I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Things are a bit strange right now. Inflation is making the dollar weaker for buying things like basic needs, but it's getting stronger against other stuff. So, stuff like stocks, houses and precious metals aren't doing so great because folks are putting their money into banks for safety but I'm worried about my retirement savings losing value fast.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $400k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
‘’Aileen Gertrude Tippy” just check her out. It's possible to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in April due to the crash.
I mean she needs to see a good mechanic who can give her some idea if will last. 100K isn't a lot of miles these days IF it was taken care of. I have seen cars with 20k that were absolutely trashed. But the bottom line is she can't afford a new car right now.
1.2 million dollar net worth, and I drive a 2007 Toyota. My neighbor drives a new Range Rover, and he asked me how I am always home at 2:00pm and he cant seem to get home before 8pm. I said, because I am 44 years old, have zero debt, and able to work only part time. I semi-retired when I turned 40.
That’s what happened to my wife’s car at 120k miles. She had a $4,200 to make and we were weighing our options if it’s worth it to repair or get something else. Ultimately it came down to the math… $4,200 divided by 12 = $350/month for a year so I figured even if we only got 1 year out of the repair (not ideal, but thinking minimum) it would still be cheaper than any monthly payment for a new or used car in today’s market. So we did the repair. 2 years later it’s running fine and up to 143k miles
Dang right! 680 car payment is 8k a year not even counting the insurance which would probably be $200-400 a month since for a 2014 I’m paying $160. People rather spent $12k a year than a 4k fix
Ask my kids!! Lol. We suffered for 2yrs in a hot car that had windows that didn't work. Now, we are out of debt with a newer car that has A/C and working windows.
I've been w/o A/C and it can be rough having the windows down when you have allergies. Also I have been w/o heat in the cold Michigan winters. NOT fun. Been there.
Im driving a 2006 toyota solara with 170k miles. Windows dont work which makes me not go to drive thrus 😂 *Update y'all me and my wife saved up and replaced the convertible top and windows are working now ☺️
My 2007 Toyota Yaris had 278,000 miles and still ran great. I then gave it to a friend. 100k miles is nothing. Fix the car and invest your money and let it grow. You will be glad you did!
Though everyone loves the luxury lifestyle but many don't want to take the risk to invest or work for it.. Now's the best time to buy the dip and it's an opportunity that will grant you all the luxury you crave for.Very interesting content, i would also be glad if anyone here can explain a few things for me, this is 2024 and I believe it's my time to invest and shine for a better future.
I think the one thing most investors miss when calculating intrinsic value, is that they look solely at the history to estimate growth in the future. The growth rate is very important, it arguably should take the most time in valuation. The past 10 years could be unusually good/bad due to acquisitions/dispositions affecting financials. Look to the future and make your best judgements.
There is one thing I have learned in recent months it is to remain calm, especially when it comes to investment in Stock. Learn not to sell in a panic when everything goes down and not to buy in euphoria when everything goes up. I advise y'all to forget predictions and start making a good profit now because future valuations are all speculations and guesses.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I learned this lesson 17 years ago. It just hit me: why do I spend all of this money on something that will just basically take me from point A to point B? I decided then I would relinquish the "social status" car and buy practical. A two year old used Camry was my answer and still is. Paid off and still runs fine. Granted I am not rich. I became disabled a few years after I bought the car but am grateful for the freedom. God bless~
@@patriciam.909 Not as nice as the car I was driving before or had my eye on...BMW, Volvo etc. In comparison, the Camry is much more practical and reasonable in cost and maintenance. Now it's almost 20 years old...still runs well:+) God bless~
Locksmith tripped the antitheft module making a key, $6000 to TRY making a new key (dealer), Bricked. Used car $6K, 3 weeks old, sold to wrecking yard for $2K $4K loss
I see so many people saying it has 100k miles like that is a lot of miles. The average bad car (Nissan KIA Hyundai Chevy) last easily 200k miles if you take car of them. The good ones Toyotas Hunda most pick ups Lexus Acura and some Fords they will all last at a minimum 250k to 300k miles if you do some regular maintenance and take care of the transmission and oil changes
You are right SOME Fords. Don't ever buy a Ford eco boost truck. Those eco boost engines are nothing but transmission problems. Made the mistake and learned a heavy lesson about timing syetem and multiple other transmission issues going out with just 60k miles. Truck was worth 10k and it would have been a 6k fix. Not worth it. Sold it and bought a Jeep Cherokee. That was almost 10 years ago and had over 200k miles, no issues. Have a newer Jeep now with zero issues. I'll never buy a Ford again. At least an Eco Boost.
@@tommyebay In the last 5 years their quality has gone down like a rock, but F250 and 350 Power Stroke will easily go to 300K some of the olders model like the explorer and expedicion with the 4 and 5 L engines can also make it. Many of the newers turboocharge small engines won't make it but saying that 100K miles is ready for scrapyard is just not accurate.
We grew up in central SC. My mom drove an old VW bug with no AC, and she loaded us and sometimes our friends into that tiny summer sauna. People are so entitled these days.
5:04 "cash car" Reminded me of my base model Toyota Tercel - vinyl seats, no A/C - saved-up and paid cash. I lived in Apple Valley and El Cajon, CA - no-one wanted to cadge a ride with me, lol.
Dave is so right.. they sounded like they crave a new car, the smell of new upholstery and that brand new interiors, fresh paint.. oh my old car - 100 K miles.. it isn’t worth anything now.. probably cost $ 4000 to get it fixed up (mostly imaginary) All of us have done it at some point.. I totally read her.. 😀☺️❤️ A classic example of “ Want versus Need “ !!! 😀
Depreciation heavily depends on the car model and manufacturer. According to Dave a 20k 2019 civic should only be worth 8k but if you look at what they are going for online many are going for double that price
I am driving an 08 prius and 11 lancer. Both have ~100k miles. I learned to maintain them and fix small problems myself. I put into them $200/month for the upkeep. It saves me lots of money.
Those Lancers have been sought after by car enthusiast to convert them into Evolutions. Even the the the early 90's Mirages have been sought after to convert them into Evo 2 or 3's.
