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And my car doesn’t even look bad
What’s to make fun of?
Apparently, a lot.
One person with 70k worth of car debt and lousy credit told me their car is better than mine, which it is. They also consistently questioned why I drive it and make consistent jabs.
Another person with 90k worth of credit card debt, car debt, and lousy credit was consistently aggressive about putting down my car. They questioned why I don’t buy a new one if I can afford to, and they avoided riding in my car (I promise my car is not in bad shape; it looks almost as good as it did the first day I bought it).
Though they both make excellent money, they both make poor financial decisions with their money, which frequently cost them wealth-building opportunities.
It’s unnerving to carry a car note that is anywhere near 100k. Once you start buying cars above 50k, you should be putting significant cash down. Period. The interest on a 70k+ car loan will cannibalize your cash flow every month.
Another couple of people with plenty of debt and little cash flow also question when they will buy a new car.
I’m starting to wonder if I am off track with life or something – which I know I’m not – but why are people so invested in the f*cking car I drive; I feel they care too much!
My car is paid off.
My credit is good.
I’m saving and investing.
I’m consistently increasing my income.
……
I don’t see any problems with how I’m living my financial life.
Most People Won’t Live Like You
As soon as one of my friends came into a wad of cash, they bought a 200k car. Their monthly car payment is $2,000 after investing a significant amount of money as a downpayment since their credit was so bad.
They thought a car made the most sense.
They could’ve bought a house or two and started a real estate business.
They could’ve bought a car around 70K or less, put down half, and had a 30k car loan with more cash in the bank.
They could have invested that 200k, which would now be worth more than 220k when you consider compound interest.
But they didn’t because they felt they needed to drive a 200k car – even though their lifestyle does not reflect wealth in any capacity.
My friend had less than $1,000 left on their car note. What did they do? They bought a new car for 40k with no money down. They went from $1,000 worth of debt to 40k worth of car debt, with no savings, emergency fund, or investments.
Both of these people will be okay because they’re resourceful and consistently work, but until they implement financial discipline, they will have to keep working and not reach their true financial potential because they care more about their appearance.
Appearances make you feel better about yourself, but they also don’t mean sh*t.
Want to read more on the basics of managing money? Check out this list of curated articles.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.