The #1 Wealth Killer No One Talks About...
ฝัง
- เผยแพร่เมื่อ 1 มิ.ย. 2024
- 🐪 Hump Days Newsletter ➭ humpdays.substack.com
Let's talk about the #1 Wealth Killer in many countries, especially in America - that sits in plain sight.
FREE STOCKS:
🏆 WeBull (Get 6-12 Free Stocks worth up to $30,600 when you deposit $100) ➭ a.webull.com/i/HumphreyYang
💸 SoFi Checking & Savings: sofi.com/humphrey Get up to 4.40% APY, pay no account fees and earn $250 when you sign up and set up direct deposit. Terms apply.
📈 MooMoo: Click this link to get up to 15 free stocks when you make a qualified deposit Terms & Conditions Apply: j.moomoo.com/00iNNL
🎓 Public: www.pqr3ntrk.com/6QFBWN/J8P3N/ to get $10 worth of free Stocks
FREE GUIDES:
🌪 Investing 101 PDF: humphreytalks.com/downloads/
🌊 Stock Market for Beginners PPT: humphreytalks.com/downloads/
Timestamps:
0:00 - Intro
0:29 - What We Spend Money On
1:33 - Where We're At
2:22 - Case Study of a Honda
3:21 - Depreciation
4:04 - The Sweet Spot
4:57 - Taxes & Fees
5:36 - Financing
6:23 - Fuel
7:35 - Insurance & Saving Tips
9:23 - Repairs & Maintenance
10:53 - Another Helpful Tip
12:06 - Opportunity Cost
12:52 - Living Closer
13:50 - Top 4 Points Recap
RESOURCES:
▶️ Join the Patreon Community ➭ / humphreytalks
🐪 Hump Days Newsletter ➭ humpdays.substack.com
PERSONAL LINKS:
🎥 My TH-cam Setup ➭ kit.co/humphreytalks
🌍 Rickie (Editor) ➭ / coldgamerick
🗞 Twitter ➭ / humphreytalks
📸 Instagram ➭ / humphreytalks
🚀 Tik Tok ➭ / humphreytalks
📧 GET IN TOUCH: I'd love to hear from you! If you have a longer question, or if you have a business related inquiry, please then send me an email at humphreytalks@gmail.com. I try my best to reply to all e-mail but sometimes I do not have enough time to respond to everyone.
PS: I am not a Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel
![โอ้มายก๊อด! ไม่ถึงชั่วโมงหมดเป็นแสน 😅 [cc] แดนแพทตี้ SS2 | EP.42 |](http://i.ytimg.com/vi/OH2ShXfO6tA/mqdefault.jpg)
To me, the main wealth killer with automobiles is the expectation that people have about wanting a new one every 3-5 years. A car that you've owned, taken care of (TRULY taken care of... using fuel and oil additives, changing the oil at the recommended times, periodically cleaning the sensors, avoiding road salt, etc.) may have depreciated considerably after 6-7 years, but if you've taken care of the car it will continue to last you for years. I usually keep my cars for 10 years. And the last one I kept for 14 years. There are cars that I've bought for $14,000, years ago, that would cost about $30,000, now, to replace. People waste a lot of money trading in cars every few years.
On a separate note, I think the whole art of 'maintaining things' has disappeared. Most items are only as good as how well you've maintained them - cars, houses, clothing, shoes. Not only do you save a lot of money maintaining things yourself, but there is also a lot of satisfaction and pride that comes with it. Don't waste your time on indulgent, instant gratification hobbies. Learn to fix and maintain things, like the prior generations did.
pls let us know what additives you use. thx
Yep i have 2 older cars, one is a 17 year old Honda with 85,000 miles. Take good care of your car and it will take care of you. Also have an old Ford f150 it’s 22 years old and has low mileage. Paid under $30k for it, it would cost a lot of money to buy a new one today. We also don’t drive 15,000 miles a year on any of the cars. We drive less than 6,000 miles a year.
@@edlio1446 ZMax engine formula for the engine oil, ZMax fuel formula for the fuel lines and injectors, CRC throttle body and intake cleaner, CRC MAF cleaner, and Cataclean for higher mileage car catalytic converters that need to be cleaned. Don't cheap out on gasoline or oil - I have an old work colleague who used to work in the oil industry (this was years ago) and he said that different brands and different fuel grades have different levels of detergents in them. You do generally get what you pay for. You can avoid excessive carbon buildup, stuck oil rings, and cylinder scoring with proper care of your engine. But once the damage has been done, it's generally a one way trip. Stuck oil rings can lead to the cylinder wall damage that leads to reduced compression, lower fuel economy and shorter engine life.
@@edlio1446 another tip, never fill up at a gas station that is at the bottom of a hill. It also helps to get an idea when the tankers come to your usual gas station.
People definitely don’t take care of cars, or belongings like they used to. I was SHOCKED at how bad the interiors of cars were recently when we were looking for a car for our son. Now I know why everyone who gets in my car says it looks brand new👀 My mom taught me to take care of everything and apparently most people do not do that anymore 🤣😅
The most popular investment portfolio strategies include diversification, where you spread investments across different asset classes to manage risk. Another is the growth strategy, focused on capital appreciation through high-risk, high-reward assets. Income-oriented strategies target regular income from dividend stocks or bonds. Finally, there's the value strategy, seeking undervalued assets for potential long-term gains.
According to Warren Buffett, dividends are less valuable for growing businesses and more suitable for established ones. Investing in companies that offer dividends might be seen as parking capital for steady returns, especially for those relying on portfolio income. This approach resembles bond investing, serving as a means of generating consistent earnings.
A l0t of folks downplay the role of advlsors until being burnt by their 0wn emotions. I remember couple summers back, after my lengthy divorce, I needed a good b00st to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k....
A l0t of f0lks downplay the role of advisors until being burnt by their 0wn emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost quali-fications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k...
....A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.
Find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
Please will you be kind enough to share the details of the man that helped you?
@@FrankBolton6 Actually its a Lady. Yes my go to person is a 'LUCIA ALICIA CRUZ '. So easy and compassionate Lady. You should take a look at her work.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
I used to be a car enthusiast. I've stopped financing cars 20 yrs ago. I'd pay cash for older luxury vehicles (7 to 10 yrs old) around $15k to 25K, spend a couple hundred to make them mint then sell them for around 90% of what I originally paid a few years later after I got bored with them. I did most of the labor myself. I decided to stop this cycle and bought a beater 2006 Toyota Camry for $4500 and focus on house upgrades. My house has tripled in value. I like driving around in a modest car and coming home to a high end home. Having a nice home is a bigger "Flex" vs a nice car. It's pretty embarrassing having a nice vehicle but living in an apartment or a rundown home.
Also, I have controlled my housing costs for the next 15 years until my home is paid off. The rental cost in my state and area is about $1000 more than my mortgage and property taxes!
same difference though, if you live in a mansion and are driving a old camry your the joke of your neighborhood.
If you are a car enthusiast, then you could have bought cars that have skyrocketed in value in the past 10 years: 1990s Japanese sports cars, air-cooled Porsche 911s, E30 BMW M3s, etc.
This is how it is as we grow up haah
@@joesmith9216 who cares? Indian and Asian Americans been doing this.
@@joesmith9216 Skip the mansion and save even more money.
Without a car? In California? Hard to do. I agree with you that cars are a pain and cost a lot of money. I bought a new M3 when I turned 27, and it was totaled in about 2 years. My dad advised against getting such a car that can be destroyed any time. Thankfully, the accident wasn't my fault. But I lost my car. However, I ended up inheriting my grandparents car which was brand new. I don't know why they bought the car. But they bought the car around the same time I bought my car. And 2 years later my granddad passed away. My grandma basically ended up giving me their car. I take care of this car and still have it with only 148,000 miles. According to my mechanic, I just need to look after it with proper and timely maintenance and it should be good for another 100K miles or more even. I plan to do that. Now, I’ve challenged myself on how long I can keep this car looking and running well. Thank you grandma and grandpa. ♥️
And if you continued to make your monthly car payment into a savings or brokerage account, you will pay cash for cars for the rest of your life.
What car is it?
@@XChronicHash Camry
@@BlackhawkPilot not the best idea
@@mastixencounter yeah, it's actually the worst idea, unless he's talking about buying the cheapest used cars a person could find. Even then, no point in tying up cash when you can use the bank's cash at a rate that's less than what the rate of return would be on an investment. Some people should not be giving any financial advice.
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
That's great, your financial advisor must be really good, I have seen testimonies of people using the help of financial advisors in making them more financially stable. I just discovered her exceptional resume when I made a Googled search of her names online. I consider it a blessing that I discover this comment area!
I was about to buy a car that's probably nicer than I can afford, this video is what I needed to bring me back down to Earth
Two weeks from now, you'd have forgotten this video and will have a brand spanking new car in your drive way.
Good job! Sometimes we just need something like this video to see things right. I just think of all the Money I am saving driving my 14 year old Honda Fit that still gets me from point a to point b reliably.
Nuh go buy it. U aint gonna take those savings with u when u die
@@sheezy2526 I went somewhere in the middle. Didn't get the Audi S4 I was thirsting over, but I did get a Kia forte GT for less than half the price
@@lionrawr92That's a good choice. If you could only pay off the loan and something were to happen to the Audi you wouldn't be able to pay for repairs and Audi's are luxury cars so it would be more expensive to fix than a regular car. Hopefully in the future you can afford the cars you want.
I drive a 22 year old Honda van. Every year or so I have to pump $800 into it for repairs, but I smile everytime I drive it. Not just because it costs me next to nothing, and not because owning it has allowed us to pay off our house, but because it is another reminder that my possessions do not determine my value as a man. I don't share this to brag. When I was younger, I lived in the shadow of debt for years. It really hurt me and my relationships. And I learned from it. I am sharing to inspire other people to live a humble life so that they too can embrace the peace that comes with it. Good luck everyone.
That's awesome. I drive a 2001 Mazda MPV. I'll drive it until it dies.
Same here until recently. I bought my Dad's 2001 Odyssey maybe 12 years back. When he passed away in 2019 I ended up with his 2017 Odyssey. I keep cars for a VERY long time. I had my GTI for 16 years at least. I see no reason to not keep this Odyssey until I can no longer drive - I'm 66. And I don't care what people think about the car I or my wife drive, and she drives a Prius. We also have zero debt and have been that way since 2007.
@@Hybridog that is excellent!
I drive a 19 year old Subaru WRX for 18 years now.
But the last repair was like 4k+ including a car for a week.
Timing belt,oilpan was rusty, engine undercarriage rusty (not good for tüv) and vor adjusting the valve clearance (I doubled the interval) the engine needed to come out. Only on this model though 😮
I have a 22 year old Honda van too ! :)
Mechanical engineer here. I feel like there's a lot more that could be added. Here's some additional info based on both experience and engineering background.
