Yup, I make close to 200k and my car is almost 15 years old. I got it used at 100k miles and after some minor repairs it works great! I’m hoping it lasts me at least another ten years. I don’t even drive much. Toyota, Honda, and Subaru for the win!
NO WAY??? If their wage increases it means they already waited for it and sacrificed long enough before it happens that they feel free and legitimate to spend more to reward themselves and actually feel like they are evolving? Stupid social media phrase, re read yourself, that was a stupid statement.
@@-KillaWatt- so what? If they are living within their means, what's the problem? There is no problem. If they aren't living within their means, the raise may or may not help. But the raise isn't really the issue.
@@Undersnow243 it can't be all that stupid if over 150 other people agree with me. Perhaps you should increase your financial literacy and come back and talk later. This statement won't be for you because I know you won't understand it but anyone else reading this if you are say making $75k a year and are living comfortably and you get a raise. Just pretend like that money doesn't exist. Put it away, save it and/or invest it. Basically, if you have a roof over your head, bills are paid and you ain't hungry then you are living in the top 1% of world. Anything you make beyond that is just wasteful spending. Save for retirement so you won't have to worry about relying on government assistance.
@-KillaWatt- you've confused yourself. If someone is already putting a hundred dollars a month into their savings, and cpntinue to do that after they get a raise, but because of their raise they can eat out one more time a month or they can afford to not eat Ramen, or they can afford to go to a few concerts a year, what's the problem? With your way of thinking, a person would never make improvements in their quality of life. They're using old butter tubs for leftovers while working their first retail job? They're still using butter tubs to store their leftovers when they are earning twice as much ten years later as the head security guard of an office building downtown. And they still ride the bus. I'm gonna stop working in five years. I love life.
Yeah if u can’t buy it cash you’re pretty much borrowing it 😂 no disrespect but debt free is the best thing to be. Besides a mortgage or investments of course then being in debt is ok.
Good on ya! I was similar, $60k+ truck (precovid, loaded F250 Lariat diesel) making $130k.. covid hit and you realize what’s important. Sold that and paid cash for a low mileage 3yr old Tundra. Have had that 4 years and never looked back despite making $200k+ now. Upgraded the stereo and wheels/tires, that’s it
Debt is still good. Motivates you to have hoos stuff and never stop working.. if youre going on a cheaper route then invest youre money… in the future you might get a better truck cash
I make $100k and bought a $37k truck and feel bad at times but it’s the last truck I’ll probably ever own since I’m 62. Figured may as well live a little.
@@BradleyPease-n1snot at all brother. These new cars perform 10x as well as older vehicles. Sure you can use it to commute but some people love their creature comforts.
Unless he lives at home and is paid completely off the books, after taxes and conservative estimates for living expenses, $65,000 is roughly a decade of his disposable income
@@michaeledwards8051 I understand the point of the video and it’s that the guy bought a very cheap car but what I’m saying is that you need to go get a job so that you have money
Biggest money mistake i made was a 45k truck on 35k income while in school. I was living with my parents so i wasnt suffocating, but that was still grade A stupid. A 15k truck would have been fine, and by the time I graduated i could have 30k in investments instead.
@tomase4024 need is probably a strong word, though I did use it for landscaping jobs in university. I like to camp, canoe and fish, so I used it for back country roads for that. I live in a small city in the Canadian prairies, so lots of truck using opportunites. I still have the same truck actually. It's 12 years old, 170,000 km and has been paid for 6 years. Still was a dumb choice in the first place, but at least I'm still happy with it.
I did the same man. Except I only have mom and I had to help around with rent. It got so bad my truck got repossessed. Biggest regret of my life but i definitely learned big time from it. I now own an economical Toyota Camry and currently studying for my bachelors. Like the guy above me said some hit 40 and still make those dumb decisions. That definitely won’t be me!!!!!! Cash cars only from now on😭😭
My wife recently inherited 100k but still drives around in her 1996 Honda CRV worth less than a decent iPhone. She says she’ll stop driving it when it stops going. ❤
I too drive a classic, but she really should look at safety. Even a beater today could be a lot safer than a 90s car. Look into safety and check if a newer car would be safer
That's exactly what I say about my car that is a 2007 Hyundai Sonata who runs just fine has only 50,000 miles on it. I will run it till the end of time and it's paid for...no pmts!😊
What people fail to realize is we make up the depreciation on a used vehicle by not paying a car payment! My suburban saves me $700 a month car payment! This is the third year that my wife and I have paid all cash for Christmas without stressing out! Such a stress reliever knowing that we are not paying for the next year in credit cards plus interest just to do it all again the next year!
Bought a brand new 2019 Honda civic before the pandemic so my interest rate was less than 2%. Paid it off last week and it feels so good. Hated having a car note. I will drive it until it can’t anymore.
That's awesome! Congrats on not having the payment. I'm curious though, since I've seen this type of comment a bunch. Are you planning on saving up the equivalent amount in cash while you drive it into the ground? What is your plan for replacing it with an undoubtedly more expensive equivalent in the future?
I leased a new car 5 years ago (2019 Honda civic) and my payment was 205 biweekly. I got the same car in May but the 2024 model, and some how my payment is 296 😩 well I know how lol the interest went up to over 6% and it was less than 2% in 2019.
I thought the same when I bought a brand new jeep in 2006....and that baby is still going strong. The mechanic told me that if I put grand a year into her she would last forever...he was right.
As a 23 year old most of my friends have brand new cars while chipping out $600-$900 a month just for the payment, I got a 03’ Honda Element and it works just fine, only 140k miles as well. Gonna drive it till she can’t drive anymore!
but you will have constant repairs and maintenance while a brand new car will just need oil change and occasional battery change for the first 10 years
Thank goodness for these ppl spreading helpful information and awareness and being actual leaders of their community and helping, not tearing it down. Theyre helping everyone ❤ Much respect to you guys ❤❤ and thank you for this channel
I earn 6 digits and our car is a 13 years old Volkswagen bought 11 years ago for 18K cash (never debts for a car!!). Works perfectly well, the house is paid off and the stocks are doing well.
@@lafoste4883 absolutley not, your missing the point, live a little = book that holiday, go somewhere you’ve never been before, treat your family and friends etc, all the while still investing.
@@metalMARCUS1 Nope, I was asking a question. But why would I book 5 star Hotel and spend more money, if I can book cheaper motel etc to be at the same place? Thats what my question is refering to.
i will never spend more than 10-15k ever again. used or salvage title until the wheels fall off. oh and i take better care of my cars and am more grateful for them than anything. regular oil changes, maintenance, and details. fresh tires all the time. i’m proud of what i own it doesn’t have to be a Lexus or a Mercedes for it to be nice
Got a salvage title Subaru Outback with 125,000 m, spotlessly clean, one owner, in March for 8500, needed 2 new doors, a couple other things, runs great! 2016 model.
2k pickup here. Driving it 3 years so far. The one before that was $600 and drove it for 8 years. The $600 truck still runs and is set aside in case I need it
@@rodneyking4183 lol. If paying for something means investing in it, that would mean every gallon of milk, loaf of bread, pair of shoes, pack of cigarettes, etc. ever purchased also count as investments. My comment was speaking to people who foolishly excuse the overpriced, financed with loans, purchase of their new cars as "investments."
