The Habits That Keep You Looking Rich and Living Broke

SPEAKER_1 (0:01)

Somebody asked me this question, what's the first luxury I should cut in my route to becoming a millionaire?

I'll always go viral with these kind of takes. I could do the yada, you shouldn't even have a woman till you make your first million. I'm not gonna do that. Yada awaken. Yada awaken in part two, Wednesday, my boy. Damn.

Rashad (0:23)

5,000. 5,000. 5,000 right now.

SPEAKER_3 (0:26)

If you serious.

Rashad (0:28)

If you really serious, 5,000 right now in the cash app.

SPEAKER_3 (0:32)

You really love her? Do you?

SPEAKER_1 (0:35)

The number spiked up real quick. Rashad, in your opinion, what is the first thing that a person should-

Rashad (0:41)

Oh, we had 6200 No, no, no. They gotta check.

SPEAKER_3 (0:43)

They gotta check. Let's turn it on.

SPEAKER_1 (0:45)

Hey, Rashad, you want to do flex emotion?

Rashad (0:49)

Oh, man. The first thing, car note for sure. Man, these car notes is so crazy. And it's one of these things that you get trapped in. Three years on the lease, seven years on the purchase.

Save your money. Seven years.

SPEAKER_1 (1:04)

Crazy. So you're saying some 10 years now.

Rashad (1:07)

10 And it's a depreciate- You're doing some 10s now, bro.

It's a depreciating asset. Cars don't hold values. Some cars do, but most cars don't hold value.

And it doesn't really change anything. I have not seen somebody's life drastically increase because of a car. Now, granted, we do live in a place where cars mean less. New York is not like a driving place. I know cars mean a lot in Miami. Cars mean a lot in LA.

SPEAKER_1 (1:40)

Atlanta, Houston.

Rashad (1:42)

Atlanta.

But I have heard stories that I got into opportunity because the car that I just never seen. I personally can't remember that. I've personally with my own eyes, have never seen somebody get an opportunity because of a car.

SPEAKER_1 (2:03)

By the Porsche, you go to the Porsche Club and as a result, you got a $6 million deal.

Rashad (2:08)

I haven't seen it. It's rare. I haven't seen it. So I would say that's the first luxury that you should cut. I know millionaires that drive Volvo's.

Man, Volkswagen's. The Volkswagen is the millionaire car.

SPEAKER_1 (2:23)

Yes, that's what I'm talking about.

Rashad (2:25)

Yes, it is. Volkswagen is the millionaire.

SPEAKER_1 (2:27)

Is that milk in there next door?

Rashad (2:30)

That Volkswagen is a millionaire's car.

SPEAKER_3 (2:33)

That's not a fact.

Rashad (2:34)

When I was a financial advisor, let me tell you something. When I was a financial advisor, my first, no, it's 100% a fact. When I was a financial advisor, my first office that I worked in was Park Avenue. And in Park Avenue, I was one of the only black people there. And it was like Italian, Jewish.

Man, the number one guy in the annuities, the number one guy, this guy was making millions of dollars every single year.

And he drove a 15-year-old Volvo. And everybody that I saw, they all had the same car. They all had Volkswagen and Volvo. It's like the V's. Volkswagen, Volvo. Every now and then you might see a X3, BMW. Like every now and then, I saw no Phantoms. I saw no Lamborghinis.

SPEAKER_3 (3:29)

But it's not a Volvo though.

Rashad (3:31)

I'm telling you. I'm telling you. I'm telling you.

SPEAKER_3 (3:35)

If you ever read The Millionaire, I was gonna say, if you ever read The Millionaire Next Door, they was like the average millionaire. Most millionaires, they either buy like a Toyota Camry or they're buying a Honda Accord or something in that range.

Rashad (3:46)

That was 30 years ago.

SPEAKER_3 (3:46)

What I'm saying, like in that book, and if you look at studies now, it's still in that range. People are still buying relatives.

Rashad (3:52)

I ain't seen a Honda Accord in a minute.

SPEAKER_3 (3:53)

I'm being honest with you. But the number one car that they used to buy, this is like 10 years ago, was a Nissan Altima, which is crazy because same class. But that car actually, they don't even make it anymore. They actually stopped production.

I think this year or last year, they stopped production of it. But you don't even see that car anywhere. But it talks about being frugal, living way below your means, and not wanting to have attention.

Rashad (4:17)

But it's also just a practical car, and it's just like these people don't really got swag. Now, am I going to drive a Volkswagen? No, I'm not.

But I'm just giving you, I'm giving you the real-

SPEAKER_3 (4:34)