Sometimes a big-ticket purchase is nothing more than a big waste of money. Spending money on expensive things you don’t need is a surefire way to deplete your bank account and lower your net worth. Many big-ticket purchases are made on impulse or otherwise represent poor judgement.
If you truly can afford to buy a costly status symbol, go right ahead. However, if you want to get the most out of your money, there are many expensive items that you can and should live without. Here are several examples of big expenditures you shouldn’t make:
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel United Methodist Church (UMC) in Montross, VA. Rev. Dr. Taylor promotes best practices by teaching financial literacy workshops and currently serves as Finance Chair in the Rappahannock River District for the UMC. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.