This One Thing Could Be Keeping You Broke (Warning)

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  • Опубликовано: 2 фев 2025

Комментарии • 111

  • @MartianAmbassador69
    @MartianAmbassador69 Год назад +27

    Been walking to work the last year after my 18 yr old car finally died. Been nice to be free of the headache, honestly.

  • @Aqua-ij3xs
    @Aqua-ij3xs Год назад +17

    I have 2 cars, both bought used and both fully paid off. One is now 10 years old and the other 6 years old. You can keep a car around for a good long time if you keep up with the maintenance and keep it in good condition. And don’t fall into the “keeping up with the Jones’s” trap.
    My biggest financial problem right now is that my income is simply not big enough.

    • @Samurai31631
      @Samurai31631 Год назад +3

      Totally feel you. Have a 9 yr old car and 17 yr old car (low miles for 17 yrs). Insurance is lower, registration is lower, and I do the maintenance on the cars.
      Despite that, inflation has made it to where I might need a side hustle. As you said, income isn’t big enough.

  • @shimsteriom4191
    @shimsteriom4191 Год назад +18

    Peer pressure is a powerful thing.

    • @toddspangler6669
      @toddspangler6669 Год назад +1

      You just have to NOT care what people think. I've got a 2004 Nissan Versa, it's paid off and has under 80k miles on it.
      Someone told me they thought I'd be driving a Lexus. I said, "No thanks, I'd like to be able to retire early."

  • @Louber1115
    @Louber1115 Год назад +8

    Key point here: buy a car that is dependable and keep it well maintained. Pay it off and drive it forever. Cars are generally so good nowadays and can last a seriously long time with proper care.

    • @xxtoptankxx6873
      @xxtoptankxx6873 Год назад

      Especially when you don’t have to drive much.
      You can keep the miles low and wear and tear.

  • @graywilliams_77.
    @graywilliams_77. Год назад +239

    I believe the wisest decision that should be on every individual list is to invest in a different stream of income and don't depend on the government to bring you money. It's always better to work smart and not hard.

    • @susannicky
      @susannicky Год назад

      Hi, could you be kind enough to share the info of the investment advisor guiding you, please?

    • @susannicky
      @susannicky Год назад

      Okay, thanks I just found her website and left a message for her..

  • @moualeuius8555
    @moualeuius8555 Год назад

    I agree. Also I have seen small businesses going bankrupt and a part of it was that the owners felt they needed big, expensive cars now that they own a business - without having reached the financial situation to handle the cost. If the business is small those car costs can make a huge impact on liquidity and if one customer doesn't pay in time it can be game over.

  • @brucestiles6477
    @brucestiles6477 Год назад +16

    The two largest expenses people have are shelter and transportation. Overspending on an apartment would likely be a good topic for a separate video. If you drive a beater for a few years as you are starting your financial life, you can set money aside and pay cash for a "new" (to you) used car, and then continue that practice going forward. Keeping your shelter and transportation expenses down when starting out will allow you to invest a decent sum, which will have the most time to grow for you.

  • @dawidroter3652
    @dawidroter3652 Год назад +13

    personally, as a car person, I feel like the best solution is to have a cheap beater, and then to have a fun car. Most of the fun cars we like anyways are older, and if we are mechanically inclined, we don't mind the higher miles and doing the work ourselves. Additionally, some of these older cars retain their value very well.

    • @jswan312
      @jswan312 Год назад

      Thanks for ruining the planet. 👍

    • @RepuBlicOfChaD
      @RepuBlicOfChaD Год назад +2

      I have a 10 year old daily driver 2013 Taurus and a 98 prelude 5spd fun car. I bought both cash prelude (2006) Taurus (2017) and kept up with maintenance on both. Don't plan on getting rid of either, although now the prelude is drawing a lot of interest.

  • @parkergoetz3541
    @parkergoetz3541 Год назад +2

    Unfortunately I drive much more than average so a good reliable vehicle means a lot to me. Also living in Canada the safety factor of an SUV is not a terrible waste when you drive 50,000km a year.
    It absolutely is a crutch though I agree. I wish we had better public transit here

  • @1timothydillon
    @1timothydillon Год назад +19

    I can afford the payments, is the mantra of people with no money.