@@thecakeladytm It's why people need to stop using the word invest to describe purchasing consumables. Cars are consumables. You do not "invest" in things that degrade to the point of having no value. And yeah, that's a subtle statement about primary residences as well.
I will be forever thankful to you, you changed my life I will continue to speak on your behalf for the world to hear that you saved me from huge financial debt with just a little trade, thank you Jihan Wu you're such a life saver
As a beginner in this, it’s essential for you to have a mentor to keep you accountable. Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
This is actually very common in Britain. Many people are quite prepared to pay huge monthly repayments to sustain their status. For car dealerships, the profit margins on the sale of new cars is surprisingly small. However, the real money is in the creation of monthly repayment packages. This often creates years of income for the dealership from people trading in their car for a new model every two years without actually ever really owning anything. It's quite similar to a mortgage in many ways.
Good question. People are dumb with big egos. Im still driving my first car from when I was 18. 22 now, I'm driving it till the car falls apart then im buying a slightly better used car. Spent $1k
My son 💙 (29), drives an early 90s Camery with almost 300k miles. It's seen better days. Last month he was hit by a semi! Everything is good! And that car is still running!! Love it!!!
I’m buy an American car when they build a better one than Japan. My dad worked for Ford for 40 years. He says that their cars have a “built-in obsolescence.” They want you in a new car every five years.
I worked a job making $12-15hr. I bought a 44k truck. Probably the best decision I ever made. I worked a lot of hours, got a new job my 2nd year into payments. Paid it off in 2.5 years. It meant no doing anything but working & payments. It isn't for everyone. Now I have a reliable vehicle, the prior years my vehicles were always breaking down costing me more & more. I feel although it was extreme poverty to pay for it, it also broke my poverty cycle because I don't want the debt again & I don't have all the issues.
Everyone needs a truck and they arent cheap. In the long run you spend a lot of money on gas but it saves you a lot of U-Haul truck rentals when you need stuff, that's for sure. Or asking friends to help with their truck.
@@ginny3219I bought a used car. Bought from Enterprise car sales. I didn't even test drive it. I saw it online knew I wanted it went there, signed the papers drove it home and that was 2 1/2 years ago... no problems except for the usual maintenance. My mom did the same thing many years before I did. Never had any car problems with hers. I would do it again for sure. Only thing different is they don't take trade-ins.
For real I have no debt make a whopping 30k a year and drive a 98 Chevy s10 she runs great I'd love to make more but I have friends that buy the newest truck every few years and only make 40 or 50 grand a year I don't even what to know what they pay every month
I paid cash for a 22k Car while making 80k an year and trust me this is the best financial decision of my life. I still have people coming up to me telling me that I should have leased the car and invested that money lmao The car interest would have been 8-9% monthly and which investment gives back more than that, maybe Crypto if you are extremely lucky
I make $75k a year and recently bought a very nice SUV for only $6k......and I am still able to make 4 principal payments to my mortgage every month....I had a killer year for extra payments this year (2024) making 60 payments (5 years) to my mortgage...I'll be paid in full in 18 months and took my mortgage 10 years ago, so I am cutting more than 18 years off my mortgage due to crazy extra payments....maybe I'll buy a slightly used Hellcat Challenger when I get the house paid off.
Definitely don’t bro the maintenance will eat you up, also don’t just find something to spend money on, start saving for kids college if you have any or planning on having any.
Dave teaching his team how to care about the person more than the bottom line…. Dave is so good at telling the truth with kindness and without being condescending….
I still own a 07 kia Rio and I make about €35k per annum. I'm not changing my car until its so broken it repair cost is worth more than the car 😂😂😂. Many thanks to Dave a crew. Love from Ireland
I was making $37k when I bought my brand new diesel car for $25k back in 2010, with payments of $500/month. Also had a 15-year mortgage with payments of $1400/month. Now the house and car are both paid off and I still own both. Best decisions I ever made.
Financing my truck was the dumbest financial decision I've ever made. The second one is using credit cards as an emergency fund. Credit is not for me or a majority of people. Live within your own means. Dont let anyone influence you otherwise. When you make more money don't scale up your lifestyle to match until you can pay CASH for it.
I make 150k, and bought a x3m comp (100k) car, but, I have zero debt, own my house, no debt, mortgage, zero, and I paid cash. VERY HAPPY with my decision.
Paid $1000 for my 03 dodge Ram and it’s taken awhile to put on the road, but now I’ve got about $4500 into it and it runs and drives great! Much better than these new $70k trucks that won’t even perform half as well as this thing has, plus it only has 160k miles
all these people buying used cars for a few thousand dollars: if (or when) your car breaks down leaving you stranded, will you also chime in on the comments and admit it?
You can buy 5-10 of these cars you think might get stranded as well as getting them repaired before spending $45k plus interest that a brand new vehicle costs. The point isn't that you might need more repairs
When people do their due diligence, research the used car, previous driver(s), full record of maintenance with receipts, pay for a car-check history and mechanic check-up ( your own) , and do the proper maintenance and tune-ups you wont be any worse off with a used car than a new car. But you bank the savings. I bought a 5 year old car that had single owner, low mileage, complete history, and i've been driving it for 10 years, at 20,000 miles a year, and no issues.
Same thing with new cars bruh, if or when they break (and new cars are breaking champ), and when you check repair cost, make sure to check out repair cost for older 2010+ car 😂
13 дней назад+1
They won’t tell you the truth. All vehicles are net losses; and this guys fans are grandiose hypocrites. In one hand they’ll tell you that “buying a new car is just bragging rights” while in the same sentence telling you how much they make a year? Seems a little contradictory to their argument, honestly. Sway bars, breaks, throttle bodies, transmission sensors, holes in the exhaust… anything can happen to a car. Good used cars will not sell for less than 12k any more. Anyone buying anything less than that is buying something they have to sink more than the value of the car is worth into it to fix it. A warranty for 100k miles with cars that won’t kill you in a crash is worth it
i bought a 2004 jeep grand Cherokee Leonardo, 5 years ago, for $6,000. it has 250,000 miles on it. paid for in cash. with the last 5 years of having lower insurance costs, because you don't "have" to have full coverage (i keep it for peace of mind) the cheaper parts to repair an older vehicle, and the lack of the monthly car note..... over the last 5 years.... I think I'm definitely ahead, then if i were shelling out $700 a month for a car note, wile making automakers fat cats on interest. Way cheaper then "if" my jeep breaks down and leaves me stranded. most tow bills are around $150, and that's if your insurance doesn't cover the cost. i know my insurance will do 3 tows a year for free. with it being an older car, the replacement parts are cheap, sense you don't have to go with brand name and can use third party, and the week of Ubers to and from work, all combines, will be less then a single month a new car prices, ($700 car payment, $250 insurance cost, vs $0 car payment, and $80 monthly insurance. but yeah, if anything happens to my jeep, before i decide to buy something newer again, ill bookmark this page, and "admit" my 1.5k repair cost, Ubers, and tow. vs if i bought a new car and had paid 57,000 ((700x60)+(250x60)), vs the 10,800,(6,000+80x60) I've currently paid, without hassle.