Maintenance - Bottom line up front (BLUF), BUY FROM A MANUFACTURER WITH GOOD RELIABILITY
I know this was later in the video but there is a MAJOR thing this video overlooks that mech engineers know. MAINTENANCE, RELIABILITY AND MANUFACTURER ARE ALL LINKED. Different manufacturers have different models for how they make money and unfortunately North American manufacturers (Chrysler, GM, Ford and the other manufacturers they own) typically will sell you the vehicle cheap and then kill you in maintenance. These things break WAY more often than others. Its sometimes even worse if the parts are custom (ie. you have to buy their super marked-up parts). Now you may be able to justify the maintenance costs because the cost of the car is cheaper, BUT here are the cons:
-you don't know when/how often/how expensive a repair will be (ie. hard to financially plan)
-you can't drive the car while its in the shop (ie. less availability)
-it may leave you at the side of the road at the worst place and time
-MOST IMPORTANTLY -> this car won't last nearly as long as one with better reliability. If you divide the cost of the car over its useful life, you will find that a car with better reliability will probably be cheaper in the long run.
SO who has better reliability? The two that stick out in my mind are Toyota and Lexus (just google 'best reliability car brands'). These guys have implemented really good programs for determining failure rates for their parts, assemblies, and the complete car, and have done a lot of work to increase the reliability where it counts (ie. doesn't really matter that the frame will last until the next ice age if the wheels have fallen off). I own a Toyota and in 6 years/190,000km I have changed the brakes once and the tires once. THATS IT. Totally worth it. Compared to my Chev Cobalt that got hit with a huge list of repairs just after I paid it off AND my dodge grand caravan that had the TRANSMISSION DIE JUST AFTER THE WARRANTY.
Quick tip: Ask your local mechanic what models they usually do/don't see. Avoid one's that they see often, or need repair way too early in the life cycle, or have major components failing (transmission, engine, frame, etc). Go with the ones that they rarely/never see in the shop, but there's tons on the road.
Another quick tip: If you want to get an idea of how good the reliability is, look at what they offer as a base/extended warranty. If they tend to cover more of the car for a longer period of time/mileage that's a good sign. Warranty's are derived from the reliability (ie. they've figured out how long each component is typically going to last, added in a fudge factor, and this becomes the warranty). Essentially they warranty it because statistically speaking its not going to break (unless they screwed up something in the manufacturing). The only other reason that warranties are offered is because its sometimes cheaper to reduce the amount of inspection during manufacturing and instead have you drive it and discover what they screwed up, but this tends not to be the case. Basically, a warranty tells you what's likely not going to break and for how long.
Financing (new vs used) - Obviously a new car is going to cost more than a used car. HOWEVER, new cars often have 0% financing whereas every used car is going to have a significant interest rate. If you have an idea of what you want to buy, compare car payments using a loan calculator online of new vs used. You may find that a new car costs you about the same per month as a used one (although the term might be longer).
Fuel - This video completely overlooks fuel economy. This is probably because most sedans are going to have comparable fuel economy, but I know I lot of people that drive pick up trucks or large SUVs but only use them for commuting and don't have many/any kids. These things GUZZLE gas. Quick anecdote: After my car got into an accident (not my fault), I was given a rental and the first thing they had available was a GM Yukon. This thing was a MONSTER. Very comfy and looked cool, but one tank of gas was $200CAD vs my regular car which was closer to $50CAD.
In short, don't get a large vehicle unless your actually going to use it for what's designed for (ie. lots of kids, towing, hauling, etc).
Thank you. Great advice 👍
From another engineer here, wise words you speak. Buy a Honda, Toyota or Lexus with a good history and maintain them. End of. If you have mechanical knowledge you might chance an old Volvo or similar but avoid BM's , Mercs and Audis, anything Italian. A lot of my workmates run expensive German cars and the bills thay run up for maintenance on 4 - 5 yr old cars is horrific.
Thank you.
Thanks Dilbert
Wow thank you for this. And thank you too @lincolnengland5005
I live in Europe and this 2010 thinking is exactly why buying 1-5 yo car is probably the worst thing - everybody is doing it because they hear on media its best thing to do and they get a constant massage of "when you drive of from dealership the car looses xyz value, bla bla".
Also as the cars get crazy expensive, more and more people want to buy low mileage cars, hoping for discounts. But the amount of used cars on the market is limited.
You can get a 10-20% off at the dealers and probably sell after few years with minimal loss and have the car under warranty. Then if you want to save money its better to buy 10-15 yo car and be a car guy or have mechanic/friend check it, but you will also need to spend more time on it later to even find capable mechanics to do repairs and maintenance.
There is shortage of cars that have just few years or low mileage, nobody who bought the new car will sell it to you with significant discount just after few years or even a day, they either keep it to make use of it or drive a lot of miles/km.
So either in US the sitaution is different or you dont know what you are talking about.
It's been a couple months since this comment but I'm in the similar spot. I live in central Europe and have saved some money in hope of buying a car (as it would vastly improve my quality of life as it would basically cut my commutting in half). Exactly as you said 10-15 yo cars are already expensive and you may end up paying the same amount for repairs (I don't have a mechanic friend so I cannot afford to accumulate that much time and money into maintaining an older car) which is why I'm going for a younger car with low mileage. Considering the cost of used vehicles has increased like crazy in the past couple years I don't think it'll lose as much value.
I recently shopped cars and the 3-5 year old cars were almost the same cost as new. New or 5-10 year old is better.
My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term profit.
For the average citizen, the tactics are rather demanding. In actuality, most of them are effectively completed by experts who possess the necessary knowledge and skill set to carry out such occupations.
Yes, I've been in constant touch with a Financial Analyst for approximately 8 months. You know, these days it's really easy to buy into trending stocks, but the task is determining when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. Can’t say I regret it, I’m 40% up in profits just in 5months with my initial capital of $160k.
I've wanted to start investing for a few months, but just haven't had the courage to start because the market has been down for most of last year. Please how can I reach out to your financial advisor and what are their services like?
@@BeverleeR.Ziegler I work with Alicia Ann Jordan, who is a licensed fiduciary. Just look up the name. All the information you need to work with a letter to set up an appointment is included.
@@DeannaMurray-zvscam scam scam
This video came exactly when I've been debating getting rid of my car. I don't need a car for a daily commute to work. It really is staggering the monthly cost of even an older vehicle without a loan. With the prevalence of community car services it also seems pretty easy to take care of all of my errands in a month for less than $100. Living in a more urban area with higher rent can be totally worth it when factoring in saving an average of $900 a month on getting rid of a car and losing the headache of repairs, haggling with insurance people, and having to set aside useless cash piles in savings accounts for future bills and car purchases. Plus urban areas have better transit to lean on in the colder months and better cycling paths to lean on in the warmer months. I really do think if you don't need it for a commute there are plenty of alternatives and community car services that can really replace the need to own (in a city).
Was thinking today about trying to go car free for a week or so, in Los Angeles we have Metro Micro and it seems plausible you could use it for errands. $1 a ride
Such a valid video. Quick story: I was planning to purchase a gently used car in 2021. The car that I owned was 8 years old and just shy of 120k miles. Used car prices trade in values were through the roof and I had the finances to allow for a quality down payment and reasonable monthly payment. Then my engine died.........right as a factory recall happened!!! My engine was replaced for free. Fast forward 18 months later, I hardly have 12K miles on the new engine and I've invested or saved every penny of what my car payment would have been. I look at this as a blessing. I feel obligated to drive this car until the wheels fall off now 😅.
yet you didntr save up in 8 years
what did you buy a abunch of jordans?
@@juanshaftpatel7488 He said the car was 8 years old. Not owned by him for 8 years. Read!
Is this car a Kia?
I don’t know what kind of car you have but you should drive it for as long as you can. Every month that you do not make a payment is a good month. I have not made a payment in 16 years. I bought my car new off the lot 20 years ago and paid it off in four years. As I drive down the street in my beautiful 20 year old car, and all those BMWs and other expensive cars passed me by, I have to laugh. They’re a bunch of suckers. Everyone is brainwashed into thinking that they need a new car.
In some South American countries I know, used cars are expensive, and with the added risk of malfunctioning, as the state of the streets and highways are atrocious. The public buses are horrible and unreliable, and the cabs are relatively expensive. So, in countries like these, a brand new car is a good option to improve your living, if you happen that you can afford it. The cheapest one you can get with decent clearance above the floor, as roads will always mean threats to the car.
Humphrey Yang is beyond amazing. “Mistakes investors make” do this instead
Making money is action, saving money is behavior and Growing money is knowIedge.
I am fortunate I made productive decisions that changed my life forever (accumuIated over a MiI) through my finance-mentor. I'm a single parent, bought my house in January and hoping to retire at 54 by next year
sear ch the name, lf you care.
*Rebecca Martin Watson*
l’m amazed to partake on this, lt has rekindled the fire to my goals
I am a Nurse and have been investing for a few years. I have reached a point where I could benefit from financial advice to improve my $200,000 portfolio for retirement, how do I maximize my ROI?
You didn't provide detailed information about your portfolio makeup. However, I recommend seeking guidance from a financial advisor for a well-informed portfolio restructuring.
Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2023
This is definitely considerable! think you could suggest any professional/advisors I can connect with? I'm in dire need of proper portfolio allocation
*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
her track record looks really good from what I found online. I'll take a chance and see how it goes. Thanks for the info
The math on the Oil change example isn't the best. Most manufactures suggest an oil change every 7.5 to 10k miles (full synthetic) and the labor to do the change at my local shop is ~$30. And I do live in one of the larger metro areas that happens to have a higher than average cost of living. Money saving tip, never have your oil changed at a dealership.. Their prices are insane.
I do know how to do my own oil changes, but the $30 dollars a year to have the shop do it is a good deal . I don't need to deal with buying the oil, the mess, disposal of the old oil. etc. and saves time since I can just walk somewhere and do something else while Im waiting.
I get what he's saying though, Some repairs you can save a bundle by doing yourself (brake pads, cough...). I once saw someone pay $15 dollars once to change the battery in their key fob and I nearly lost my mind....
Yeah I was coming in here to say this
Take5 does great oil changes and it’s 25% off for veterans 😬
I just posted a similar comment. My oil changes are $46 at my local dealership and the stuff to change my oil costs a bit over $40.
Not having to dispose of the oil myself is worth a lot.
Change your oil at 7 1/2 to 10000. See what happens. And that $40 oil you're buying is way better than the oil they're using in that $45 change. (Semi synthetic versus paraffin) 😂
Your $30 oil change is cheap non synthetic oil and low quality oil filters. No thanks.
As a beginner, educate yourself: Learn the basics of investing and the stock market. There are many resources available online , including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research
If you're in need of guidance, it's worth considering consulting a financial advisor. While self-management is possible, financial advisors bring a wealth of knowledge and expertise to the table.
The significance of advisors often goes unrecognized until emotions cloud judgment. I remember a couple of summers ago, during a challenging divorce, when I needed significant assistance to sustain my business. Turning to licensed advisors, I discovered someone highly qualified. Despite inflation, she played a crucial role in boosting my reserves from $275k to $850k.
Please who is this consultant ?
'Laurelyn Gross Pohlmeier' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I conducted an online search for her complete name and located her page. I sent an email and arranged a meeting with her; now, I wait in anticipation for her response.
