Stop Driving Your House Deposit!

I prefer to put my money towards appreciating assets (in other words, things that increase in value). I cringe when I see a P-Plater driving an eighty thousand dollar car that they are going to spend their 20s paying off when they could be driving a much cheaper, starter car and saving for their goals. I paid $7K cash for my car 6 years ago and it’s just as reliable as a new car. I also save a lot of money on maintenance as any mechanic can work on it, meaning I can shop around or we can do our own services.

In fact, most self-made millionaires drive the same car they’ve had for years and it’s actually very hard to spot them. Upgrading cars every few years is a huge wealth-killer. Not only are people spending a lot of money on something that will depreciate immediately, but most people are buying with finance, putting them even further behind once they pay all the fees and interest.