172: APPRECIATING vs. DEPRECIATING Assets

大家好，欢迎回到《富人习惯》播客，这是Spotify上排名前十的商业类播客，由public.com倾情呈现。

Hey everyone, and welcome back to the Rich Habits Podcast, a top 10 business podcast on Spotify brought to you by public.com.

听完这一期，你会彻底明白什么是增值资产，什么是贬值资产，为什么大多数人完全搞错了，以及那条区分真正积累财富的人和不知不觉毁掉财富的人的关键原则。

By the end of this episode, you're gonna understand exactly what makes an asset appreciating versus depreciating, why most people get this wrong completely, and the one rule for using debt that separates people who build wealth from people who destroy it without even realizing.

我是奥斯汀·汉克维茨，今天和我的联合主持人克罗克一起主持。

My name's Austin Hankwitz, and I'm joined by my co host, Croak.

罗伯特是一位经验丰富的企业家，一生营收超过三亿美元，而我三十多岁就成为百万富翁，背景是金融与经济学。

Robert is a seasoned entrepreneur with lifetime revenues of over 300,000,000, and I'm a multimillionaire in my thirties with a background in finance and economics.

正如节目名称所暗示的，每期我们都会探讨与商业、财务和思维模式相关的富人习惯。

As the show name might suggest, every episode, we talk about rich habits as they relate to business, finance, and mindset.

所以罗伯特，今天这期我们聊点什么？

So Robert, what are we talking about in today's episode?

在本期《富人习惯》播客中，我们要聊的是我真希望二十岁时有人能告诉我一件事——要是早懂了，我能省下几十万美元，那就是增值资产和贬值资产的区别。

In today's episode of the Rich Habits Podcast, we're talking about something I wish someone had explained to me when I was 20 years old because it would have saved me hundreds of thousands of dollars, and that is appreciating assets versus depreciating assets.

这个概念其实很简单。

The concept is simple.

有些东西买回来会随着时间升值，有些则会贬值。

Some things you buy go up in value over time, and some things go down.

但大多数人处理这两种东西的融资方式，完全搞反了。

But the way most people handle the financing of each one is completely backwards.

我见过太多聪明又努力的人，用高成本的贷款去买会贬值的东西，却用现金去买真正能升值的资产。

I've watched so many people, smart, hardworking people, finance depreciating assets with expensive debt while paying cash for things that actually appreciate.

他们能为一辆六万五千美元的卡车贷上六年，可两年后这车就只剩四万美元了，可他们却说没钱每月往股市投五百块，甚至付不起投资性房产的首付。

They'll take out a seventy two month auto loan on a sixty five thousand dollars truck that's gonna be worth $40,000 two years later, and then say they can't afford to invest $500 a month into the stock market or even put a down payment on a rental property.

这种算账方式完全颠倒了，今天我们就要把它纠正过来。

The math is upside down, and we're gonna fix that today.

是的，Robert。

Yeah, Robert.

这一集听完后，你对每笔大额消费的看法都会不一样。

This episode is one of those that by the end of it, the way you think about every major purchase is actually gonna change.

我们会先讲清楚什么是升值资产、什么是贬值资产，举一些真实的例子，再聊聊那些模糊地带——我觉得那些地方更重要，因为人们最容易在那儿犯迷糊，最后当然会给出我们的方法论，教你该怎么用贷款，或者干脆不用贷款来买这些资产。

We're gonna through what appreciating and depreciating assets actually are, give some real examples of each, talk about the gray areas, which I think are even more important because that's where people get confused, And then of course, you our framework for how we approach buying these assets with debt or maybe not.

什么时候该用贷款，什么时候该避开，关键在于这个资产属于哪一类。

When to use debt, when to avoid it, and why the answer depends entirely on which category the asset falls into.

那我们先来明确一个问题：什么是增值资产？

So let's start by defining the question, what is an appreciating asset?

增值资产就是你买下来后，预期会随着时间升值的东西。

An appreciating asset is anything you buy that is expected to increase in value over time.

这里的关键词是‘预期’。

The keyword there is expected.

没有什么是绝对有保障的，但从历史和结构上看，这类资产长期来看都是上涨的。

Nothing is guaranteed, but historically and structurally, these assets trend upward over time.

奥斯汀，那些明显的大型资产大家都知道。

Austin, the big ones are obvious.

房地产、股票、指数基金、小企业。

Real estate, stocks, index funds, small businesses.

如果你十年前买了标普500指数基金，现在钱大概已经翻了三倍。

If you bought an S and P 500 index fund ten years ago, you've probably tripled your money.

如果你十年前在大多数美国市场买了房子，哪怕算上最近的利率变化，现在它的价值也高了不少。

And if you bought a house in most American markets ten years ago, it's worth significantly more today even after the most recent rate environment.

罗伯特，这就是增值资产的特别之处。

And, Robert, here's what makes appreciating assets so special.

很多增值资产在升值的同时，还能产生收入。

Many of them also produce income while they appreciate in value.

出租房产不仅升值，每个月还能给你带来租金收入。

So rental property goes up in value and it pays you rent every single month.

分红股票不仅升值，每个季度还会给你派发现金。

A dividend stock goes up in value and it pays you cash every single quarter.

你拥有的企业，随着时间推移会越来越值钱，同时还会持续产生利润。

A business you own likely becomes more valuable over time and it throws off those profits.

所以你从资产升值和现金流这两方面都在赚钱。

So you're getting paid twice on the appreciation and on that cash flow.

我想多说几句这个点，因为我觉得这是最重要的部分。

I wanna linger on that because I think it is the most important point.

这些年来，我创办企业的时候，可不只是为了将来卖掉它们——虽然确实有几家公司卖出了不错的价钱。我真正想打造的是能每个月给我带来利润，同时价值还在不断增长的东西。

When I've built businesses over the years, I wasn't just building something to sell, although several of them did sell for significant amounts, I was building something that paid me profits every single month while simultaneously becoming more valuable.

