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Originally Posted by rupak447
Many people's financial troubles begin when they buy an expensive toy or a vacation home.
The buyers assume they'll save money because they'll own the items instead of renting them. While that might be true short-term, it rarely works out that way in the long run.
Here are five things you should never buy unless you're rich enough to stop working:
1. Vacation homes
2. Snowmobiles, jet skis and all-terrain vehicles
3. Recreational vehicles
4. Boats
5. Timeshares
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What those items have in common is a proclivity for massive depreciation while requiring large cash inputs at the same time!
For example, having to put a new $2,000 power generator into your three year old $50,000 RV that is now worth $29,000.
If you have the means, then feel free to spend however you like, but if you don't have piles of available cash and strong future income, owning a quickly depreciating asset that requires large periodic expenditures (maintanence/repairs) is likely to be a huge financial mistake.