Things you own ≠ assets.
You can have a house, a luxury car, expensive furniture, the latest gadgets and a wardrobe full of designer clothes and still have very little in actual investments or income-generating assets. Ownership tells you what you have bought. It does not automatically tell you what is building your wealth.
A car may be useful, but if it is constantly costing you money to fuel, maintain and insure, it is not building your wealth simply because you own it. The same applies to many of the things we call “assets” because they are costly.
When building wealth, ask a different question: Is this putting money into my pocket, growing in value, or strengthening my financial position, or did I simply spend money to acquire it?
These are pretty powerful principles to carry into your 20s.
1. Keeping up is easier than catching up.
2. Maintenance is easier than repair.
3. Everything comes with a regret.
4. No campany is better than bad campany.
5. Difference between poison and medicine is the dosage.