Dave Ramsey On Buying A Lamborghini
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Lol cause a car payment is really gonna add up to me being a millionaire
I just posted something about this today on Facebook man. Cars are the worst investment you can make, they depreciate as soon as they come off the lot. Stop worrying about keeping up with the Jones's and get something you can afford and that is reliable and that will get you from A-B
To bad this link isn't clickable
As a non-millionare I can safely say I also drive an old car which I bought in cash, which helps me to be the non-millionare I am today.
You’re smart, economy is gonna collapse everyone is going to lose the lease on their 50k corolla lmao
@@brentbarham3157what corrola is 50k?
@@mauritsbuskens6595The GR. They have such high demand people are paying dealer markups and some have been bought all the way up to the low 60k range.
Lol. Just buy a quality used vehicle and you will be fine.
Check you oil and enjoy.
Walt Jr. jump scare
Hmm...
@@GrahamStephanAbsolutely a 4 year old Lamborghini with 41k miles.
@@mv3380with a salvage title, blown engine, and transmission, and rear end, Plus accident and flood damage. 😂
It’s Saul 😊
“open na noooor”
There are different types of millionaires that Dave never mentions. You have the ones that penny pinched and did stocks, ones that built businesses making $10M plus a year, one’s doing $50M a year, $100M a year up to $1B. They all move and spend different. Also most millionaires have a cheap car but also got some nice cars in the garage
Fr I hate this notion of "rich people don't spend their money on xyz" god forbid some people have interests. Some people prioritise some things over others. Maybe cars, watches, houses, yatchs, planes, helicopters
@@NAUT758Totally agree. I, like many people, am a car enthusiast through and through, it’s my life. I’ve always paid in full on the spot for all of my cars and i would’ve definitely gotten further ahead if i financed one or two.
Why would he mention all of that when his goal is to create and sell a one size set of basic financial rules that average people can use to improve their finances? It’s irrelevant
Also, the vast majority of millionaires own 2 - 3 cars. Soooo, maybe a cheap car, a nice suv and a fun car. But their average auto investment is around 85k between these vehicles. Sooo its just interesting to think abt
@@NAUT758for real I’d like to see him spew his bullshit on the Tates 😂
When you have money, you don't have to show off. You know what you're worth
Exactly!
People like cars have you ever think about it?!!!!
you're so adorable for this statement.
Attention is power
My vehicle is 24 years old with little over 300K miles and still driving like a champ. Being able to fix it myself has saved me thousands and thousands of dollars.
Toyota
@@Kevin-yg8lt those Toyotas are bullet proof.
Well because you barely drive it. Lol
But are you a millionaire though?
@@diadlo777 Very close to, will definitely retire as one.
My neighbor is a multi millionaire and he still daily drives a 1989 dodge Daytona Shelby, he said he bought it when he made his first million
Genuinely curious of the name of the person that asked you.
Made and saved are two different things
No gud pay off yr car with af off yr salary what about the rest gas insurance tyres u should pay the rest off the salary no food no rent no electricity 😂😂come on fk internet people😂😂❤
@@pauloamorim1746English bro, that’s what we speak here.
@@pauloamorim1746what are you even saying? The total value of the car should not exceed half of what you make in a year. Aka if you make 100k then no car over 50k and you gotta pay cash to you can invest what you’d otherwise put into a a car payment but the investment will compound. It’s really smart actually.
Current vehicle is a 2010 Honda Crv purchased w +-50k miles and currently has 250k miles. Just replaced the transmission, full tune up etc and drives like a new again. Purchased used and is way cheaper than buying a new one for $30-$40k. One of the easiest ways to control expenses and avoid throwing money out the window.
