Used to teach a college class on music marketing. Had a student who would come to class in a suit and tie, carrying a briefcase.
One time he asked me, "Do you think I should get a Range Rover?"
I asked, "What do you need a Range Rover for?"
"To carry clients around," he said.
My response... "You need clients before you need anything to carry them around in."
Sounds pretty funny, but a lot of people fall into the same trap. Outward appearance doesn't mean anything if you don't have the "inner game" to back it up.
Don't get me wrong. I love the guys who jump in head first, going balls out with top-shelf recordings, the best photographers, great art direction, and whatever else it takes to give the appearance of success. If you're got the "inner game" in order to back this up, I think it's great.
But before you make a big investment in something, ask yourself, "Is this going to make me money?"
There are times when a nice vehicle, such as a Range Rover, definitely will. For example, if you're meeting an attorney for lunch, do you want to see him pull up in a nice car or something that is falling apart? In cases like this, the outward appearance of success can really help propel what you've got to a new level.
But don't be an idiot about it.
It's a fine line that you'll have to figure out for yourself. Some people have a higher tolerance for risk than others. To them, a big ass car payment isn't anything. For others though, that same payment could put them under so much pressure that they start to make decisions out of desperation...and that is not a good place to be making decisions.
Here's a video to help give you some perspective. NOTE: This video uses language which may offend some and is NSFW.
Questions for you...
- How detailed is your plan?
- How do you decide where to spend your money?
- Do you have any financial decisions that you regret? If so, what were they?
- What are the good financial decisions that you've made?