One of the biggest financial traps and mistakes is to spend a fortune on home furnishings and decorations, and the added injury is to put it on credit and pay interest on a depreciating object. There are so many great examples of making a house look great on less. We will provide some examples and resources. First I have to emphasize how important this is. If you are just starting out in life, some people want the image of success. People feel compelled to signal to others that they have it all; the house, car, marriage, etc. But what does this have to do with furniture? When a person buys the big house and everything, they then fill it up with fancy, expensive new furniture! We have seen lots of folks spend a fortune on furniture and home decorations, AND to make matters worse they put it all on credit at a high interest rate! I think they are trying to tell others that they have arrived and have the complete Instagram life, but it’s a trap. Do not do it. If you put $40,000 on a credit card for a full house of new furniture you are seriously reducing your ability to build wealth. In 10 years that $40k could be $80k and spinning off dividends. By then you won’t care about the fancy furniture. I am not saying live in an empty house and not have nice things. I am saying look for other ways:
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