The most important investment lesson I have ever learned is to reduce consumption today in order to achieve financial independence in the future.

The best thing you can do is to invest in pre-tax investment vehicles in order to reduce your realized taxable income.

If you decide to buy a big boat or house, you not only will need to spend the money on the monthly payments, but you will have to pay taxes on the money before you spend it. It is a double whammy working against your wealth creation.

So when you want to buy something that will force you to pay large monthly payments, ask yourself if what you will gain from your purchase will be worth the loss of future financial wealth and independence.