5 Things You Should Never Spend Money on If You Want To Be Rich

I’m a Financial Planning Expert: Here Are 5 Things You Should Never Spend Money on If You Want To Be Rich

Heather Taylor   Mon, May 1, 2023

If you’re not rich, you may wonder how you can get rich at various intervals of your life. Building long-term wealth generally means making smart decisions with your finances like investing consistently and prioritizing paying off any debt.  What it doesn’t include is spending money on stuff that does not have lasting value. How do you know which purchases are preventing you from building wealth? Here’s what one financial planning expert does not recommend spending your money on if you want to be rich.

Luxury Items

This includes designer clothing, expensive watches, vintage cars and any other high-priced status symbol items.

“Buying luxury items you can’t afford can be a significant drain on your finances,” said Ryan Cullen, co-founder and CEO of Cullen Cioffi Capital Management. Cullen recommends concentrating on building your wealth by investing in assets that appreciate in value over time, like stocks or real estate.

Impulse Purchases

Impulse purchases can be lottery tickets or anything you might buy when you’re feeling a bit emotional, like going on a shopping spree after a difficult day at work. These add up over time and can drain your finances. The better approach, Cullen said, is to focus on building a solid financial plan and sticking to it.

Rent

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https://finance.yahoo.com/news/m-financial-planning-expert-5-152841032.html