When it comes to toys, cars, etc. always buy lightly used -- seldom new unless you get a great deal (carry over sled from 07, truck when gas was $4+/gal, etc). When it comes to buying a house, buy when the mortgage rates are high - you can always refinance in a relatively short time period. Lower rates lead to higher priced properties and vice versa.
The general rule in building wealth is to borrow money that will make you money. The US encourages leverage. Keep a close eye on monthly expenses and always try to keep those to a bare minimum. Be smart with groceries and utilities. Don't blow money at the bar (it's hard not to). Auto prices are through the roof. You can buy a second home for less than the payment on a new 4x4.