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.
diversifying your investments is the safest way to handle it. One way to lessen the effects of a market crisis is to distribute investments over a variety of asset classes, such as international equities, bonds, and real estate. It's critical to look for expert advice.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this coach?
KENNA MURIEL HESSELING is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her
I'm an automotive engineer, and have been working in that field for 10+ years. If you are not planning to keep a car forever, and if it has no special value to you other than transportation, a regular modern car DOES NOT NEED AN OIL CHANGE EVERY 3000 MILES. Look in the owners manual what the manufacturer advises, and what oil they recommend. Stick to this schedule. This will be fine. I've owned high strung sports cars and lazy diesels, the sports car which was boosted up the wazoo only got an oil change every 4500mi. The lazy diesel gets one every 15500mi, and this is fine. Just use good oil and change the filter regularly.
If you have a beloved classic and you want to baby it, by all means change the oil every week, new oil is almost always better, again, as long as it's good stuff. There is no longer any reason to use anything other than fully synthetic, even for classics, and using the correct weight is crucial. I swear americans have some very weird ideas about cars that can be quite conveniently be explained by marketing and the big 3 putting out some "interesting" stuff in bygone decades. A 10 year old car is not "old" if it had a decent life, maintenance schedules are not suggestions, most if not all euro car makers make cars to last about 250000km without any major repairs, some more than that, if you need a loan for a new car, you can't afford a new car, mirrors are meant to be looked in before changing direction, 4 cylinders and 1.4l are fine for nearly everyone and shifting yourself is easy and more economical.
My ex wife used to drive me crazy with that... one car would be paid off, then she wanted to trade it in for a new one or constantly changing furniture and so on. I argued that that if something is in good condition, regular upkeep is happening, there's no need to do that and it's one less debt. We had different ideas on living well...my idea is to work on living debt free, not impressing the outside world. I'm almost there.
We we married to the same woman??
Good thing she's now your ex..
you said "had" so looks like you got rid of your financial problem. I can relate i lived with a woman who pressure me into getting a Cadillac that i could barely afford- which means i couldn't afford it. and when things went economically south i could no longer make payments andit was reposessed . worst decision ever. took me 5 years to recover. eventually i bought an older jeep, cash. Oh and the woman had to go too.
A wife or husband can sometimes bring you two steps backward if you make three steps forward because they are not wise spenders.
Leave her
I drove a used car ($1500) for 4 years when I got my first job after college. Then I drove a $2700 used car for the next 7 years. Through those 7 years, I bought my first house and started my first business.
good for you man , I wish I had done the same !
Cool. How old are you?
And?
I bought a porsche cayman and made an instragram account about it. Now, I make $2000/month using my instagram. SO I have to say that if you buy a nice car, there are so many opportunities to make extra money.
@@DutchBerry-fx5oy How are you making money off the 'same' pictures / car ?
I just spent three grand on an 18 year old Suburban to fix rusty rockers and another 400 on woolwax undercoat. 252k miles but it's paid for and I don't have to worry about it failing inspection and having to find something quick to replace it with. I only paid three grand for it 4 years ago to begin with and can fix most things on it outside of a blown engine or bad tranny but I keep up with maintenance on those. A current year model would cost over 60k. It runs good and now looks real good. I should get another 4 or 5 years out of it before I replace it with something similar from Texas. I also bought a 2009 Challenger SRT8 with 25,000 miles for 29K last year. I don't drive it much. It's an expense but it shouldn't depreciate much or might even go up in value so I can move it in an emergency or if I want to put a barn/garage in my yard. 14 months in and I only owe $1100 on it.
Little tip if you change your own oil is to check the old filter and make sure the gasket came off with it or the new filter with two gaskets will poor oil out like a river. Did that once but was lucky and no damage.
After starting my "successful" cubicle job that society usually depicts as success, I still daily and live in my 2005 Honda Odyssey. I love being able to pay off my debt much faster than If I were to rent a room while still being able to retain a lifestyle that I've always wanted to have. I'm not saying that the van life lifestyle is the ideal way to live as it has its cons such as the tendency of my van breaking down more so than a new car but I'll still be doing this while I am still physically and mentally doing so. Although, I work on cars as a passion so I don't mind the usual wear-and-tear parts break down. I'll get myself another beater van if the motor or transmission fails on me haha.
Don't get me wrong, I really want to get myself a 2023 Toyota Sienna Hybrid due to how economical and spacious it is but unless I'm able to pay off the van in a year or under, I refuse to do so.
About the oil change: I've noticed an Oil Change done at walmart is pretty close to the just the supplies only. I like that during an oil change you typically get a bunch of courtesy checks and fluid top offs. You still have to take time and dispose the oil properly. Jiffy lube has courtesy fluid top off between oil changes. Which is pretty handy if your vehicle is losing fluids. Also changing oil at every 3,000 miles is too frequent these days. Newer vehicles can handle 4,000 to 7,500 miles pretty comfortably.
I would definitely recommend changing filters for the engine and the cabin yourself. Both don't require any tools to replace. The upcharge for doing those are insane.
Any chance that you don't have to use your vehicle I would capitalize on. Carpooling, biking, walking, or taken fewer trips. Plus so many things can be delivered to your home.
The other biggest savings is staying on top of general maintenance. Sometimes one small problem causes a bigger problem.
I had a power steering fluid leek. To get it fix required replacing one part. That would have cost about $120 at the time. I didn't take care of it right away so, and it leek on my O2 sensor. With the O2 sensor out my fuel economy literally cut in half. So I was filling my tank up every 2 days instead of 4. Hindsight the $120.00 wasn't nearly as expensive as buying an O2 sensor and the additional cost in fuel.
I couldn't agree more. It pains me to hear friends and family describe their money troubles when they have two practically new cars sitting in the driveway. My family and in-laws have always considered us "rich" or "well off" because we didn't struggle with money. The truth is that we're a single income household, and for most of our marriage our income was the smallest of any of us. Our secret was buing used cars (more used than you recommend in fact) with cash and driving them forever. Never having a car payment gave us disposable income and the financial wiggle room to recover when life happened.
I have a married couple as friends who just bought a house AFTER the Fed raised the interest rates. They admit now, they bought after the "talking heads" recommended it was the right time. their reason? the wife got sick of sharing one apartment bathroom with a "stinky teen" (my mother did that, but she taught me certain tasks, too). I agree with buying used cars, unfortunately right now there's an inventory shortage--i got screwed out of $17,000 a few months ago by buying a car the way i never would, and hopefully the next time i have to buy again, the used car market will have changed from how it is spring 2023.
but girls love to buy expensive cars whenever they can fit it into their bills tho
I once knew a woman who was like this. She'd complain about being "poor" while wearing a Prada jacket and Gucci purse. I told her she wasn't poor and she acted surprised. 😂
@@KyrstOak People need to raise their daughters better, teach them they can't always live like princesses and to live below their means
@@Clownk1ller Agreed.
I've always drove old cars. My daily driver was purchased for $500 over 5 years ago. It's had very few issues and is now approaching 400,000 miles. Also learning how they work and taking the time to do maintenance yourself will save tons. I'm over 40 now and have never had a car payment. I could care less about status. I enjoy my nice house and financial stability.
I haven't bought a car with less than 150k miles already on it in the last 20 years.... I currently have a truck with 340k and a corolla with around 240... I'm fine with this arrangement. :)
@@zhoporezz I hate it when my cylinder block goes out at 100k....
Never spend money maintaining a $500 car. Don't change the oil and filters - makes no sense with a car that you might only want to keep for another five years max. With what you save you will get the next $500 car for free!!
@@marviwilson1853 I always do maintenance. I'll keep my cars until the wheels stop rolling. No car will last without maintenance, and it doesn't cost much if you do it yourself.
My 2000 Celica was a hybrid, it burned gas and oil!@@marviwilson1853
Being a mechanic as a hobby has saved me tons of money. I have NEVER gone to a mechanic in the 30 years of driving.
Same bro. Honestly a great skill to have
Must be nice having a shop and a lift
Must be nice being a millionaire! 😊
Good advice in this video. Yes, many folks can't really afford the car they drive and can't imagine driving an old or tiny car that they can actually afford.
25 years ago I enjoyed buying new cars and paid them off within 2 to 3 years. 20 years ago I started buying & driving used cars (at times 10 years old or older) that were in great shape and most times had fairly low miles. Example: bought a 1992 Cadillac Deville (pristine condition & less than 40,000 miles) in 2006 that I drove for 4 years and sold for a bit more that I paid for. In 2014 (already a millionaire) bought a top of the line 2003 Cadillac Deville DTS (again pristine condition) with all the extras and again less than 40,000 miles that I sold in 2022 (still in pristine condition). Now as an early retired multi- millionaire, believe it not, I drive a small lightly used Chevy Spark.
Cracks me up every time I am standing at the traffic light next to a shiny Mercedes, BMW, Jaguar, or massive new pick-up truck knowing that these folks most likely can't afford their car, have high car-payments, and filling up the gas tank really hurts their wallet.
I am with ya 100% I'm sure people think I'm poor cause I drive an 06 and in reality they are lol
@@dmlagrange look up bicycle infrastructure in the Netherlands. You won’t regret it, and watch a channel called Not Just Bikes. He explains everything about what’s wrong with having to drive a car everyday in America.
So true, I'm a truck driver and go into these auto plants up here in Detroit on a regular basis, I see the cars these folks drive. Most of them cost more than my first house! I quit after turning in my leased Silverado, that was it for me, now driving a 2003 Buick, very reliable and easy to fix vehicle, and I would not hesitate taking it cross country. Paid $2000 for it.
Must be nice having access to decent used cars. The only good used cars around here are snatched up by people who know what they're doing. I am not a mechanic, I don't know any mechanics, most cars are abused, and the ones that are not are nearly the sticker price of new.
@@BenjaminCronce Actually, i search online for sources in a 200 to 300 mile radius. And, yes, I am a former auto-mechanic, but with some upfront research on what to look for, it isn't that hard to screen out the lemons.
I share a car with my husband and our payment is $285 a month. We bought used before the car market went crazy and occasionally, I get the urge to trade it in for something newer and nicer but then I remember that would be 500-700 a month I can use to pay student loans, save for a house, etc. We all have to keep ourselves grounded and not worry about impressing others.
You are the rarest of God’s creatures…
Well, the urge of wanted to trade-in and getting a higher monthly payment, to me, is to impress myself lmao. Feels good and fun to drive a new car that you like.
Jill, do you have a like minded sister? Lol
@@1320pass - IKR?
I myself picked up a 2017 Impala with 45k miles on it mid 2019. I paid $13k then, and KBB now states that with an additional 35k miles it's worth $14k dealer trade in, and like $15.5 private sale.
It's unbelievable how fucked the car market is, and now the interest rates on top of it. I couldn't afford a new car even if I wanted to at these prices. I thought once or twice about trading it in because I need a truck, but they're too expensive. MSPR keeps going up and despite that they're not available at all because the manufacturers are making as few as they possibly can. Add the crazy interest rates on top of that and a basic barebones mid sized truck is going for like $35k+ now.
