Forbes: The One Monthly Payment Killing Your Wealth

[Larry Lambo]

Actually homes and property typically appreciate not depreciate. It's why real estate can be a great investment. Other than classic and/or rare cars from the past cars as a whole depreciate pretty substantially early in time.

Homes can depreciate, even though they typically appreciate. And cars typically depreciate, but classics can appreciate.

I think that is what he was trying to say.

As far as property appreciating, I don't think you should buy a house with that expectation unless you are truly an established real estate investor. I would buy a house with the expectations of it providing me a place to live or income as a rental property. Then when something like 2006 - 2010 happens, you're not nearly as screwed, because the property is still serving it's function.

 

[AlwaysLurkin]

Yeah its crazy, i know a dude who had a benz, now i seen him in a new one living in a apartment paying $700+


But...nikkaz love to stunt on each other

nikka might just love cars and doesn't care about housing..cause u really don't need much space when u single.I'd take a really nice car and a basic 3 bd 2 bath house tbh

 

[Kamikaze Revy]

btw, I just went up and had a talk with my wife about NOT getting a new car. she can do what she want, but I told her that there's no point getting a new car when u have one that works. people always so worried about keeping up with the jones's.

I was thinking about one of the mother's at my kids cheerleading team. she just got two new cars for her and her husband, and she works for the chicago public schools who are on the verge of a strike. which basically means, that they JUST started getting paid again (cuz they only pay them 9 months a year) and it's gonna hurt paying those new car notes while potentially not getting a paycheck.

Beta male stuff here. That's your wife. Discussion is cool to a point. If it ain't in the numbers it ain't a discussions anymore. It's a firm NO and that's the end of it.

 

[UserNameless]

Seven pages deep off an article that's just common sense .

From now on I'm not copping no car if I can't pay for it in cash fukk that

If I can't afford to pay it on the spot with cash , I can't fukk with it.

 

[Truefan31]

Homes can depreciate, even though they typically appreciate. And cars typically depreciate, but classics can appreciate.

I think that is what he was trying to say.

As far as property appreciating, I don't think you should buy a house with that expectation unless you are truly an established real estate investor. I would buy a house with the expectations of it providing me a place to live or income as a rental property. Then when something like 2006 - 2010 happens, you're not nearly as screwed, because the property is still serving it's function.

Doin a lil homework can ensure real estate you buy can become a good investment. There's always cases of property depreciating but overall it's overwhelmingly an appreciating purchase.

The vast majority of cars depreciate. That's the point.

You're right buying real estate as an investor should require both homework and it's always a good idea to actually own the property. No loan.

It's funny everyone mentions 2006-2010. Letting 4-5 years scare people off when in the long history home values have consistently appreciated.

No different in the stock market. People got scared off and got out in 2008 but if they were smart and did a lil homework they'd have got back their money plus a lot more, just like history has shown.

 

[patscorpio]

i paid off my car about 2 years ago...and i am thinking if i should get a new one just to upgrade..but i think i am going to ride it until the wheels or transmission fall off..the repairs/upgrades ive made on it are manageable

 

[GetInTheTruck]

all facts.

 

[ThiefyPoo]

Man y'all making me feel bad

I'm not a huge car person always had buckets till I got my park avenue which I loved paid cash .

Then someone hit me and i found another one but this time so many issues

I let it go and got a hand me down bucket from my pops who was tired of fixing his old Altima he got a maxima .

I'm very appreciative of the bucket but I want a newer car .

Always wanted a wrangler but what sucks it I bought my mom a new car .

Now I'm not mad at that I'm almost done paying her car .


I'm gonna try and get my truck next year by God's grace .


I plan on holding on to that truck for as long as I can .

I'm not a car person it's just one of my dream trucks just a really simple person when it comes to vehicles.

 

[BlackManLiveFromLondon]

If you have the money to spend and its a car you want, spend..

Don't let them guys without the cash tell you its a bad thing to spend

Everything in moderation ya digg

 

[BlackBall]

I have an 08 Ford Focus my parents got me, and I'll be driving that until it hits 200k miles and simply won't run anymore.
Doesn't matter if I'm making 250k a year
That being said, the Tesla is a beautiful piece of technology But I'd rather put that more toward shares of the company than the car itself

Yeah breh im running my Honda into the grave and saving

 

[Truefan31]

If you have the money to spend and its a car you want, spend..

Don't let them guys without the cash tell you its a bad thing to spend

Everything in moderation ya digg

Nobody's saying don't spend. Just buy what you can really afford. No car payment. No loan. Save up to buy a car if that's what you want. A car payment is just making someone else richer instead of yourself.

 

[Gold]

Are the people who write at Forbes rich?

No, they are just like journalist at any other website/magazine.

Broke as shyt

 

[newarkhiphop]

fukked up and bought a new car when I was 19,never again, ruined me for almost 6 years.

New philosophy is not until/if I have a million dollar net worth will I get a new car

 

[4North1Side2]

Another thread of the colis smart dumb financial gurus spreading their snobbery and snide remarks to feel good about themselves.

 

[mcdivit85]

Are the people who write at Forbes rich?

No, they're journalists like any other publication. They simply write for a magazine that has the cache of being of financially focused, but they are regular Joe Schmoes.

People take talking points from people who are in the same position as them and because they have the "Forbes" name next to them, they automatically assume they're handing out "major keys to success." No, they're regurgitating the same adages they heard from someone else who couldn't retire until they were 65....like that's a win.

If people can't afford a car because they have to finance it and pay a big bill each month, then people can't afford most of the things that "smart people" do with their money....like take out a mortgage for 30 years on a property that's not guaranteed to increase in value. But "smart people" will argue til their blue in the face over how a house is a can't lose proposition even after recent evidence such as the Great Recession confirmed that more people lose everything over a house much more easily than they do a car.

Peace