Welcome to the latest series on the wildly popular JosephSangl.com – 5 Questions To Ask Before Spending Money
It is my hope that this series will help provide you with practical questions to ask when preparing to spend a substantial amount of money. Practical questions that will help you truly understand the enormity of the decision and help you make the decision that is best for you and your family.
Question 2: Will this item INCREASE or DECREASE in value?”
Asking this simple question can prevent a lot of poor spending decisions!
Chewing gum goes down in value. So do cars, 4-wheelers, refrigerators, swimming pools, and clothes.
Businesses can go up in value. So can houses, land, antiques, mutual funds, company stocks, bonds, and intellectual property (patents, licenses, etc).
Here is what I KNOW: Not all of your purchases can be for items that increase in value, but if ALL of your purchases go down in value – something ain’t right!
BONUS: Find someone you know who is prospering with their investments. Invite them to lunch (pay for his/her lunch) and ask them to mentor you! They will probably LOVE IT!