Before buying that next big thing
I was watching one of my favorite educators just now. El SeƱor Alex Hormozi and he reminded me of a key thought exercise that I had forgotten about.
In the video below he goes through a bunch of excellent points, but the one that made me aha! this time was the point about:
When buying something that is larger than normal, such as a car or a house, consider the cost not from the point of view of dollars, but in time.
So if you wanted to get a larger house for an extra $400k and maybe you save $40k per year after tax - are you willing to keep working for 25 years to pay off that extra mortgage? Or are you even willing to work for another 10 years or 5 years for a larger box to live in?
Probably not! Its just a damn box!
This is a very powerful tool for taming the little devil on your shoulder.
Freedom of credit is a powerful form of enslavement. Enslavement where you opt yourself into it.
See my favorite post about slavery here
Think to yourself, in after tax dollars, would you be willing to work another X years to pay for this thing?
Watch all of his videos - they are great and you should learn something.