I’m 24 making 35k a year driving a 30k Audi s3 and I’m so happy. It was dream to own. Everyone is different, do what makes you happy life is to short to worry about it, money comes and money goes
when Apple stock was $1 a share (split adjusted) I bought a $40k car. I was approved for $120k. I thought I was frugal. Had I bought the $40k of the stock I'd have $10 million in Apple stock and that's not including the reinvested dividend for more shares. I did however follow the Rule of banking your first $100k as early as possible in your career (largely thanks to Amazon shares) and it's growing currently at a rate that's has replaced all my annual earned income. That $100k started steamrolling after 2 back to back bull markets. But the moral of the story is that it doesn't matter how well compensated you are in your youth... those first expensive cars before age 40 will cost you a staggering fortune from your stock portfolio. Just get a used Lexus.
When I made $60k, I bought a $24k Subaru WRX and put 25% down. It was a comfortable payment and allowed me to build equity quickly. I couldn’t imagine buying a $60k vehicle at that time!
If you buy a 60 thousand dollar Toyota and take care of it and drive it 20 years, is that stupid ? Or you buy 7 used cars over the same period. Used car= repairs, breakdowns, time spent searching, buying a bad vehicle/ odds.
That’s how my husband did his math too. But also because we did the Dave Ramsey plan and drove junk for years and saved up we can afford it too. But he also fixed all our cars and was tired of fixing them
We bought a 2012 Honda Civic for 10’000 a few years back. Was owned by an elderly couple, they hardly drove it. Only had 30k KM on it. Collectively we make 150k or so. We share the car and instead have been enjoying some amazing vacations together. I call that a win. The car runs fine and is in amazing condition. It’s nothing fancy but it works great for what we need.
Everyone has their thing. I personally like driving nice vehicles. I don’t spend a lot on clothes, toys or eating out but I like my new trucks and cars.
Buying a second hand car is just so much better people really need to get this “new car” stigma out there is literally nothing wrong with buying a car for 20-30k
Purchased my first dealer car for $18k at age 18, 2 years paid it off. 28 now, purchased used 2000 mazda protege for $1,800, been driving out for almost 5 years now, no car payment in 4 years is the best
My rule is the most you spend on a car is half a years salary. If you're smart you do even less and maybe a 3 year old certified car that's reliable. That said I have a Tesla and drive for nearly free (solar amd work charging) and my total maintenance in 4.5 years is $90. 2x sets of cabin air filters amd 1 set of windshield wipers. Oh and $3 washer fluid.
Got mine for $2000, a 2004 Toyota Rav 4, had it for 5 years, put a few hundred into it, 1 owner car who did every oil change and tune up, had 137k when purchased, still runs like it's brand new and I am not exaggerating it runs like it's brand new, and I OWN IT, If I was a billionaire I would not buy a new car, worst possible thing to do, God Bless
My job treats me like crap and I have been paying child support of over 18 years. I earn 120k a year. I put 35K down on a corvette and my payment is a little over $600 a month. I wanted something for myself.
$35k plus $600/month in an S&P500 index fund would have been a WAY better treat to yourself buddy... in a few years you could have bought the corvette in cash and have enough left over for a lifetime of insurance, tag fees, fuel, maintenance and repairs.
@@buddyrevell511 Oh, now you tell me. LOL Thanks for the advice because I am writing it down. I've been putting as much as I can in my 401k, doing CD's at the bank and that is just about it. But, every little bit of information helps.
I make 100k and have 200k worth of cars that are all paid for, the oldest is a 2020 Shelby. You don’t have to drive shitty cars, you just have to be smart with your money.
I make 85 and spent $3.6k on a daily vehicle. Cutest little car ever while my expensive car sits in the garage looking pretty collecting dust. Funny thing is, I actually enjoy driving the cheap bunky. 😂
60,000 a year After taxes about 42,000 Monthly take home comes to about 3,500 60,000 vehicle with 5,000 down, estimated monthly payment is 1,144. This doesn’t include insurance. Comes to about 33% of your monthly take home. They say your monthly car payment should be about 10-15% of your monthly take home. From my experience, people doing this are the same type of people that say they can’t save for a down payment on a house and the economy sucks. You want to buy a house, practice living within your means. You want to buy a 60,000 car go for it just don’t complain the economy sucks.
My wife and I have an annual combined income (2 x salaries plus rental properties) of somewhere around $550K. The total purchase price of ALL the cars we've ever owned is about $45K with the most expensive and recent one being $20K. Never borrowed a dollar for any of them. What on earth are these people thinking???
I purchased a $7000 car when I was making $14000/year as a student in 2011. Ratio of income purchase price to income looks bad. But important part is, we are in 2024, I make $200,000 now, and I am still driving that $7000 car 😂 Hondas of old are the best. That thing just keeps going.
But also make sure you don’t buy the cheapest scrap, unless you have mechanical knowledge! I had a friend that bought a used car for £1500, whilst I had purchased a brand-new car for £199 per month, which came with breakdown cover for 3 years and warranty for 3 years. My friends car kept having issues every few months which were costing him 1000 each time and after a couple years of ownershipwe added up our total expenses and he had spent way more than I had in a scrap car that he hated. I drove in something that was safer, nicer, more reliable. His car broke down to work a few times, cost him a promotion etc. Also like to add, I knew my costs every month, they were set, regardless of what happens, whereas my friends costs were unexpected and hidden.
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Be careful even with used cars guys! One of my customers is driving his 1996 Sebring with 94k miles on it advertising it for $7600! The KBB value is $1500!
daves program can work for the crappiest situation. the main thing is to think opposite of main stream. i went years just working saving and didnt take any vacations or do anything extravagant for nearly 10 years. but being over 40 now and in fair shape with financials. is totally worth it!!!!! spending funds i didnt have has never been apealing. and its save my arz.
I make $17 an hour and bought a house last year and drive a 2020 Ford Escape Titanium I got used 2 years ago for $32,000 and pay $383 a month on. My mortgage is $707. It isn't bad. I have plenty of money left over. Over $5,000 in my checking account right now.
I bought our car all cash, 25k a used 2021 Honda CRV. We make 300k a year. I really wanted a Tesla but could not justify spending that much money. The 25k was a hard check to write
I make 118k and bought a 2009 Murano for 12k with low km. I paid cash and would never spend anywhere north of 20k on a vehicle. They just depreciate and cost you money in the long run. I also do all my own mechanic work.
I made that much and bought that $60k Tesla a few months after getting a house. Both are currently paid off. Get what you want. Though I bought it for safety. And have saved thousands upon thousands switching to that EV compared to if I was still driving my non-ev.
@myra-n3d Any car can catch fire, so that's a moot point. And it comes with a long battery warranty, so I'm good. I appreciate you looking out for me though
I bought a 05 ford focus sedan for 1900 with almost 5k in savings account and job less at the time. Good thing I did because 2-3 months later I needed to drive to take a test to get the job and now I’m good. Car still works fine
I’m 20 years old. I’ve owned 8 cars now. Started at 17 with a $1400 Mazda Protegè 2001 or something sold that for 2k, bought a Jeep patriot for $1200 alongside that, I STILL daily drive that since 18 years old. I’ve then since bought and flipped with minimal work (oil change, car wash, wipers, simple simple stuff, headlights, radios) 6 other cars (civic x3, pathfinder, mustang, 328i,)
All over $1500 of profit in a weekend, I now only own my Jeep and my bike while I go to school. Never have never will be upside down in terms of a loan on a vehicle.