Hi Humphrey. I remember having a consultation with a fiduciary last August, and it was incredibly insightful. Can’t stress enough how helpful experts in this field are!
Absolutely agree! A good fiduciary can make a world of difference. What specific insights did you gain?
I learned that investing is not rocket science. I got into stocks, index funds, and REITs, myself but wasn't getting the results I wanted the first couple of months. Got tired of losing and decided to seek mentorship from Jonas Herman, a certified fiduciary who helps oversee my investments.
@@McPhersonz In my experience, there is no such formula, it is nearly impossible to achieve success with investing. It’s all just gambling.
I started working with Jonas back in June, and my financial goals have never been clearer. It’s like having a strategic partner for my money with a solid track record. That man is a genius! I'd definitely choose to work with him over and over again.
I’ve been contemplating hiring one since I can’t get a hang of investing even after buying courses. I’d like a discussion with him. Any means to reach him?
When I was in college, I did not own a car. The parking at my campus was horrible -- and I worked for the Parking and Transit department when I was in school. So I either bicycled or took the bus. The problem of not having a car is that it limits your employment opportunities. I got my first car, which was three year old used, in 1995. A little Mercury Tracer. I loved that car. Paid for the entire car as I had inherited some money from my grandfather. Drove the car pretty much into the ground. Bought my parents' 1995 Mercury Sable in 2004. Then got a 2005 Hyundai Elantra in 2008. Loved that car. Best car I ever owned. Great fuel economy as well. Had that car until early 2021, with a slight overlap with my current 2017 Hyundai Sonata, which was my late father's car. If you can get a nice used car, all the more power for you. I did no financing.
thiss. as someone rushing to get a car, its due to employment opportunities that open up with one. I can eventually work from home, but those jobs are hard to come by with a decent wage in Toronto.
I worked at a car dealership. If you’re going to buy a car, bring your own financing preferably from a credit union. Do not use the dealers financing . Do not take their warranties or any add ones they can remove it . Also if you’re going to do a trade in just know you aren’t actually getting what it’s worth they try to low ball you as much as possible .
NO warranty?! None??
@@kauigirl808 I believe what Jose means is that you shouldn't purchase a warranty through the dealership.
Warranties may be purchased through the dealership, through the financing financial institution or through a third party company (on the open market).
The only entity that has a vested interest in making sure your vehicle stays running tip top is the financing company (in Jose's suggestion, he recommended a Credit Union).
The other entities could care less whether the repairs are made on your vehicle, paid for or not.
Typically, it is ALWAYS better to purchase a warranty (if you're inclined to buy one), through the financing financial institution, such as a Credit Union. It is almost always much less expensive & Credit Unions offer superior warranty coverage than say policies offered by the dealership or a third party warranty.
Same thing goes for GAP insurance.
Now whether you need a warranty or not, that's a different discussion...
Dealership I bought my car from couple years ago gave me a scant 0.99% financing on my purchase, I was rather surprised. However I did immediately put down for 2/3rds of the purchase price, so I wasn't taking out as large of a loan. That loan costs me only a measely $360 over 5 years. I still have 3 years left on it with the ability to pay it off now, but with it being practically free, I have no incentive to do so.
I wanted to, but my dealership quit working with my credit union. But after I got the financing through their bank, I refinanced it through my credit union.
@@kauigirl808I think he means don't buy any extras. If the car comes with one, which it probably will, then great. But don't go buying any extra warranties or all the little different coverage packages they try to sell you.
Here's me wanting to buy a cheap but reliable car.
Todays entry level cars are priced like sports or fancy cars a decade ago. Wtf.
I got a 2010 honda accord coupe with 125k miles for 4500 this past September. You'll always find a great reliable used car for a fair priced. If you can't then edit the search filters for 5 years older and more mileage 🤷♂️
@@Gail-Lewis-Goat for sure! But many times a used car is a gamble. I've had a great used car, and some terrible ones too.
I'm ranting about how new cars are priced. Maybe all I want is a decent sized car, comfy interior made with decent materials, without the fancy tech.
New and lightly used cars are insanely priced right now and have been for about 2-3 years. I got mine on Craigslist last year for super cheap but it's not the most reliable.
@@philipbre Get yourself a used Toyota/Lexus or Honda/Acura. Get a pre-purchase inspection from a trusted mechanic. If the dealership won't let you do that, walk away. Buying from a private party will be cheaper for the same car vs a dealer, if you can do that. If you don't have a trusted mechanic, you can always ask a reputable body shop to do an inspection--they'll know what to look for if a car has been in accidents--that is crucial, to know if the car has had a minor fender bender or frame damage that wasn't reported. You can't rely just on Carfax and things like that.
I am fortunate I made productive decisions about my finances that changed my life forever. I'm a single parent living in Bn Italy, bought my second house in April and hoping to retire next year at 50 if things keep going smoothly for me.
You're really doing well for yourself, I'm 46 and my life is in a mess. Any tips would really go a long way in shaping my life.
Wealthy people always acquire riches cause they seek the aid of finance-pro(s) to make their goals possible. You should always have your finances in good care to ensure Income rises.
Better growth in finance is assured by varying into options with the aid of my finance-pro. and has changed my life ever since.
sear ch the name below, lf you care
Rebecca Martin Watson.
Creating wealth and financial freedom isn't as tough as many people believe.
Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely...
I couldn't agree more. Taking charge of your life and putting in the hard work is the path to success. Having a portfolio manager like Mr. Samuel Peter Descovich is a game-changer. Their expertise and guidance can truly transform your financial journey. Making $35,000 in profits each month and saving 70% of that is quite impressive!They save you time and provide valuable insights that lead to impressive profits. Keep up the amazing work, and enjoy the fruits of your labor..
It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $65k passively investing with Samuel Peter Descovich, and I don’t have to do much work. It doesn’t matter if the market is crashing, I will always make good profit returns.
I have turned over more than half
MILLION working with SAMUEL PETER DESCOVICH on a wide array of options and finally sticking to a few that have been favorable in the past 2 years.
Found his website easily. It was like the first thing that came up when I searched his name. I'll surely touch basis with him to see what the best step is for me to take right now. THANK YOU!!!
Hey Ashley love the comment! What do you mean by financial programs? Can i study that to build wealth?
For me a car falls into the tool, toy or status symbol categories. Cars can increase in value over time but that really only applies to classics and collectables and not your average vehicle. If you look at it from a tool or toy perspective it becomes easier in my opinion. For a tool you want something that lasts and is reliable. You also want it to be comfortable to use but it doesn't need to be the best just has to get the job done without costing a fortune in maintenance. If you buy a toy, its because you already have the tool. The toy should be the best you can afford within the budget and used only occasionally for enjoyment because its use is inefficient compared to the tool. If you are buying a status symbol its because you have disposable income that you can throw away without impacting your financial well being.
Well said Chris. exactly.
I have some in all those categories, toyota tacoma and lexus hybrid for daily driving, older vw corrado and bmw e30 convertible for toys and a 67 camaro and a 08 nascar for collection.
Buy a Tesla Model Y - you have tool, fun, status in one
Agree to an extent. Do you work on your own cars? Feel like that is a big factor in what I have to say.
I’d argue that a tool can also be a toy. But this is contingent on ones idea of toy. Obviously first thing that comes to mind is turbo v8 sports/luxury car. But me personally, I love wagons. They are toys to me. Favorite car in the world, 02 Subaru forester. If you’ve done all the maintenance and fully gutted interior you can haul 2.5 tons of scrap reliably with great mpgs every day for years and it will make you tons of money - while being a very fun car. In my opinion. The money part isn’t opinion that’s a fact. If it’s not scrap, million other ways to make money by having a wagon/truck etc.
They feel very sporty when fully gutted and light mods, which is why it’s a toy. They are a blast on gravel and dirt roads, light off roading. Cheap to maintain and easy to modify. I’ve also had one that was built for auto x racing caged, motor, trans, professional tune etc.
I have an old sc400, nothing but a toy. But I also have a Toyota Camry, literally does all the same things but a little slower and better on gas. Both of these cars also make money though, since having a car buys me enough time in the day to be able to schedule and work two full time jobs. And $20 says I can dust your car while I’m on the way home, which is another way toys can make money. Toys can be very reliable, mostly just old Toyotas though to be completely honest.
I’d rather daily drive the extremely reliable and fun sc400 at a slightly higher gas price to work everyday than the Camry. Makes life a little more bearable.
Tools can be toys and toys can be tools.
@@dackbowland1876 I agree with your take on it as well. We all do what works for us and our budgets. Beyond basic maintenance I do not work on my vehicles.
I have 3 cars: a 1991, a 1992, and a 1997. I do my own work. I bought each for peanuts. Couldn't be happier. These cars (all Japanese) were designed to last forever, and are simple enough to fix at home.
I was scrolling looking for this comment, great job 💪
The best part is its much more simpler and its not like driving a office desk with all the screens on modern cars. I have a 94 and 96 jdm car, and my newest car is a 08 which I bought for 90+% off the original sticker price.
why 3?
@@therichbuddha3277 summer, winter, and 1 shared with the wife. My 91 Civic is in mint condition. NO WAY am I running that on the salt. I bought my 1992 Soarer to take the salt as a, "winter thrash car," but in the 5 years I've had it, it has proven itself to be an AMAZING vehicle. It's a Lexus-branded A80 Supra in many ways. And then the wife said she wanted a car of her own, so I got her a 97 Celica, but I drive it more than she does. lol
Me 2
Um. The Oil Changes figures were a bit inaccurate. First off, who pays $100 for an Oil Change!? Around here, the Dealership charges $45 (with Labor) and other companies like Walmart charges $25 and better companies like Roland Tire or Discount Tire might charge $35. The other thing is what you gain from an Oil Change by doing it yourself is that you can use Penzoil 10k Mileage. I don't even do the recommended 3k miles - I do 5k to 6k miles with a company like Roland Tire or at the Dealership if I'm already there for something else. But seriously they make Oil to last 10k-15k miles with good quality brands.
The real catch is checking on your fluids, lights, brakes, etc. on a regular basis. I do this once per 3-6 weeks (depending on how busy I get). Even with cars with an Oil Leak - I almost never pay for an Oil Leak fix (they're usually around $1200 in labor). My prior car had a HUGE Oil Leak and it never dropped more than 5% in 6 months. If it did, I had a $10 Quart of Oil ready to refill it. So, why pay $1200 when you can pay $35 for an Oil Change every 6 months?
P.S. These oil prices are on a non-diesel vehicle.
I save a lot of money in the car expense category by living .5 miles away from my work. I drive a reliable 14 year old Honda Fit. I spend no more than 40 dollars a month in gas, that is insane cheap these days. The Fit i drive juat goes and goes rarely it needs to be fixed l. Also everything i need to live is near by where i live stores and shit so i only end up putting about 5000 miles a year on my car. My transportation expense enables me to save thousands of dollars a year. I also only pay 400 a month to rent a tini room to live in. I work in a grocery store making 21 an hour and i literally have more money than i know what to do with, so i save thousands of dollars a year. I just live way below my means. I could afford something nicer but love not ever being worried about money anymore 😊😊. I am going to drive my 14 year old car until the wheels fall off. Between the low miles and the fact that it is a Honda that car will last me 30 years or more if i take care of it which i do. I live in an area that does not use much salt on the roads in the winter time, i regularly see people driving cars that are nearly 40 years old or more. When i moved here from NH 5 YEARS ago i thought i had gone back in time when i noticed the old cars still being driven around here because of the lack of salt use around here you can make your car last a very long time living here in western Washington outside of Seattle.
