How to Succeed with Money in Divorce: Don’t Have a Car Payment
I’m a Facebook guy. I post too much on there. In the last couple days, I’ve posted about personal finance and investing and had a lot of responses.
I thought the post has a lot of applicability here because it’s about how to succeed with money. This advice applies really well to those going through divorce. Enjoy:
“Yesterday was fun. Here’s another fundamental thing you can do to create serious wealth: do not have a car payment. Let’s look at how millionaires buy cars (because, if we want to be a millionaire, maybe we should do the things they do). Most bought a car two years old or older (cars go down in value fast). Typical millionaire spent around $25,000 on the most recent car. That’s less than 1% of average net worth spent on the car. Average person, by contrast, spends 30% of net worth on the latest car purchase. Do millionaires take out car loans? Not really. 80+% purchase their cars outright. So, most millionaires buy modest cars for cash. Lest you say something like, “Well, sure they do that because they’re nasty evil rich people, and I can’t act like them,” this is how they acted before they were millionaires, and it’s one way they became millionaires. Car loans suck money from our families and invest it in a commodity that goes down in value like a rock. You can’t become wealthy by paying interest on an investing in things that invariably go down in value.”
Moral of the story: don’t have car payments. They steal money from your family.
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