It amazes me the vanity of people having to have a new car every 2or3 years and the nicest home in the nicest neighborhood and are in so much debt they can’t catch their breath. I saved bought my house at auction,remodeling as I went. I own it outright my vehicles and boat the same. I am in no debt I don’t have a credit card not even for emergencies. The housing market is through the roof now its value has more than doubled. I’ve never on paper made more than 30k a year….
I used to work in IT Ops - I worked 10 hour shifts x 5 days a week. My car sat there for that time with a 1 hour trip to & from work. I paid $7K for it & after leaving the same car drove me to the train station & back for a 30 minute train trip each way. This was perfect as the price of parking near work was $55 a day x 5 days but the train cost me $60 a week. By car the same trip was more than double in fuel prices alone. I got to read the paper & often made time to pay my bills on the train by phone too.
I make $500k a year and bought a 2008 Ford Focus for $5k. I got a great rate on it too, only 24.99% APR and a super low monthly payment. That's how you win at life.
This is why I keep my 2015 Lincoln. Putting a little money into it every now and then is still more sustainable then the ridiculous cost of buying a new vehicle.
And that is why I bought a used car for $7,000
Update: I make 70K for all you jokers out there suggesting I spent a year’s salary on a car.
Hope it was at least a hybrid
Good for you! 😂
On same sallary I go with bus
How the hell can you afford a 7,000 car!?;! 😂
@Batcave4956fuck a hybrid😂
I bought a 20k used honda making 160k a year. Everyone tells me “but the average car payment is 700$” i laugh at them.
Yup, I make close to 200k and my car is almost 15 years old. I got it used at 100k miles and after some minor repairs it works great! I’m hoping it lasts me at least another ten years. I don’t even drive much. Toyota, Honda, and Subaru for the win!
Honda is great
Just cause the average is shit means I can be just as bad is why this country is going to hell
Yeah, they never think what 700 bucks a month invested would make them.
Yes, we should not match people’s average stupidity.
I brought a 02 Honda civi for $2500. Got 43mpg, drove it for 10yrs and sold it for $2000. I was making 180k at the time.
You sound boring
@corbingalvez2758 talking as If you are interesting
If you crashed, that would have gone wrong real fast.
Smart move
@@marcossolari2672you could say that about any car crash...
The problem a lot of people make when they see their wage increase is they increase their spending.
NO WAY??? If their wage increases it means they already waited for it and sacrificed long enough before it happens that they feel free and legitimate to spend more to reward themselves and actually feel like they are evolving? Stupid social media phrase, re read yourself, that was a stupid statement.
@@-KillaWatt- so what? If they are living within their means, what's the problem? There is no problem.
If they aren't living within their means, the raise may or may not help. But the raise isn't really the issue.
@johnclaybaugh9536 and in 20-30yrs when you're looking to retire you'll have to rely on government assistance to make ends meet.
@@Undersnow243 it can't be all that stupid if over 150 other people agree with me. Perhaps you should increase your financial literacy and come back and talk later. This statement won't be for you because I know you won't understand it but anyone else reading this if you are say making $75k a year and are living comfortably and you get a raise. Just pretend like that money doesn't exist. Put it away, save it and/or invest it. Basically, if you have a roof over your head, bills are paid and you ain't hungry then you are living in the top 1% of world. Anything you make beyond that is just wasteful spending. Save for retirement so you won't have to worry about relying on government assistance.
@-KillaWatt- you've confused yourself. If someone is already putting a hundred dollars a month into their savings, and cpntinue to do that after they get a raise, but because of their raise they can eat out one more time a month or they can afford to not eat Ramen, or they can afford to go to a few concerts a year, what's the problem?
With your way of thinking, a person would never make improvements in their quality of life. They're using old butter tubs for leftovers while working their first retail job? They're still using butter tubs to store their leftovers when they are earning twice as much ten years later as the head security guard of an office building downtown.
And they still ride the bus.
I'm gonna stop working in five years. I love life.
I financed a 70k truck on a 150k salary. About to get rid of it and get a cash truck. Tired of the stupid debt. I’m done
What do you do to make 150k??
Yeah if u can’t buy it cash you’re pretty much borrowing it 😂 no disrespect but debt free is the best thing to be. Besides a mortgage or investments of course then being in debt is ok.
I live on 150 a month and my mom is paying the mortage untill I can find another job. Debt that does not earn a income is REALLY bad.
Good on ya! I was similar, $60k+ truck (precovid, loaded F250 Lariat diesel) making $130k.. covid hit and you realize what’s important. Sold that and paid cash for a low mileage 3yr old Tundra. Have had that 4 years and never looked back despite making $200k+ now. Upgraded the stereo and wheels/tires, that’s it
Debt is still good. Motivates you to have hoos stuff and never stop working.. if youre going on a cheaper route then invest youre money… in the future you might get a better truck cash
I was making 60k and still was stupid for buying a 30k car.
I understand what you mean but you gotta live your life too .. gotta find a balance
That really dumb
It'll be worth it if it lasts a long time.
@ not if it makes you payment poor. It was a 2016 Camaro SS at $650/month. I’d have been much better off investing that kind of money into a house.
I make $100k and bought a $37k truck and feel bad at times but it’s the last truck I’ll probably ever own since I’m 62. Figured may as well live a little.
My friend stills drives his 1999 Tacoma, that thing has over 300k and it is barely street legal but it works.
I had a 1997 Acura rl and when comes to emergency braking it didn’t worked well ,old cars can’t compete with modern driving
@@edmanetka9972 that's probably due to wear and tear and old parts. I bet if you compare them both from new it's surprisingly similar
@@edmanetka9972 I bought an Acura Integra in the 90s and it was a complete junk after 80k miles. My opinion of Honda is low.
@@BradleyPease-n1snot at all brother. These new cars perform 10x as well as older vehicles. Sure you can use it to commute but some people love their creature comforts.
Is your friend named Chris? Cuz I was trying to buy that Tacoma off him before he moved to New Orleans, and I never pulled the trigger on it.
1998 f150, 1994 integra, 2017 mazda 3. 100% owned. Household income of about 150k
Congrats man. You own about $6,000 worth of vehicles all together.
Thinking a car is worth a full year of work is just unbelievable.
Thinking was the part he missed out
Unless he lives at home and is paid completely off the books, after taxes and conservative estimates for living expenses, $65,000 is roughly a decade of his disposable income
Lol@@CosmicSeeker69
Bet we could give you 10 years and you could not build a single car.
@@Metal_Stackingbraindead comment
I own a '77 F250 because
replacing parts is
nice
Keep the classics alive. They don’t make anymore of them
Get some money for a new car
@Dailycringe2 why? It seems like you really missed the point of the video and comment
@@michaeledwards8051 I understand the point of the video and it’s that the guy bought a very cheap car but what I’m saying is that you need to go get a job so that you have money
Biggest money mistake i made was a 45k truck on 35k income while in school. I was living with my parents so i wasnt suffocating, but that was still grade A stupid. A 15k truck would have been fine, and by the time I graduated i could have 30k in investments instead.