Looks like I’m driving a hot wheels to work
I drive my cars until the repairs far exceed the value of my cars. They keep working, so I keep driving them.
how it should always be
It is always cheaper to keep a car running then to buy a new car. Sure the repair might be 5k and your old civic is worth 3k, but how much is your new car going to be? If it is more than 5k why bother buying, just fix it. My parents did this and I can't comprehend their logic. Their car was going to cost 6k to fix. The car was worth about 3k. So they sold it and bought a 50k SUV? Just fix the old one. It will be cheaper and it is better for the environment
@@jackengele2144there’s that for sure, but sometimes with a car being machinery, it becomes a dump that EVERYTHING will begin to fail on. so the headache + cost is sometimes worth it to get a different car in cash
My thought process is its cheaper than a new one lol than you have to reason if it's worth the dollar a mile your expecting to get out of the repair. Like a truck with a good engine needs a trans, or a truck with both bad than you have to decide is it worth the coin toss on a used engine and a rebuilt trans
@@ctknetwork3008the real killer is rust, there's not much you can do to fix rust on most cars made in the last 30 years
To manage investment risk, consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal. Remember, diversification is an approach to help manage investment risk. It does not eliminate the risk of loss if security prices decline. Because investing can be complicated, consider working with a financial professional to help guide you on your wealth-building journey.
My consultant is 'MARTHA ALONSO HARA", look her up online if you care for supervision.
Do you know any good advisors?
For a very long time I’ve told people if you can not afford to buy it out right in cash you can not afford to fix it when it brakes down
Facts cash is king I've got no time for car finance if I can't buy it outright I can't afford it
If you're passing up 84 months at 0.99% to pay cash you're literally burning your money.
Every millionaire i know says to finance even if u have the money because the more money liquid u have u can use to make more money
I financed half of my car payment and invested the cash. The investment paid for my car 6x over. I purchased. Tesla and liked the car so much that I bought the stock as well.
@@datway3582 funny. The millionaires I know say their biggest financial regret was financing a vehicle
@@datway3582it depends. Because people who are millionaires typically have things they can invest their money into. For people who don’t invest, then it doesn’t make sense to pay the interest no matter how low.
It blows my mind that this isn’t the norm. People in the modern world are obsessed with spending money they don’t have for things they don’t need.
To impress people they don't know.
you should never get a loan for something you can buy with cash and if you cant buy it outright you should think about taking a loan out on it. now know this a credit card is a loan we got people out here taking loans out on candy bars and soda.
Except you uh, do need a car, depending on where you live.
@@ijones36 yeah so buy a cheap car you can afford. It’s not rocket science.
@@ijones36 That doesn't mean you have to go into debt for it.
TBH 50% is really high. Unless you’re really struggling or really rich, most people are probably better off not spending half their take home pay on a car.
It's not like it's a recurring expense. People really only should have to buy a car about once every 10 years...
@@pyromcr The people who spend 50% of their take home pay on a car and aren’t low income likely don’t wait 10 years to replace their car.
A car should be at most 25% of your take home pay so if you make $45,000 after taxes your car should be at most $11,250.
@@martinlutherkingjr.5582 Again, it's not about spending 50% of the take home pay on a car and paying it off in 12 months. It's just a ballpark figure to understand how much a good budget figure would be.
@@user-nh3gu1ge3d Yeah, that’s not a good ball park figure though unless someone is broke or rich.
Never trust a person to manage your wealth, who spends their time telling people how to manage their wealth. You are the product being sold in this relationship.
A very good point.
That's like saying don't go to school because teachers spend their time telling you what to learn
@@potterfanz6780well idk where you grew up but here in America that is still a valid statement if you want to become rich..
What about a financial advisor in a bank or a estate lawyer
Bingo
I will live by this for the rest of my life. I finally just now paid my car off a few hours ago
Congrats! I Paid off my credit card yesterday and will be starting to pay extra towards my car next. Hope to have my car paid off by this time next year. His debt snowball technique has helped me out a lot
@martinpetrillo4470 thank you and congrats to you as well! It feels good huh? We're in the exact same boat, just reversed. I'm now working on my credit. Credit interest was higher, of course, but I was closer to paying my car off, so I did that to double up on credit payments now.
I haven't seen his debt snowball technique, but you got me looking for it now.
@@goan1413debt snowball works
Congrats! Right behind you in a month, then the payment becomes savings and investment.
Time for a new loan!!
