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Doesn’t matter man. What works for some doesn’t work for others. I bought a cheap ride to get me to work. It was costing me $800 a month in fuel to drive my truck. Just by switching to the 4 cyl commuter my fuel bill went to 350 bucks a month. It’s cheaper to put 35,000 miles on a little commuter than my truck. Hell I can buy all four tires for the price it costs to buy two on my truck.
And if it gets a ding or gets stolen ah well. I have a nice truck to drive around on weekends.
You’re doing exactly what I suggested. You traded the additional fuel cost of your truck for another car with lower fuel cost. You found a budget and made everything work within that budget.
Truly talented investors are invisible. They aren't all over TV or Youtube "telling yall how to do it". They are names NEVER heard by the vast majority of us. Most people think those in power are the President or this or that elected official. Those who think that are soooooo incorrect
In short, she has a social work degree (nothing to do with finance).
She worked as a waitress out of school (because she has a social work degree...I hope she didn’t get student loans for that one). She borrowed $52k (in 1980’s dollars) to start a restaurant. Instead she invested it in high risk options at Merrill Lynch and loses it all. Doesn’t pay back the loan and doesn’t start a restaurant.
She then gets a job at Merrill Lynch to train as an account executive (with her extensive waitressing training and degree in social work). After 2-3 years at Merrill Lynch she leaves to become Vice President or investments at Prudential Securities (from waitress to VP of investments in 3 years...apparently anybody can move up in that industry with any background).
She then leaves Prudential after 4 years and starts her own firm and writes a bunch of books.
So....she basically has no experience similar to those that she claims to be preaching to.
And why doesn’t she just suggest everybody become waitresses, then take out a business loan from friends to gamble in the stock market, then get a job at an investment firm for 3 years, then become a high dollar executive? Then you wouldn’t have to worry about used cars and long term loans and all that jazz.
Being rich just makes the budgeting thing so much easier.
That’s terrible advice! Buy the car you want. We’re not communists! People who give out that lame nonsense are not car people. I bet they’re ok spending their money on hookers and coke, or whatever their actual hobbies are.
What other hobbies do you recommend people fund via long-term loans?
If the only way you can afford to participate in a hobby is by borrowing money, then by definition YOU CANNOT AFFORD THAT HOBBY!
Just because you want something doesn't mean you can actually afford to purchase it. Too many "car guys" have desires bigger than their wallets.
Car loans are only a small part of a long journey with many crossroads.
Quote:
Originally Posted by beachmouse
That would be my 2004 Corolla. It was a perfectly adequate compact car that’s probably still on the road somewhere. But I felt like a little piece of my soul died every time I started the engine
I see the value of Orman and Ramsey as not some sort of step by step checklist to great wealth but as one way to get people thinking about whether their spending habits sync up with their long term life goals
Car loans are only a small part of a long journey with many crossroads. With long term goals in mind your soul sucking 2004 Corolla will now hopefully be getting someone to school or work at affordable costs with reliability. A map of personal finance today has to include lots of penalties and distractions that never existed on your parents monopoly board.
Advertising is now a minimum of a 100 times more prevalent then even 30 years ago. An understanding of budgeting is more necessary then ever. Suzy Oman's is only one example of the many who speak about using common sense in financial matters in this life.
Read about the difference between a reliable car and a durable car in an article that was well written. Take the 870,000 miles cited in the car example divide it by the 250 oil changes that were mentioned and you have the secret to its longevity. 3500 mile oil changes. And I'm a guy who still believes in 3,000 mile changes even with today,s higher quality oil because machined tolerances on engines are also closer.
Car loans are only a small part of a long journey with many crossroads. With long term goals in mind your soul sucking 2004 Corolla will now hopefully be getting someone to school or work at affordable costs with reliability. A map of personal finance today has to include lots of penalties and distractions that never existed on your parents monopoly board.
The Corolla got traded for a 2007 Outback that we still have not only because it still runs very well but also because I have a little happy moment of liking the vehicle every time I start up the engine, even if it is starting to develop a few old car quirks at this point. We’ve talked about trading it for another Outback with all the modern comforts but just can’t justify the sticker price when the Adventure Wagon is still not only running well but also making me a happy driver
We’re buy new and hold car buyers. We’ve figured out that part of that is figuring out which vehicle is going to make us happiest within our budget considering I’m entering a relationship with a vehicle that lasts longer than many a marriage
Suze has made HERSELF rich. Not sure about anyone else. I
I get that simpletons can benefit from Suze and Dave, but........
I have not yet met a successful person that has stopped learning, stopped reading, or stopped getting advice from others. Most of the people that continue on this course read multiple books from multiple authors. They incorporate things that they learn from these sources.
Suze, and others are offering advice. Everyone is free to use it or not use it. Not one of those people, Suze included, is claiming that they will make anyone rich.
I have not yet met a successful person that has stopped learning, stopped reading, or stopped getting advice from others. Most of the people that continue on this course read multiple books from multiple authors. They incorporate things that they learn from these sources.
Suze, and others are offering advice. Everyone is free to use it or not use it. Not one of those people, Suze included, is claiming that they will make anyone rich.
Apparently you didn't read the original post....
"Suze is a internationally known financial expert who has made a lot of people rich."
What other hobbies do you recommend people fund via long-term loans?
If the only way you can afford to participate in a hobby is by borrowing money, then by definition YOU CANNOT AFFORD THAT HOBBY!
Just because you want something doesn't mean you can actually afford to purchase it. Too many "car guys" have desires bigger than their wallets.
Hope you paid cash for your home...you know, if one has to get a mortgage for a home you can't afford it.
While I agree with you somewhat, there are just some things that for the majority of us require loans on.
I've taken loans out for snowmobiles and UTV's. I just work to pay them of in three years. With the average price of a snowmobile around $10k, that is a lot of money to pull out of the bank.
Same goes with boats and RV's...
All my other hobbies though, I pay cash for. Been very tempted on my grail watch but won't succumb to it.
Last edited by scarabchuck; 08-22-2019 at 11:40 AM..
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Car loans are only a small part of a long journey with many crossroads.