What do you need truck for? Are you living in farm with rough roads?
@tomase4024 need is probably a strong word, though I did use it for landscaping jobs in university. I like to camp, canoe and fish, so I used it for back country roads for that. I live in a small city in the Canadian prairies, so lots of truck using opportunites.
I still have the same truck actually. It's 12 years old, 170,000 km and has been paid for 6 years. Still was a dumb choice in the first place, but at least I'm still happy with it.
Making that mistake at a young age is stupid but excusable. Being 40 or older and do this shows you haven’t learned anything in live.
I did the same man. Except I only have mom and I had to help around with rent. It got so bad my truck got repossessed. Biggest regret of my life but i definitely learned big time from it. I now own an economical Toyota Camry and currently studying for my bachelors. Like the guy above me said some hit 40 and still make those dumb decisions. That definitely won’t be me!!!!!! Cash cars only from now on😭😭
My wife recently inherited 100k but still drives around in her 1996 Honda CRV worth less than a decent iPhone. She says she’ll stop driving it when it stops going. ❤
I too drive a classic, but she really should look at safety. Even a beater today could be a lot safer than a 90s car. Look into safety and check if a newer car would be safer
You have a smart wife
That's exactly what I say about my car that is a 2007 Hyundai Sonata who runs just fine has only 50,000 miles on it. I will run it till the end of time and it's paid for...no pmts!😊
👏👏👏
I love older cars. I wish I could get a car that the windows roll down the manual old fashioned way. Not electrical.
I work my CDL at 102k a year. All I can afford is a 5k Toyota to avoid crazy depreciation 😅
Smart decision.
Cars depreciate. You just don't run into situations where you'll make money on them. It's ok to take the L when you're making it up elsewhere.
Older Toyota's are decent and reliable and will last atleast 100,000 miles.
What people fail to realize is we make up the depreciation on a used vehicle by not paying a car payment! My suburban saves me $700 a month car payment!
This is the third year that my wife and I have paid all cash for Christmas without stressing out! Such a stress reliever knowing that we are not paying for the next year in credit cards plus interest just to do it all again the next year!
thats just breaking it in
Bought a brand new 2019 Honda civic before the pandemic so my interest rate was less than 2%. Paid it off last week and it feels so good. Hated having a car note. I will drive it until it can’t anymore.
Honda's last foreverrrrrre
honda = freedom money
That's awesome! Congrats on not having the payment. I'm curious though, since I've seen this type of comment a bunch. Are you planning on saving up the equivalent amount in cash while you drive it into the ground? What is your plan for replacing it with an undoubtedly more expensive equivalent in the future?
I leased a new car 5 years ago (2019 Honda civic) and my payment was 205 biweekly. I got the same car in May but the 2024 model, and some how my payment is 296 😩 well I know how lol the interest went up to over 6% and it was less than 2% in 2019.
I thought the same when I bought a brand new jeep in 2006....and that baby is still going strong. The mechanic told me that if I put grand a year into her she would last forever...he was right.
As a 23 year old most of my friends have brand new cars while chipping out $600-$900 a month just for the payment, I got a 03’ Honda Element and it works just fine, only 140k miles as well. Gonna drive it till she can’t drive anymore!
Brilliant, in my work so many under 25 in debt due to a car. Well done!
Good for you!!!
Well that car gonna out live you with good maintenance
Bank that money!!
& i bet youre always invited & the first to order .bravo
Bought our minivan for 13k cash and keep my 2006 sedan around with 200k miles on it. It’s not flashy but it’s nice not having a car payment.
Same with us, Thanks
Some people people can't figure out that flashy isn't a need.
I kept my car for 18 years , which I had paid off in 2 years. No car payment for 16 years. Helped my finances a lot. ❤❤
I've never even owned a car that new. I have an 05 van and an 03 pickup
but you will have constant repairs and maintenance while a brand new car will just need oil change and occasional battery change for the first 10 years
Thank goodness for these ppl spreading helpful information and awareness and being actual leaders of their community and helping, not tearing it down. Theyre helping everyone ❤ Much respect to you guys ❤❤ and thank you for this channel
Dave Ramsey owes MILLIONS. Don't fall for this fake show. Look it up...
Duh... many of us have been there and still are there. Thank you, Dave Ramsey, for your ministry.
I like this comment section, full of responsible, intellegent and empathetic men ❤
I earn 6 digits and our car is a 13 years old Volkswagen bought 11 years ago for 18K cash (never debts for a car!!).
Works perfectly well, the house is paid off and the stocks are doing well.
👍🏼👍🏼💯
Don’t forget to live a little though, spend some of it
@@metalMARCUS1living a little=spending more money on things that can be bought for less?
@@lafoste4883 absolutley not, your missing the point, live a little = book that holiday, go somewhere you’ve never been before, treat your family and friends etc, all the while still investing.
@@metalMARCUS1 Nope, I was asking a question. But why would I book 5 star Hotel and spend more money, if I can book cheaper motel etc to be at the same place?
Thats what my question is refering to.
i will never spend more than 10-15k ever again. used or salvage title until the wheels fall off. oh and i take better care of my cars and am more grateful for them than anything. regular oil changes, maintenance, and details. fresh tires all the time. i’m proud of what i own it doesn’t have to be a Lexus or a Mercedes for it to be nice
Got a salvage title Subaru Outback with 125,000 m, spotlessly clean, one owner, in March for 8500, needed 2 new doors, a couple other things, runs great! 2016 model.
FYI, A salvage vehicle is NOT nice😅
Salvage vehicle is a bad financial decision just saying
@ ya you have to examine why. previous body damage is fine for me but anything else, not worth it
You can’t even get insurance on salvages
2k pickup here. Driving it 3 years so far. The one before that was $600 and drove it for 8 years. The $600 truck still runs and is set aside in case I need it
Only fully paid cars for this house. I refuse to "invest" in a depreciating expense.
That’s why you buy nice cars at the bottom of there deprecation curve.
@@cdula26exactly, everyone can buy a corvette, just depends which one.
You paid for the cars, right? Too late, you are invested in them.
@@rodneyking4183 lol. If paying for something means investing in it, that would mean every gallon of milk, loaf of bread, pair of shoes, pack of cigarettes, etc. ever purchased also count as investments. My comment was speaking to people who foolishly excuse the overpriced, financed with loans, purchase of their new cars as "investments."
@@thecakeladytm It's why people need to stop using the word invest to describe purchasing consumables.
Cars are consumables. You do not "invest" in things that degrade to the point of having no value. And yeah, that's a subtle statement about primary residences as well.
150K here and I have a 15K (fully paid) 2013 Kia that has never given me any headaches. Happy days
Hit 240k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in October 2024.,,…,
I would really love to know how much work you did put in to get to this stage
I will be forever thankful to you, you changed my life I will continue to speak on your behalf for the world to hear that you saved me from huge financial debt with just a little trade, thank you Jihan Wu you're such a life saver
As a beginner in this, it’s essential for you to have a mentor to keep you accountable.
Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
His guidance allowed me to restructure my retirement plan, resulting in an estimated $700,000 more by the time I retire.