I never really understood the point of paying for a car month by month in any financial situation. Call me dumb but I would only ever pay $5000 for a car
Don’t forget the additional fees (I.e. insurance, maintenance, fuel, taxes and plates, parking, law mistakes)
If you’re broke ok this makes sense, but if you’re killing it and want to buy a sweet 60k toy, life is far too short not to
If you are killing it but don’t have the money for a 60k car, you may not be killing it as much as you think. I’d understand if you were mentioning a higher costing car, but at 60k there has to be other priorities.
These days $60k doesn’t get you a lot as far as toys, but I agree with the philosophy.
If you're not making well over $120k, you're far from "killing it".
If you can't buy it in cash, you're not really "killing it".
You didn’t rlly understand what he said huh.
Based off the philosophy if you’re making $10 million a year (killin it and not broke) you can spend $5 million on cars.
So yeah he never said don’t enjoy your wealth. He’s saying build wealth faster than it takes you destroy it.
Don’t buy that “$60k toy” if you’re making $60k a year, that “toy” is an ENTIRE YEAR of labor but if you make 10 million that toy is like a days worth of work
Even after making nearly a hundred million dollars in GTA V, I still drive the electric super car I stole from a crazy therapist, I’m a simple man, I need no other car.
Problem with buying an old car you can have it paid off and spend $500 a month to keep it running.
I ended up buying a 1 year old truck for work, because my old cheap $3000 truck has a broken transmission, and my $10000 truck has so many problems that it would cost the same amount per month to keep working. Id say getting a newer, more expensive vehicle isnt always a bad idea, especially when you drivr for work.
Dave Ramsey is a smart guy and i think he gives good advice, but its not always applicable for everyone.
You could also buy an old, cheap vehicle that's in good condition.
As a car guy even I agree. I think it's so stupid to see people my age that are broke buying 80-90k cars when they make 7$ an hour.
Bro nobody making $7/he is driving an $80K. Lol they wouldn’t even be able to afford the car payment.
@@fermatslasttheorem6298 exactly they can't, but they can still get approved for it. I've seen it far to many times. A lot of people do a tactic where they just don't pay the payments, and the value of the car drops and they can "rebuy" it from the bank for far cheaper
My question is who is financing them??? I hear this over and over again. People making 15 and hour driving a 50k BMW, and some bank legit looked at that loan app and stamped it yes. This is a good indictator we are headed for a massive crash.
@@lauracarnes4007probably a 2008 situation just in cars instead
@@mr.k3477They can’t get approved for it. Anyone you saw making $7 while driving an $80K car had someone else buy it for them. The payment would be more than their monthly income and no bank is making that loan.
“The rich stay rich by living like they’re poor and the poor stay poor by living like they’re rich” This always stuck with me
Well find another bullshit quote because it's not true.... when you last saw a millionaire with a 20 year old honda huh???? And see any poor with a bentley????
Ive never met a single "rich" person who lives in an apartment, drives a beater and survives off of cheap groceries. Literally not a single one. Having 400 000 in the bank while living that lifestyle wouldnt make you rich to modern societal standards and thats about as close as ive seen.
@@anthonymullings8539 if u have to work in any way ever ur not rich
I don’t know who told you that but they obviously have no idea what the realities of poverty are
@@anthonymullings8539 We should have met in 2018. I was a millionaire living in an apartment with a 9 year old car and I shopped at Giant with coupons. I was worth over $2 million at the time. I bought a house in 2019 because I wanted a dog, and bought a new car in 2021 because my car died with a repair cost in excess of its value.
It isn't the car it is the mindset. You can't just take the advice and expect results. that advised behavior is natural behavior to those millionaires
Whats the use of being millionaire if you dont spend on yourself...
If you are rich, have a good mobile, house, car airplane and yacht...
These should be must
Bought a 2006 Toyota matrix in 2019 for 2k had 185k on it. Not a pretty car, but gosh I love it…
I bet its reliable, I've got a 2006 volkswagen passat with 190 k on it, still going strong. Buy German or Japanese.