To me, it is a matter of wealth management. I have friends who do not own car, but spent lots of money drinking and travelling, ended up poorer than me. It is a personal choice where people want to spend their money.
That's it, just money management
Soooooo true. I have a 540 month pament rn but am not spending outrageously in other categories. Besides music and computer equiptment
Well instead of paying lot of money for a piece of metal they get to travel and have fun. I'll drink to that !
So they're having more fun than you, making great memories, and enjoying life? But hey, at least you get a nice car!
@@Riflemanforeverwho are you to say what one person values more in their own life?
In light of the impending recession and the fact that inflation is still far higher than the Fed's 2% target, several of the most prominent market analysts have been expressing their views on how terrible they believe the next downturn will be and how far stocks may have to fall. I need advice on what investments to make because I'm attempting to create a portfolio for my children that will at least be $850k in value.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
@@trazzpalmer3199 I agree. I've been talking to a coach named Maria Juliana Ramirez for a long now, mostly because I lack the knowledge and energy to deal with these ongoing market circumstances. I made more than $220K during this slump, demonstrating that there are more aspects of the market than the average individual is aware of. Having an investing counselor is now the best line of action, especially for those who are close to retiring.
@@graceocean8323 we’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides you help?
@@hannahdonald9071 It's run by Maria Juliana Ramirez, who I learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary.
I'm literally holding onto straws right now, so your tip couldn't have come at a better moment! I plan to call her after doing a quick internet search for her.
My strategy is to calculate "cost vs years I had something", this includes cars, laptops, smartphones, kitchen, freezer, etc. Currently I am below $1000 per year for owning a car (Greece), $66 per year smartphone, $150 per year laptop, etc. It is a nice metric to use. It encourages me to buy quality stuff and keep them for many years.
This is a great way to think of purchases. To add another important factor - is how frequently do you use the item? It can help you decide if buying something more expensive but quality, is worth it. For example, a mattress is something you sleep on every night and quality of sleep significantly impacts quality of life so it's worth getting something nicer. A new outfit that you'll only wear once to a wedding though? Probably worth going more reasonable on price or even wearing something you already own.
1) Regarding car insurance, I'm told that if you know about the insurance company, chances are you're paying a substantial premium for their marketing department. I'd love to see a video about whether that's true, and if so, how to find the companies without a marketing budget.
2) This is generally great advice, but one thing to consider is what the purpose of money is. It's for providing your needs, first of all, but after that, money buys happiness. And you might be surprised, especially in America, how much happiness is derived from cars. You can see a good analogue in the New York City metro -- it's a dilapidated, run down cesspit, and it affects your mental health in ways you don't really understand until you're not using it anymore. The same is true with cars. It doesn't matter for some people, but for some, the draw of hopping into a beautiful, clean car every day that has a gucci warranty so you never have to worry about maintenance is worth a substantial cost.
Definitely agree on your last point. I have always drove 10+ year old cars and finally finally I decided I wanted to get something nicer. Ended up with a 2016 Q50 and it makes me way happier to drive places and to me that’s worth every Penny. As long as you can afford it comfortably and it doesn’t take away from your goals, go for it. I don’t care much for vacations, I’d rather have the nicer car so that’s what I did
Nah, Geico is significantly less expensive than other companies
THANKS. The perfect thing for me to watch. Administrators of our farming company, our own properties, as well as tiny pensions, are my wife and I. My wife is 52, and I am approaching 56. I would really appreciate it if you could make a video on how to get passive income online and retire comfortably, let's say with $1 million dollars. We have started saving for retirement from the farm and may live off rental income.
Consider financial planning
I wholeheartedly concur, which is why I like giving an investing coach responsibility for making everyday decisions. Given their specialized knowledge and study, as well as the fact that every one of their skills is aimed around utilizing risk for its asymmetrical potential and limiting it as a buffer against certain unfavorable turns, it is challenging for them to underperform. I've had an investment coach for more than two years, and throughout that time I've made almost a quarter million dollars.
@@colleen.odegaard This is exactly what I want to do now too. Can I get access to your coach?
The thing is that I really don't like making such recommendations. But there are many freelance wealth managers you could check out. I have been working with "HEATHER ANN CHRISTENSEN" for about four years now, and she's made decent returns. If she meets your discretion, then you could go ahead.
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before engaging her services. She seems proficient considering her résumé.
Overall a good video. But as someone that’s been in the business for 20 years and currently owns a dealership and service center at the time he has couple points that are a little off but not a big deal. These days almost all cars take synthetic oil so oil change recommendations from the manufacturer are usually anywhere from 7,500-12,000 miles although I do mine every 5000-7000. Secondly best time to buy a car he’s close but you want to wait a little longer. His recommendation of I think 3-4 years and between 30-40k miles most cars are still under warranty and you as a consumer are going to pay a premium for that little time left on a warranty because we pay the premium as a dealer. If you want a warranty on the vehicle just buy a car that is out of warranty completely and buy an extended warranty from the manufacturer or a reputable company and the money you save buying a car out of warranty will allow you to get the car plus around a 4 year comprehensive coverage warranty for the same price. Even though I can get labor for essentially free I still always have a warranty on mine and my wife’s car. I’ve never not used it and where I live the potholes are terrible so them just fixing the suspension ends up paying for the warranty itself nevertheless if anything else happens. Lastly his suggestion with insurance companies is just a bad idea. Goes back to the saying you get what you pay for. If you have a discount company like geico and you are in a bad accident it is going to take them forever to get the adjuster out there and then when there are supplements you are going to be paying for a rental out of pocket because it’s going to take more than 30 days. A good company on the other hand you may pay an extra couple hundred dollars a year but if something happens your car will be fixed in a few weeks. We hit a moose on the way back from Canada and the Q7 went to the body shop. When I get there I see a nice Mercedes that was also hit pretty good and he told me what happened and he was waiting on State Farm. He calls me about 3 weeks later my Q7 was all set and that Mercedes was still sitting there waiting on State Farm to approve a supplement. So it’s not always cheaper picking the cheaper option up front
I've never had a brand new car. The newest I ever owned was 2 years, but every other car purchase since has been at least 10+ years old. I stick to Japanese made like Toyota/Lexus and Honda/Acura. Maintenance is easy enough such as oil changes, belt changes, lightbulb changes etc. It is nice to not be at the mercy of autoshop rates these days. If something is outside my scope I will take it into the shop but have only ever done this twice in the 14 years I have been driving. I currently drive a 2012 Lexus RX350 with 242k km and find the design on this car looks better than many newer cars these days (personal preference). Parts could be expensive if needing replacement, but these cars are so well made I expect to drive this thing another 10+ years at least. I've considered buying a newer car, but the numbers never make sense when what I own is already paid off and working just fine.
This is why remote working is so important and valuable. Daily commute to work just eats away money for most people.
Electric car may help? A little?
You cannot remote work every job. On top of that some people are just not disciplined enough to do it. They need to be in a supervised environment with less distractions to get the work done. Post covid many companies are realizing remote work has not been effective and are recalling staff to the office.
@@carbonking53 sure Jan 🙄😒
@@blackdragon6 Wow! What a well thought out rebuttal.
@@carbonking53its not productivity that concerns them, its demand for commercial realestate that they are concerned about. It's more about control of people than productivity for most managers.
True though, some jobs require in person. That is why jobs that can be remote should be. That way people who do have to use the roads don't have to deal with traffic. It's a win win for people but not for banking or other sectors who have heavily invested in commercial real estate.
I`m 72 going to Iceland with my wife and we have an 8 day 840 mile itinerary planned. My advice is rather than worry about cars do something about your diet and get exercise. I'm not on any medications or incapacitated in any way. The single biggest expense that wipes out a lifetime of savings is medical.
This! I think his advice is targeted towards 20 somethings, older people can easily get his bs that is too impractical to follow. Being extremely frugal and stationary in an already invidualistic country ? Been there done that. Not worth it. While it is easier to be that way barring societal pressures, people following this advice are missing out on life. At the end of the day, former American presidents chose road transport in favor of public transportation . So what he is saying can make you be frugal and stationary, but it will make you unhealthy, both physically and mentally!
@@ramkumarps185well said
Applies only to Americans though. Most other places healthcare is free.
You can take care of yourself and still end up in an accident that significantly impacts your health….good luck shouldn’t be underestimated.
@@theaimuse not free-only free if you don’t work and you can freeload. Everybody else who actually works get taxed to death for public/ universal healthcare and the tax rates and tax burden in these nations is rising fast to pay for it all, as well as rising retirement ages
The change from fuel to electric will be interesting. Federal government wants full electric from manufactures by 2035. The electric community wants mostly electric in the next 5 years so we can cut way back on fossil fuels….
Granted, fuel/gas pumps will have to be around for the next 20-30+ years. The average vehicle last 12 years, or 180,000 miles. New gas vehicles purchased in 2023 should be “dead” by 2035 (lines up with gov). However, that’s not how that works, normally. For example, I have a 2007 Ford Ranger with only 118k miles on it, and can run that till 200k with proper maintenance. That is a vehicle not following the average mileage driven a year: 15k/yr.
There are so many vehicles that are driven less, due to remote work now, or people moving closer to their jobs. We also have many vehicles that are well over 20 years old in normal use.
I’m curious how the use of fuel will be portrayed in the near future (legal requirements, pricing, etc) for those who still use gas vehicles by 2035. Most likely, the majority of people will still be driving a gas vehicle by then, especially with the automotive industry’s concern with plummeting electric vehicle consumer interest, and sales (there’s a really good small documentary on this, with conversations with heads in the industry, and owners of large dealerships like Mercedes, etc).
The consensus is we moved too fast on full electrification, and the industry doesn’t think they will be able to comply by 2035. The system just isn’t in place for it yet.
So for now, I don’t think that cost in this financial lineup will change anytime soon.
Thoughts?
Make sure to *Subscribe* to this channel for future videos on wealth building, personal finance, and how to get rich! It's free!
Pin
I sold away my last car 8 years ago, because that was the time I started working from home. Most of my friends, like myself prior to that, used their car primarily to go to work. So the car was a work-related expense. An expense that you pay in order to earn your income, therefore it's something that diminishes your buying power. So when I went out to buy an ergonomic chair for my home office at $600, my friends said "Whoa that's too expensive!" ( for a chair ) But that was a ONE-TIME expense on a well-used product that I've been using happily for the last 4 years. Yet my friends have to pay that same amount EVERY MONTH for 8-YEARS! -- on a product that they use for only 2-hours per day, compared to my chair that I use 10-hours per day.
what a G
Wow that’s wild when put in that perspective
You spend 1/3 of your adult life (hopefully) in your ergonomic chair... sounds reasonable to me. 😊
my "ergonomic" chair only $10, suit tropical and hot weather (never get sweaty even without air conditioner), made from plastic, easy to clean, easy to move, stackable. can sit in many comfy pose, just add pillow for more comfort. no back or butt pain. almost zero cost maintenance and used it for 20 years already!