I make 145k a year and drive an 8k car, minor body damage brought the price down. Your ego can keep you poor
Oh mr warren buffet you a millionaire yet?
@@dieAlbaKidsHe COULD be a millionaire making 145k a year
@@KhanKushIf he’s smart and has a couple decades to wait
Lovely ❤❤❤❤❤❤I love your mindset
@@dieAlbaKids jealous, much 🤣
This is actually very common in Britain. Many people are quite prepared to pay huge monthly repayments to sustain their status. For car dealerships, the profit margins on the sale of new cars is surprisingly small. However, the real money is in the creation of monthly repayment packages. This often creates years of income for the dealership from people trading in their car for a new model every two years without actually ever really owning anything. It's quite similar to a mortgage in many ways.
It's a problem world over
Except it's a depreciating asset that you could spend 1/10th money on. You need a home to live and is more cost affective to own rather then rent
Why do cars cost so much? Why do we agree on their pricing?
Good question. People are dumb with big egos. Im still driving my first car from when I was 18. 22 now, I'm driving it till the car falls apart then im buying a slightly better used car. Spent $1k
supply and demand
I purchased a $750.00 toyota camry xle at the auction 8 years ago, and it's still running at 250 thousand miles 😊
My son 💙 (29), drives an early 90s Camery with almost 300k miles. It's seen better days. Last month he was hit by a semi! Everything is good! And that car is still running!! Love it!!!
I’m buy an American car when they build a better one than Japan. My dad worked for Ford for 40 years. He says that their cars have a “built-in obsolescence.” They want you in a new car every five years.
@@LauraSchendel-ko1qk
My Toyota was built in America 🇺🇸
2015 with 45K miles! We plan to have it forever! ❤
@@ThePurple1-m2o Awesome!
To this day, I still buy used cars under $11k. Unless I'm a millionaire, I'll never buy expensive cars. It doesn't make sense.
I worked a job making $12-15hr. I bought a 44k truck. Probably the best decision I ever made. I worked a lot of hours, got a new job my 2nd year into payments. Paid it off in 2.5 years. It meant no doing anything but working & payments. It isn't for everyone.
Now I have a reliable vehicle, the prior years my vehicles were always breaking down costing me more & more. I feel although it was extreme poverty to pay for it, it also broke my poverty cycle because I don't want the debt again & I don't have all the issues.
Never,ever buy a new car. Devalued right off the lot. 2 year Olds off lease are best
Everyone needs a truck and they arent cheap.
In the long run you spend a lot of money on gas but it saves you a lot of U-Haul truck rentals when you need stuff, that's for sure.
Or asking friends to help with their truck.
@@ginny3219I bought a used car.
Bought from Enterprise car sales.
I didn't even test drive it. I saw it online knew I wanted it went there, signed the papers drove it home and that was 2 1/2 years ago... no problems except for the usual maintenance.
My mom did the same thing many years before I did. Never had any car problems with hers.
I would do it again for sure. Only thing different is they don't take trade-ins.
@@tinafrompasadena3192no everyone don't need a truck in my 42 years ive never needed one.
@@tinafrompasadena3192 i get stuff delivered. I'm old .
Nothing like an ole truck she will just go
For real I have no debt make a whopping 30k a year and drive a 98 Chevy s10 she runs great I'd love to make more but I have friends that buy the newest truck every few years and only make 40 or 50 grand a year I don't even what to know what they pay every month
@@jeremystern1471 Me too, similar numbers . '98 Pickup. well maintained, no payments. No debt.
I drive an obs 1994 ford xlt extended cab. Bulletproof!!
Net worth 1.4mm… car worth 3k 😂
How do you know
@ I mean I don’t know the exact worth of my car, that’s just what I paid for it
@@adzmarsh if you wanna find out get a kelly blue book estimate
how do you even know your net worth
@@lapizza7175 what you have minus what you owe
He doesn’t have some way to put it. That’s the way it is.
I paid cash for a 22k Car while making 80k an year and trust me this is the best financial decision of my life.
I still have people coming up to me telling me that I should have leased the car and invested that money lmao
The car interest would have been 8-9% monthly and which investment gives back more than that, maybe Crypto if you are extremely lucky
Bought and drive daily a 2019 Corvette and don't regret it at all.
I make $75k a year and recently bought a very nice SUV for only $6k......and I am still able to make 4 principal payments to my mortgage every month....I had a killer year for extra payments this year
(2024) making 60 payments (5 years) to my mortgage...I'll be paid in full in 18 months and took my mortgage 10 years ago, so I am cutting more than 18 years off my mortgage due to crazy extra payments....maybe I'll buy a slightly used Hellcat Challenger when I get the house paid off.
75k a year and here you are posting on RUclips videos 😂
Dont buy the hellcat!! Keep it like that
Wow🎉
Definitely don’t bro the maintenance will eat you up, also don’t just find something to spend money on, start saving for kids college if you have any or planning on having any.
Mind me asking how much was your house????
Dave teaching his team how to care about the person more than the bottom line…. Dave is so good at telling the truth with kindness and without being condescending….
I still own a 07 kia Rio and I make about €35k per annum. I'm not changing my car until its so broken it repair cost is worth more than the car 😂😂😂. Many thanks to Dave a crew. Love from Ireland
At the current prices. It’s STILL cheaper to drop a new engine in your car than replace it. Especially if you love your car and are familiar with it.
The problem now is that even small cars cost a lot now. It still going to be 5/10k with a 30k salary.
You are talking about me😢
I make 42k but own my 30k car outright. Was the best and only option in my situation at the time
I kwon a lot of people who wouldn't $700/month for a car, however they spend more by eating out everyday
I was making $37k when I bought my brand new diesel car for $25k back in 2010, with payments of $500/month. Also had a 15-year mortgage with payments of $1400/month. Now the house and car are both paid off and I still own both. Best decisions I ever made.
Financing my truck was the dumbest financial decision I've ever made. The second one is using credit cards as an emergency fund.
Credit is not for me or a majority of people. Live within your own means. Dont let anyone influence you otherwise. When you make more money don't scale up your lifestyle to match until you can pay CASH for it.
If you finance 10% of you're income it's nit a bad idea. I make 70k a year and my payment is $500 and almost paid off
I make 150k, and bought a x3m comp (100k) car, but, I have zero debt, own my house, no debt, mortgage, zero, and I paid cash. VERY HAPPY with my decision.
I’m on 80k a year salary but drive a 2004 Toyota Corolla I bought for $4,000. At 305,000Kms now and still gliding
Paid $1000 for my 03 dodge Ram and it’s taken awhile to put on the road, but now I’ve got about $4500 into it and it runs and drives great! Much better than these new $70k trucks that won’t even perform half as well as this thing has, plus it only has 160k miles
all these people buying used cars for a few thousand dollars: if (or when) your car breaks down leaving you stranded, will you also chime in on the comments and admit it?
You can buy 5-10 of these cars you think might get stranded as well as getting them repaired before spending $45k plus interest that a brand new vehicle costs. The point isn't that you might need more repairs
When people do their due diligence, research the used car, previous driver(s), full record of maintenance with receipts, pay for a car-check history and mechanic check-up ( your own) , and do the proper maintenance and tune-ups you wont be any worse off with a used car than a new car. But you bank the savings.
