There’s no faster way to poverty than spending all your money on depreciating assets such as cars, ATVs, boats and the like, according to Deacon Hayes, personal finance blogger at Well Kept Wallet. This leaves them with no finances to build wealth, and with too many unnecessary debts that keep them poor.
Luckily, there’s a way to get out of this mess. If you focus on purchasing appreciating assets like stocks and real estate, which would bring you some profit in time, you will be able to improve your financial situation and not have to live paycheck to paycheck.
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