Depending on where you live, cars could be a necessity to get around. But if you have readily accessible public transport where you live, you're just finding yourself an excuse to buy a car.
The "repairs and maintenance" part is so true. I replaced an alternator, starter, and intake gasket already this week, saving well over $1,000 in labor on my wife's car. TH-cam repair videos are much more helpful than the Haynes repair manuals we used to buy at the parts store.
buy a ev
@@billcoates941 Intake gasket - big difference
@@billcoates941 It can be done by someone at home assuming it is a good step by step video, and the person is already mechanically inclined. I know people who do their own engine swaps and they are not classically trained any things. Working on most cars is just a matter of having the right tools to get to the right fastener, and putting back together what you took apart.
I fixed my elderly mom's Toyota that had a misfiring cylinder. We really had to consider buying a replacement car for her, but the cost of a replacement car would be high for someone who's on a fixed income and we considered what utility or value she'd get from a new car vs. just fixing her existing one. So, after replacing the fuel injectors, cleaning the MAF, cleaning out the carbon, replacing the filters... it ran fine. It has 200,000 miles on it and will continue on for another 50,000, I imagine.
@@dxelson good luck repairing EV's, besides being more dangerous, the battery for a Tesla model S cost over $20k
Buy a used 3 to 5 year old Prius hybrid -- the miles per gallon rates doubles to the 50s -- it's very efficient. When buying a car, read up on overall likely annual maintenance costs -- some cars are simply built better and last longer with fewer repairs, statistically. Check to see if a used car (get the VIN number) has been in a flood -- don't buy those. In California, where gas prices are sky-high, consider buying an electric car. Or ditch cars totally by living in an urban or semi-urban area where you can walk to stores and to work. Or use Uber or Lyft if that's affordable. If you change your own oil, then how do you dispose of the used oil? If you have a good used car, meaning it doesn't incur lots of repairs as it ages, consider keeping it till the very end -- so don't fuss over dings and minor dents in the body.
Generally good financial advice. In fact, your vids convinced my to start a portfolio. But this is completely disconnected from reality.
Unless you live 5 km from work in a flat city, who is spending $200/month on fuel? Try living in a hilly area(Think PNW) and working 50-80kms from home. In British Columbia Canada, where I live, The insurance is run by the province, there literally is no other option. You pay what they say.
Further, Oil changes are simple, if you have the correct tools, mechanical ability, a jack, jack stands, and are strong and confident enough to move them around safely, and are fairly expensive.
Sidenote; I once let a girlfriend of mine try this. It took her over 2 hours, and I had to go over everything again.
Also, don't forget to put that new Oil filter on properly otherwise get ready for anew engine. Also, old oil disposal can be very messy and a pain in the backside for most people. Also your strata will $h*t if they catch you doing maintenance on your vehicle.
Jus' sayin.
One last thing; Avoid cars with direct injection(almost impossible these days) and CVT transmissions, they will literally bankrupt you.
For us that truly need a car, it's super important to put a lot of thought into a purchase like this. There's a lot more cost to a car than just the sticker price. This was a great video as always Humphrey. Keep doing what you're doing!
thanks Spencer! very true.
A LOT of cost just to have it and maintain it.
10 years ago I asked a few taxi drivers why they chose to drive the cars they did - one car stood out - A Ford Falcon. This was the de-facto taxi for much of Australia 10 years ago. They told me it was good for 300-500,000km, reliable, and easy to fix. I bought a dealer demonstrator for 2/3rd the new price, at only about 9 months old, with 11,000km on the clock. The car now has 190,000km. It has never broken down or left me stranded. And spares for replaceable parts (eg rubber door trims, latches, and other consumables like brakes and tyres) is negligable. Best AUD$25000 i've ever spent. The car is cheap enough that I've not had comprehensive insurance... just third party. I've saved so much it's unbelievable. Ask your local taxi drivers what cars are reliable for long term use, and then pay close attention to the big ticket items that need replacing over years.
Also get a bluetooth OBD II scanner, and TPMS caps. This will save you so much time checking on your car it's worth it for the time saving alone.
I got my first car in 2016. A 1999 Mazda 323 Astina. 275,000km on the clock and she's still going, the car is older than me by half a year. I've had a few significant repairs, but I can't have spent more than $2.5k on it. So since I bought it for about that price, even in 2016 dollars, I'm very happy. Only thing that's completely shot is the suspension, and I could replace it, however I'm about to start a good job with a good salary (for a graduate) and I'm thinking of just saving for a 2016 model Subaru outback or something. But honestly because of this car my opinion of Mazda is very high.
Being alive is making me poor! 😛
I’ve always told young people, “if you buy a new car in your 20s, kiss your 50s goodbye.” And that’s true, you lose all of your interest compounding.
Wym
I was able to live without a car in the DC area for five years. The public transit system and walkability there are great. And if you're saving hundreds of dollars per month on car payments, insurance, fees, maintenance, and parking, you can afford to take ride share whenever you really need it. The only thing I felt I missed out on was taking occasional weekend trips to places a couple hours away.
If only there were good trains to take you to neighbouring cities 😔
Same experience here, now i need a car for work purposes but for the longest time i used public transport
Use a carshare ?
Rent a premium car for the getaways and you will still save a ton of money overall.
You can always rent a car.
I realized this back in my 20s! By using mass transit and just renting a car when I needed it, I was able to pay off my student loans, have a (modest!) Roth IRA, and buy a house and be able to travel. But because so much of our country (USA) is geared towards cars, it's really hard for many people to NOT have a car- it's needed for work or even just doing basic errands in life!
You're also not a car enthusiast so a car is just a box with wheels to you.
I thought the US was geared towards guns more than cars.
Since being able to travel have you realised how badly off the US citizens are vs the rest of the western world? 😂
True. I like what u said about people using cars as financial status. As a mechanic I see this all to often people not able to afford the basic maintenance it's Krazy. I will be checking out more of your content. Thanks
@@JamesSmith-rg4kr I see it often too. We do the same job lol
Just buy a used Honda, pay for it with cash, and have inexpensive, reliable transportation. Mine has leather, navigation, great fuel economy, turbo charged engine, moonroof. These things last 500KM or more!
Same! I started living car-free a while ago when my income was much lower and I really needed to stabilize my budget. I knew I was going to save money, but even I was truly surprised by just how much money I saved, how quickly it turbocharged my debt paydowns & savings-building, and just how much it stabilized my budget to remove unexpected repair costs. Selling my car also allowed me to more easily choose housing in walkable downtown neighborhoods without having to worry about parking or traffic. So I kept living without a car, and I've done so for nearly 8 years now, and I just got an e-bike, which will probably keep me from getting a car for at least another few years.
Seriously, sell your car completely! I know most places in the U.S. make it really difficult, but there are some places where you can, and these places are more common than you think. At the very least, reduce the total number of cars in your household if you're a multi-car household. You likely don't need a car for every driver in the family, nor even every adult in the family. At least do a trial run for a few months when one of your cars is due to go out of commission. If it's actually impossible, you can go back to the original amount of cars you had, but most people don't even consider this option when they really should.
I'll take the riding with the crazies on public transit than owning a vehicle. I save so much more than just money. I don't have to watch the road, I don't have to worry about parking, I don't have to worry about my car getting vandalized/stolen. I don't have to worry about maintenance/repairs. I dont have to worry about getting into an accident. Having no car puts more money in my pocket and gives me more peace of mind than owning/maintaining a car ever would. More money and fewer responsibilities is much more important to me than convenience and status symbols. Yeah public transit doesnt always work in my favour, but neither would a car. A bus and a car are both at the mercy of traffic. Both are at the mercy of unexpected delays. The difference is that a bus not running isn't my problem or financial burden. Oh, and the fare is the same whether I take 2 minute bus ride or a 45 min bus ride. Can't say the same if I were driving a car. But they, public transit is only really a better option if you live in the city, Iif you live in a town or rural area, you're generally not gonna have access to public transportation.
Holy crap this makes me feel really good on how -much- little I have to spend on my vehicle. At most, it cost me about $80 per fill up, so possibly $160 a month on fuel. I usually pay more for motor oil and and oil filter than the labor cost of per oil change. Jiffy Lube charges $40 per oil change, sometimes they even include the cost of oil and filter as part of a managers special. So $7 or $14 per filter, and $40 for 6 quarts of motor oil.
So yeah still under $100 an oil change every 3k miles. 264 miles a fill up so. . .I almost year passes by before I need an oil change. Even $200 a year in oil changes sounds pretty good to me. So yeah, about $1,920 year on fuel plus an extra $100 for the oil change. I refuse to drive much more than 10 miles to my job.
Having said all that, my 2003 Chevrolet Tracker is quite the eyesore. The sacrifices we make for our finances.
I bought my first car a year ago, having lived 20 years as an adult without one. I of course just bought one that would be cheap enough to not "interfere" with my finances and I must say, I love it. I would happily pay double the costs for everything to have this comfort. Although in Switzerland where I live public transport is nothing short of amazing and you technically don't "need" a car, the freedom you gain with it is almost priceless. To me that is at least.
Now imagine you live in a place like the US where the majority of homes are single family structures and city spread is real. There's parking lots here that are probably a longer distance from the back to the store than your nearest public transit spot from your house. Cars go from nice to have to a necessity.
People here don’t appreciate that
What kind of car did you buy?
Very similar. I lived in NYC most of my life just biking everywhere. Then I moved south where I had to buy my first car 2 years ago. It is a necessity while I would largely prefer not to have it. It sucks me out of money all the time even though it is a cheap KIA
It's funny, whenever I've traveled outside the US and experienced good nationwide mass transit, I feel like that's more freeing.
I don't have to worry about parking, sitting in traffic, paying attention to the road, and feeling the seconds of my life tick away commuting. I just get on a train, relax, and go.
If it wasn't for the fact that part of my job requires me to move large heavy objects around town, I'd have foregone my car. I ride my bike to work as much as possible because it makes my commute something enjoyable rather than an inconvenience.
My main trick to make transportation really cheap is to live close to where I work. I like myself and my time too much to have a travel distance that couldn't reasonably be covered on a bicycle.
That works well but I've also had it back fire when your boss realizes you are 5min from the office
@@turnaround2 heh, good luck to most of my bosses. I don't mind grabbing extra work every now and then, but I don't have a problem saying no either because I tend to have enough money that I only work under conditions I find agreeable enough. It is rare that bosses or assistants have tried to push me into something and I have never been reprimanded for saying no. Unless there is a clause in your contract where they can force you to work in case of emergency or something, they will be in trouble if they try to punish you or force you in any way at all. I don't think it's good for the employer/employee relationship if you subject yourself.
You don't live in the tri state then. Try moving closer to NYC 😂😂😂 ..
