Today I spent quite a lot of time reflecting on building wealth, and somehow I remembered one of the experiences I had a few years ago. I was a young doctor at the University Hospital in Frankfurt. Our old Mitsubishi Lancer was turning 8 years old and had reached 200,000 km. It had started demanding money and repairs, so we decided to replace it. Its place was taken by a BMW 5 Series with all-wheel drive, which at the time cost €35,000. Naturally, I didn't have the money to b

Before making any financial decision, go through this list of questions. If you're not satisfied with each and every answer, chances are you're looking at a bad investment. Rule #1 – Know What You Need and When Enough Is Enough How can I reduce my costs? Can I achieve the same result or address the same need with less money? Most often, higher costs do not translate into improvements in your quality of life. Rule #2 - Stay Out of Debt! - Debt is always an obstacle to everythi