The #1 Wealth Killer No One Talks About...

[@williamj.dovejr.8613]

My ex wife used to drive me crazy with that... one car would be paid off, then she wanted to trade it in for a new one or constantly changing furniture and so on. I argued that that if something is in good condition, regular upkeep is happening, there's no need to do that and it's one less debt. We had different ideas on living well...my idea is to work on living debt free, not impressing the outside world. I'm almost there.

[@Maplecook]

We we married to the same woman??

[@Liimpy]

Good thing she's now your ex..

[@XTRABIG]

you said "had" so looks like you got rid of your financial problem. I can relate i lived with a woman who pressure me into getting a Cadillac that i could barely afford- which means i couldn't afford it. and when things went economically south i could no longer make payments andit was reposessed . worst decision ever. took me 5 years to recover. eventually i bought an older jeep, cash. Oh and the woman had to go too.

[@rsellars8502]

A wife or husband can sometimes bring you two steps backward if you make three steps forward because they are not wise spenders.

[@MrSpaha-kx7ie]

Leave her

[@Tubes12AX7k]

To me, the main wealth killer with automobiles is the expectation that people have about wanting a new one every 3-5 years. A car that you've owned, taken care of (TRULY taken care of... using fuel and oil additives, changing the oil at the recommended times, periodically cleaning the sensors, avoiding road salt, etc.) may have depreciated considerably after 6-7 years, but if you've taken care of the car it will continue to last you for years. I usually keep my cars for 10 years. And the last one I kept for 14 years. There are cars that I've bought for $14,000, years ago, that would cost about $30,000, now, to replace. People waste a lot of money trading in cars every few years. On a separate note, I think the whole art of 'maintaining things' has disappeared. Most items are only as good as how well you've maintained them - cars, houses, clothing, shoes. Not only do you save a lot of money maintaining things yourself, but there is also a lot of satisfaction and pride that comes with it. Don't waste your time on indulgent, instant gratification hobbies. Learn to fix and maintain things, like the prior generations did.

[@edlio1446]

pls let us know what additives you use. thx

[@jdenino6022]

Yep i have 2 older cars, one is a 17 year old Honda with 85,000 miles. Take good care of your car and it will take care of you. Also have an old Ford f150 it’s 22 years old and has low mileage. Paid under $30k for it, it would cost a lot of money to buy a new one today. We also don’t drive 15,000 miles a year on any of the cars. We drive less than 6,000 miles a year.

[@Tubes12AX7k]

@@edlio1446 ZMax engine formula for the engine oil, ZMax fuel formula for the fuel lines and injectors, CRC throttle body and intake cleaner, CRC MAF cleaner, and Cataclean for higher mileage car catalytic converters that need to be cleaned. Don't cheap out on gasoline or oil - I have an old work colleague who used to work in the oil industry (this was years ago) and he said that different brands and different fuel grades have different levels of detergents in them. You do generally get what you pay for. You can avoid excessive carbon buildup, stuck oil rings, and cylinder scoring with proper care of your engine. But once the damage has been done, it's generally a one way trip. Stuck oil rings can lead to the cylinder wall damage that leads to reduced compression, lower fuel economy and shorter engine life.

[@apersonontheinternet8006]

@@edlio1446 another tip, never fill up at a gas station that is at the bottom of a hill. It also helps to get an idea when the tankers come to your usual gas station.

[@Krysb107]

People definitely don’t take care of cars, or belongings like they used to. I was SHOCKED at how bad the interiors of cars were recently when we were looking for a car for our son. Now I know why everyone who gets in my car says it looks brand new👀 My mom taught me to take care of everything and apparently most people do not do that anymore 🤣😅

[@serlaws]

I used to be a car enthusiast. I've stopped financing cars 20 yrs ago. I'd pay cash for older luxury vehicles (7 to 10 yrs old) around $15k to 25K, spend a couple hundred to make them mint then sell them for around 90% of what I originally paid a few years later after I got bored with them. I did most of the labor myself. I decided to stop this cycle and bought a beater 2006 Toyota Camry for $4500 and focus on house upgrades. My house has tripled in value. I like driving around in a modest car and coming home to a high end home. Having a nice home is a bigger "Flex" vs a nice car. It's pretty embarrassing having a nice vehicle but living in an apartment or a rundown home. Also, I have controlled my housing costs for the next 15 years until my home is paid off. The rental cost in my state and area is about $1000 more than my mortgage and property taxes!

[@joesmith9216]

same difference though, if you live in a mansion and are driving a old camry your the joke of your neighborhood.

[@capmidnite]

If you are a car enthusiast, then you could have bought cars that have skyrocketed in value in the past 10 years: 1990s Japanese sports cars, air-cooled Porsche 911s, E30 BMW M3s, etc.

[@BDAILY365]

This is how it is as we grow up haah

[@good-tn9sr]

@@joesmith9216 who cares? Indian and Asian Americans been doing this.

