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If you remember reading in the old RD books, the author mentions that one difference between the rich and the poor is how they purchase their toys or "doodads".
He said that if a rich person and a poor person each want to purchase the same doodad, the poor person will buy it and make payments while the rich person would invest in an asset, and his asset would make the payments for him.
So, with that in mind, if you wanted to purchase a new $3,000 doodad, and were limited to an investment budget of $10,000 what asset(s) would you purchase to make the payments on your new doodad?
(Feel free to change the numbers, just using those as an example, where your doodad is about 30% of your budget.)
Thanks for sharing your ideas.
He said that if a rich person and a poor person each want to purchase the same doodad, the poor person will buy it and make payments while the rich person would invest in an asset, and his asset would make the payments for him.
So, with that in mind, if you wanted to purchase a new $3,000 doodad, and were limited to an investment budget of $10,000 what asset(s) would you purchase to make the payments on your new doodad?
(Feel free to change the numbers, just using those as an example, where your doodad is about 30% of your budget.)
Thanks for sharing your ideas.
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