|A mansion und a yacht! Not!|
I've been poking around the John T. Reed website. He is a real estate investor with about 30 reasonably priced books for sale, mostly on real estate, some on coaching sports, and one on "Succeeding". He also rates other real estate gurus, some of which is funny to read (although unfortunately his review of my favorite guru is cursory and dismissive). I find his articles down to earth and sensible.
Anyway, somewhere in there he has this article on things you should and shouldn't spend your money on if you ever become rich. I thought it was just some sensible advice on how not to overspend on stupid stuff, whether you're rich or poor. Because practically nobody considers themselves rich, I'd say this advice would really be for everyone, just in case you are rich but think you're poor; or in case you come by some money, so you don't waste it.
One of the things he points out that you should only ever buy as big of a house as you need. Once you have the right size house, if you want to spend more money on housing, spend it on getting into a better neighborhood. He doesn't go into why, but I say, aside from the obvious reasons of getting away from crime or getting into a better school district, if you live in a richer neighborhood, then you will be surrounded by more successful people who will become your neighbors and acquaintances. This may give you opportunities, both social and career. (More about that later, that particular subject deserves its own post).
Mostly what he says is, when you finally get some money to work with, quit shopping and instead use it to reduce risk to yourself and your family from things like: fire, flood, earthquake, depressions, big lawsuits, that kind of thing. But he also has this big chart of do's and dont's as to how to go about getting certain things you might enjoy so that you save money getting them.