There are smart investments and ones that you will soon regret. No doubt we all dream about the things we would buy if we were financially secure. Some of you would buy a sports car worth more than your home, others would buy mansions with more bathrooms than entire apartment complexes have. And then some of you would buy a watch that would cost more than your yearly salary.

If these are the things you dream about owning if you had the money, it’s probably also the reason why you don’t have any wealth.

You see, it takes some pretty shrewd investing over a long period of time to accumulate wealth. In other words, making poor decisions about the things you buy is in no way going to make you wealthy.

With a little help from Daisy Raouph, your financial advisor in Pickering, and some smart investing, you can accumulate enough earnings to enjoy financial freedom. And it helps a whole lot if when you do start earning money that you don’t blow it on frivolous items. Here is a list of things you should avoid buying if you expect to be financially secure.

Gaudy Jewelry

Tasteful jewelry can do wonders for your appearance and exude beauty and confidence. But if you are sporting a necklace worth in excess of, say, $10,000, and other expensive jewelry, it’s just like flushing cash down the toilet. Be classy, not brassy.

A Big Boat

So you plunked down a huge chunk of money on a big boat. Now what? Realistically, how often are you going to take your boat out on the water? If you are taking your boat out on the water fewer than 50 times a year, this is a bad purchase.

In fact, you continue to lose money on this deal because you are paying to have your big boat stored all year long.

Live-In Help

We get it, you hate having to clean your home. A lot of people hate housework and would rather pay someone else to do it. This is fine, unless you are paying them to live with you as well. In addition to being a huge waste of money, it would be rather awkward having somebody standing around in your kitchen waiting for something to do.

Expensive Clothes

Just because you can afford to buy a pair of jeans for $1,200, it doesn’t mean that would be a smart move. If you think people will think better of you in an expensive pair of jeans over a $50 pair of Levis, you are sadly mistaken.

Sports Car

We are sure many of you would be impressed with a car that is capable of going from zero to 100 MPH in six seconds. Of course, this is hardly practical when all you use your car for is to drive the kids to soccer practice and then go to the store. There is nothing wrong with owning a nice car, just keep it reasonable and practical.

Daisy Raouph and the rest of the team of financial advisors and mortgage brokers specialize in financial services and finding mortgages that suit their clients. Call today for a free consultation.