@@antcruz83 I live in Sweden, so no. I live in a rural town with good connections to several cities. I've mostly changed jobs within the town though because I don't like commuting. I could live in the city but on the whole I prefer not to. Now I would only accept a job in the city if the benefits are great. Like working from home like half the time :p
I also lived and worked in Malta for two years. I was almost the next door neighbour to my job there in spite of being in a city.
@@antcruz83 I actually live in CT and can bike to work, 2.1 miles. But, I'm literally the only person I know who can say that and most people either look at me like I'm nuts or give me props as I huff and puff and sweat up the huge hill I live on.
Good to see someone talking about this. I've never owned a car and saved so much money that it's allowed me to go on a lot of great holidays and buy my house sooner (I'm 34). Bikes/ebikes can be bought new at an affordable price and can substitute for more than half of trips that would have been done by car
You don’t really own your home either though. Especially while you pay your mortgage.
Tough decisions here. I’ve paid a car payment or car repairs either way. No way out if you want or need a car.
I’ve got a friend who manages to drive “the” junkiest cars for years and I have to hear about all the money he saves lol
He’s always taking his car to “ a guy” he knows for repairs and when smoke comes out of the tailpipe when he starts it it’s like “ it only does that when you start it” lol.
I’m sick of getting ripped at repair shops and white knuckling it in a crappy car.
I am going to produce 1000 more dollars a month for a great comfy safe car. And no ! I’m not going to think about how that 1000 could be more in the future cause then I’ll be stuck in the same ol rut. Of… junky car, high repair bills, white knuckling it, be less productive. I need a frign car. Lol
Amen. I see a bunch of people fall into this trap and it's hard to watch. All I want in a car is for it to be reliable, affordable and comfortable. I drive a 20 year old Camry I bought for cash and love it.
Totally! I feel more rich driving my economy car than the european sports car that I used to own. Anything could happen to the economy car and I will just shrug.
Plus you get to appreciate daily the craftsmanship of early 90s Honda cars before they (or whatever became predominant in the American market) became bloated intimidating fiberglass abominations.
Unfortunately it's also frowned upon to show up to work walking from the bus stop or walking out of a 20 year old car in the company parking lot.
@@brownhippy Let them frown, I'm on track to retire at age 45.
I ride my bike to work every day 13km round trip, even in the winter. And I live in Canada. I do it so that my family of 4 can have just one vehicle instead of 2. People think I'm either completely crazy or that I've lost my license due to drunk driving. They talk to me about it with a sympathetic tone but inside I'm laughing because my last mortgage payment is this October.😎
thats only about 4mile from ur home, bike is a real option u can even walk since it close enough.
yeah, things are rarely as they seem.
Congrats on the mortgage payoff, bummer about the DUI.
@@nmccw3245 That made me laugh, thanks. I get that all the time.
Same here, whole supluss goes into deep value investing.
Great topic to get people thinking.
With the average length of car ownership over 12 years at this point, I think a rarely mentioned option is to consider going *much* older with when you buy a car. A car that is 10 years old still has probably the average ownership length left in it, and to boot will have already depreciated 80% of its original value; this makes the absolute purchase price much lower and means you likely won't lose very much even if you do decide to try to sell it later.
The notion of buying "slightly" used to skirt around depreciation only matters if you're going to trade it back in/sell it in a year or two...and start the whole cycle over again with another big down payment while you continually to shell out interest. I frankly never understood the numbers with this outlook.
I also feel like people accept the fact that car costs over 15k way too easily. There are thousands of listings of all types of vehicles on across the major sites that have reliable vehicles for under 10k and *many* more for less than 20k. Imagine getting your car totally paid off in ~3 years or less for the same monthly payment (with less total interest) than what any average person is paying going for a 35k+ car.
Buying an older used car confers so many benefits, and with how reliable most are on average now, very few drawbacks. Even if you had to swap a transmission for 5000, you'd still be leagues ahead of the person who's paying 35k+ interest on their car.
Remember: Cars only cost money beyond being transport. If you don't have boatloads of cash to burn (or are simply a car enthusiast) take the time to spend less on them. It's one of the easiest ways to reduce your costs in a big way and set yourself up long term for a better financial situation.
If you don't find a means of multiplying your money, you will wake up one day and realize that the money you thought you had, had been exhausted. Investment is a ladder to climb the financial wall.
3 years ago I bought a used car for €2000 with a little over 200K km on it. I think the total maintenance I paid in 3 years is just shy of €500. It's quite fuel efficient. About 5,5 L/100Km.
Insurance and tax are about €40 each every month.
A car doesn't have to be expensive
Yeah, I have a 27 years old turbo-diesel, it's combined fuel consumption is also about 5,5L/100km. With all costs combined, it cost around 3000$
Understand that there is also a factor of luck when you do so. Sometimes people end up with pieces of crap that cost thousands to repair. Everything was fine when they bought it, but then there are the things that even an experienced mechanic cannot see.
Thanks for giving us some good advice! A lot of people aren't willing to drive a $5,000 10 year old used car. I worked in automotive for years so I'm always giving car advice to friends and family. A few year old used car, with a big down payment is usually the best option. Always try for a 25% down payment! If you can't save $5,000 in a year then you probably can't afford a car payment!
@M I bought my 2004 Toyota Sienna in 2010 with 91,000 miles for $13,000. Still drive it daily today with 225,000 miles. That van took us on A LOT of Vacations. Yes it is old....and not a head turner.. no longer perfect...but man.....tires, brakes, battery, oil changes is all I have really done with it. If any major issues happen...another used Toyota....all I can say is this Toyota van has served me well....
While I appreciate those who can hang with a car for 10-15 years, I wouldn't trust a car like that on a road trip or in commuting traffic. They don't build them like they used to. Older folks I know who rebuilt cars in the past have given up and conceded to the idea cars are not as reliable as they used to be. Do your thing for sure and good luck. Anyone having a chance of low repair costs better buy a Honda or Toyota. No car is perfect but there are a ton of brands out there where you are lucky they last 6-7 years before the repairs don't make sense with continued ownership.
@@marksaxon If a person daily drives to work 60-70 mph for a 20+ minute commute to work and back.....I personally wouldn't see a bigger risk with road trips. Most of the problems with older cars is the plastic parts getting older and brittle and breaking. My van is 2004 with all the bells and whistles and the stuff failing are heated seats not heating, power seats not adjusting due to plastic gears stripping, adaptive cruise control radar broken and not working, parking sensors beeping for no reason. Notice all this high tech stuff that didn't exist 30 years ago...hahaha. Like you stated....cars aren't made like they were in the past 15 years.....more tech more potential headaches.
@M not even a little bit true.
I prefer pay in full if I can
What is Net Domestic Product?
Economists subtract the depreciation of capital goods from GDP and call the result NDP. But the purchase of durable consumer goods is part of GDP also. Economists don't subtract consumer depreciation like cars.
A few things to add to this first: an extra cost is tires ...and it can get expensive if you pick a car that doesn't have a widespread tire size you either compromise safety by buying cheap tires or you end up spending more than you planned initially so it's a good idea to research that as well. And second, depending on where you live and how/ and how far you commute it could be a good idea to either get a diesel or a hybrid vehicle...you could save quite a few bucks on fuel without adding extra cost(yes diesels are more expensive to repair if you don't exploit the car properly...aka do lots of miles in the city...it's not what those engines are designed for they were primarily designed for motorway use, a hybrid is a much better idea for city driving.
Knowing all of this. Ill still say fuck it and get that lambo. Because I want it
Right on, Top G 👍
The first apartment I ever rented in America, I made sure to rent close to a cluster of various businesses. Thanks to that, I didn't have to have a car for most of my needs. I found a job in one of the businesses nearby and walked to work every day for 5 minutes. Saved me a ton of money over the years.
Funny how smart immigrants are, living next door to work.
It's almost an American tradition to live at least 30 minutes from work😀
As a Hispanic
I’ve learned a lot of good stuff from Asian culture.
@@ivanr4300 as an American I’ve learned a lot from immigrant culture Asian, Latin, Hispanic, African. Work ethic, business acumen and even some family values are inspiring.
I do the same thing EmberFlower. I get to skateboard to work and only drive my car for groceries. It's the life : )
it just saves time and money, location has always been a big deal for me when choosing a job
Another advantage of doing your own maintenance is that if you do it yourself you know its done right. Sometimes people whom you pay to service the car either do not care about doing it properly, or they outright scam you, using some unsuitable, but cheaper alternative for example. Not to mention, some of those things (like oil change) should take some time - the more time you let for the old oil to drip out, the better (well, within reason of course, no point in dripping for a day)
Great video overall. I think a point that could/should be stressed is that the numbers presented on a 2018 Civic (a very efficient and extremely reliable car) are conservative compared to other cars. If you went with any Domestic or European car the costs would all go up, 10-20% for Domestic, 20-40% for European cars in maintenance, the depreciation would happen faster as well. Don't forget that American car culture is increasingly about the SUV/Truck which drastically increases fuel usage, insurance/registration costs and maintenance. Crazy stuff.
Save money: live near work.
Me: I'm not moving closer to the jail.
I bike pretty much everywhere, and it's saving me like $3 in gas everyday and helps my health. I have little maintenance, no tax, no gas and no car related problems.
amazing :)
I mean some of us commute 40 miles for work biking like that gonna put me in the Tour de France population
Smart and usually pretty enjoyable.
Until that one day when a careless driver clips you and sends you to the hospital, negating whatever money you saved.. I have 7 bicycles but I rarely ride on roads I have to share with cars anymore. It's 90% gravel roads and mountain biking for me.
An old Nissan leaf would do almost the same. Protect you from the elements and other cars.
From someone who does all his repairs and maintenance, be careful when choosing a vehicle. Aside from buying in the 3 - 5 year range, look at the reliability data for the vehicle you want to buy. Many newer cars have been engineered with a 5 year (manufacturer warranty length) durability cycle on many parts. In other words, many parts on the car will begin failing around the time the car is no longer covered by its original manufacturer warranty. There comes a point in the life of a car where it starts having multiple problems and can get very expensive, especially if you know nothing about cars. Newer cars are also becoming more and more reliant on complex and often proprietary scanning software for diagnostics and reset/relearn procedures. So, you may find yourself having to purchase an expensive scanner (upwards of $500) to do a simple thing like resetting your throttle body after having changed it.
I never purchase new vehicles, NEVER. I have a 2006 Pontiac Vibe with 200k miles on it. It is super reliable (Toyota-based), I recently rebuilt the suspension front and back for a cost of about $600. I bought new tires a few years ago, and replaced the battery a few months ago. Overall, I doubt I spend more than $1000 a year on it. You can look down on me all you want, but I bet you the pink slip to that gas guzzling Charger that you are broke.
Pro tip: if you live in an area with decent public transit, commuting by bus (or whatever public transit you got) can add up over time to be significantly cheaper than commuting by car.
The problem with the 3-4 year old truism at the moment is 3 years ago the supply of new cars stopped. Therefore 3yo cars are in short supply and not as much of a deal when you factor in the risks of a used car.