这样就能两头赚钱。

Get that two ways.

你从两个方面都在赚钱。

You're making money both ways.

这就是兼具增值和收益的资产的真正力量。

That's the power of an appreciating asset that also produces income.

你同时在通过两种方式积累财富。

You're building wealth in two ways simultaneously.

从我的角度看，罗伯特，我这辈子最大的增值资产，就是我一路积累起来的那套股票组合，价值两百万美元的股息增长型股票组合。

And from my perspective, Robert, the biggest appreciating asset in my life has been that stock portfolio that I've been building, $2,000,000 dividend growth stock portfolio.

我确实也有一些企业股权和风投类的私人投资，但那个组合现在的价值，已经是我投入本金的好多倍了，对吧？

I also have some business equity and some private investments I've made through venture, but that portfolio is now worth multiples of money than what I've actually put into it, right?

增值资产就是那些预计会随着时间升值，同时在你持有的过程中还能给你带来现金回报的东西。

So appreciating assets are things that are expected to increase in value over time and also tend to pay you cash while you own them.

所以，罗伯特，你来回答一下吧，什么是贬值资产？

So Robert, why don't you now answer the question, what is a depreciating asset?

对。

Yeah.

这是另一面。

This is the other side.

这是个灰色地带，很多人在这里犯错，那就是贬值资产。

This is the gray area, the one that so many people get wrong, and that is depreciating assets.

贬值资产就是你买来之后会随着时间贬值的东西，通常从你买下的那一刻就开始贬值。

A depreciating asset is anything you buy that loses value over time, usually starting the moment you purchase it.

大家都知道的经典例子就是汽车。

The classic example everyone knows is the car.

新车一开出经销商大门，第一年就贬值20%，五年内大概会贬值60%。

You drive a new car off the lot and it loses 20% of its value in year one and roughly 60% of its value in the first five years.

所以一辆六万美元的车，五年后可能只值两万到两万四千美元了。

So a $60,000 vehicle is worth maybe 20,000 to $24,000 five years later.

三万六千块的价值就这么没了。

That's $36,000 in value that just evaporated.

但车可不是唯一的例子。

But cars are not the only one.

手机、笔记本、家具、家电、船，全都一样。

You've got phones and laptops and furniture and appliances and boats.

我喜欢船。

I like boats.

我有一艘船。

I have a boat.

我知道船也会贬值。

I know boats depreciate.

这肯定没错。

That's for sure.

这些全都是贬值资产。

These are all depreciating assets.

罗伯特，我去年夏天花大约九万美元买了一艘船，原价是十万。

Robert, I just bought a boat for roughly 90,000, a $100,000 last summer.

我还没查过它现在值多少钱，但肯定比当初买的时候低多了。

I haven't looked up what it's worth, but I'm sure it's less than that right now.

不过我们也要确保大家都明白。

Well, but we also wanna make sure that everyone understands.

我们不是说不让你享受生活。

We're not saying don't have fun.

我这辈子买过很多昂贵的贬值物品，说实话，有些是冲动消费，但也有些值回票价，因为它们确实派上了用场。

I've owned many, many expensive depreciating assets in my life, I'll be honest, some of them were mistakes, and some of them were worth it because they served a purpose.

关键是要清楚自己买的是什么，为什么买。

The key is understanding what you're buying and why.

贬值的物品不一定是坏投资。

A depreciating asset isn't necessarily a bad purchase.

上班得有车，通信得有手机，生活得有家具。

You need a car to go to work, you need a phone, you need furniture.

错误在于把它们当成投资，或者以为它们会升值而去贷款购买。

Mistake is treating them like investments or financing them like they're going to go up in value.

它们不是。

They're not.

它们是工具。

They're tools.

你用它们，它们就会贬值，最后还得换新的。

You use them, they lose value, and eventually, you replace them.

而且这还得假设它们真的算工具。

And that's assuming they actually are tools.

船不是工具。

A boat is not a tool.

船是玩具。

A boat is a toy.

别为了买船去贷款，不过我们回头再好好聊聊这个。

Don't go finance a boat, but we'll talk more about that for sure.

我不是在这儿说永远别买好车，就像你之前说的，罗伯特。

I'm not sitting here saying never buy a nice car, like what you said, Robert.

我从不买船。

I never buy a boat.

但我确实买过一艘船。

I bought a boat.

对吧？

Right?

我有一辆还不错的车。

I have a decent car.

我买了一辆五年车龄的四Runner，当时是新车买的。

I got a nice five year old four Runner that I was able to buy new.

但我想要表达的是，你得算清楚背后的账。

But what I am saying is you have to understand the math behind it.

买一辆会贬值的资产，就得想明白它真正的拥有成本。

When you buy a depreciating asset, you need to think of the true cost of ownership.

这不仅仅是标价，还包括折旧，以及如果你贷款买车的话，还要加上你付的利息。

It's not just the sticker price, it's the sticker price plus the depreciation plus any interest you're paying if you actually financed it.

这个总花费通常比人们一开始想的要糟糕得多。

That total number is usually way more painful than people originally realize.

人们出去买你提到的那种新车，六万美元的，结果一下就贬值了三万六。

And as people go out and they buy these brand new to your point, Robert, dollars 60,000 cars and then they depreciate by $36,000.

这三万六就这么打了水漂，再加上贷款利息，可能又花了七千块。

That's, you know, $36,000 out the window, plus maybe they paid $7,000 of interest on the loan so far.

这简直太让人受不了了。

I mean, it is disgusting.

对啊。

Yeah.

我记得几年前我们做过一期节目，讲的是买车和租车的区别，我因为说了自己的经验法则，收到了大量私信、评论和听众的抱怨。

I remember we did an episode a while back, maybe a couple of years ago about leasing versus buying in the car realm, and I got so much hate in in DMs and on the post and the podcast and everything because I tell people my rule of thumb.

