Last Updated on July 24, 2022 by The MediFi Guy
Try this quick experiment. Google “worst financial mistakes you could ever make”. Open up the first 10 or so articles/forum posts/blog posts, and do a quick scroll through. You’ll soon notice a trend. Of the many mistakes listed, there always seems to be one in particular that appears on virtually every single list. Usually listed as the number one possible mistake: buying a brand new car. Why is this?
The reasons buying a new car is considered to be pathognomonic of poor financial management are as follows:
1) Debt
2) Depreciation
3) Liability expense
4) Opportunity cost (most important)
We the forthcoming posts, we will discuss each in detail.
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