That matrix is worth like 6k now
Easy for someone with money to say. Cities in America, barring a few, are not walkable or even reasonably bike able. “Car tax” is something people don’t talk about enough for most middle or lower income Americans
They sell used
@@trmullins2 They do sell used cars. The point is in order to have enough money to buy a car you have to work. To be able to work you have to get to a job. To get to a job you need a car. To get a car you need a job
@@Turtl3Ramen I see that is fair but there are buses. I took the bus for while but I do get not every city has bus routes and still can be difficult to walk
@@Turtl3Ramenyeah people have no options and everything is not their fault. The problem with Americans these days
@@shawnbradford2243 are you from America?
I think as long as you are financially stable and have lived frugal, at some point you want to enjoy the fruits of your labor. Balance is important.
Dave would agree. He's trying to get people to the point of building wealth, and that is very difficult to do when you are still swimming in debt.
The smile that a sports cars brings to my face is worth every penny…. You can’t take it with you
A 4 year old car is not that old and 41K miles is not that many miles. Sam Walton drove the same old Ford pickup for the last 20 years or so of his life. Daily drivers are not assets, they're liabilities and they depreciate. The money wise drive vehicles with the smallest cost of ownership.
I have 700k, soon to be a millionaire, I drive a tacoma with 164k miles on it
I live on sub $500 a month disability. Drive an 01 Dakota with 690k on it paid $8bills and major repairs besides consumables... starter motor, belt tensioner pulley and a front wheel bearing. Hope to get it over a million miles in the next few years.
You need at least $2M to be a millionaire.
@@ayeflippum according to google, no
a person whose assets are worth one million dollars or more.
@@FishSauc yes but with rampant inflation millionaire will soon not mean THAT much.
Cap 🧢
Sorry ye, I hit a million last year and I see money as nothing more than a vessel to enjoying life. Not a number to have a pissing contest with the next guy. I bought a £146,000 car in cash when I had a £300k bank balance and I regret nothing. I do not wake up in the morning and think " if only I hadn't bought that nice car I would have a bigger number bank balance right now"
you havent done anything. sit down
@@surfmotoryes he has😂 don’t be bitter .. he’s done well for himself
what car was it, gotta know
I would rather more rich people spent more of what they earned, It's what keeps the economy spinning around and people in jobs. hoarding it in a bank account does the complete opposite.
@@Fanta....To some extent, yes. But not more than they make. I make a decent wage, somewhere around 65K a year after taxes (I live in Belgium, our cost of living is a lot lower, e.g. my health insurance costs less than 250 a year and includes dental,you can still find a decent home for 200-250k...). So I eat out frequently, go on holiday several times a year, just bought a new laptop...
My spending definitely went up with my rising paycheck, but except the months after I bought my house, I've never lived on credit beyond that mortgage. I will not be financially dependent on others after my retirement, have more than I need and enjoy life, because I'm also setting aside money every month.
Me looking at people buying $90k cars with a $60k salary 😂
A loaded Toyota Highlander ends up being 90k, this is a crazy time to buy cars 😂
I have driven whatever got me there since I got my license. Learning to repair and maintain it myself has been huge. Having no car payment, and not worrying if it gets dinged or scratched makes me life simple and less stressful
Ramsay advises the poor to get rich when he has never been poor. His mom and Dad gave him most of what he has right now. I wish I were born into real-estate moguls
He went broke and had to borrow money from family to keep his car.
Ramsay went broke and had to drive a really, really garbage viechle that barely even worked
leave it up to a religious zealot to fib a bit!
@Daniel-ie8siand i investigated it, ben is wrong
@@cereal76We have very different definitions of what going broke is
I got them millionaires beat. I drive a 10 year old car with 170K miles on it.
10 years with 191k for me
I bet you love it tho don't you? (Despite its quirks)
30 years with 216k
thats a poor beat!
Tundra is 23 years old and 285K miles. Looks like hell but still runs.
I believe that Save once said something to the effect of: don’t drive something that you can’t afford to impress people you don’t know(?)
50% feels pretty darn high, actually.
So glad I bought my car in 2017. It was new, but only $10,000, before the car market got totally screwed up.
I was helping a friend look for a used car and they were around $40,000 for certified pre-owned. It's nuts out there.