Paid 30K for my 2 years used Lexus (Toyota with an L on the grill). That was 9 years ago, paid it off 7 years ago and plan to keep it another 5 years at least. I feel ok with that.
Given the persisting global economic crisis, it's essential for individuals to focus on diversifying their income streams independent of governmental reliance. This involves exploring options such as stocks, gold, silver, and digital currencies. Despite the adversity in the economy, now is an opportune moment to contemplate these investment avenues.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Monica Lisa Payne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Monica has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
Me and my brother used to drive a 1980s Mercedes with 250k miles that my father handed down to us. It had no AC, heat, ticks, and it could not faster than 40mph. It got us through high school in the hot summers and extremely cold winters of Iowa.
I’m in Minnesota-summer heat & winter cold!! I drove my Jeep 1996 Cherokee until I could up my credit & get better used wheels. No AC, no heat, transmission leak. The only window that worked was (Praise God!!) the driver door. I put on my snow pants to go anywhere in our freezing winters!!
Yep I screwed up over a year ago and got a car payment. I regret it big time and will never do that again. I will always buy one straight out in the future.
It partly depends on what interest rate you get. If you're paying 7-8%, then it's probably not worth borrowing. The last car I bought was in 2007, and my interest rate was 0.9%. why would you not borrow at 0.9% when you can invest at 8-10%? Same with my house, borrowed at 3.5%. I don't pay off the loan faster, like Dave recommends, because my investments return much more than 3.5%.
@@darylfoster7944 my rate is a lot higher than that but regardless if it was a low rate or high rate it was a mistake either way. I should have bought one straight out.
The good thing about me driving my black Nissan in the summer of 2003 to the university every weekday with no air conditioning-when there were a record number of days over 100 degrees Fahrenheit-was that showering felt really good! I paid for tuition with some money inherited from grandma, grants, and working. So no debt. I graduated the next year, a few months after our wedding.
😂 I currently drive a 1996 Toyota Camry. A/C works some of the time, so I usually just keep the windows down. Nothing wrong with a little wind. I had a car payment once, years ago with a different car, and I will do everything possible never to do that again
I grew up in Minnesota, college in Tennessee, lived in LA and traveled all over Europe, South America and Asia and didn't always have AC. I didn't fully appreciate it until I moved to Las Vegas. It's basically impossible to not have car AC here unless maybe you drive 100% of the time at night... and even then... 😰
Same issue with my car. New Catalytic converter (required for California.) $2k+ (factory direct) plus labor for my 2011 CRV. AC compressor $600+ or condenser $200+, etc. plus labor. 100 degree weather is not fun. Even doing the labor myself it's around $3k. I don't plan to fix. Will get rid of it
There are some really good value cars at 10 years, 100k miles. People think they are nearly dead when really they still have more than 50% of their life ahead of them.
got a $4700 nissan 2012 and the wheel dust shield was so rusty it crumbled like a potato chip. lol don't need it anyway. i did install a new android stereo with GPS, wifi, rear camera, etc. and DIY detailed the crap out of it. it's fun to work on and does its job.
My wife had a Hyundai Sonata, 10 years old, 140,000 miles and on its second engine (replaced under warranty). It’s value on the open market: $ 3,000. We sold it when we spent over $1,000 in six months on coolant hoses, an axle, and it needed new tires, brakes, and the shocks needed to be replaced which would have been more than it was worth. I had the cash and bought a dealer demo, it’s much more reliable and so far was worth the money.
@@jamiegumm4398Not bad for a KIA. I actually bought a used manual transmission 95 Acura Integra in 2001 for $7,600 with a 100k miles. I street raced that car for the first 5 years in my youth. Yet it has still held up well and I still have it as my daily fun beater with 276k now. The only major repair it has needed has been a head gasket at around 200k. And even that was just $800. Being the car enthusiast that I am I plan on keeping it and restoring it complete with an engine rebuild or motor swap.
They may want to check with a few other mechanics about what needs fixed/cost to pass inspection. Have had experience where I got two wildly different amounts.
I’m 23 and paid off my car when I was 21! Totally against having a car payment. However, I could never drive with the windows down in the 110 degree AZ Heat LOL!
I've always disliked the idea of borrowing money to buy a car, even when I was in my 20s. I'd rather save for a purchase and use public transport (if need be) while doing so. I agree with everything Ramsey says on this subject.
Thank you, Dave. I needed this reminder. Praise God my 8 year old car is paid off and runs fine!! Praising God also for a Christian mechanic friend who, bless his heart, charges very little for labor ~ I could never get ahead if I had the dealership where I bought the car do the work. They charge well over double than my friend! I appreciate you, Dave!
That's why learning to do your own work as much as possible is beneficial. Just by learning how to do my own brakes jobs I have saved thousands of dollars over the years.
@@evoman44and struts, water pumps, belt changes, alternators. All that assessory stuff wears out but it’s fairly easy and cheap to replace versus a mechanic.
I drove a wagon without ac in Texas with a 4 year old and a 6 year old, during summer. We drove that wagon for 3 yrs. You can do it!. Those kids are now driving age and we were able to gift them their first paid off vehicle. Sometimes you have to make sacrifices.
Went from Middle class to upper middle class with crypto this year. I’ve been lower middle class so I get it, but always ways to get where you need to. Don’t give up.
3 Honda Odyssey mini vans later- each at almost 300K. My last one had over 200K when I bought it for $2500. I sold it for $2000 with almost 300K mileage. She is a 20+ something young woman and that's what she could afford and over a year later, she's so still driving it. I can afford any reasonable car I want now in cash.
I’m glad to hear your good report on Honda Odyssey mini van! I just bought a used one, it’s 2016 with 127,000 miles. I hope to drive it as long as I can. I bought with cash so no car payment 🙂
*Will work till they die. Most older Americans are delusional to think they will ever retire. The vast majority will work until they collapse because they didnt save properly for retirement
Middle class having the opportunity to retire without being purely supported by younger relatives years and years before the average person dies is a modern, developed world invention that is a sign of our prosperity. That we whine about the age it happens at is a sign of our lack of perspective.
I bought my two cars 10 years old for $8500 CAD. Now they are supposedly worth almost 10k each.. when a new 4 cylinder car is about $25k. This argument isn't valid when $10k buys you a rust rotting 200,000 mile beater that hasn't been maintained.
