"It's always the same two things, housing and cars. Always. Americans love housing and cars, and they make the biggest financial mistakes with those two categories."
"Americans are extremely bad at calculating phantom costs. They just take the big number and subtract the small number."
"Sethi said that American society has a 'religion' around ownership of these assets that causes most people to overlook the 'phantom costs' associated with buying and maintaining them."
By way of example, Sethi said he rented an apartment in New York City for $3,000 a month that he estimates would have ultimately cost $6,600 per month to own as a similarly situated condo over the same period.
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