如果你想买新车，最好做好准备，至少开十年，开到零件都散架为止。

If you wanna buy a new car, you better be willing to keep it for ten years and drive it till the wheels fall off.

否则你就租吧，把钱留在口袋里，继续投资，而不是把钱砸在一个不断贬值的资产上。

Otherwise, you lease and keep all that money in your pocket so you're still investing and not putting all that money into a depreciating asset.

接下来我们聊聊人们最容易搞错的地方，我觉得特别有意思，因为很多人以为某些东西在升值，其实根本不是，而有些东西被大家当成贬值品，实际上却可能增值。

So let's get into the part where people get it confused, and I think this is really interesting because there's a bunch of things that people think are appreciating assets that actually aren't and a few things people dismiss as depreciating that can actually appreciate.

咱们来一一盘点最常见的误解。

So let's go through the biggest misconceptions.

我们在这儿列了个清单。

We broke it down here.

第一，还是车。

Number one, again, is that car.

车根本不是投资。

A car is not an investment.

压根就不是。

It is just not.

就算你买的是保值率很高的丰田，它每年的价值还是在下降。

Even if you buy a Toyota that holds its value very well, it's still worth less every single year.

唯一的例外是真正的收藏级汽车，比如经典保时捷或限量版法拉利，但如果你是这种人，你早就知道该怎么买，也清楚自己买的是什么。

Now the rare exception is a true collector car, a vintage Porsche, a limited edition Ferrari, but if that's you, you already know how to buy it and you understand what you're buying.

对99.9%的人来说，你的车就是个消耗品，就这么简单。

For 99.9% of people, your car is an appreciating tool, full stop.

这事儿没别的说法。

There is no other way around it.

别让销售员，或者你自己的自尊心，让你相信相反的说法。

So don't let a salesman or your own ego convince you otherwise.

我们经常听到另一个误解，就是‘我的房子价值一直涨’。

Here's another misconception that we hear all the time is my house value always goes up.

这个说法大体上没错。

And this one is mostly true.

我不是说它不对。

Don't get me wrong.

确实大体上没错，但实际情况比很多人想的要复杂得多。

It is mostly true, but it's more nuanced than I think a lot of people think.

这正是我之前说的，拥有房产的总成本和真实成本。

And that's what I was talking about the total cost and true cost of ownership here.

没错，你家房子的地皮价值在五到七年、甚至十年内通常会上涨。

Yes, the land under your house in your home's market value will generally appreciate over five, seven, ten years.

但房子本身的结构——比如屋顶、空调系统、家电——这些都会贬值，因为用久了就会坏，修或换都要花钱。

But the physical structure, like the roof, the HVAC, the appliances, those things are all going down in value because after time they break and they need replacement and that replacement costs money.

所以算上房产税、保险、维修费，还有房贷利息，自住房的实际回报率往往比很多人想的低得多。

So when you factor in those property taxes, insurance, maintenance, and the interest on your mortgage, the actual return on a primary residence is much often lower than people might think.

罗伯特·席勒的数据表明，过去一百年，美国房价扣除通胀后，年均涨幅大约只有1%。

Robert Schiller's data shows that US home prices have appreciated at roughly 1% per year above inflation over the last one hundred years when you strip everything out.

房子当然是个不错的资产，长期来看确实会升值，这点我没否认，但它远不像大多数人以为的那样是造富机器，除非你拿它来出租或者有其他收益用途。

So definitely a good asset to own, goes up over a long period of time, we know that, I'm not arguing that, but it's not that wealth building machine most people believe it is unless you're using it for some sort of rental income or something of that nature.

是的，这个观点特别到位，其实归根结底还是那句话：你要清楚自己买的是什么。

Yeah, I think it's a great point and it really comes down to something we talk about a lot and that is understanding what you're buying.

它到底是个贬值的东西，还是个升值的资产？

Is it a depreciating asset or an appreciating asset?

了解房产的全部持有成本，这在决定是否适合投资房地产时非常关键。

And understanding the total ownership cost, that's a huge factor when deciding if real estate is right for you.

我拥有不少房地产。

I own a lot of real estate.

我知道你，奥斯汀，也持有房地产，所以我还想补充一点：当房地产被用作投资而非自住时，它才真正成为增值资产。

I know Austin, you own some real estate as well, and so I wanna add to this though, because when real estate becomes a true appreciating asset is when you use it as an investment property and not just a place to live.

奥斯汀，我们多年来一直讨论这一点：大多数人一开始不该直接买梦想中的房子。

Austin, you and I have talked about this for years that we think most people should not start out in the dream home.

先尝试‘房屋套利’，让资产真正动起来——如果你先买下双拼、三拼或四拼住宅，住进去之后再置换梦想中的家，就能通过税务优惠、折旧等获得多重好处，真正实现财富积累。

Start off by house hacking and really get things moving because if you buy that duplex, triplex, or quadplex first, then move into maybe your first starter home or your dream home, it sets you up with so many different benefits through taxes and depreciation and all of this, and it becomes a real wealth builder.

但你的自住房更像是一个强制储蓄账户，大致能跟上通胀步伐。

But your primary home is more of a forced savings account that roughly keeps up with inflation.

它算不上好的投资，所以在规划自己的房地产路径时，一定要清楚这一点。

It is not a great investment, so always consider that when you're thinking about how to build real estate for yourself.

我想谈的第三点，也是网上最常见的，就是手表、运动鞋、手袋和收藏品。

And number three that I want to start off with, and this is the one we see the most on the internet, is watches, sneakers, handbags, and collectibles.

人们就是在这里自欺欺人。

This is where people really fool themselves.

他们看到有人买了一块劳力士迪通拿，价格翻了一倍，或者看到刚在StockX上架的Travis Scott乔丹，瞬间涨到五千美元一双。

They see one story about a guy that bought a Rolex Daytona, and it doubled in value, or they see the Travis Scott Jordans that just released on StockX, and they went up suddenly to $5,000 for the pair of shoes.

