Go Banking Rates featured Brian Preston on their recent article highlighting things self-made millionaires never buy with credit!
“While having money in the bank could allow you to treat yourself, you don’t want to spend money to look rich to give a false impression. Here are three items that you shouldn’t purchase with credit or any kind of payment plan.”
According to Brian Preston, here are three items that you shouldn’t purchase with credit or any kind of payment plan:
- Luxury Vehicle – “As a financial planner and self-made millionaire who personally purchased a luxury car, I can tell you it’s one I regret,” Preston said. “When it comes to luxury cars, my first piece of advice is that you should be able to pay it off in cash in one year. “
- Nice Watches – “In my personal experience, you will wind up wearing your Apple watch or fitness tracker watch and monitoring your steps anyway, so those expensive watches wind up just collecting dust.”
- Expensive Vacations – “Don’t waste your money on business class for flights that are less than two hours,” Preston pointed out. “It’s incredible for four-plus hour flights if you can afford it, especially if you’re tall like me. But on short-distance flights, you’re paying a premium for a short amount of time, and the experience is not that different.”
“I have also found that the older, wiser and more successful you get, you find the flex purchases to be less important. Notice there are many billionaires that look practically homeless. Know who you are and what you value; avoid trying to impress folks that likely do not even care.”
Read the full article here: I’m a Self-Made Millionaire: 3 Things I Never Buy With Credit