    • @Samurai31631
      @Samurai31631 Год назад +2

      People tell me that I should get a new car. My car runs fine. It sits in the parking lot 40 hrs/week. Wife makes me keep it clean (I would eventually clean it if it were me). Ppl wonder how we can stretch our money. My answer is “no car payment”.

    • @ChrisInvests
      @ChrisInvests  Год назад +3

      Absolutely

  • @d_all_in
    @d_all_in Год назад +2

    Everyone thinks they need a new car for reliability. I drive an '05 and have never been stranded anywhere. Just do proper maintenance.

  • @JW20236
    @JW20236 Год назад +2

    I read a few years back that 8 out of 10 cars on UK roads are on finance. Most of those fancy cars you see are not actually wholly owned.

    • @matthale5526
      @matthale5526 Год назад +1

      Knowing this does make you immune to their smug faces as they look down on your from monster, overpriced, cumbersome and inefficient SUVs.

    • @ChrisInvests
      @ChrisInvests  Год назад +1

      And their payments are not cheap either 😬

  • @williammeyer9801
    @williammeyer9801 Год назад +5

    What a great video. Why don't they show this to kids in school? In today's world it is spend as much as you can, and who ever has the highest credit score wins.

    • @ChrisInvests
      @ChrisInvests  Год назад +1

      Glad you enjoyed it. Thanks for watching 😁

  • @username5158
    @username5158 Год назад

    Relying on free public transport and an old bike I bought for $30 while saving 6k a month. Just feels great to cut out such a big expense until I can buy my next property.

  • @janethunt4037
    @janethunt4037 Год назад

    I've had 4 cars since 1977. 1st one was used and a gift from my mother. The next 3 were new, but they lasted and were not high end. They have all been sedans, not SUVs, and my current 2014 Elantra gets 40+ miles on the highway. I can flip the backseat down if I need to transport a big item.

    • @ChrisInvests
      @ChrisInvests  Год назад +1

      Great, it sounds like you take care of them!

  • @westbccoast
    @westbccoast Год назад +1

    So true, good video, ty

  • @Financial-Education101
    @Financial-Education101 Год назад +2

    New car smell" who? After watching this video, I'm all about that "used car wisdom"! 😄
    Those car payments and depreciation costs are enough to make anyone think twice.
    Let's hop on the road to financial freedom, one sensible car purchase at a time! 🚗💪

  • @razvanaxinie4495
    @razvanaxinie4495 Год назад

    In the current market 3 year old cars are about the same price as when they were new, or even more expensive. In this rare case it can actually be an 'investment'

  • @Armyvet91B
    @Armyvet91B Год назад +6

    Buy a used Toyota or Honda with cash and drive it "until the wheels fall off"

    • @manfredmann2766
      @manfredmann2766 Год назад

      If it was the early 90s, I would have said Honda, Toyota, Mazda, and Nissan. Not anymore with the last 2.
      Back in the early 2000s, I knew someone with a 1990 Mazda 626 with over 400000 miles on the odometer. (Oil changes and 2 timing belts)

    • @MrEscape314
      @MrEscape314 Год назад

      Personal experience, it really sucks to be driving the vehicle when the wheels, ok just one, actually do decide to fall off.

    • @ChrisInvests
      @ChrisInvests  Год назад

      😂

    • @luvdacurvyones
      @luvdacurvyones 6 месяцев назад

      I drove my Toyota until three wheels fell off, then I was just going around in circles!

  • @VictorSanchezVS13
    @VictorSanchezVS13 Год назад

    I've been coaching for 14 years. A lot of kids are now in their 20's. All they want is cars. It drives me nuts. I'm trying to get them to invest, not care about a BMW with 170k miles on it.

    • @ChrisInvests
      @ChrisInvests  Год назад

      😂 Well hopefully some of them listen to you. I'm sure they'd be thanking you down the road.