这些都只是极少数的特例。

These are rare fringe cases.

至于我，我收藏经典车。

Now for me, I have classic cars.

我有保时捷。

I have Porsches.

我还有古董劳力士手表之类的收藏品。

I have vintage Rolex watches and all of this.

我靠这个赚得不错，但那是个人情况。

I've done very well doing it, but that's on an individual basis.

太多人搞错了，因为他们只听到那些涨了价的百分之一的单品，上了新闻头条，却没意识到，每有一块劳力士翻倍升值，就有成千上万块手表是人们在高位买入，之后一路贬值。

So so many people, I think, they get this wrong because they're hearing about that 1% of the items that went up, and they make the headlines, but they don't realize that for every Rolex model that doubled, there are thousands of watches that people have bought and paid at the top of the market that have depreciated over time.

就像其他所有事情一样，幸存者偏差是真实存在的。当然，我觉得买经典车、古董保时捷和手表也能赚钱。

Like everything else, survivorship bias is real, and yes, Do I think you can make money in classic cars and vintage Porsches and watches?

当然可以。

Absolutely.

只要你清楚自己在做什么，知道自己买的是什么，也了解市场行情。

As long as you know what you're doing, you know what you're buying, and you understand the market.

否则，你很可能亏钱。

Otherwise, you're probably gonna lose money.

咱们继续聊聊这些误解吧，关于混淆、欣赏和贬值这些话题。

Let's keep this, confused, appreciating, depreciating, you know, conversation going with these misconceptions.

下一个我想和你谈的是教育，罗伯特。

The next one I wanna talk about, Robert, is education.

教育是个非常好的领域。

It's a very great area.

教育之所以这么好，是因为你的学位本身在技术上是一种贬值资产。

Education is such a great area because your degree itself is technically a depreciating asset.

那不过是一张纸，本身不会增值，对吧？

It's a piece of paper that's not gonna like gain value, right?

但它能带来的收入潜力，只要你选对了行业并好好利用，绝对是会增值的资产。

But the earning power it gives you is absolutely an appreciating asset if you pick the right field and you leverage it correctly.

一个金融学位，如果能让你一生多赚两百万美元，而你为它花了六万一千美元——没有这个学位，你根本不可能赚到那些钱。

A finance degree that leads to a career where you earn $2,000,000 more over your lifetime and you paid $40.50, $60,100,000 dollars for that finance degree and without it, you wouldn't have made those millions throughout your lifetime.

这回报率简直太惊人了。

That's an incredible return on investment.

但如果你花二十万美元读了个就业前景有限的专业，那从整体来看，它可能真成了个贬值的资产。

A $200,000 degree in some field that has limited job prospects that that might actually be a depreciating asset in the total picture of things.

所以，罗伯特，你说得对，教育不只是看总花费，还得算这笔钱的投资回报率。

So to your point, Robert, it's not just the total cost of ownership now with education, but it's also the ROI on that actual spend.

是的，拍这个节目时我特别有感触，坐着想想，回想起自己早年，根本没考虑过资产是贬值还是增值这类问题。

Yeah, I think this episode is really incredible for me as we film it and I sit here and think about it because I go back to my earlier years and I I wasn't thinking about things like depreciating versus appreciating.

那时候我也没怎么想过机会成本，现在才明白，当你花一笔钱买个贬值的东西时，那笔钱本可以用来投资，五年、十年后可能已经翻了好几倍。

I wasn't thinking about opportunity cost as much as I am now of what it looks like when you go out and buy that item that's a depreciating asset and what that money could have turned into two, three, five, ten years more down the road.

所以我希望这个节目能受到大家喜欢，因为我觉得搞清楚这个区别真的特别重要。

So I think that's why this episode I hope people like it because I think it's incredibly important for people to understand the distinction.

我还想再提一个，这绝对不是个模糊地带，虽然大家经常讨论，那就是加密货币和黄金。

And I wanna throw in one more that I think is definitely not a gray area, but one that is talked about a lot, and that is crypto and gold.

它们属于投机性资产。

These are speculating assets.

它们不会产生收入。

They don't produce income.

也没有现金流。

They don't have cash flows.

它们的价格涨跌，完全取决于别人以后愿意出多少钱买。

They go up or down purely based on what someone else is willing to pay for them later.

我不是说别去买它们。

I'm not saying don't own them.

我自己也持有这两种，但把它们叫做增值资产，就等于假定了某种根本不存在的确定性。

I own both, but calling them appreciating assets implies certainty that doesn't exist.

它们属于投机性价值储存，你在配置投资组合时要按这个性质来对待。

They're speculative stores of value and treat them accordingly within your own portfolios.

所以罗伯特，我们已经明确了什么是增值资产、折旧资产，也梳理了那些容易被误解的灰色地带。

So Robert, we've defined what appreciating assets are, depreciating assets, and then sort of walk through the misconceptions in the gray area here.

现在我们来收尾这一集，谈谈购买不同类型资产时该怎样运用债务工具。

Let's now round off the episode with sort of the debt framework of how to purchase different types of assets.

其实很简单。

It's very simple.

用借贷来买增值资产，用现金来买折旧资产。

Use debt to buy appreciating assets, Use cash to buy depreciating assets.

就这么回事。

That's it.

这就是基本原则。

That's the framework.

特别简单。

Super simple.

这其实没那么复杂。

It's not that deep.

罗伯特，你来给我们讲讲，为什么这个原则这么重要？比如有人在纠结要不要买辆二手车，该怎么想？

And Robert, why don't you walk us through why this framework exists and how important it is for people who are trying to say, do I buy the used car?

买房子又该怎么考虑？

How do I think about the house?

买船呢？

What do I think about the boat?

买一双新鞋，又该怎么做判断？

How do I think about this new pair of shoes?

那买劳力士，该不该借钱？

Should I go into debt to go buy my Rolex?

对吧？

Right?

遇到这类东西，到底该怎么权衡？

How do I think about this or that?