I dont agree with his mindset about finances (might as well as financial advice from buffet.. 94 YO guy) but I do agree with not going into debt for a car or debt in general unless its unavoidable. I'm not wealthy but I am comfortable with my life. I could pay any debts I have right now and thats an amazing feeling; I feel free.
I worked with a guy who always leased a cars. His theory was you always have a car payment, so you should just lease so you always have a new(ish) car. While we had 3 years of car payments every 10-15 years. So no, everybody does NOT always have a car payment. When I retired early, he was still leasing a car every 3 years, and still working.
Car dept is a killer , any dept for that matter !!! When i started workinv 25 years ago i borrowed my parents old car and saved enough to buy my first car cash in a year.... Last year i bought my Lexus NX cash. Cant remember when last i had any dept... VERY BLESSED !!
I agree. If you keep up on the maintenance of your car, it'll last you a long long time unless you bought a lemon. All these people that say they are around 100,000 miles and have all this cost probably did not keep up with maintaining it. My car is almost 60,000 miles, which is nothing. But I make sure EVERYTHING is doing well on it because it will start having problems if I don't keep up with it. I think many of these callers that call that have mileage that is under 120,000 miles is because they failed to maintain it and get the things fixed that needed to be fixed while the car was still a youngster.
If you just changed the oil and basic easy stuff like air filter, spark plugs/coil, fuel filter, battery maintenance, air in tire etc the car will easily run 100k+ miles. The two major things it'll need are Tranny and water pump about 75,000-100k miles. Everything else is either yourself fixing or stuff like brakes, clutch mechanic does.
Sounds like you don’t live in a state that forces you to make expensive repairs that aren’t required to get the car to drive to pass environmental inspections. May or may not make financial sense to pour that money into an aging car.
I live in Houston and my car’s AC has not worked in two years. I run all my errands first thing in the morning and I am fine. I enjoy going grocery shopping as soon as they open as there very few people and everything is fresh and stocked up. I grew up in West Texas in a house that did not have AC and we survived summers with 100+ degree days.
Shiit I grew up in south Florida. No AC in the summer is deadly. I now live along the great lakes and no heat in the winter is just as deadly. You need both long term.
I have purchased cars that did not depreciate and actually sell for more than I paid for them. There are a few that have actually held their value really well. Acura Integra Type R, BMW M3, Toyota FJ Cruiser and 1987 Toyota 4Runner. Also if you had a 993 Porsche Carrera any trim.
We have bought all our used cars with 100k to start with. They are still going strong. Yes some things don’t work and are worth fixing but they are still working well enough. People put too much emphasis on nice looking cars.
The only issue I have with buying a used car is that you have no idea if the previous owner maintained it properly. They might have changed the oil once every three years.
Wife drives a 2018 Camry. I drive an '03 F-150. The '93 Cherokee XJ Sport gets its legs stretched once or twice a month just for kicks. All have been paid off since late 2020. No more car payments!
I can't agree. I bought my Civic Type R brand new 6 years ago in cash. It's worth more now then when I bought it. Not all cars lose 60 percent value...
I start off with a 1962 Chevy Nova 2 door hard top ? Pick it up for $300.00 drove it until the wheels fell off😂😂 . But why would you get a new car? Like he said why put yourself in a pickle and keep a car payment bail for your credit cards in pay off your car and have that cash flow right into your bank account
A failing U.S. economy and elevated global tensions reduce the likelihood of prolonged inflation or higher long-term Treasury yields. I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors I speak from experience.
Thanks for this. could easily spot her website just after inputting her full name on my browser. she replied my inquiry and we scheduled a consulting session sometime tomorrow.
When he said get over it drive the car without AC i was like yea right. But i forgot i went a whole Pennsylvanian winter with no heat in my car. Haha😂 how we forget.
I realized the Auto game early. Dependable wheels that get you from point A to point B comfortably, is the answer. Showing off to friends, neighbors and strangers will keep you broke. I'm 65, haven't had a car payment in over 40 years. I invested that "car payment" money, and can now buy any kind of car I desire. Funny how, when you don't have money, you dream of all the things you'd buy. When you do have money, you won't even consider spending it on those very same things. They're just not that important. I guess age and wisdom does that. To this day I've never had a brand new car. Not going to take the new car HIT! Let the "Show Off, gotta have a new car every few years broke guy" take that punch. I'll buy his, second hand, as my trophy instead. Last thought; With the lengthy finance times that these banks give on new cars, the style /model could change as much as three times by the time you've made your final payment. So you'll be watching the NEW Model of your car drive by, while you still have years of payments on the OLD Model. Seems like such a stupid game to me! Listen to DR!
Wow! One of our vehicles has 360,000 miles on it. Great Tahoe and my husband is a great mechanic. My car is paid off! If it gets you to point A and B who cares.
I had a payment on my work vehicle for $400. I wouldve paid it off last year but the company i financed with wouldnt allow me to make principal only payments so i saved up about $14,000 and paid it. These companies are scummy as hell
I remember when cars had a handle you could turn which opened a gap between the bottom of the windscreen and the top of the dashboard to allow the wind to pass through!
Agreed, I have never had a car payment. Paid cash for my little Honda fit in cash 6 yrs ago even though I could have bought a more expensive car in cash. Still runs like a dream. Paid off my home mortgage in 3 yrs. Max out my 401k every yr since I was 21. My Fico is 890. All this because I married a German, lol. Seriously, I am allergic to being in debt and or owing money. In Germany buying things on credit is simply not a social norm. You buy was you pay for in cash.
The only time I bought a new car was during the massive Great Financial Crises and it is a 2010 Honda Civic that I bought for cash $14,000. Still own the car will drive it till it becomes a bucket full of bolts!
I’m 61 and I’ve driven cars without air most of my life. Also I’m worth over 7 figs liquid and I drive an old 2008 Cobalt with 300k that is all rusted out. Yes the air works hahahaha. But that Cobalt is the newest car I drive. When I was growing up everyone had an old piece of crap rusted to hell and back car and we were ok with it. Now look at what people drive. Try to find a 5 yr old car in any parking lot anywhere. You almost can’t. My wife drives a 2005 Caravan we paid 3k for. Jeeze people wake up.