  • @nah88
    @nah88 Год назад +1

    Just had this conversation today!!
    When I see an expensive, brand new car, I just think "there's debt wheeling around"

  • @Mithos103
    @Mithos103 Год назад

    Been driving a early 2000s Sedan for the last 6 years. Finally am coming around to opening up my wallet to get a 4-5 year old used car to replace her in the next year! Will definitely make sure not to overextend myself too much

  • @SSemi1UOE
    @SSemi1UOE Год назад

    I buy a car in cash and my credit suffers long term because I don’t have an auto loan. They force you to use credit cards to increase your score. Best bet is to save cash and have the money to buy it outright. Take out a loan and pay it for a few months then get rid of it in full. I get that’s it’s safer to borrow others people money but Jesus what a game you have to play. I drive a 2002 trailblazer I bought 3 years ago. Barely any maintenance and it’s been so nice not having a car payment I don’t want to go lease a new car.

  • @manfredmann2766
    @manfredmann2766 Год назад

    A teen driver in the household, might as well be another car payment. I drive a Corolla, but my car insurance is equivalent to a Corvette.
    Corolla has been free and clear for several years

    • @ChrisInvests
      @ChrisInvests  Год назад

      🤦‍♂️ I'm sure you priced it around...?

  • @coreygigoux7342
    @coreygigoux7342 Год назад

    A CAR IS A MONEY PIT PAY HALF OFF AND GIVE THE BANK MONTHLY PAYMENTS SCREW THAT WOULDN'T PAY STRAIGHT CASH FOR THE BANK ADVANTAGE OR THE CAR DEALER FOR A PROFIT SALES.

  • @pammasheppard1338
    @pammasheppard1338 Год назад

    If I don't have a car I don't have the options to leave the house easily. I purchased my last car with cash many years ago.

  • @jimv77
    @jimv77 Год назад

    I bought a used Toyota van early in life to save money...I treat this 20 year old van like a beater now....and she keeps on getting me to my destination and back home.....yes I can afford better......but I work from home now and hardly go anywhere....now I question why spend money for a garage princess when the beater outside frees garage space, cost $50 a year for registration, and $300 a year for liability car insurance?? Do women dig men driving a beater minivans with a 1.8 million net worth???

    • @ChrisInvests
      @ChrisInvests  Год назад

      That van will probably last forever 😂

  • @wts7273
    @wts7273 Год назад +1

    I totally agree with everything in this video! Could you please let me know approximately how much would be a smart (median) price to pay for a used vehicle? For an average income person? I’m single and am approaching the point where I need to buy a vehicle. I know I want a used one. But don’t know if I should be looking for something that’s $5000 or if the used SUV’s I’m looking at (for closer to $25,000) is a smart or a stupid move? I just don’t know!

    • @melchiorram7967
      @melchiorram7967 Год назад +1

      Best would be a 5000€ car because a car is a liability. Invest the extra 20000 you save in an index fund and you have a good head start on someone who buys that SUV instead.

    • @Samurai31631
      @Samurai31631 Год назад +1

      If it’s just for you, a car should suffice. If you have 3+ kids and a wife, an SUV might be necessary. Given that you’re single, I say go for the car, try to save the difference, and go from there.

    • @ChrisInvests
      @ChrisInvests  Год назад +1

      Depends on your budget, how much you're going to use it and what you're going to use it for I guess 🤷‍♂️

    • @wts7273
      @wts7273 Год назад

      @@Samurai31631 good advice. Thank you! That helps!

    • @wts7273
      @wts7273 Год назад

      @@melchiorram7967 good advice, thank you!

  • @Hazza101
    @Hazza101 Год назад

    Telling yourself "that person probably borrowed money to purchase that expensive car" is a cope

  • @tomfitz1546
    @tomfitz1546 Год назад

    If you drive your car 1 hour a day you save yourself 10 hours of travel it sounds expensive the way you say it but can be justified by time spent earning depending on your cost of labor if you get a job that pays you 200+ more a week but you have to travel 2 hours a day i would say an extra 110 140 a month for reliability is fare

  • @sandra65823
    @sandra65823 Год назад

    Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.

    • @KatyMccullars
      @KatyMccullars Год назад

      Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.

    • @jonas77718
      @jonas77718 Год назад

      The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.