你给大家详细讲讲这个。

Walk walk everyone through that.

对。

Yeah.

我想先说，大多数人对这些都理解错了。

I wanna start by saying most people get all of this wrong.

他们以为有钱人都全款买东西，但事实上，我认识和见过的最富有的人——你去读他们的书就知道了——他们都有负债，因为他们希望让钱为自己创造收益。

They think that the rich people pay cash for everything when in fact, the wealthiest people I've ever known and ever met, and you can read their books, they carry debt because they want the positive arbitrage of their money working in their behalf.

我来从数学角度简单拆解一下，这样会更清楚。

And so let me break this down mathematically a little bit, and I think it'll clear it up.

当你借钱去买一项会升值的资产时，杠杆就在帮你赚钱，这就是正向套利。

When you borrow money to buy an appreciating asset, leverage is working in your favor, that positive arbitrage.

比如说，你用10万美元首付买了一套50万美元的出租房，贷款买房。一年后房子升值5%，那就是2.5万美元的增值。

So let's say you put $100,000 down on a $500,000 rental property with a mortgage, The property appreciates 5% in a year, that's $25,000 in appreciation.

但你实际只出了10万美元，所以你的投资回报率是25%，而不是5%。

But you didn't put up $500,000 you put up $100,000 So your actual return on investment capital is 25%, not 5%.

而且还有租客帮你还贷款，你的现金回报率就更高了。

And on top of that, a tenant is paying your mortgage, so your cash on cash return is even higher.

当资产升值时，这种债务反而放大了你的收益。

This debt is amplifying your upside when the asset goes up.

做生意也是同样的道理。

And it's the exact same thing with a business.

如果你申请一笔小企业贷款来购买或创办一个盈利超过还款额的生意，那你其实就是用别人的钱为自己创造财富。

If you take out an SBA loan to buy or build a business that generates profits greater than your loan payments, you're using other people's money to create wealth for yourself.

我们反过来想一想。

So let's go back and flip this on its head.

当你借钱去买会贬值的东西时，你等于被两边夹击。

When you borrow the money to buy the depreciating asset, you're getting destroyed from both sides.

比如那辆六万美元的卡车。

Let's take the truck example, the $60,000 truck.

你贷款七年，利率百分之七。

You finance it for seventy two months at 7% interest.

整个贷款期间，你总共付了大约七万三千美元，而车还清贷款时只值两万四千美元。

Over the life of the loan, you pay roughly $73,000 total for a vehicle that's now worth 24,000 when it's paid off.

你在这辆车的折旧上损失了三万六千美元，还付了一万三千美元的利息。

You lost 36,000 in depreciation and paid 13,000 in interest.

就这一笔购车，你总共损失了四万九千美元的价值。

That's $49,000 in total value destruction on one single purchase.

你好好想想，罗伯特。

Think about that, Robert.

我现在给你一辆现在值两万四千美元的卡车，七十二个月后，你却要付给我七万三千美元。

I'm gonna give you a truck that's worth $24,000 now, seventy two months later, and you're gonna give me $73,000.

是的。

Yep.

对吧？

Right?

事情就是这么个情况。

Like, that's, like, that's what's happening here.

人们越早明白这些道理越好，这适用于任何贬值的资产。

And the faster people understand these things, and that goes for any depreciating asset.

比如家具，可能是你想分期买的电视，也可能是你打算贷款买来夏天用的船——我都用现金付了。

That's the furniture, that might be that TV you wanted to go finance, that might be the boat you're trying to go finance for the summer, I paid cash.

可能是割草机、高压清洗机，任何你打算用高利率信用卡或八成、十成、十二成利息的分期贷款去买的玩意儿，比如那台七千块的顶级豪华割草机，三年后它就只值三千了，但你总共要付九千五百块。

That might be the lawnmower, the pressure washer, anything that you're saying like, hey, I'm gonna go take on this high interest credit card debt or this, you know, installment loan with a eight, ten, 12% interest rate to go buy the $7,000 ultra luxury mower of some sort, that mower is gonna be worth $3,000 in three years, and the total payment on that is gonna be $9,500.

所以你为了一台三千块的割草机，白白损失了六千五。

So you lost $6,500 for this $3,000 mower.

这就是增值资产和贬值资产之间的区别，关键在于你怎么安排自己的债务去匹配它们。

Like, that's the power of appreciating assets versus depreciating assets and focusing on how to allocate your debt accordingly toward them.

罗伯特，这背后的原因特别重要。

Here's why it's so important, Robert.

这本质上是个净资产的问题。

It is a net worth equation.

对吧？

Right?

你可能会想，我这辆卡车值六万美元，我还欠着六万美元。

You might be saying to yourself, okay, I've got a $60,000 truck that I owe $60,000 on.

账面上看是零，没错。

It nets out zero zero.

我明白。

I get it.

这没问题。

That's fine.

但随着时间推移，你一边还车贷，一边还在付利息，而车子本身也在不断贬值——那四万九千美元的总价值损失，其实就是你净资产直接缩水了四万九千美元，对吧？

But as the years go on, right, as you pay off the truck, not only are you, yes, paying off the truck, but you're also accruing interest over here and it's going down in value over here, that $49,000 of total value destruction is a $49,000 hit you just took to your net worth, right?

事情就是这么个道理。

That's how that is.

所以，当你把净资产绑在汽车、摩托这类会贬值的东西上时，我们建议你最好别这么做，对吧？

And so when it comes to tying up your net worth in vehicles and motors and things that go down in value, we wanna say, maybe don't do that, right?

也许你该直接全款买下来。

Maybe you wanna go pay cash for that.

你应该这么想，因为如果你不这么想，不仅你买这辆车、把大量现金锁在里面会让净资产缩水，就算你没付全款，资产照样贬值，你还得额外付利息，这简直就是自找麻烦。

That's how you should be thinking about it because if you don't, not only is your net worth gonna go down by owning it and tying up so much cash in it, but if you didn't pay cash for it, it would still go down, but you're also now paying interest on top of that, and it's just a recipe for disaster.