“The thing you can afford is the thing you have the money to buy it with”
Yes you can buy it, but can you maintain it?
My vehicle is 18 years old with 207000km on it (approx. 128000 Miles) and it still drives great.
Wow. That’s very few miles for a car that age. Most 10 year old cars in the US have more miles than that.
This is one of the few Dave Ramsey rules of thumb I actually whole heartedly agree with.
I drive a 1999 Toyota Town Ace. It's a beast that has got me through so many situations. As it is a van, it also helped me every time I had to move house.
I love these videos because as someone who makes 60k driving a 40k WRX I really don’t gaf because I’m having fun living life.
That’s what I’m saying. Gonna buy a Supra out of college and have fun with it
Have fun working until 70 with that mentality 😂😂
@dawsonsschittcreek5395 i know plenty of people including my father that dont have to work but still do, what eles is he going to do at 65? Go fishing every day? Activities get old and boring fast when you do them way to much, old people simply dont have the motivation to get out and do meaningless activities everyday that theyve done a thousand times before. Working gives people purpose and makes them feel useful and also makes you appreciate the little things in life. Its hilarious you think retirement is like some sort of heaven 😂
@@dawsonsschittcreek5395 have fun living a boring life ahahahaha
Dave Ramsey also tells me people to find a good job, stay by your employer for 40 years, and invest in retirement funds. None of which is responsible for getting him rich
He never once claimed that's how he got rich.
@@ethanbuse2637 didn’t say he did. Just saying he’s telling people to do things that he doesn’t do himself.
@@OfficialMGPlaysThat’s not even true
He said spend less than you make and save for a rainy day. If you like following the advise from your broke brother n law, keep going that direction.
@@insideoutsideupsidedown2218 I do both of those things. But I don’t invest in 401Ks that return nothing to my life until I’m old and wrinkly. What’s the point of investing if the money never actually adds value until I’m getting ready to be in a nursing home?
I haven’t bought a car using a note in 14 years. It’s glorious.
There is a curve here. The curve is total cost of ownership, not cash price. There are cars you can get quite cheap, but will kill you with constant maintenance and repair costs, and cars you can get that cost a premium because they are reliable or have a low cost of maintenance and repair. If you have the free time, learning how to do basic to intermediate vehicle repair, might be a good investment. It does have to be balanced against any additional warranty you may have bought by doing your own repairs. Keep receipts.
He’s so right. Cash is king. If I ever needed a car payment, it would be a max of like 3-6 months. Ideally I could just buy it outright and not have to make any payments on it.
So, Dave Ramsey drives a Bugatti?
He drives whatever he wants. He has no interest in the high end exotics though. He likes old classics.
Better cars than that. You know, cars that last more than 10,000 miles 😂. But he does drive expensive cars, yes
@@morbotheturtle3796 Bugattis last more than 10K miles…. So do all exotics. As does any vehicle that’s properly maintained….
Dude, I really needed this. Thank you!
Well I tell ya what, I got sick of always having junk, and I was put into an amazing position and used car prices were insanity, so I bought myself a brand new car. It's a lot more than half my income, but I'm not gonna live my whole life stressing with some janky unreliable bs. Not knowing wether or not your car is gonna keep making it to work and not having the money to fix it is hell.
When the average cost of a car is now over 50 grand
I purchased three of my cars from my friends who leased them. I end up getting them for half price when the lease is up. I keep them for 16 years or more.
Really? Got mine for $3500 🤷♂️you must only be looking at new cars which are all total rip offs
@@morbotheturtle3796 I’m talking brand new
The average cost of a new sub compact is 25k. You're including the cost of luxury vehicles. You should also look at pre owned vehicles.
New car. Used cars are out there for much less.
The current economy would hit a brick wall if everyone practiced Dave's wisdom.
We probably need a reset.
In general, if everyone out there suddenly decided to live within their means and pay off debt, we'd be facing a serious recession and even depression while people quit spending and paid off debt. But that not saying, it's a good idea if at least some people would be solvent.
You are giving lots of good tips man, love it
Bought my truck used, far less than half my take home.