Really don’t see the issue driving without an ac in that state. I think the average summer temperature is around 85 degrees and that’s probably one month of hot weather each year.
I'm with you. I am debt-free and have a net worth of $14 million. I drive a 2014 Toyota FJ Cruiser and couldn't care less what people think of my mode of transportation. I'm astonished that people willingly take on significant debt just to drive a flashy vehicle.
I love driving with the windows down and a/c off. People need to learn to suck it up a little. Now I am uncomfortable driving a car that is close to 200,000 miles only because I do t have anyone close to me to help out if I break down. 100,000 miles isn’t anything.
Most people don’t realize they are paying thousands of dollars in payments, insurance,and taxes each year for something that’s parked doing nothing 20-23 hours a day.
As saying goes ,”Happiness is owning nothing.” I’m with Dave ,getting ride of car payment asap. Well I currently don not own any vehicle. Commute by city transit or simply on foot. Lost 10 pounds , legs got fitte, last but not the Least , feeling happier and lighter.
Many thanks for the video. Everybody needs financial freedom. Let this be a thread for some more simple, Reproductible approach from anyone who have build wealth. I have saved up $190k to get started.
I sincerely believe people often underestimate financial advisors' importance too. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
Kristin Amber Landis has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for sharing, I must say, Kristin appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
I have two car payments, but I also have about $4k after everything is paid at the end of every month to invest. Not everyone with car payments is destined to be middle class
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Things are a bit strange right now. Inflation is making the dollar weaker for buying things like basic needs, but it's getting stronger against other stuff. So, stuff like stocks, houses and precious metals aren't doing so great because folks are putting their money into banks for safety but I'm worried about my retirement savings losing value fast.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $400k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
Thanks for replying, You seem to know much, How did you go about it and can you recommend an advisor like yours?
‘’Aileen Gertrude Tippy” just check her out. It's possible to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in April due to the crash.
I appreciate this tip. It was easy to find your coach's webpage by looking up her name online, She seems proficient considering her resume.
100k miles? That’s nothing. lol! Fix the car and drive it another 100k miles. You don’t NEED a new car. You WANT a new car.
welll WANTS are the priority right? its a constitutional right, isn't it?
I buy cars that have done 100k miles and add another 50k
100k is when cars start breaking down
I mean she needs to see a good mechanic who can give her some idea if will last. 100K isn't a lot of miles these days IF it was taken care of. I have seen cars with 20k that were absolutely trashed. But the bottom line is she can't afford a new car right now.
@@DDDD-of3hv Yeah, if you want to stay in debt forever. We all have the right to be stupid. That is a constitutional right.
1.2 million dollar net worth, and I drive a 2007 Toyota.
My neighbor drives a new Range Rover, and he asked me how I am always home at 2:00pm and he cant seem to get home before 8pm.
I said, because I am 44 years old, have zero debt, and able to work only part time. I semi-retired when I turned 40.
sweet!
❤
that's really impressive
More power to you brother..!!!
You’re living the dream already..!!!
You live poor then all those money goes to uncle Sam when you die
Even at 4k, repair cost is cheaper than a years worth of car payments.
agree..it's steep..but ultimately, in the long run, they'll SAVE money by getting it repaired.
Cheaper than 3 months of car payments at today's stupid prices.
That’s what happened to my wife’s car at 120k miles. She had a $4,200 to make and we were weighing our options if it’s worth it to repair or get something else. Ultimately it came down to the math… $4,200 divided by 12 = $350/month for a year so I figured even if we only got 1 year out of the repair (not ideal, but thinking minimum) it would still be cheaper than any monthly payment for a new or used car in today’s market. So we did the repair. 2 years later it’s running fine and up to 143k miles
Dang right! 680 car payment is 8k a year not even counting the insurance which would probably be $200-400 a month since for a 2014 I’m paying $160. People rather spent $12k a year than a 4k fix
If annual repair costs on an old car are higher than annual depreciation on a new car, a new car is cheaper.
Ask my kids!! Lol. We suffered for 2yrs in a hot car that had windows that didn't work. Now, we are out of debt with a newer car that has A/C and working windows.
Why couldn't you fix those?
Windows are easy to fix. If it was all of them not working it was probably a fuse. Would take one minute to change a fuse.
Make sure you are allocating money into savings for vehicle repair
this sounds like death lol
I've been w/o A/C and it can be rough having the windows down when you have allergies. Also I have been w/o heat in the cold Michigan winters. NOT fun. Been there.
I have a 2006 Honda Accord LX that has 300k miles on it and it still runs amazing. Car payments suck!
It's cause it's a honda. It depends what car she has...
Thank you Dave. I love how he just calls out bs. From the jump you can tell this lady just wants to justify going into debt 😅
Im driving a 2006 toyota solara with 170k miles. Windows dont work which makes me not go to drive thrus 😂
*Update y'all me and my wife saved up and replaced the convertible top and windows are working now ☺️
Dude, my windows doesn't work on my 2005 Impala. You just open the door. It feels weird at first but you'll get used to it.
I have a 2000 Toyota Camry Solara with 214K miles! Japanese cars are most reliable and dependable!
Heyo 02 LX470 with 317k. The maintenance is way cheaper than a payment!
@@roolyfeI have a 02 Chevy truck with 401k miles. I drive about 100 miles/day to work and back. And cruise 80-90 mph.
@@roolyfe Honda and Toyota - yes. I don't recommend Nissan.
My 2007 Toyota Yaris had 278,000 miles and still ran great. I then gave it to a friend. 100k miles is nothing. Fix the car and invest your money and let it grow. You will be glad you did!
It depends what car it is. Duh. Stop talking about yourself lol
Though everyone loves the luxury lifestyle but many don't want to take the risk to invest or work for it.. Now's the best time to buy the dip and it's an opportunity that will grant you all the luxury you crave for.Very interesting content, i would also be glad if anyone here can explain a few things for me, this is 2024 and I believe it's my time to invest and shine for a better future.
I think the one thing most investors miss when calculating intrinsic value, is that they look solely at the history to estimate growth in the future. The growth rate is very important, it arguably should take the most time in valuation. The past 10 years could be unusually good/bad due to acquisitions/dispositions affecting financials. Look to the future and make your best judgements.