I bought a 5 year old car that had single owner, low mileage, complete history, and i've been driving it for 10 years, at 20,000 miles a year, and no issues.
Same thing with new cars bruh, if or when they break (and new cars are breaking champ), and when you check repair cost, make sure to check out repair cost for older 2010+ car 😂
They won’t tell you the truth. All vehicles are net losses; and this guys fans are grandiose hypocrites. In one hand they’ll tell you that “buying a new car is just bragging rights” while in the same sentence telling you how much they make a year? Seems a little contradictory to their argument, honestly.
Sway bars, breaks, throttle bodies, transmission sensors, holes in the exhaust… anything can happen to a car. Good used cars will not sell for less than 12k any more. Anyone buying anything less than that is buying something they have to sink more than the value of the car is worth into it to fix it. A warranty for 100k miles with cars that won’t kill you in a crash is worth it
i bought a 2004 jeep grand Cherokee Leonardo, 5 years ago, for $6,000. it has 250,000 miles on it. paid for in cash. with the last 5 years of having lower insurance costs, because you don't "have" to have full coverage (i keep it for peace of mind) the cheaper parts to repair an older vehicle, and the lack of the monthly car note..... over the last 5 years.... I think I'm definitely ahead, then if i were shelling out $700 a month for a car note, wile making automakers fat cats on interest. Way cheaper then "if" my jeep breaks down and leaves me stranded. most tow bills are around $150, and that's if your insurance doesn't cover the cost. i know my insurance will do 3 tows a year for free. with it being an older car, the replacement parts are cheap, sense you don't have to go with brand name and can use third party, and the week of Ubers to and from work, all combines, will be less then a single month a new car prices, ($700 car payment, $250 insurance cost, vs $0 car payment, and $80 monthly insurance. but yeah, if anything happens to my jeep, before i decide to buy something newer again, ill bookmark this page, and "admit" my 1.5k repair cost, Ubers, and tow. vs if i bought a new car and had paid 57,000 ((700x60)+(250x60)), vs the 10,800,(6,000+80x60) I've currently paid, without hassle.
I’m 24 making 35k a year driving a 30k Audi s3 and I’m so happy. It was dream to own. Everyone is different, do what makes you happy life is to short to worry about it, money comes and money goes
when Apple stock was $1 a share (split adjusted) I bought a $40k car. I was approved for $120k. I thought I was frugal. Had I bought the $40k of the stock I'd have $10 million in Apple stock and that's not including the reinvested dividend for more shares. I did however follow the Rule of banking your first $100k as early as possible in your career (largely thanks to Amazon shares) and it's growing currently at a rate that's has replaced all my annual earned income. That $100k started steamrolling after 2 back to back bull markets. But the moral of the story is that it doesn't matter how well compensated you are in your youth... those first expensive cars before age 40 will cost you a staggering fortune from your stock portfolio. Just get a used Lexus.
When I made $60k, I bought a $24k Subaru WRX and put 25% down. It was a comfortable payment and allowed me to build equity quickly.
I couldn’t imagine buying a $60k vehicle at that time!
Making around $30,000,000 a year and own a 9 year old chevy silverado. Sounds dumb but you know I gotta keep it humble! 😂😂😂
30k or 30 million ?? idt ur making 30mil
How else would you put it? 😅
If you buy a 60 thousand dollar Toyota and take care of it and drive it 20 years, is that stupid ? Or you buy 7 used cars over the same period. Used car= repairs, breakdowns, time spent searching, buying a bad vehicle/ odds.
That’s how my husband did his math too. But also because we did the Dave Ramsey plan and drove junk for years and saved up we can afford it too. But he also fixed all our cars and was tired of fixing them
I'm in the middle. I financed a pre owned camry for 500 a month and I make 70k a year after taxes it's almost paid off and no breakdowns at all
We bought a 2012 Honda Civic for 10’000 a few years back. Was owned by an elderly couple, they hardly drove it. Only had 30k KM on it.
Collectively we make 150k or so. We share the car and instead have been enjoying some amazing vacations together. I call that a win. The car runs fine and is in amazing condition. It’s nothing fancy but it works great for what we need.
Everyone has their thing. I personally like driving nice vehicles. I don’t spend a lot on clothes, toys or eating out but I like my new trucks and cars.
Buying a second hand car is just so much better people really need to get this “new car” stigma out there is literally nothing wrong with buying a car for 20-30k
Or much cheaper as I did getting a salvage title, see comment above. A Subaru or Toyota will easily go 300,000
Purchased my first dealer car for $18k at age 18, 2 years paid it off. 28 now, purchased used 2000 mazda protege for $1,800, been driving out for almost 5 years now, no car payment in 4 years is the best
My rule is the most you spend on a car is half a years salary. If you're smart you do even less and maybe a 3 year old certified car that's reliable. That said I have a Tesla and drive for nearly free (solar amd work charging) and my total maintenance in 4.5 years is $90. 2x sets of cabin air filters amd 1 set of windshield wipers. Oh and $3 washer fluid.
Tesla owners are the new vegans, they have to tell you how wonderful their Tesla life is.
@geoffwoodgate7450 don't worry - it also applies to other EVs! This was more relevant to the video, though.
Got mine for $2000, a 2004 Toyota Rav 4, had it for 5 years, put a few hundred into it, 1 owner car who did every oil change and tune up, had 137k when purchased, still runs like it's brand new and I am not exaggerating it runs like it's brand new, and I OWN IT, If I was a billionaire I would not buy a new car, worst possible thing to do, God Bless
My job treats me like crap and I have been paying child support of over 18 years. I earn 120k a year. I put 35K down on a corvette and my payment is a little over $600 a month. I wanted something for myself.
$35k plus $600/month in an S&P500 index fund would have been a WAY better treat to yourself buddy... in a few years you could have bought the corvette in cash and have enough left over for a lifetime of insurance, tag fees, fuel, maintenance and repairs.
@@buddyrevell511 Oh, now you tell me. LOL Thanks for the advice because I am writing it down. I've been putting as much as I can in my 401k, doing CD's at the bank and that is just about it. But, every little bit of information helps.
I make 100k and have 200k worth of cars that are all paid for, the oldest is a 2020 Shelby. You don’t have to drive shitty cars, you just have to be smart with your money.
I make 85 and spent $3.6k on a daily vehicle. Cutest little car ever while my expensive car sits in the garage looking pretty collecting dust. Funny thing is, I actually enjoy driving the cheap bunky. 😂
I’m the same way.
60,000 a year
After taxes about 42,000
Monthly take home comes to about 3,500
60,000 vehicle with 5,000 down, estimated monthly payment is 1,144. This doesn’t include insurance.
Comes to about 33% of your monthly take home.
They say your monthly car payment should be about 10-15% of your monthly take home.
From my experience, people doing this are the same type of people that say they can’t save for a down payment on a house and the economy sucks.
You want to buy a house, practice living within your means. You want to buy a 60,000 car go for it just don’t complain the economy sucks.
My car is about 25% of my income and the payment sucks 😊
Should've been 10% and would have been better
My wife and I have an annual combined income (2 x salaries plus rental properties) of somewhere around $550K.
The total purchase price of ALL the cars we've ever owned is about $45K with the most expensive and recent one being $20K.