我觉得这种陷阱会伴随大多数人的一生。

And I think this is a trap that lasts most people's lives throughout their entire lifetime.

如果你开车经过那些超前消费的人住的社区，会看到他们车库里停着一辆崭新的吉普，院子里放着一架喷气式滑水板，两辆全新的山地车，还有那辆可能是丈夫或妻子开的宝马。他们觉得反正能一直贷到款，能不断买到这些酷炫的东西，就该继续买，却从没算过这些贬值资产背后的账。

If you drive through most neighborhoods where people are living beyond their means, you see the one new Jeep in the driveway, you see the jet ski in the side yard, you see the two new mountain bikes, you see the BMW that maybe the husband or the wife drives, and they think because they can keep getting credit and keep getting these cool things that they should keep doing that, but they're not looking at the math of all of these depreciating assets.

我最近在一次一对一通话中跟一个人说过这话。

I said this to someone recently on a one on one call.

我对他说：你有这么多东西，看着是挺风光，邻居看了也羡慕，车停在自家车库里，但其实你一样都没真正拥有，因为你全都是贷款买的。

I was like, you have all of this stuff, and it may look good to your neighbors and in your driveway, but you don't own any of it because you have loans on all of it.

我觉得大多数人根本没意识到这一点。

And I think that's one of the things that most people just don't understand.

银行愿意借钱给你，不等于你就该借，这正是很多人掉进去的陷阱，也正因如此，现在55岁人群的平均净资产还不到15万美元——因为他们一辈子都在这种债务陷阱里打转，不断添置这些不断贬值的资产。

Just because they'll let you borrow the money doesn't mean you should because that is the trap that so many people fall into, and that's why the average $4.00 1 k or net worth of people that are 55 years old right now is less than a $150,000 because they live their entire adult lives in this debt trap with these depreciating assets.

而这里才是真正关键的地方。

And here's where it gets really powerful.

我想把两种情况的数字放在一起对比一下。

I wanna run the math side by side.

假设A和B两个人收入完全一样。

Let's say person a and person b have the same income.

A贷款买了一辆六万美元的车，每月还900块，还六年；而B说，我不这么干。

Person a finances a $60,000 car at $900 a month for seventy two months, and person B, they say, I'm not going to do that.

我直接花一万五千块买辆二手车，剩下的每月九百块拿去投资标普500指数，年均回报大概10%。

I'm going to buy this $15,000 used car cash and invest the $900 a month into the S and P 500 index, averaging around 10% annual returns.

六年之后，A的车还值两万左右，但车已经全款了；B的车几乎不值钱，可他的投资组合却值九万五千块。就因为这一个决定，两人财富差距拉开了七万五千块，而且这差距还会越拉越大——因为B的投资还在持续复利增长，而A的车却一直在贬值。

So after six years, person A has a paid off car worth about $20,000 person B has a car that's basically worthless, but has an investment portfolio worth $95,000 That's a $75,000 difference in wealth cap from that one decision, and that gap only widens from there because person B's portfolio keeps compounding over time while person A's car keeps depreciating.

这例子太完美了。

What a perfect example.

这应该成为所有人改变思维的契机，尤其是那些还在为贬值物品贷款的人。

And that should be the motivation for anyone right now that needs to change how they think about financing depreciating purchases.

我还想补充一点。

And I want to add this.

这并不意味着你永远不能买一辆好车或者一些奢侈品。

That doesn't mean you never buy a nice car or some sort of luxury item.

我有不错的东西，罗伯特也有。

I own nice things, Robert owns nice things.

区别在于，我们是在积累好资产、让它们产生收入之后，才用现金或短期贷款去购买那些会贬值的东西，而且是基于雄厚的财务实力。

The difference is we buy depreciating assets with cash or some sort of short term financing from a position of strength after our appreciating assets are already built off and throwing the income.

这个顺序很重要，罗伯特，你还记得我买船的时候吗？那艘船标价九十万美金，而我当时的投资组合已经值七位数了。

That order matters because Robert, remember when I bought the boat, you know, it's $90,100,000 dollar boat and I've got an investment portfolio worth 7 figures.

我当时是怎么做的？

What did I do?

我说，好吧，我从投资组合里借个四点五到五点五的信贷额度，拿出九十万买船，根本不用卖掉任何投资，什么也不用动，接下来两三个月，我又把这笔钱慢慢还回去了。

I said, okay, let me go get a four and a half percent, five and a half percent margin against my portfolio, take out the $90,100,000 dollars, use that to buy the boat, didn't have to sell my investments, not to do anything and over the coming two, three, four, five months I put that money back into my portfolio.

所以我没必要一次性掏出这么多现金，我只是从自己的投资里借了钱，从来没卖过任何资产。

So I didn't have to come up with all this cash at once, I borrowed it from my investments, I never sold my investments.

如果你还记得2025年夏天，市场涨得飞快，我的所有投资都在继续升值，我一边把钱还回去，一边没动过仓位，最后既没用现金全款，也没背上负债，就这么把船搞定了。

If you guys remember summer of two thousand twenty five, the markets ripped, all my investments continued to go up in value, I put the money back into my portfolio so I'm not in margin anymore and that's how I financed this boat while simultaneously paying cash.

这简直太厉害了。

Like it is incredible.

这种例子太多了。

It's like and there's there's so many instances of that.

你就会说，奥斯汀，这利率才四点五到五点五，没错。

And you're like, Austin, that's four and a half percent, five and yeah.

对。

Yeah.

但我几个月内就还清了。

But I paid it off in a couple months.

对吧？

Right?

相比之下，那些长期资本利得税啊、各种其他费用啊，根本没法比。

It's like versus, you know, coming up in, you know, long term capital gain tax or this, this, that, the other.

这方法明显更好。

It's just it's better.