There is one thing I have learned in recent months it is to remain calm, especially when it comes to investment in Stock. Learn not to sell in a panic when everything goes down and not to buy in euphoria when everything goes up. I advise y'all to forget predictions and start making a good profit now because future valuations are all speculations and guesses.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I can't wait to pay off our $50,000 mistake next month. Doubled down for three years.
Why would you go in debt? That’s dumb.
Nice! Keep it up!
Probably should have sold the stupid thing if it took 3 years to pay off. You can get a seriously nice car for $30k
@@HOLDXSTEELI have a mortgage. Are you going to ridicule me for buying a townhome rather than continuing to rent? 😂
Glad to read this. Excellent work.
I learned this lesson 17 years ago. It just hit me: why do I spend all of this money on something that will just basically take me from point A to point B? I decided then I would relinquish the "social status" car and buy practical. A two year old used Camry was my answer and still is. Paid off and still runs fine. Granted I am not rich. I became disabled a few years after I bought the car but am grateful for the freedom. God bless~
and stress
A Camry is a nice car.
@@patriciam.909 Not as nice as the car I was driving before or had my eye on...BMW, Volvo etc. In comparison, the Camry is much more practical and reasonable in cost and maintenance. Now it's almost 20 years old...still runs well:+) God bless~
I got a 3400 car and the AC went out, it was just the blower and it cost me a 30 dollar part and two hours of personal labor.
Locksmith tripped the antitheft module making a key, $6000 to TRY making a new key (dealer), Bricked.
Used car $6K, 3 weeks old, sold to wrecking yard for $2K
$4K loss
@@aolvaar8792Can you sue the locksmith for damages?
@@aolvaar8792 So one bad experience and a terrible locksmith means you want to stay in payments? Your choice. But that's a unique experience.
@@BREEZYM6015 Lawyer said give him $5K and every time it dropped to $3K, add $2K back>>> ~$20K total. ???
@@ryand7713 Payments ???
I just finished paying back my student loans, i am debt free🙌 it is all thanks to finding Ramsey show and learning about the baby steps🙌
Baby Step warning - NEVER, ever, ever - buy a new car or lease a car.........NEVER. Always buy USED....and pay CASH.
Amen , me too
I see so many people saying it has 100k miles like that is a lot of miles. The average bad car (Nissan KIA Hyundai Chevy) last easily 200k miles if you take car of them. The good ones Toyotas Hunda most pick ups Lexus Acura and some Fords they will all last at a minimum 250k to 300k miles if you do some regular maintenance and take care of the transmission and oil changes
My Camry died at 168k miles. Took care of it too. It happens. lol.
My 2003 Chevrolet Cavalier has 196K plus. Wifey had 2002 Toyota Camry with 163K. We also have a 2021 Toyota Highlander with 35K.
You are right SOME Fords. Don't ever buy a Ford eco boost truck. Those eco boost engines are nothing but transmission problems. Made the mistake and learned a heavy lesson about timing syetem and multiple other transmission issues going out with just 60k miles.
Truck was worth 10k and it would have been a 6k fix. Not worth it.
Sold it and bought a Jeep Cherokee. That was almost 10 years ago and had over 200k miles, no issues. Have a newer Jeep now with zero issues. I'll never buy a Ford again. At least an Eco Boost.
@@tommyebay In the last 5 years their quality has gone down like a rock, but F250 and 350 Power Stroke will easily go to 300K some of the olders model like the explorer and expedicion with the 4 and 5 L engines can also make it. Many of the newers turboocharge small engines won't make it but saying that 100K miles is ready for scrapyard is just not accurate.
People have stinky old cars and that’s ok
I watched this with Scotty Kilmer. We loved the lessons here!
But, but, but, Jamie’s husband next door has her in the new Tahoe and her kids are so safe in it!!!!
Bingo!!! Good 'ole Keeping up with the Joneses.
Ya like you never do anything questionable. Hypocrite
She did not say that. Stop generalizing everyone.
@@jimmymcgill6778 Oh please. She’s calling stressing about $4k in repairs but was ready to put a new down payment on something.
Yup - one of the many excuses.
We grew up in central SC. My mom drove an old VW bug with no AC, and she loaded us and sometimes our friends into that tiny summer sauna. People are so entitled these days.
5:04 "cash car" Reminded me of my base model Toyota Tercel - vinyl seats, no A/C - saved-up and paid cash. I lived in Apple Valley and El Cajon, CA - no-one wanted to cadge a ride with me, lol.
Dave is so right.. they sounded like they crave a new car, the smell of new upholstery and that brand new interiors, fresh paint.. oh my old car - 100 K miles.. it isn’t worth anything now.. probably cost $ 4000 to get it fixed up (mostly imaginary)
All of us have done it at some point.. I totally read her.. 😀☺️❤️
A classic example of “ Want versus Need “ !!! 😀
Depreciation heavily depends on the car model and manufacturer. According to Dave a 20k 2019 civic should only be worth 8k but if you look at what they are going for online many are going for double that price
I am driving an 08 prius and 11 lancer. Both have ~100k miles. I learned to maintain them and fix small problems myself. I put into them $200/month for the upkeep. It saves me lots of money.
Those Lancers have been sought after by car enthusiast to convert them into Evolutions. Even the the the early 90's Mirages have been sought after to convert them into Evo 2 or 3's.
My Dad always said the cheapest car you can own is the one you already have (unless you are up to your eyeballs in debt with it).
Paid 30K for my 2 years used Lexus (Toyota with an L on the grill). That was 9 years ago, paid it off 7 years ago and plan to keep it another 5 years at least. I feel ok with that.
I'm 48 years old and my family never owned any car with A/C until I was 13 years old
I have a 2014 Honda Accord with 222K. It has minor issues but it runs.
I drive a KIA rio 2013, woman love to keep up with the neighbors and justify purchases using the kids.
I have driven my last 5 cars to almost 300k miles, my 2002 accord to 340k miles
They're still going to buy a new car.
