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People Are More Likely To Pay A Car Note Than Invest
Metal is more important than financial independence
Yet according to Yahoo Finance, 78% of Americans have less than $50,000 saved for retirement.
What does this tell you? People are prioritizing buying cars over saving for retirement.
Two primary reasons people don’t prioritize saving for retirement:
They don’t prioritize long-term over short-term outcomes.
They believe social security will save them.
They feel like living in the moment.
Notice, I didn’t put a lack of education here.
A person can expose themselves to knowledge about personal finance. We all learn about the importance of mone via the lack of it or the abundance of it.
If you come from an economically disadvantaged background, you tend to fall into one of two categories:
Those who want to better their financial outcomes tend to do so.
Those who accept their financial outcomes and don’t take action to change it.
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Which category do you fall into?
Why Does Debt Exist?
Some people use debt to create more resources for themselves.
Others use debt to satisfy their whims and fantasies. They can’t afford to pay for their desires without the use of plastic, leading to a rack of debt.
People suck at discipline, which is why self-discipline – especially financial self-discipline is rare.
Social Security?
We pay taxes into social security, but no one really knows if it will be around decades from now.
Of course, one can hope it will be available, but there is never a guarantee, so you shouldn’t plan for it to be there.
Instead, create a nest egg for yourself by practicing the art of saving and investing. If you save and invest, you are leading in your present and future financial affairs.
Living In The Moment
A majority of society is overweight.
A majority of society is in debt.
A majority of society watches hours of television or scrolls social media or the internet for extended hours.
We’ve become dopamine addicts. We want to feel good. We want to live in the moment.
The problem with these desires is that they prevent us from tapping into our highest productivity levels.
If you always live in the moment, you will never take time to prepare for the future.
Back To The Main Topic: People Are More Likely To Pay A Car Note Than Invest
If you manage a car note but aren’t investing, take a moment to realize what you’re doing.
You’re telling yourself that a piece of metal is more important than financial options and freedom.
The more you invest in things and less in your financial freedom, the more likely you will never reach or experience financial independence.
Car notes will keep you broke if you never invest and save money.
Why do more people own cars than robust investment accounts?
Why do more people care about their appearance than what they can do?
Because they’re focused on short-term pleasure.
Short-term pleasure will keep you broke and your options limited.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.