罗伯特，我真的说不出来，但那些有钱人有流动性、资本和杠杆，他们有投资组合，就能做这些事。

I can't even put it into words Robert but it's like wealthier people that have access to liquidity and capital and margin and just they have a portfolio, they're able to do these things.

这真的跟那些根本不知道这些方法存在的人形成鲜明对比，更别说那些人，比如一个人花900块月供买一辆6万美元的车，最后一看，手里就剩一辆破车，投资组合啥也没有。

It truly is a game changer compared to those people that one, don't know these techniques exist, but also two, are literally person A who goes and buys this $60,000 car with a $900 payment and at the end of it they look over and they're like, I've got this crappy car and no investment portfolio.

是的。

Yeah.

这其实印证了你常说的那句话，特别有道理，现在说尤其到位——有钱人提前规划，没钱人被动反应。

This really goes back to one of the best things you say that means so much, and and I think it's really smart to say it right now, and that is wealthy people forecast, broke people react.

我觉得这点特别重要，因为很多人总说，我想买艘船，去朋友的湖边钓鱼什么的。

And I feel this is really important because so many people go, I wanna get a boat and go to my Buddy's Lake and go fishing and all that.

没问题。

Great.

如果你负担得起，那就去买船。

If you can afford the boat, go get the boat.

但归根结底，你得提前做好准备，清楚自己买的是什么。

But at the end of the day, you need to prepare and understand what you're buying.

这是增值资产，还是增值资产？

Is it appreciating asset, or is it an appreciating asset?

只要你清楚自己所处的消费模式，以及它对财务的影响，我就没什么意见，毕竟谁都喜欢好东西，但你得提前做好准备。

And as long as you understand the buy box that you're in and what that means for your finances, I'm fine with it because we all like nice things, but you have to prepare for it accordingly.

那咱们具体说说实际的操作规则。

So break down the practical rules here.

给大家一份可执行的指南，今天就能用上。

Let's give everyone the playbook here so they can apply it starting today.

第一条规则：如果是增值资产，可以考虑用杠杆。

Rule number one, if it appreciates, consider using leverage.

房地产、企业收购、某些投资策略，这些情况下，合理且负担得起的贷款能放大收益，帮你积累财富。

Real estate, business acquisitions, certain investment strategies, these are situations where smart, affordable debt can amplify your returns and help you build wealth.

关键在‘负担得起’。

The keyword is affordable.

月供必须轻松承担，预期收益也要高于借款成本。

The debt payments need to be comfortably serviceable, and the expected returns need to exceed the cost of borrowing.

第二条规则：如果东西会贬值，那就用现金支付，或者尽量缩短贷款期限。

Rule number two, if it depreciates, use cash or minimize your financing term.

如果你非得贷款买车，期限越短越好，最多别超过三十六个月，首付能多付就多付。

If you absolutely must finance a car, keep the term as short as possible, thirty six months max is great, and put as much money down as you can.

目标是尽量减少你为一件正在贬值的东西支付利息的时间。

The goal is to minimize the time you're paying interest on something that's losing value.

更好的办法是买二手车，直接全款付清。

Better yet, buy used and pay cash.

让别人先承担头两年的折旧损失。

Let someone else eat the first two years of depreciation.

我好多次都是这么做的。

I've done that many times.

我记得我买了一辆只开了一年的阿斯顿·马丁DB9，朋友都笑话我。

I remember friends tease me when I bought a one year old Aston Martin DB9.

那是我梦寐以求的车，结果我等了一年再买二手，省了十万五千美元。

It was my dream car, and I think I saved $105,000 by buying it used a year later.

那是2011年的事了，那车才开了1800英里，这么买真的很聪明。

This was back in 2011, and it only had 1,800 miles on it, and it was just a smart way to do it.

老兄，对，我的船，我又得提这个船的例子，我是2025年买的。

Dude, yeah, my boat, again, I keep coming back to this boat example, I bought it in 2025.

船是2022年的，我买的时候已经用了三年，原价大概一万九千二百美元，我等了三年，没买全新的，最后半价入手了。

It's a 2022, so it's a three year old boat when I bought it, and I think the MSRP was like $19,200, and I bought it for 50% off that because I waited three years and I didn't wanna buy a brand new boat.

要是东西会贬值，那就等一年、两年、三年，让别人先扛贬值的损失。

Like, if it's gonna be a depreciating asset, wait a year, two, or three, and let the other person get that depreciation hit.

咱们在聊规则呢，罗伯特。

Talking about rules here, Robert.

第三条规则，任何资产都别用高利率贷款。

Rule three, never use high interest debt for any type of asset.

信用卡债利率高达24%，千万别碰。

Credit card debt here at 24% interest, don't do it.

不管是升值还是贬值的东西，都一样。

Appreciating, depreciating, I don't care.

这是在浪费财富。

It's wealth destruction.

先把高利率债务还清，别的都别急着做。

Pay off your high interest debt, full stop, before doing anything else.

如果你不确定某样东西是升值还是贬值，那它多半会贬值。

Rule four, if you're not sure whether something appreciates or depreciates, it's probably gonna depreciate.

判断标准很简单。

The test is simple.

五年后，它还会更值钱吗？

Will this be worth more or less in five years from now?

如果你没法肯定地说会更值钱，就当它是贬值资产，用现金买。

If you cannot confidently say more, treat it like a depreciating asset and buy it with cash.

最后一条，富人租用贬值资产，拥有升值资产。

And finally, rule five, rich people lease depreciating assets and own appreciating assets.

为什么有钱人都选择租车，而不是买车，这背后是有原因的，就像罗伯特说的。

There's a reason why you see wealthy people lease these luxury brand new cars instead of buying them to Robert's point.

他们明白，把25万美元锁在一辆全新的劳斯莱斯这类会急剧贬值的资产上，本身就是一种机会成本。

They understand that tying up $250,000 of capital to go buy a brand new Rolls Royce or whatever it might be into this depreciating asset that's gonna fall off a cliff in value, that is opportunity cost.

