What is the worst financial insult you have seen, and how do people avoid putting their foot in their mouth about money?

A boss from a previous life gave me a talking to.

In essence, he said: You are only as successful as the car you drive. Cars give the appearance of prosperity. “You can afford this (expensive) car? You must be good!”

Followed with obligatory yarn about winning a business pitch, after pointing to his expensive German car in the client’s carpark.

Ergo, if you drive a crap car, you must be crap at your job. Was he not a fan of my then wheels, a 1991 Ford Laser, with locks rendered useless by a thousand break-ins?

As hurt as I was … NOT … he achieved something. That I would proudly talk about my succession of cruddy cars and explain why I have them.

My reason for spending little on them is this: An $80,000 car that’s worth $30,000 five years later is a loss of $10,000 a year. A $15,000 car worth $3000 five years on is a $2000 a year loss. Both cars equally got me from A to B.

I reckon I’ve saved $100,000-plus in the last decade by buying cheaper cars and keeping them. Double that for Mrs DebtMan.

Cars are a choice. I choose not to burn cash that way. If others wish to, that is their choice.

Your financial wealth is usually a result of choices you make. They’re not right or wrong. They’re choices.

Keep your foot out of your mouth on financial matters by understanding that others will make different choices to you. Sure, give your opinion when asked. But avoid lecturing – it’s their money.

Bruce Brammall is the principal adviser with Castellan Financial Consulting (www.castellanfinancial.com.au) and author of Debt Man Walking.