MYTH: Car payments are a way of life.

Thursday, April 29, 2010

TRUTH: Staying away from car payments by driving reliable used cars is what the average millionarie does; that is how he/she became a millionaire.

The car payment is most folks' largest payment except for their home mortgage, so it steals more money from the income than virtually anything else. Most people get a car payment and keep it most of thier lives, as soon as a car is paid off, they get another because they "need" another new car.

If you keep a $378 (average/normal car payment) rather than investing that money from age 25 to 65, a normal working lifetime, in the average mutual fun you would have $4,447,084 by age 65.

Rather, save $378 for just 10 months and you can have a $4000 car that is paid for. Save the same amount again and in 10 more months you can have a $8,000 car, do it again for another 10 months and in 30 months you could have a $12,000 car without ever having made car payments.

Financial Assistance

Monday, April 26, 2010

I have decided to take my BLOG into a new direction. I am going to give you financial tidbits each week that I hope will help you all in the long run.

I am not a financial planner, nor am I a CPA. I do however, read a lot about money, investing, and things like that. I know my fair share about those things but so do most of us. (I will be getting most of my factual information from Dave Ramseys' books/ websites, just in case you long for more!) What is the most interesting to me is that:


Do you find that as shocking as I do? I would think that means we all know how to run our finances. Then why is our country in such shambles? If it only takes 20% knowledge, then what is going on? We can't all be that sheltered from the information!

Well, its hard. Its HARD to say no to the things you want, the toys, the games, the food, the treats, in favor of doing the things you should do. But, I am here to motivate you! Let me start with this Shocking Stat:

90% of people in our culture buy things they can't afford. Are you one of them?
Christy Glocke. Design by Pocket