๐งต You know someone driving a $60K car who can't cover a $3K emergency. Designer everything, zero savings. Here's how to spot fake wealth (and why it matters for YOUR money):
7/ Here's your homework:
Review last month's statements. Highlight purchases made for STATUS.
Add it up ร 12 = your "fake wealth tax"
Now calculate: That amount invested at 7% for 20 years
If that number hurts? Good. That's the gap between looking rich and BEING rich.
๐งต You know someone driving a $60K car who can't cover a $3K emergency. Designer everything, zero savings. Here's how to spot fake wealth (and why it matters for YOUR money):
6/ The final test: One emergency away from collapse
Fake rich: One missed paycheck = can't make rent
Real rich: Could lose job tomorrow, fine for a year
This is the difference between high-income poor and actual wealth.
Spend enough time on Money Twitter and you'll think you gotta grind 7 days a week, be a stock-picking expert, run five successful businesses and bench 405 pounds to be successful.
You don't.
- Modest home
- Invest 20% in ETFs
- Work out 4 days a week
Success.
Your house is not an asset.
A lot of people are better off renting and growing their stock portfolio than buying a home too soon.
The long term performance of the stock market vs housing market: