Last month I went through the first three of six quick wins on your path to avoiding consumer debt.

Now I want to share three more of my favorites:

1. Opportunity Cost.

How much would this $50,000 be worth if I bought more real estate/equities with it instead of a new vehicle? (This is why I’m still driving the same truck five years on).

2. The Tax Bill.

As an incorporated professional, you have the choice to withdraw personal income at top marginal rates or keep it within your corporation to invest. Over years and decades, the spread can be astonishing.

3. Life Energy.

My favorite and the last line of defense! How many hours of my life energy will I spend in clinical work to pay for this? Often when I ponder on this one, I’m out. The big purchase never seems to be worth the night shifts.

While each of these facets appear small, they can add up to accumulated wealth of millions over the course of your career.

More importantly, reduced spending preserves your personal energy and unlocks more sleep, family time, and early retirements!