The above rules are for people that have a big net worth and want to avoid losing it - the title of the thread.
For people at the beginning of their journey, the rules are different.
The question isn't "is this 500k RE deal a good, or a bad deal"? Rather, it is "will a freezer help me save on food because I'll buy in bulk, or will it cost me more because of the energy expenses?"
So, here are my sidewalker financial tips - there aren't really rules.
Hum.
1. The biggest expenses will be on food, transportation, and rent.
2. Food: buy in bulk and freeze to decrease both time and cost spent on groceries and go buy directly at the producer or at the wholesaler if you can.
3. Transportation: a car is a trap (Europe is different than the States in this regard). Don't use public transportation in cities. Bike, and if it is not flat, get an e-bike that you can charge at work if you go to work with it.
If you do buy a car, get a van, because:
- It is cheaper
- You can rent it out
- You can sleep inside
- You can take with you a lot of people when you drive from point A to point B and you can charge them for doing so.
4. Rent: buy a 3/4-bedrooms apartment and lease 2/3 rooms in a way that the rent your tenants pay refunds the mortgage (as explained in the gold thread) OR live for free at your family's place OR volunteer in a hostel and stay there for free OR buy a studio in Bulgaria for 10 000 euros.
5. Tech: use Google shopping to buy the phone/computer that you seek and search for prices in other countries (in my case: Netherlands, Germany, France).
6. Clothes: go to open-air markets or second-hand clothes shops or to a wholesaler directly. Buy from companies selling overstock.
7. Services: watch a Youtube video instead of calling whoever you need to repair what is broken.
8. Don't buy physical books. Only buy ebooks.
9. Hairdressing schools often offer free haircuts if students can practice on you.
10. All you need is food, water, wifi, a computer, and clothes. The rest is garbage you don't need.
11. Travel in winter. Buses and ridesharing are underrated.
12. Always book any travel services on the Internet, and always compare prices on different websites.
13. Heating expenses are lower in warm countries than in cold countries.
14. Don't pay for bank accounts.
15. Greece is cheaper than Norway.
16. Most of the time, the internet offers cheaper options than in real life, but places where there is no internet will offer cheaper options than the internet.
17. Be an early bird in asset investment and product use.
18. No one will better manage your money than you will if you dedicate time, care, and resources to the practice.