12. A Luxury Car

A car can be a useful investment when it helps you get to work, run a business or generate income.

But borrowing heavily for a luxury car simply to look successful can become expensive very quickly.

Remember that owning a car involves more than the purchase price. There is fuel, maintenance, insurance, repairs and other costs.

If the car is going to consume a large part of your monthly income, it may not be the right financial decision.