The first thing I believe you need to know about wealth creation or even surviving financially is that there's a huge difference between what you can buy and what you can afford.
Maybe you know what **Jay Z **said about it: "If you can't buy it twice, you can't afford it." But that’s not everything you need to know about the topic.
The real challenge is closing a door in your mind that says: "you can still buy it, even when you can’t pay it in full." As a young man, after creating my first credit card, I fell so badly into this trap, which caused me a whole year of my life spent in endless stress. And financial stress is one of the worst there is.
However, when you buy something on credit, you make a bet that your future will be better than your present, so you’ll easily pay it off — which is really an optimistic view. I respect it; it’s just not guaranteed. And if things go south on you (and they often do), you’ll likely be in a vulnerable position. It can get you so quickly from building long-term wealth into just trying to pay your debt and stay afloat.
Avoid debt!
i got killed lost 200k a good chunk in 2023 bc of the drops in SPL stuff i hadnt clsoed out my loc yet lol