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The road to riches is simple: Make more money. Yes, lowering your expenses is a good thing but blanket statements like this are clickbait at best. I live in a

The road to riches is simple: Make more money. Yes, lowering your expenses is a good thing but blanket statements like this are clickbait at best. I live in a pretty modest house in an area with relatively low taxes. My two “excessive” spends are my car and stuff for my kids. Thankfully I make enough to cover up most financial mistakes. Nobody is getting rich driving a beater car over a new-ish Toyota

camjohnson26 7y ago
But a lot of people are getting poor driving cars they don’t need and can’t afford.
ogre_codes 7y ago
> Nobody is getting rich driving a beater car over a new-ish Toyota. Driving a beater won't make you rich, but buying new cars every 3 years makes you a lot less rich. When you have a $600+/ month car payment and you get laid off, it's a lot more stressful than when you own your car free and clear. I don't buy beaters, but I do buy cars, pay them off quickly, and enjoy them for 8-10+ years. When you don't have a car payment you have a lot more discretionary money to enjoy on nice things and it's a lot easier to save for retirement.
- perl4ever 7y ago
  Trying to make decisions for the next 30 years is pointless. If you signed a contract that said you'd get a cool million if and only if you had a latte every day and traded your car every 3 years, I guarantee you wouldn't make it. In fact, I think that's the best life advice that I don't notice people giving - try not to make decisions for multiple decades at a time because you will change over time. The way you know you're young is you haven't realized yet that in "a few" decades you will be old.
RickJWagner 7y ago
I disagree. The road to riches is easy to find. - Spend less than you earn. The less, the better. - Invest in equities, preferably low cost index funds. - Follow this pattern for at least 25 years. Many people have followed this formula with great success. Read more at Bogleheads.org

camjohnson26 7y ago

But a lot of people are getting poor driving cars they don’t need and can’t afford.

ogre_codes 7y ago

> Nobody is getting rich driving a beater car over a new-ish Toyota. Driving a beater won't make you rich, but buying new cars every 3 years makes you a lot less rich. When you have a $600+/ month car payment and you get laid off, it's a lot more stressful than when you own your car free and clear. I don't buy beaters, but I do buy cars, pay them off quickly, and enjoy them for 8-10+ years. When you don't have a car payment you have a lot more discretionary money to enjoy on nice things and it's a lot easier to save for retirement.

perl4ever 7y ago
Trying to make decisions for the next 30 years is pointless. If you signed a contract that said you'd get a cool million if and only if you had a latte every day and traded your car every 3 years, I guarantee you wouldn't make it. In fact, I think that's the best life advice that I don't notice people giving - try not to make decisions for multiple decades at a time because you will change over time. The way you know you're young is you haven't realized yet that in "a few" decades you will be old.

RickJWagner 7y ago

I disagree. The road to riches is easy to find. - Spend less than you earn. The less, the better. - Invest in equities, preferably low cost index funds. - Follow this pattern for at least 25 years. Many people have followed this formula with great success. Read more at Bogleheads.org