You have no savings or investments - and you haven't even thought about retirement! But hey, you have a new car, a beautiful new house and enough power suits to last you until you're 100 years old. Plus, if you still have plenty of available credit, who cares about the bottom line when life is this good?
It's a good question, and one that many people aren't forced to consider — until it's too late. Check out the top ways you can keep the charade going and stay broke! Yes, BROKE! If you're lucky, you'll die before anyone notices...
1) Finance everything
Live for the now. If you can get a loan or buy something on credit, do it. This should be easy; after all, your salary isn't nearly big enough to cover all your "needs."
2) Pay the minimum — on everything
Take a look at your credit card statement. It should tell you how long it will take you to pay off the balance if you make the minimum payment. Shoot for a time frame that's longer than you can ever imagine living. That should do it. Now go have fun!
3) Spend it all
Financial advisors tend to recommend that you "save up" for things you want. That's impractical if you want things right now — now isn't it?!
4) Buy a huge house
Why have a smaller house, when you can afford the 40-year mortgage payments on a bigger one? If you're lucky, the market will rise, giving you some extra equity to spend!
5) Buy a new car
Car models don't change much year to year, but you can't put a price on that new car smell. Ideally, you should be sporting a new ride every two or three years and financing it (of course!) for the longest term possible. If you do this for long enough, you may end up owing more than your car is even worth. That's okay — you'll look great doing it!
6) Take a vacation
Pull out your credit card and go somewhere nice. There's nothing better than getting away from it all, and you totally deserve it! After all, you want to be able to brag about this for years to come.
7) Buy more toys
A great car is important, but what you really want to shoot for is a motor home pulling a truck, pulling a trailer with two ATVs inside (and possibly a boat, too). Then you'll know you've arrived — and you can arrive on any terrain you want.
8) Pay more when you can
Rather than worrying about saving a dollar here and there, just do what is most convenient. Coupons, shopping around and waiting for things to go on sale is such a pain — and why bother for only a few dollars? After all, time is money!
9) Shop every day
Treat yourself whenever you get the chance. After all, nothing feels better than coming home with something new at the end of a hard day. If you can't find a use for what you've bought, you can always add it to your gift closet. You do have a gift closet, right?
10) Eat out
Treat yourself to dinner out at least a few times a week. It's convenient, it's relaxing and your time is worth something - even if you wouldn't have spent it working.
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