A guy earning $300k-$400k a year in his early 20s bought a new Tahoe with 24-inch rims and a BMW 5 Series, racking up $4,000 a month in car payments. He realized too late that high income means nothing if your spending keeps pace.
When I was in my early 20s, when I started making money, like I was making maybe three or four hundred grand a year, I went out and bought like this brand new tahoe, got like 24 inch rims on it. I bought another car. I think I bought like a BMW 5 Series, you know. And then all of a sudden, I've got like four grand a month in car payments. But it was just stupid. I didn't need both of those type of nice cars. I could have got something that was used maybe two or three years old with half the payments, and then stuck that other money into real estate or other investments. It took me to, like, my late twenties till I finally realized you can make all the money in the world, but you can also spe spend all that money and you're just as broke.