Never borrowed a dollar for any of them.
What on earth are these people thinking???
I purchased a $7000 car when I was making $14000/year as a student in 2011.
Ratio of income purchase price to income looks bad.
But important part is, we are in 2024, I make $200,000 now, and I am still driving that $7000 car 😂
Hondas of old are the best. That thing just keeps going.
EG6s are worth waay more than 7k now
i bought a scrap '06 accord for 3 dollars from the scrapyard making $8 billion a year 🔥🔥🔥
But also make sure you don’t buy the cheapest scrap, unless you have mechanical knowledge!
I had a friend that bought a used car for £1500, whilst I had purchased a brand-new car for £199 per month, which came with breakdown cover for 3 years and warranty for 3 years. My friends car kept having issues every few months which were costing him 1000 each time and after a couple years of ownershipwe added up our total expenses and he had spent way more than I had in a scrap car that he hated. I drove in something that was safer, nicer, more reliable. His car broke down to work a few times, cost him a promotion etc.
Also like to add, I knew my costs every month, they were set, regardless of what happens, whereas my friends costs were unexpected and hidden.
I paid 1600 for my 02 durango. It's been a champ since I got it. I can put vintage tags on it soon too. 😂
Before you start investing, it's crucial to understand the basics of investing, different asset classes (stocks, bonds, real estate, etc.), and the associated risks. are you investing for retirement, buying a home, or building an emergency fund? Your goals will help shape your investment strategy.
Don't put all your eggs in one basket. Diversification means spreading your investments across different asset classes (stocks, bonds, real estate) and within those classes (different companies or industries). This helps reduce risk.
I Invest in low-cost index funds or ETFs that track broad market indices, such as the S&P 500. These funds offer diversification across a wide range of stocks and can be a more passive, low-maintenance investment option. They are suitable for investors who prefer a hands-off approach and want exposure to the overall market.
I’d love to meet a financial adviser who can help me climb the financial ladder effectively.
She goes by Sonya Lee Mitchell a renowned figure in the financial industry with over two decades of experience. I'd suggest you research her further on the internet.
Be careful even with used cars guys! One of my customers is driving his 1996 Sebring with 94k miles on it advertising it for $7600! The KBB value is $1500!
This man is in love with Elon.😂
daves program can work for the crappiest situation. the main thing is to think opposite of main stream. i went years just working saving and didnt take any vacations or do anything extravagant for nearly 10 years. but being over 40 now and in fair shape with financials. is totally worth it!!!!! spending funds i didnt have has never been apealing. and its save my arz.
I drive a 2005 Buick rendezvous with 350,000 miles on it and I will keep driving thet until it eont ho anymore!
this is why the bus driver kicked me off the bus
I make $17 an hour and bought a house last year and drive a 2020 Ford Escape Titanium I got used 2 years ago for $32,000 and pay $383 a month on. My mortgage is $707. It isn't bad. I have plenty of money left over. Over $5,000 in my checking account right now.
A fool is someone who devours all that they have
I actually like taking your lessons in school I'm actually learning something in finances
I bought our car all cash, 25k a used 2021 Honda CRV. We make 300k a year. I really wanted a Tesla but could not justify spending that much money. The 25k was a hard check to write
Yeah throwing 25k into a depreciating hole is so stupid.
@MrA71717 Hondas hold their value, and i plan on having it for the next 10 years. your opinion but works for my family. Have a nice day.
I make 118k and bought a 2009 Murano for 12k with low km. I paid cash and would never spend anywhere north of 20k on a vehicle. They just depreciate and cost you money in the long run. I also do all my own mechanic work.
I made that much and bought that $60k Tesla a few months after getting a house. Both are currently paid off. Get what you want. Though I bought it for safety. And have saved thousands upon thousands switching to that EV compared to if I was still driving my non-ev.
Until the damn thing catches fire. Or you need new batteries.
@myra-n3d Any car can catch fire, so that's a moot point. And it comes with a long battery warranty, so I'm good. I appreciate you looking out for me though
5,000 each new battery had to replace 3. Nothing but trouble.
I bought a 05 ford focus sedan for 1900 with almost 5k in savings account and job less at the time. Good thing I did because 2-3 months later I needed to drive to take a test to get the job and now I’m good. Car still works fine
I make 60k and drive a $30k car which isnt good either
At least you know it. That can change
If you know it's not good, what's stopping you from selling it and buying a used car for 5-7k in cash
I haven't had a car payment in 18 yrs, but living in Massachusetts being blue collar is still extremely hard.
Stupid things sound stupid when you say them out loud.
I took a class called Financial University from Mr Ramsey a while back. It helped me get rid of debt forever. Thanks man!
I own a 64k truck and only make 62k
Took 7 years but it's paid off.
802 a month fml but again it's mine now.
The guy who phoned in will always be in debt.
2009 Suzuki Swift No issues and $50 a fortnight to fill it up.
Brilliant car for a runaround and to and from work
I make 150k and own an 18k car that's paid off.
I make 42k and own a 30k car that’s paid off😂. All depends on your priorities
@BigDixNix good for you
I’m 20 years old. I’ve owned 8 cars now. Started at 17 with a $1400 Mazda Protegè 2001 or something sold that for 2k, bought a Jeep patriot for $1200 alongside that, I STILL daily drive that since 18 years old. I’ve then since bought and flipped with minimal work (oil change, car wash, wipers, simple simple stuff, headlights, radios) 6 other cars (civic x3, pathfinder, mustang, 328i,)
All over $1500 of profit in a weekend, I now only own my Jeep and my bike while I go to school. Never have never will be upside down in terms of a loan on a vehicle.
Its wild to see cars going for those prices. Here a tesla cost 180k-250k. Singapore btw
People need to realize that you don’t need a lot of expensive stuff to live a happy life
And thats why i drive 3000$ 2004 honda Civic. It works, i pay around 100-200$ in fixes every year and it uses around 7 liters of gas for every 100 km.
It amazes me the vanity of people having to have a new car every 2or3 years and the nicest home in the nicest neighborhood and are in so much debt they can’t catch their breath. I saved bought my house at auction,remodeling as I went. I own it outright my vehicles and boat the same. I am in no debt I don’t have a credit card not even for emergencies. The housing market is through the roof now its value has more than doubled. I’ve never on paper made more than 30k a year….
Never on paper? Are you reinvesting in a business or are you hiding money from the government?
I used to work in IT Ops - I worked 10 hour shifts x 5 days a week. My car sat there for that time with a 1 hour trip to & from work. I paid $7K for it & after leaving the same car drove me to the train station & back for a 30 minute train trip each way. This was perfect as the price of parking near work was $55 a day x 5 days but the train cost me $60 a week. By car the same trip was more than double in fuel prices alone. I got to read the paper & often made time to pay my bills on the train by phone too.
I make $500k a year and bought a 2008 Ford Focus for $5k. I got a great rate on it too, only 24.99% APR and a super low monthly payment. That's how you win at life.
This is why I keep my 2015 Lincoln. Putting a little money into it every now and then is still more sustainable then the ridiculous cost of buying a new vehicle.
I live in the Cayman Islands, made around $750k tax free this year, and I drive a 2014 Jeep Patriot I paid $10k for last year