I drive a 2005 Lexus RX330 SUV I purchased in 2015. I have 135K on it and rather than trade it for a newer model, I invested in new brakes, struts and a couple of sets of tires. It's in great condition inside and out and it's paid for. You're spot on Humphrey. I've been able to save nearly a grand a month that would have otherwise gone as payment for a new Lexus SUV. In five years I'll have 70 grand in the bank. If I'd bought a new car I'd have a $10000 used car sitting in the driveway.
The main idea here is that you got a Lexus. If you had gotten yourself a Chevy, Jeep, Ford, Dodge, , BMW, Benz, Volkswagen, you would gotten yourself in deep water.
@Jimmy J - The RX330 Is a great car. If it’s a 2005 with 135,000 original miles you might want to consider saving money pretty soon because the next expense on repairs on that car and maintenance is gonna be the drive belt the belt tensioner the water pump the thermostat and the spark plugs. If it’s a 2005 it’s probably sitting right now on the original parts. Always go with factory parts I mean dealership parts because aftermarket parts will not work on these cars. Trust me. Parts and labor you were looking at between $900-$1200. Small price to pay; after that it’ll be the radiator.
If you give the RX 330 the care and maintenance it needs that car will last you 500,000 miles plus easy.
I actually like the idea of not owning a car (they are not investments and are usually money pits). However, I am married with two young children in school, and I just don't see how I can do without a car to do daily/weekly choirs/errands (e.g. grocery shopping, two different schools...) Thanks for the video... definitely stuff to think about.
A car is NOT an investment! It's an expense.
In normal years buying a 3 yr old vehicle would save a lot of money. Lately, because of used car shortages, those cars aren't much less than the new vehicle of same make/model. This is slowly correcting itself, but for the most reliable vehicles it may be worth it to look at new. Particularly, if you're planning to hold on to the car for a decade or more.
That's exactly what I did. I bought new due to the prices, but plan on driving this thing into the ground, lol.
definitely!
I was just going to ask about this because new cars are just a few thousand more then used vehicles right now. So should I just get a new vehicle? I also plan on running it until the wheels fall off.
@@bumblebee_bae and if you're not buying 100% cash, then new car might be actually cheaper to finance - interest rates on used cars are always higher. So in the end, yes, a new car in this weird temporarily upsde-down market might actually be a good idea.
bingo
I’m still using my high school clothes at 30 years of age 😂.
Congrats, you didn’t gain that much weight into your 50s
@@TobyCostaRica but he’s only 30?
Oh I misread that 😀 still impressive at 30. College adds at least 15lbs
@@TobyCostaRica lol. Genuine congrats though
I have shirts older than you. You're doing great. The trick is to buy high quality stuff, not trendy or flashy. The clothes will hold up and won't look out of place. No reason to look dated just to save money, so trendy stuff should be avoided.
As far as I'm concerned, if you can't afford to buy the car in cash, you shouldn't be buying the car. And even if you can, if your city has a transit system and/or good bike/walkability, you still probably shouldn't be buying the car. Taking out a loan with a ludicrous interest rate in order to finance a luxury item for basic transportation is absolute madness.
40% of Americans couldn't make a $400 payment in an emergency, and yet an uncomfortable amount of us sign up en masse for monthly car payments high enough to be mistaken for rent payments. The vast majority of new cars nowadays are trucks and SUVs, which are overpriced, unsafe, and bad for the environment, and which exacerbate traffic with their outrageous sizes. If you have 4+ kids and need something functional to transport everyone, buy a minivan. Most everyone else that isn't made of money and doesn't have access to transit should be in an economy car, or a station wagon at most. The truck / SUV obsession is pure lunacy, and a great reminder of how impressionable the average person is.
It is so frustrating to watch people shoot themselves in the foot on this stuff while the planet warms alarmingly; if people just acted in their own best interests, we'd be in a lot better shape on climate (especially when you consider politics), but we can't even manage that. Do better, y'all.
I began investing at the age of 34, primarily utilizing my hard work and dedication. Now at the age of 42, I am delighted to share that my passive income exceeded $100k for the first time in a single month. This advice is truly valuable, so don't hesitate to take action. Remember, it's not about achieving wealth quickly, but rather about building wealth consistently and persistently.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $508k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choi
that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s your financial advisor or coach, do you mind hooking me up?
The adviser I'm in touch with is *CAROLINA MELINA PHERSON* she works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me she strategy works hence my result. She provides entry and exit point for the securities I focus on.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
Personally, I used to ALWAYS change my own oil. Would have to set aside roughly 1-2 hours to do it, spend close to $50 on oil, filter, etc, then I stafted taking my work vehicle to an oil shop, and their price for a full service was about $85, and they always manage to finish within 10 minutes due to their set up. As of now, my time is much more valuable than the $35 saved. One thing I am missing, however, is certainty. I now do not know if there are any signs of leaks or damage on the underside of my car, since that was the only time I'd be under there. Only point I really want to make is shop around. Compare establishments as well as your own time. 2 hours working on my car is not worth it when it could be spent with my very young daughters. I will be teaching them how to properly keep a vehicle maintained when they're old enough though.
A good auto mechanic is checking on any maintenance issues
10 minutes to do a full service....walk away now!
One thing you didn’t really mention is the possibility of going car-free or being a one car family. I was car-free most of my adult life and now we are a one car family. I have saved tens of thousands that way.
@Michal Mozejko [C] We love cars in the U.S.
Being a one car family sucks. I lived in NYC in my 20s and my husband used to take the car to his friend’s house to carpool to Manhattan. I got stuck taking 3 buses to my job on Staten Island. We later moved to the suburbs of NJ and we now own 4 cars. I have my son on my car insurance and gave him my older honda to drive to work. It’s been paid off for over 14 years. There’s 85,000 miles on it. It’s in very good condition and we keep up with the maintenance on it. Costs 800 annually for insurance.
Paid cash for my last two cars. Insurance is $3,600 a year for all the cars. None are new cars all are paid off.
The car free is far from viable for most Americans. Now if you live in a place with adequate public transportation I'm with ya 100%
But often times Big City folks don't think of or ignore the realitys of life outside of Big cities. In all aspects of life not just transportation.
Car free isn’t viable in Australia either. Unless you live in an inner city bubble which is very few people.
That’s not possible in most of the US.
Great video…..I have a 21 year old Toyota Tundra that still runs fine. People are shocked at what I drive given my job but that’s why I’ll be retired in my mid 50’s and they won’t.
This is spot on. My wife and i currently have had the same two used cars for 7 and 10 yrs respectively. I’ve seldom lost money on cars by always buying, improving then selling older used ones as a kind of hobby (usual turnaround was 6-12 months). Although getting on a bit now in our 40s, we are virtually debt free and no we have never been passed down any generational wealth.
In contrast, out next door neighbours work themselves to the bone, both buy flashy almost new cars every 3-4yrs, 2 holidays a year, always buying new furniture. They’re on their 4th remortgage and are constantly broke yet older and been on the property ladder much longer.
Not hard people, just don’t give in to consumerism.
I definitely agree. I tend to keep my cars until repairs start getting to be more than it’s value. I used to change my own oil but recently stopped because after purchasing the oil and filter, disposing the old oil and filter plus the time I took I didn’t feel I I was saving enough. If you are being charged $100 dollars for labor on top of the oil and filter you are definitely going to the wrong place. You should be able to get the whole thing done for that much or less. My families car is also a cheap used leaf for around town commuting, you don’t need crazy range if your family has a a second gas powered car and you can get them relatively cheaply.
Depending on the insurance carrier, staying long-term with one can actually decrease your rates when you pick ideal limits of 100/300/100 or better. I used to sell auto insurance.
I don't know where you used to sell auto insurance but in Canada for me driving more than 30 years I've never seen insurance decrease but only increases. The best that I had is no increase in some years. So far I've switched to 5 different insurance companies because my insurance keeps inflating and at one point I have to shop around for better price. And I have a perfectly clean record, never made an insurance claim and never been fined.
My rates have decreased with my tenure at an insurance company, with the same limits mentioned by OP. In the long term it generally increases sure all else being equal
I'm shopping insurance again, rates keep going up, my buddy is in the same boat, raising his rates too. It is now normal to purchase new insurance every year. We were with AAA since the 1960's up until just a few years ago, they kept raising the rates, it was ridiculous for a customer of that many years with no issues to be treated like this.
@josephisip460, what is 100/300/100? I'm 64 years old, I have not drive for the last 20 years (I live in NYC) however I've been thinking about buying a used car, but the insurance are really expensive. Progressive charge around $5,000 a year, just can't believe it. Since you used to sell auto insurance can you please give me couple of tips about how to get an inexpensive insurance. Thank You.
@@diose0078 Those are liability limits. 100/300/100 usually is the best coverage-to-price ratio. Try going to an independent agent since they can shop around for you. Then have them requote you every 3 to 5 years.
NJ and NY tend to have really high rates because, statistically, people from there are worse drivers. I'd move from those states in general since the cost of living is high too.
I'm not licensed anymore so this is just an opinion.
Excellent advice. I've always followed most of it and wondered why so many didn't - over time I still see most of those same people struggling financially in general. Another related point is to take good care of your vehicles so that they look good and work well for longer, delaying and lowering expensive repairs and replacement vehicle purchases.
5:05 man, talk about small families with multiple cars. I know of an older couple (in their 60's), husband still doing odd jobs for indoor remodeling, had a minivan that he used for work, that broke down, now drives his relative's SUV for work. They have another broken down Acura Legend from over 30 years sitting in drive way, a Lexus SC 300 that looks to be in good condition in garage, but rarely ever driven. Wife drives a somewhat beat up Lexus SUV. Add to that when their son/daughters visit, they often drive a sedan over. So their home sometimes could have up to 5 or even 6 cars.
Is it fair wages? No?
Yes! I grew up watching my family and nearby families in the neighborhood always struggling financially. Yet, they carried a $800+ truck payment each month. Thankfully, because of this I was able to learn quickly what NOT to do. Today I am 24 and I'm so happy I only pay $182 for my '19 Jetta. Thankfully I got this vehicle before the "used car bubble", therefore I haven't lost much value on it at all. Don't see myself trading this in anytime soon. Maybe once I make senior in my firm or something in a couple years. Great informative video!
I am proud of you! Just guessing from your name, we both grew up in the same neighborhood/culture. The pressure to present an image of someone we aren't is real! You're on the right path! 🙂
I'm from a semi-rural town in Florida and I definitely saw this. Still see it actually since I live 30 minutes from my home town. At some point trucks became less about being affordable work vehicles and more about being Emotional Support LIfe Trophies for insecure family men. I guess you can say that about a lot of expensive cars, but it's really evident with truck owners.
@@gwpeoples "At some point trucks became less about being affordable work vehicles and more about being Emotional Support LIfe Trophies for insecure family men"🤣🤣🤣
I paid 300 dollars for my first car, it was a peice of shit, but got me and all my friends from point A to point B for like 7 years.... so.....
You're driving a VW Jetta. Trust me, that car will cost you an arm and a leg from maintenance and fixing broken things once the warranty runs out. Mark my words.....