Given the persisting global economic crisis, it's essential for individuals to focus on diversifying their income streams independent of governmental reliance. This involves exploring options such as stocks, gold, silver, and digital currencies. Despite the adversity in the economy, now is an opportune moment to contemplate these investment avenues.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Monica Lisa Payne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Monica has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
Scammer
Love this statement - "If you want to be middle class for the rest of your life, keep a car payment"
Me and my brother used to drive a 1980s Mercedes with 250k miles that my father handed down to us. It had no AC, heat, ticks, and it could not faster than 40mph. It got us through high school in the hot summers and extremely cold winters of Iowa.
Bet those were good times in retrospect
@@joyslove3858 Students eye-ing us every time we passed by. Probably thought we were rich kids lol
I’m in Minnesota-summer heat & winter cold!! I drove my Jeep 1996 Cherokee until I could up my credit & get better used wheels.
No AC, no heat, transmission leak. The only window that worked was (Praise God!!) the driver door.
I put on my snow pants to go anywhere in our freezing winters!!
and in MN your license tag bill is largely based on the value of your car : old car = cheap tags
Yep I screwed up over a year ago and got a car payment. I regret it big time and will never do that again. I will always buy one straight out in the future.
It partly depends on what interest rate you get. If you're paying 7-8%, then it's probably not worth borrowing. The last car I bought was in 2007, and my interest rate was 0.9%. why would you not borrow at 0.9% when you can invest at 8-10%? Same with my house, borrowed at 3.5%. I don't pay off the loan faster, like Dave recommends, because my investments return much more than 3.5%.
@@darylfoster7944 my rate is a lot higher than that but regardless if it was a low rate or high rate it was a mistake either way. I should have bought one straight out.
Wow I like the chemistry between these two, has an old soul feel 😅
her husband is a lucky guy. i like Jade's personality.
The good thing about me driving my black Nissan in the summer of 2003 to the university every weekday with no air conditioning-when there were a record number of days over 100 degrees Fahrenheit-was that showering felt really good! I paid for tuition with some money inherited from grandma, grants, and working. So no debt.
I graduated the next year, a few months after our wedding.
😂 I currently drive a 1996 Toyota Camry. A/C works some of the time, so I usually just keep the windows down. Nothing wrong with a little wind.
I had a car payment once, years ago with a different car, and I will do everything possible never to do that again
7:02 yup, I just bought a used 2021 Mercedes-Benz GLC43 AMG for $45,000 CAD. When it was new (with the options it has) it was around $85,000.
I grew up in Minnesota, college in Tennessee, lived in LA and traveled all over Europe, South America and Asia and didn't always have AC. I didn't fully appreciate it until I moved to Las Vegas. It's basically impossible to not have car AC here unless maybe you drive 100% of the time at night... and even then... 😰
Same issue with my car. New Catalytic converter (required for California.) $2k+ (factory direct) plus labor for my 2011 CRV. AC compressor $600+ or condenser $200+, etc. plus labor. 100 degree weather is not fun. Even doing the labor myself it's around $3k. I don't plan to fix. Will get rid of it
Paying dealer prices? Fool
There are some really good value cars at 10 years, 100k miles. People think they are nearly dead when really they still have more than 50% of their life ahead of them.
People don't take care of their vehicles. You really could be buying a clunker
The cost could be that high if the AC system needs to be replaced. But he is right about keeping of the car payment road
got a $4700 nissan 2012 and the wheel dust shield was so rusty it crumbled like a potato chip. lol don't need it anyway. i did install a new android stereo with GPS, wifi, rear camera, etc. and DIY detailed the crap out of it. it's fun to work on and does its job.
The more I listen to this channel, the more I want to pay aggressively on my car loan. $10,500 to go!
Depends on the vehicle. Kia? Scrap it. Toyota Rav4? Fix it
Agreed. Polishing a turd doesn’t change the fact that it’s a turd.
I had a Kia once. I drove it off the lot in 2001. Finally bit the dust in 2019 - 290k on the odometer.
180k on my 09 Kia Optima
My wife had a Hyundai Sonata, 10 years old, 140,000 miles and on its second engine (replaced under warranty). It’s value on the open market: $ 3,000. We sold it when we spent over $1,000 in six months on coolant hoses, an axle, and it needed new tires, brakes, and the shocks needed to be replaced which would have been more than it was worth. I had the cash and bought a dealer demo, it’s much more reliable and so far was worth the money.
@@jamiegumm4398Not bad for a KIA. I actually bought a used manual transmission 95 Acura Integra in 2001 for $7,600 with a 100k miles. I street raced that car for the first 5 years in my youth. Yet it has still held up well and I still have it as my daily fun beater with 276k now. The only major repair it has needed has been a head gasket at around 200k. And even that was just $800. Being the car enthusiast that I am I plan on keeping it and restoring it complete with an engine rebuild or motor swap.
Preach the Money Gospel Brother.
They may want to check with a few other mechanics about what needs fixed/cost to pass inspection. Have had experience where I got two wildly different amounts.
I’m 23 and paid off my car when I was 21! Totally against having a car payment. However, I could never drive with the windows down in the 110 degree AZ Heat LOL!
You Americans need to learn how to measure temperature in actual proper units
@@amireallythatgrumpy6508It is 110 deg F here in AZ in the summer
I've always disliked the idea of borrowing money to buy a car, even when I was in my 20s. I'd rather save for a purchase and use public transport (if need be) while doing so. I agree with everything Ramsey says on this subject.
Thank you, Dave. I needed this reminder. Praise God my 8 year old car is paid off and runs fine!! Praising God also for a Christian mechanic friend who, bless his heart, charges very little for labor ~ I could never get ahead if I had the dealership where I bought the car do the work. They charge well over double than my friend! I appreciate you, Dave!
Car work is very expensive! We just spent $4000 to have our truck repaired.
What did you have repaired?
That's why learning to do your own work as much as possible is beneficial. Just by learning how to do my own brakes jobs I have saved thousands of dollars over the years.
@@evoman44and struts, water pumps, belt changes, alternators. All that assessory stuff wears out but it’s fairly easy and cheap to replace versus a mechanic.
Agree with you dave have been listening your podcast and just paid off my car this month best feeling ever and i will never have a stupid car payment
I'm glad Dave called bs on the bullshitters... You can't bullshit the bullshiter!!!
you knew what Dave would say!
