More money than sense?
A TikToker is dividing the internet after sharing the controversial money rules he followed in order to amass a fortune.
Charlie Ehlers, a 28-year-old “stock investor” from Australia, says he saved more than $200,000 by the time he turned 26 — thanks to ideas such as avoiding going to college unless you know what you want to do or buying a home unless it was for an investment.
“Here are some money rules I follow as someone in my 20s who has been investing for 10 years now,” Ehlers stated in the viral video, which has clocked up more than 675,000 views.
Ehlers initially started off his TikTok clip by outlining less controversial rules that helped him to curb spending on clothes, alcohol and food delivery.
“[Don’t buy] designer clothing brands and labels,” the TikToker advised, saying fashion houses such as Louis Vuitton and Gucci “specifically target broke people who want to look rich.”
His rulebook also outlawed excess spending on alcohol and services such as Uber Eats.
“If you’re someone who will go out and spend $150 to $200 on drinks but you complain about fuel prices and rent prices and interest rates, you’re idiotic,” he scolded, encouraging people to “pre-drink” at home before going out to bars with friends.
Then, Ehlers admitted that his rules were going to get a little more “controversial.”
First, he urged viewers not to go to college — unless they were absolutely sure they needed a specific degree to attain their dream profession.
“Too many people go into debt to get a degree that they don’t use,” he declared. “If you’re getting a degree, [only] do it because you want to be in that profession.”
Second, Ehlers urged viewers to avoid buying a home unless it could be used as an investment.
“Don’t buy a home,” the guru implored. “Unless you’ve sat down and gone through all the numbers of what it costs to run and own a home, you’re not allowed to comment on that point.
“I would personally buy a home if I could turn it into a cash-flowing asset, which most don’t because a home purchase is usually a lifestyle choice. It’s an emotional decision,” he further explained. “I would buy a home if I had a family and we wanted a specific place for a very specific reason. But to build wealth, buying a home to live in is not the answer.”
Meanwhile, another of Ehler’s eyebrow-raising rules revolved around “investing in good bedding.”
“Seriously, you spend one-third of your life in bed, and your sleep has the biggest impact on your health, so buy good bedding,” he stated.
The controversial list of rules attracted thousands of comments from viewers, who had mixed reactions.
“Literally not wrong on any of this! Make smart choices,” one declared, before others chimed in with less enthusiastic responses.
“I agree with everything but the home,” one wrote. “Buying a home can be one of if not THE most effective way to build wealth.”