Even with a few unexpected repairs, it's nice not having a monthly note
When it comes to everything Dave Ramsey says.....take it all with a grain of salt
He thinks only he is allowed to spend any money on anything.
The rest of us have to live on rice and beans, beans and rice, make sure you've got your $1 car. If it breaks after 10 miles, get another $1 car. Don't you ever spend $2 on a car.
If you're not a six-figure doctor or a lawyer with a paid off student loan aged 28, you're just not a viable human being. How dare you waste taxpayer money on studying English Literature even though you got a job on Wall Street and earned $400k last year.
Ramsey is thin-skinned and gets remarkably upset when challenged on anything. Apparently his "rice and beans" comment has been retrofitted to be facetious hyperbole.
Why?
If you can’t afford it twice you can’t afford it
Excellent! I like that much better
Then the average person can’t afford to buy a home. Hell by that standard the average person in an entry level job can’t afford to pay rent in many cases
I’d beg to even say that it should only be a 1/3rd to 25% of your salary. Especially with current interest rates
DEBT = YOU OWE MONEY = YOU ALWAYS OWING
Dave Ramsey BECAME his own BANK
The borrower is slave to the lender.
Agree. If you can't buy it in cash you can't afford it.
This simple rule will save your life from debt.
@@xCookiee oh and stay away from cops at all cost they will steal everything you got.
Once you finish payments on a car, drive it till the wheels fall off!!! Save your money.
The used car I bought (however not in cash) is worth 20% of my take home salary. I plan to keep it for 10+ years.
Why didn't you buy it in cash when it 'only' is 20% of your net salary?
Outside the US, taking on debt for cars is unheard of.
Yea but most countries also dont get fucked by their healthcare system😅
@@LocalB.B.HChamp97 in most countries you get fucked by taxes instead. In the US, you get fucked a little less. Great if you have high income, tax rate of 30% vs 50% saves you a ton of money even when paying thousands a month for good insurance.
Nah lmao , in Asia car loans are the norm
This is some fantasy world you made up. Every developed country does car loans. America is only special in the way that they uniquely take out loans they can’t afford
Why are you saying car loans only exist in the US, that's a blatant lie lmao.
he ain’t wrong
Considering depreciation is like 40% for a brand new car, idk how buying a car our right cash (besides exotics and collectors items) is more beneficial than a down payment + a low car payment.
In many ways Dave Ramsay is a huckster and salesman. Not to say he doesnt have good advice at times but hes also u realistic
41k miles? Is that suppose to be some proof of being cheap?
Reliable and off lease
They bought it four years ago and out 41k in the process 😂
he also practices the belief of being born into the right family at the right time😂
….and a sky genie.
@@sdot5389 yeah. Just like Boyle, Euler, Faraday, Newton, Dalton, George Washington Carver, Thomson, etc. your point?
A great way to think about it 🙌
There's plenty of things he could use updating on, like how bad inflation has screwed over the kids who are just starting at life
There are different types of people: those who want to save money and those who want to enjoy their lives. If someone just wants to enjoy their life, why not buy a nice car? Life is short. If all you do is save money, ur life gonna be boring AF.
You must be very young…life is short? Make the wrong financial decision and you will see how long life is.
@@AirunDevon Im not saying to make bad financial decisions, I'm saying that if you can afford something, and if you want something, do you really have to say "No, I have to save the money"?
@@brandanzhu5304 But Dave is saying, if you don't have it in cash, you can't afford it. And he's right. It's a bad financial decision to finance a depreciating asset like a car.
@@linuxsurfer2002 lol well if u can't afford it then you can't buy it but if u can, why not?
@@linuxsurfer2002who has it in cash to buy a car outright with cash? Only rich ass social media influencers or singers, rappers and actors have that kind of money !
Dave Ramsey is a genius. The king of common sense
Following Dave Ramsey to become a millionaire is like following a girl's highschool basketball coach to become a leprechaun.
