A epiphany on financial priorities…
Time for a mini-rant…
While walking the dog (Sami the Shih Tzu) a few nights ago, I was struck with an epiphany of sorts. It involved a neighbor and his vehicles.
Parked in his driveway were a new Cadillac Escalade and a new Audi, along with a pretty nice Harley motorcycle. Nothing wrong with that, except he has complained in the past about not being able to retire.
That is when it struck me. For the cost of those vehicles, he could have bought a rental property, which would increase in value with time (rather than decrease) and throw off cash in the meantime. He would own a cash producing asset, rather than cash sucking liabilities.
Which is what we did several years ago. We bought a rental property, and continue to drive two old vehicles instead (a 10 car old truck, and a 20 year old sedan.) I could care less about impressing the neighbors.
The cash flow is great — the property has increased in value — and we enjoy the tax advantages of being a landlord. It has outperformed many of our other investments.
Not bragging or criticizing here. Just sharing an observation.
Maybe my attitude came from starting and running my own business – or maybe it was a reason I was able to do so in the first place. Hmmm…
Too many people have told me they would like to start their own business (including consulting), but can’t afford to do so. Yet they drive fancy cars and more.
It is often just a simple case of financial priorities.
End of rant…
P.S. Remember – Uncle Daryl want YOU to find your freedom too — financial, occupational, and more.
Read more here:
- Consulting as a path to financial independence – Part I
- Consulting as a path to financial independence – Part II
- Resource Review – Stop Acting Rich and Start Living Like A Real Millionaire
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