I drove a wagon without ac in Texas with a 4 year old and a 6 year old, during summer. We drove that wagon for 3 yrs. You can do it!. Those kids are now driving age and we were able to gift them their first paid off vehicle. Sometimes you have to make sacrifices.
It's not that expensive to fix A/C. Sometimes it's just a leaking hose, or the coolant needs to be recharged.
I was middle class 4 years ago now in upper lower class sucks
I’ve always been low/broke class
Middle class hasn't existed for 100 years dude.
@@amireallythatgrumpy6508 it has just getting harder to obtain we was at 115k 4years ago family of 4 now we at 125 and thats not middle class anymore
Went from Middle class to upper middle class with crypto this year. I’ve been lower middle class so I get it, but always ways to get where you need to. Don’t give up.
@@jasonleatherwood2172 It didn't exist 4 years ago and it doesn't exist now.
3 Honda Odyssey mini vans later- each at almost 300K. My last one had over 200K when I bought it for $2500. I sold it for $2000 with almost 300K mileage. She is a 20+ something young woman and that's what she could afford and over a year later, she's so still driving it. I can afford any reasonable car I want now in cash.
I’m glad to hear your good report on Honda Odyssey mini van! I just bought a used one, it’s 2016 with 127,000 miles. I hope to drive it as long as I can. I bought with cash so no car payment 🙂
"Act like it's a convertible."😂😂😂
Middle class is still in debt and will work to 70.
77.5 in my humble opinion
*Will work till they die. Most older Americans are delusional to think they will ever retire. The vast majority will work until they collapse because they didnt save properly for retirement
Middle class chooses to be in debt and chooses to continue going into debt, guaranteeing a late broke retirement
Middle class having the opportunity to retire without being purely supported by younger relatives years and years before the average person dies is a modern, developed world invention that is a sign of our prosperity. That we whine about the age it happens at is a sign of our lack of perspective.
You must be new to the channel.
Holy crap Ken actually standing up to Ramsey? Appreciate the way he’s going
I bought my two cars 10 years old for $8500 CAD. Now they are supposedly worth almost 10k each.. when a new 4 cylinder car is about $25k. This argument isn't valid when $10k buys you a rust rotting 200,000 mile beater that hasn't been maintained.
Nissan versa 17.5k
I dont agree with his mindset about finances (might as well as financial advice from buffet.. 94 YO guy) but I do agree with not going into debt for a car or debt in general unless its unavoidable. I'm not wealthy but I am comfortable with my life. I could pay any debts I have right now and thats an amazing feeling; I feel free.
I worked with a guy who always leased a cars. His theory was you always have a car payment, so you should just lease so you always have a new(ish) car.
While we had 3 years of car payments every 10-15 years. So no, everybody does NOT always have a car payment.
When I retired early, he was still leasing a car every 3 years, and still working.
He was just trying to justify having a new car all the time.
Car dept is a killer , any dept for that matter !!! When i started workinv 25 years ago i borrowed my parents old car and saved enough to buy my first car cash in a year.... Last year i bought my Lexus NX cash. Cant remember when last i had any dept... VERY BLESSED !!
Dumb. I have a car with almost 300 thousand miles on it. It goes from point A to B. They are worrying about nothing.
I agree. If you keep up on the maintenance of your car, it'll last you a long long time unless you bought a lemon. All these people that say they are around 100,000 miles and have all this cost probably did not keep up with maintaining it. My car is almost 60,000 miles, which is nothing. But I make sure EVERYTHING is doing well on it because it will start having problems if I don't keep up with it. I think many of these callers that call that have mileage that is under 120,000 miles is because they failed to maintain it and get the things fixed that needed to be fixed while the car was still a youngster.
Wow good for you we are so impressed
If you just changed the oil and basic easy stuff like air filter, spark plugs/coil, fuel filter, battery maintenance, air in tire etc the car will easily run 100k+ miles. The two major things it'll need are Tranny and water pump about 75,000-100k miles. Everything else is either yourself fixing or stuff like brakes, clutch mechanic does.
What type of car?
Sounds like you don’t live in a state that forces you to make expensive repairs that aren’t required to get the car to drive to pass environmental inspections. May or may not make financial sense to pour that money into an aging car.
I have a 2005 Ford Econ Van, with 225,000 miles. Runs great. Slower but runs great ha
I live in Texas. No way I'm going without AC
I also live in Texas, can’t afford AC.
@user-bm6wu9zw9m what's the cost go fix it
I live in Houston and my car’s AC has not worked in two years. I run all my errands first thing in the morning and I am fine. I enjoy going grocery shopping as soon as they open as there very few people and everything is fresh and stocked up. I grew up in West Texas in a house that did not have AC and we survived summers with 100+ degree days.
Shiit I grew up in south Florida.
No AC in the summer is deadly.
I now live along the great lakes and no heat in the winter is just as deadly. You need both long term.
Arizona heat is brutal ac is not a luxury it is a necessity 🥵
I have purchased cars that did not depreciate and actually sell for more than I paid for them. There are a few that have actually held their value really well. Acura Integra Type R, BMW M3, Toyota FJ Cruiser and 1987 Toyota 4Runner. Also if you had a 993 Porsche Carrera any trim.
We have bought all our used cars with 100k to start with. They are still going strong. Yes some things don’t work and are worth fixing but they are still working well enough. People put too much emphasis on nice looking cars.
The only issue I have with buying a used car is that you have no idea if the previous owner maintained it properly. They might have changed the oil once every three years.
I have a Toyota sienna 2009 with 275k miles, working wonders ,AC and everything!!
I work in the motor trade, and see a lot of rich people who drive a Toyota.
What an interesting observation! :)
Wife drives a 2018 Camry. I drive an '03 F-150. The '93 Cherokee XJ Sport gets its legs stretched once or twice a month just for kicks. All have been paid off since late 2020. No more car payments!
I can't agree. I bought my Civic Type R brand new 6 years ago in cash. It's worth more now then when I bought it. Not all cars lose 60 percent value...
My three Toyota FJ Cruisers are worth more now than when I purchased them.