这25万美元如果投在股市里，每年能赚10%的回报，而不是停在一辆劳斯莱斯里。

That $250,000 sitting in some sort of Rolls Royce could be earning 10% per year in the stock market if instead invested.

所以他们选择租赁，每月花个一千、两千美元，让资金继续增值，过两三年换一辆，也不用操心贬值的问题。

So they lease it for, you know, thousand, $2,000 a month, whatever it might be to keep their capital invested, swap it out after a couple years without having to deal with that depreciation.

是的。

Yeah.

我刚和我一位特别要好的朋友聊过这个，我跟他解释了。

I just talked about this with one of my dearest friends, and I explained to him.

他问我：你为啥要租新车？

He's like, why do you lease these new cars?

我就跟他说，我想每两三年就换一辆新车。

And I explained to him, I want a new car every two to three years.

这东西本来就是会贬值的。

It's a depreciating asset.

我不想拥有它。

I don't wanna own it.

我想用它。

I wanna use it.

我想借来开，用完还回去，再换一辆新的，还不用自己掏钱，这正好说明了第五条原则。

I wanna borrow it, and then I wanna give the keys back and pick up another one without any money out of pocket, so that's a great breakdown for rule number five.

所以，奥斯汀，我们来回顾一下今天聊的内容。

So Austin, let's recap what we covered today.

增值资产。

Appreciating assets.

房地产、股票、指数基金、小企业、某些私人投资，这些资产会随着时间升值，而且很多还能带来收入。

Real estate, stocks, index funds, small businesses, certain private investments, these go up in value over time, and many of them produce income along the way.

用策略性贷款去买这些资产，因为杠杆能放大你的收益和财富。

Use strategic debt to buy these because leverage amplifies your upside and your wealth.

贬值资产，比如汽车、电子产品、船、家具，大多数消费品，从你买下的那天起就开始贬值。

Depreciating assets, cars, electronics, boats, furniture, most consumer goods, those lose value over time starting the day you buy them.

这些用现金买，保持低调，直到你的增值资产能产生足够收入，支撑你想要的生活方式。

Use cash for these and keep them modest until your appreciating assets are generating enough income to fund the lifestyle you desire.

有些灰色地带，比如你的自住房、教育、收藏品、加密货币，要搞清楚你真正买的是什么，别因为自己想要，就骗自己说贬值的东西是投资。

The gray areas, your primary home, education, collectibles, crypto, understand what you're actually buying, and don't fool yourself into thinking a depreciating asset is an investment just because you want it to be.

太多人在这上面找借口了。

So many people justify in this.

核心原则就是：借钱买会升值的东西，现金买会贬值的东西。只要你坚持这个规则十年、二十年甚至三十年，财富自然会积累起来，就这么简单。

And the framework here is borrow to buy things that go up, pay cash to buy things that go down, and if you follow this one rule consistently over the next ten, twenty, or thirty years, you'll build wealth, period.

我向你保证，最后一切都会水到渠成。

Inevitably, I promise you it'll all work out.

特别是如果你做了罗伯特之前举的那个例子——六万美元月供九百块的车， versus 一万五千块全款买的车。六年之后，车一文不值，但你把原本那人每月花在车上的九百块省下来，现在手里已经有九万五千的资产了，对吧？

Especially if you do that example that Robert shared earlier, the $60,000 $900 car payment versus the $15,000 buy cash, well, now the car is worth nothing six years later, but you took the same $900 a month car payment that person A was doing, now you've got a $95,000 portfolio, right?

这不只是‘现金买贬值的，借钱买增值的’，而是如果你决定用现金买贬值的东西，那你得想清楚：你买的是已经跌过价的资产，对吧？

It's not just about pay cash for depreciating, borrow for appreciating, it's if you are gonna pay cash for depreciating, you're being thoughtful about that depreciating asset, you're buying an asset that's already taken a hit, right?

就像我那个船的例子，或者罗伯特说的DB9，你用现金买的是已经跌过一轮的东西，然后把省下来的钱拿去投资。

Like my boat example, or like Robert's example with the DB9, you're buying something that's already taken the hit with cash and you're using that difference and investing it.

除非你已经打下了基础，手头有几十万甚至更多的资金，而且所有投资都在稳步上涨，否则你根本不会做这些事。

And you're likely not doing any of this stuff unless you've already built your base, you've got, you know, hundreds of thousands of dollars in the markets and everything is trending up into the right.

你花的每一分钱，其实都是在选择：是为未来的财富铺路，还是为当下的舒适买单。

Every dollar you spend is a choice between funding your future wealth or funding your present comfort.

我不是说你永远别享受你的钱。

I'm not saying never enjoy your money.

我根本没这个意思。

I'm not saying that at all.

我想说的是，你要有意识地安排花钱的先后顺序。

But what I am saying is to be intentional about the order you spend it in.

先积累资产，然后让这些资产通过投资收益来支撑你的生活方式。

Build the assets first, then let those assets fund your lifestyle by throwing off those profits by the, you know, portfolio income.

我们之前有个特别棒的对话，罗伯特，聊了我们个人的七种收入来源。

We'd had a great episode, Robert, talking about our personal seven streams of income.

如果你还没听那期节目，一定要去听，真的超棒。

Please, if you're not yet listening to that one, it's a banger.

别先花钱撑场面，指望以后再积累资产，那根本行不通。

Do not finance the lifestyle and hope the assets come later because they do not.

我从来都不这么做。

I never do.

得先积累资产，之后才能买那些会贬值的东西。

You have to build the assets, then you get the depreciating assets.

这期节目太棒了。

What a great episode.

我知道有人听了会不高兴。

I know people are gonna be mad at us.

你们觉得我们就不该享受生活。

You guys don't want us to have fun.

我真想要那几台水上摩托。

Man, I really want those new jet skis.

我们没这么说。

We're not saying that.