Daily blog #81

Riches to rags

After spending about thirteen years in the wonderful United States of America I have noticed something about those in the 20-30 year old demographic. It happens to be an overwhelming concern with the type of car they drive. So much, to the point of trading in a perfectly good car and taking on twenty thousand dollars of debt in the form of a three hundred plus car payment for the next few years. Something those in the wealth management industry refer to as “The Number One Mistake Young People Make”. Part of this speaks to the wealth of our nation which allows us to accrue thousands of dollars of debt even without credit, something I had to do just to get into a car. Oftentimes it so happens that the car is viewed as a luxury item rather than a method of transport. This is in contrast with Ho Chi Minh City where I grew up because only “the rich” so much as possessed a car even if it was a 1998 Toyota Camry. At the time it was safe to say many of the residents never even imagined they would own a car in their lifetime, the average citizen surviving on a mere one hundred dollars a month. This is why I will constantly defend America as the greatest country on earth. Where else is a 16 year old in a middle class family expected to get a car? In most countries that’s unheard of even for adults. What this pandemic has taught many, something that is common in the Asian culture, is saving and investing for the future. Focus on the necessities and remember that cash is king. With few belongings comes freedom, especially knowing that you have the mobility to adapt and overcome any challenge that is thrown your way.