I start off with a 1962 Chevy Nova 2 door hard top ? Pick it up for $300.00 drove it until the wheels fell off😂😂 . But why would you get a new car? Like he said why put yourself in a pickle and keep a car payment bail for your credit cards in pay off your car and have that cash flow right into your bank account
In PA, if it won't pass inspection because of body issues, you can cover them with bumper stickers and it will pass!
A failing U.S. economy and elevated global tensions reduce the likelihood of prolonged inflation or higher long-term Treasury yields. I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors I speak from experience.
this is great! think your advisor would get on the phone with an unknown? i'm in dire need of proper portfolio allocation
Thanks for this. could easily spot her website just after inputting her full name on my browser. she replied my inquiry and we scheduled a consulting session sometime tomorrow.
TN don’t a car inspection, also my Nissan truck is 17 yrs old with 174K miles. It runs and drive great.
When he said get over it drive the car without AC i was like yea right. But i forgot i went a whole Pennsylvanian winter with no heat in my car. Haha😂 how we forget.
This is kinda true because after i got rid of my car, i saved insane amounts of money
Dave cut right thru the BS so fast, love it.
I ride the bus. No insurance or maintenance or gas fees!
Oof sorry about that
Two things you never chase, a woman…and the bus.
@@archimedes_espinosa lol
Public transportation in USA? I'll take a pass.
That's smart, if you live in a place where you can do that, your saving a ton of money.
I realized the Auto game early. Dependable wheels that get you from point A to point B comfortably, is the answer. Showing off to friends, neighbors and strangers will keep you broke. I'm 65, haven't had a car payment in over 40 years. I invested that "car payment" money, and can now buy any kind of car I desire. Funny how, when you don't have money, you dream of all the things you'd buy. When you do have money, you won't even consider spending it on those very same things. They're just not that important. I guess age and wisdom does that. To this day I've never had a brand new car. Not going to take the new car HIT! Let the "Show Off, gotta have a new car every few years broke guy" take that punch. I'll buy his, second hand, as my trophy instead. Last thought; With the lengthy finance times that these banks give on new cars, the style /model could change as much as three times by the time you've made your final payment. So you'll be watching the NEW Model of your car drive by, while you still have years of payments on the OLD Model. Seems like such a stupid game to me! Listen to DR!
I haven't had a car payment in 38 years. The freedom of being 100% debt-free is priceless.
Wow! One of our vehicles has 360,000 miles on it. Great Tahoe and my husband is a great mechanic. My car is paid off! If it gets you to point A and B who cares.
I had a payment on my work vehicle for $400. I wouldve paid it off last year but the company i financed with wouldnt allow me to make principal only payments so i saved up about $14,000 and paid it. These companies are scummy as hell
I remember when cars had a handle you could turn which opened a gap between the bottom of the windscreen and the top of the dashboard to allow the wind to pass through!
That PA inspection is the biggest scam ever. I would move out of PA for that reason alone.
Take it to a lick and stick and pay a little more for the inspection.
I hear Indiana is bad too.......Glad I live in Ohio....
Are you talking about the emissions inspection?
I drive a 2005 car with 155,000 miles on it. Had to put four new tires on it recently which cost over $700, but the car still runs great.
Let the wind blow!!
Agreed, I have never had a car payment. Paid cash for my little Honda fit in cash 6 yrs ago even though I could have bought a more expensive car in cash. Still runs like a dream. Paid off my home mortgage in 3 yrs. Max out my 401k every yr since I was 21. My Fico is 890. All this because I married a German, lol. Seriously, I am allergic to being in debt and or owing money. In Germany buying things on credit is simply not a social norm. You buy was you pay for in cash.
when I was growing up, the AC was "four down and four on the floor"
The only time I bought a new car was during the massive Great Financial Crises and it is a 2010 Honda Civic that I bought for cash $14,000. Still own the car will drive it till it becomes a bucket full of bolts!
I’m 61 and I’ve driven cars without air most of my life. Also I’m worth over 7 figs liquid and I drive an old 2008 Cobalt with 300k that is all rusted out. Yes the air works hahahaha. But that Cobalt is the newest car I drive.
When I was growing up everyone had an old piece of crap rusted to hell and back car and we were ok with it. Now look at what people drive. Try to find a 5 yr old car in any parking lot anywhere. You almost can’t.
My wife drives a 2005 Caravan we paid 3k for. Jeeze people wake up.
Really don’t see the issue driving without an ac in that state.
I think the average summer temperature is around 85 degrees and that’s probably one month of hot weather each year.
I'm with you. I am debt-free and have a net worth of $14 million. I drive a 2014 Toyota FJ Cruiser and couldn't care less what people think of my mode of transportation. I'm astonished that people willingly take on significant debt just to drive a flashy vehicle.
I love driving with the windows down and a/c off. People need to learn to suck it up a little. Now I am uncomfortable driving a car that is close to 200,000 miles only because I do t have anyone close to me to help out if I break down. 100,000 miles isn’t anything.
It sucks to drive where I live so I take the subway instead it costs $120/month Having a car will cost $1500/month just to be comfortable
Most people don’t realize they are paying thousands of dollars in payments, insurance,and taxes each year for something that’s parked doing nothing 20-23 hours a day.
We have a 2013 Volvo, and two 2006 Volvo's(300k miles, husband drives to work). They are good cars, high safety ratings, run a long time.❤
Pay cash for your cars, car payments are no fun.
Mine was only $214/month on a brand new car I use to run back and forth to work. Not bad at all.
How long did you pay and what year was the car
2:54 - 3:35 FACTS
Great Dave! Love u guys!!!
As saying goes ,”Happiness is owning nothing.”
I’m with Dave ,getting ride of car payment asap. Well I currently don not own any vehicle. Commute by city transit or simply on foot. Lost 10 pounds , legs got fitte, last but not the
Least , feeling happier and lighter.
Many thanks for the video. Everybody needs financial freedom. Let this be a thread for some more simple, Reproductible approach from anyone who have build wealth. I have saved up $190k to get started.
I sincerely believe people often underestimate financial advisors' importance too. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.
Kristin Amber Landis has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for sharing, I must say, Kristin appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
I have two car payments, but I also have about $4k after everything is paid at the end of every month to invest. Not everyone with car payments is destined to be middle class