The One Monthly Payment Killing Your Wealth
Some quotables:
"Somewhere along the line, we’ve become socially conditioned to believe a huge car payment is a fact of life. We tell ourselves that everyone has a car payment, and that it’s normal and okay. And heck, if we’re going to have a car payment, we might as well get the car we want, right?"
"People tend to think, “I can afford this monthly payment” without asking themselves the right questions. In reality, we should be asking ourselves if we can truly afford a $30,000+ car that will depreciate the second we pull off the lot."
"If the foundation of your financial house is not in order, getting into a high car payment or lease should be the last thing you consider,” says financial advisor Jamie Pomeroy. Have 6-9 month’s living expenses saved up as an emergency fund? Are you free of consumer debt? Are you maxing out your Roth IRA or contributing to your employer’s 401(k) at least up to their matching point? “If not, avoid that high car payment at all costs,” he says."
TLDR: Stop trying to stunt, spending $500 bucks a month on a depreciating asset, and instead invest it towards your future. Don't buy into consumerism
That's how they keep the lower and middle class down
Oh, and buy used
Some quotables:
"Somewhere along the line, we’ve become socially conditioned to believe a huge car payment is a fact of life. We tell ourselves that everyone has a car payment, and that it’s normal and okay. And heck, if we’re going to have a car payment, we might as well get the car we want, right?"
"People tend to think, “I can afford this monthly payment” without asking themselves the right questions. In reality, we should be asking ourselves if we can truly afford a $30,000+ car that will depreciate the second we pull off the lot."
"If the foundation of your financial house is not in order, getting into a high car payment or lease should be the last thing you consider,” says financial advisor Jamie Pomeroy. Have 6-9 month’s living expenses saved up as an emergency fund? Are you free of consumer debt? Are you maxing out your Roth IRA or contributing to your employer’s 401(k) at least up to their matching point? “If not, avoid that high car payment at all costs,” he says."
TLDR: Stop trying to stunt, spending $500 bucks a month on a depreciating asset, and instead invest it towards your future. Don't buy into consumerism
That's how they keep the lower and middle class down Oh, and buy used
From now on I'm not copping no car if I can't pay for it in cash fukk that
go broke for materialism brehs
