DAVID PERELL

There's nothing wrong with purchasing a luxury vehicle. However, individuals who spend an inordinate amount of their incomes on a vehicle are doing themselves a disservice, especially since this asset depreciates in value so rapidly.

How rapidly does a car depreciate?

• For 1-2-year-old/toddlers- 11 to 14 hours a day
• For 3-5 years old/preschoolers- 10 to 13 hours a day
• For 6-13 years old/older children- 9 to 11 hours a day
• For 14-17 years old/teenagers- 8 to 10 hours a day.

80% of New Year’s resolutions are broken within two months.

And these tend to concern habits or behaviors we are actually determined to change. So much so that they are often recycled year after year.