Today I had a conversation with a friend. He’s into a MLM business dealing with cell food products which helps to heal wounds fast and currently his business is doing well.
From the conversation he was telling me that his upline has gotten to Diamond and currently driving a BMW T series. And so he said when he reaches there he would want to own one like him too.
Well I stopped him there. Then I told him, hey don’t follow blindly cos you might end up in a trap. So I suggested to him instead of buying that car, why not buy a condo or apartment first.
If you guys read Robert Kiyosaki books long enough, you would understand that you need an asset to cover your liabilities. Seriously.
So why a condo first?
A car usually becomes a liability overtime and seriously whether you drive a sports car or a normal car, value of the car will decrease with time. If you use it for your own driving consumptions, the car will be a liability.
A condo is a property which you can rent out. By doing so it becomes your asset and if its done right, the rental fees of that condo might even cover the monthly installments of your new car.
How about that? You can hit two birds with one stone..
Give it a thought and do give me your opinion on this.