    • @mark75700
      @mark75700 Год назад

      Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person.

    • @jonas77718
      @jonas77718 Год назад

      My advisor is Stephanie Kopp Meeks highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

    • @mark75700
      @mark75700 Год назад

      I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.

  • @naturescritter4691
    @naturescritter4691 Год назад +5

    I use to have a horrible car payment.
    I had a fully paid for car and it was costing me about $3000-$6000 a year in repairs. So about $250-$500 a month in just maintenance and repair cost.
    Took a loan out for a better used vehicle, made payments of about $280 a month and maintenance costs dropped to about $1000 a year so in total $4360 a year. It averaged out to about the same amount , but with less stress of if the vehicle was going to sh*t the bed.

    • @NickVetter
      @NickVetter Год назад +4

      Having an unreliable car is not worth it, but it is often used as a justification to buy a car nicer than they need or finance too much. I've had to get rid of cars because the repairs were getting too expensive, but I bought a $5k car, and it's going on 3 years without a single issue.

    • @WRBWRXWGN
      @WRBWRXWGN Год назад +2

      Realistically, you had the 'wrong' used car. An older Toyota/Honda product is generally the best chance you have at long-term reliability. I had an 08 Accord I bought used with 85k in 2012. Drove it to 200k with nothing but a $250 power steering pump. Similar stories with my 2000 Subaru Forest and 2008 Lexus GS.
      Stay the hell away from anything German.

    • @naturescritter4691
      @naturescritter4691 Год назад

      @@NickVetter that’s basically what I said

    • @naturescritter4691
      @naturescritter4691 Год назад +1

      @@WRBWRXWGN realistically beggars can’t be choosers, unless you can beat feet everywhere. Which that was the previous option

    • @NickVetter
      @NickVetter Год назад

      @@naturescritter4691 no

  • @kwaichangcaine8234
    @kwaichangcaine8234 Год назад +1

    I drive older reliable vehicles, but my problem is I have too many vehicles😅

  • @fml94
    @fml94 Год назад

    i totally agree

  • @woodysrockspyro6436
    @woodysrockspyro6436 Год назад

    Consumer debt has wrecked the entire world.

  • @cancel.lgbtq.6892
    @cancel.lgbtq.6892 Год назад +2

    Still driving my 23 yr old Acura. I can buy any luxury car I want but I hate car payment. My coworkers are driving Tesla , BMW , Benz , Lexus , and 50k trucks. They looked surprise when I told them what I'm driving.

    • @manfredmann2766
      @manfredmann2766 Год назад

      If you live in an area with harsh winters, that Acura will rust away before the engine dies.
      Out in the here in the southwest, I still see 30 plus year old Integras every once in a while.

    • @ChrisInvests
      @ChrisInvests  Год назад +1

      Glad to hear it...I'd hate to see their payments 😬

  • @ignaciom32
    @ignaciom32 Год назад +2

    I buy a new car every 6-7 years. I feel I make enough to justify it and to have myself and my wife in the safer/updated technology

    • @Samurai31631
      @Samurai31631 Год назад +1

      Well, you could get a car that’s like 2-3 yrs old…

    • @ignaciom32
      @ignaciom32 Год назад +3

      @Noe Zamora I could, but rather buy new. The depreciation hit is no big deal to me, considering I'm keeping it for 6-7 years. If I was getting something different every 2-3 years, then I would probably go used.

    • @Samurai31631
      @Samurai31631 Год назад +2

      @@ignaciom32 You did say you could afford it. And 6-7 years is alright. Looks like you have your things in order. I personally prefer buying a used car. Keep up the good work. 💪🏻

    • @ignaciom32
      @ignaciom32 Год назад +3

      @Noe Zamora Yeah, I'm not buying expensive cars like BMW or anything. Nothing wrong with that! I've bought used cars before and had no issues with them. I do agree money could be better invested, but I feel I'm investing enough.

    • @rcoll60743
      @rcoll60743 Год назад

      Totally agree!!

  • @jonathan6665
    @jonathan6665 Год назад

    I have a fixed rate of 1.75% on my car. I have the money to Pay it off but I would rather invest the money.

