money
  • NFTs are the latest scam. No one can explain it to me in a way that any makes sense as an investment. Can you fleece others to make money? Yes. How much did that first tweet image lose the first idiot to buy it?


 
Taking a credit card when you don't need credit is a trap. You just start thinking "wow, now I'll take some and close the loan right away," and then you wake up 10 years later with three unclosed credit cards.
 
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