I agree with Dave on this one. If you are buying liabilities, make sure to buy with cash you have. When buying assets, use loans
The average truck is 70 k
Average new truck. But if you care about your finances, you wont buy new vehicles. Also, if you care about finances, you should not buy a truck. Unless you are part of the 25% of Truck owners that actually use them for towing for caring items in the bed.
@davegillard3284 no it's not. Why are you lying
People don’t get rich by spending money is my philosophy.
Depends what you spend it on
Some people buy Ferraris and the car goes up in value. Especially if the seller is desperate, these rich guys can get a relatively good deal on an expensive car! Most of us can’t even afford a Ferrari at a discount. So rich people mess around with money in totally different ways.
I'm 64 years old. I've had only one car loan in my life. Had a lot of old cars. Dave is right.
Shoutout to my fellow drivers of sub 2010 paid off cars
If you see people in their 20s in a new shiny car all the time, just know they are getting bent over by the bank
I have one but I paid the 40k off in 2.5 years. Only debt is my house :)
@@ryanc4955 most of the time*
@@ryanc4955 you are an outlier my friend
Got my tesla 3.24% interest free money
NOBODY BECOMES A MILLIONAIRE OR A
BILLIONAIRE BY WORKING FOR OTHERS
AND DEPENDING ON THEM, G0OD
INVESTMENT BRING MILLIONS OF DOLLARS,
AND CONSISTENCY BRING BILLIONS,
THE MARKET IS ALL ABOUT BTC AT THE
MOMENT NOW..
You're right
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Natural, there's a lot of math involved in
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Trading systems allow you to limit the
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decision-making.
This is very correct.
Me who makes $30k a year and drives a $30k car right now: 🤫🤫🤫
credit or cash ? That is important.
If that was your dream and you make it with you own money that is ok.
If it is credit - you are a fool
I bought a new car on hire purchase in 1989. It cost £5200 if I'd paid cash which worked out around half my salary. Over three years I paid £6400 in total. I'd planned to trade up at the three years mark but couldn't stop thinking it was a lot of money just for a small car. I ended up keeping it for 13 years. My budget since then has never exceeded £900
Learn from the best. Thank You
I don’t think people realize now, it’s hard to find a car that you can afford to buy with cash where the repairs needed to make it viable aren’t more than the value of the car itself, whether you repair it yourself or take it to somebody. The used car market is just as bad if not worse than the new market.
I really dont agree with him on a lot of points because he advocates for old rich and waiting for retirement and he doesn’t advocate for rolling the dice on a business or idea you have
Damn that half salary is a pretty good metric
Those days are gone for somebody to buy a quality car that will last a long time with little repairs with cash. Unless of course they are already pulling in hundreds of thousands of dollars a year but that is a tiny portion of the entire countries population.
Shout out to Bawo on the background music
The best car is a reliable car that will serve you for a while and doesn’t require much maintenance. Sometimes it’s worth spending couple thousands extra on a car that will serve you longer, and won’t break down after a year. Take advantage of loans, and take them if you need them. A broken car is a huge liability as your life and income is dependent on it.
The amount of people that buy brand new trucks and haven’t done a single truck thing I couldn’t do in my sedan is wild to me. My $3000 high school car ain’t perfect but it sure does save me money. Yeah repairs can get pricey but not $500 a month pricey.
I don't know about the US, but in Germany the "your car should not cost more than half your yearly salary" rule is actually commonly used by businesses to determine the maximum cost of a company car for an employee since if you're privately using it aswell you pay income tax on a percentage of the car value every year.
my car was 10 years old when i got it, had 160k miles, and some body damage. its kinda rusty. but it gets me from a to b
it's called *"Living within your means"* yeah... Radical Concept not living off credit cards and maxing them out every month
This is true. I make $91k yearly and had a 55k car. With that’s payment and rent. Nothing else is affordable. Sold it for a $15k car and now I’m debt free and invest my old cars payment into a stock portfolio and put money in a HYSA account
"fully paid off"
2001 Honda accord, 189k on it.
Everyday i drive it without buying a car is $20 each DAY that I don't have to put towards a a car payment
The Jerry Springer Show of Personal Finances 101. Thank you, David. Thank you so much. Entertain me.
Thanks for the video