  • @GeneralSirDouglasMcA
    @GeneralSirDouglasMcA Год назад +1

    While I hope to buy a new Camry (pay cash, not loan), I plan to keep it until the wheels fall off. My current Camry is a 2002 with 379k miles. I hope to roll over to 400k before replacing it. Hopefully the new Camry will last that long. So resale value & depreciation are a nonissue.

    • @julioalmanza8090
      @julioalmanza8090 Год назад

      I like to do the same as well..if I purchase a vehicle I tend to keep it for as long as possible. I drove a camry myself for almost ten years. Very very good reliable car 👍🏼

    • @ChrisInvests
      @ChrisInvests  Год назад +1

      I know someone with the same exact car with over 400,000 miles

  • @lordjael
    @lordjael Год назад

    I walk 10 minutes to work on a daily basis. You have NO idea how much money is being saved not paying for gas, maintenance, or that extortion the call insurance.

  • @MrSubliminalStudios
    @MrSubliminalStudios Год назад +4

    I think youve made this video before Chris. If somebody were to watch your first 50 videos, and they still cant save money, i doubt they ever will. Its not just about getting given good advice. Its about taking it

    • @PremusRed
      @PremusRed Год назад

      Personal finance only takes so much learning, but that sweet sweet ad revenue demands more videos

    • @MrEscape314
      @MrEscape314 Год назад

      Let's say he's already said everything that needs to be said. That's awesome.
      Sadly how RUclips works, no new person will ever see it if he doesn't keep pumping out content. He has to keep releasing videos if we want the general public to receive his message. This same thing is true of all the financial advice video producers. Yes they want the continued ad revenue, but that's a side benefit of staying atop the algorithm.

    • @ChrisInvests
      @ChrisInvests  Год назад +1

      No, I've never made this video before

  • @flamingdeathbanana
    @flamingdeathbanana Год назад

    Seeing as I bought my parents 2009 Toyota Camry that they paid off AGES ago, I don't think this is the video for me lol.

  • @CampbellMC90
    @CampbellMC90 Год назад +2

    Buying a brand new "budget" car (2018 Elantra GT) with a 7 year extended warranty on .9% interest was probably the best choice I ever made when it comes to cars. Monthly payment is only $340, maintenance very low and anything major is covered under warranty, peace of mind when it comes to driving my kid around so I don't have to worry about what's going to go wrong next. I plan to drive it for another 3-5 years probably and by that time I am hoping a solid budget EV will be in the picture.

    • @bailey-k6b
      @bailey-k6b Год назад +1

      You wasted money on a warranty? lol sucka

    • @TheEmpoleon123456789
      @TheEmpoleon123456789 Год назад +1

      Lmao @ Elantra

    • @nsant
      @nsant Год назад +1

      I daily a 2006 elantra that I paid 1400 bucks for. I change the oil and rotate the tires every 3-4k miles. Haven't had an issues. It's worry free with no payments.

    • @CampbellMC90
      @CampbellMC90 Год назад +3

      @@TheEmpoleon123456789 Gets the job done, lots of room for our bikes and other stuff, great on gas, no problems in the winter time. What would you recommend?

    • @Slopoke2785
      @Slopoke2785 Год назад

      ​@@TheEmpoleon123456789 Sounds like it works fine for this person. Why "lmao"?

  • @Project-Masculinity
    @Project-Masculinity Год назад +1

    Another great Video, can we have chapters on some of the others plz Chris ?

  • @vanbrendle
    @vanbrendle Год назад

    Most people will spend more on their cars than housing during their lifetime unfortunately. Do the math!

  • @homelesssimpson1267
    @homelesssimpson1267 Год назад

    i pay 38 bucks a month for my car... excl. fuel.

  • @calbob750
    @calbob750 Год назад

    You mean buying that 65K Jeep Wrangler on a 40K a year household income is a poor investment?

  • @usmanansarivlogs8046
    @usmanansarivlogs8046 Год назад

    Hello sir My Name in Muhammad Usman. Hope you are doing well??
    Can I make animated video for you at low prices 😃