[@Tubes12AX7k]

@@joesmith9216 Skip the mansion and save even more money.

[@Riggsnic_co]

Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.

[@kevinmarten]

Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment

[@JacquelinePerrira]

Nobody knows anything You need to create your own process, manage risk and stick to the plan, through thick or thin While also continuously learning from mistakes and improving.

[@Jamessmith-12]

Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.

[@kevinmarten]

Do you mind sharing info on the adviser who assisted you? I'm 39 now and would love to grow my stock portfolio and plan my retirement

[@kevinmarten]

I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.

[@relaxwithme3266]

I drive a 22 year old Honda van. Every year or so I have to pump $800 into it for repairs, but I smile everytime I drive it. Not just because it costs me next to nothing, and not because owning it has allowed us to pay off our house, but because it is another reminder that my possessions do not determine my value as a man. I don't share this to brag. When I was younger, I lived in the shadow of debt for years. It really hurt me and my relationships. And I learned from it. I am sharing to inspire other people to live a humble life so that they too can embrace the peace that comes with it. Good luck everyone.

[@debiesubaugher]

That's awesome. I drive a 2001 Mazda MPV. I'll drive it until it dies.

[@Hybridog]

Same here until recently. I bought my Dad's 2001 Odyssey maybe 12 years back. When he passed away in 2019 I ended up with his 2017 Odyssey. I keep cars for a VERY long time. I had my GTI for 16 years at least. I see no reason to not keep this Odyssey until I can no longer drive - I'm 66. And I don't care what people think about the car I or my wife drive, and she drives a Prius. We also have zero debt and have been that way since 2007.

[@debiesubaugher]

@@Hybridog that is excellent!

[@Nordlicht05]

I drive a 19 year old Subaru WRX for 18 years now. But the last repair was like 4k+ including a car for a week. Timing belt,oilpan was rusty, engine undercarriage rusty (not good for tüv) and vor adjusting the valve clearance (I doubled the interval) the engine needed to come out. Only on this model though 😮

[@teedskees]

I have a 22 year old Honda van too ! :)

[@cjp592]

Without a car? In California? Hard to do. I agree with you that cars are a pain and cost a lot of money. I bought a new M3 when I turned 27, and it was totaled in about 2 years. My dad advised against getting such a car that can be destroyed any time. Thankfully, the accident wasn't my fault. But I lost my car. However, I ended up inheriting my grandparents car which was brand new. I don't know why they bought the car. But they bought the car around the same time I bought my car. And 2 years later my granddad passed away. My grandma basically ended up giving me their car. I take care of this car and still have it with only 148,000 miles. According to my mechanic, I just need to look after it with proper and timely maintenance and it should be good for another 100K miles or more even. I plan to do that. Now, I’ve challenged myself on how long I can keep this car looking and running well. Thank you grandma and grandpa. ♥️

[@BlackhawkPilot]

And if you continued to make your monthly car payment into a savings or brokerage account, you will pay cash for cars for the rest of your life.

[@XChronicHash]

What car is it?

[@cjp592]

@@XChronicHash Camry

[@mastixencounter]

@@BlackhawkPilot not the best idea

[@LordPrometheous]

@@mastixencounter yeah, it's actually the worst idea, unless he's talking about buying the cheapest used cars a person could find. Even then, no point in tying up cash when you can use the bank's cash at a rate that's less than what the rate of return would be on an investment. Some people should not be giving any financial advice.

[@Alvin_1914]

Such a valid video. Quick story: I was planning to purchase a gently used car in 2021. The car that I owned was 8 years old and just shy of 120k miles. Used car prices trade in values were through the roof and I had the finances to allow for a quality down payment and reasonable monthly payment. Then my engine died.........right as a factory recall happened!!! My engine was replaced for free. Fast forward 18 months later, I hardly have 12K miles on the new engine and I've invested or saved every penny of what my car payment would have been. I look at this as a blessing. I feel obligated to drive this car until the wheels fall off now 😅.

[@juanshaftpatel7488]

yet you didntr save up in 8 years what did you buy a abunch of jordans?

[@HTOWN535]

@@juanshaftpatel7488 He said the car was 8 years old. Not owned by him for 8 years. Read!

[@darkmanx2g]

Is this car a Kia?

[@markweis3483]

I don’t know what kind of car you have but you should drive it for as long as you can. Every month that you do not make a payment is a good month. I have not made a payment in 16 years. I bought my car new off the lot 20 years ago and paid it off in four years. As I drive down the street in my beautiful 20 year old car, and all those BMWs and other expensive cars passed me by, I have to laugh. They’re a bunch of suckers. Everyone is brainwashed into thinking that they need a new car.

[@dartherus]

In some South American countries I know, used cars are expensive, and with the added risk of malfunctioning, as the state of the streets and highways are atrocious. The public buses are horrible and unreliable, and the cabs are relatively expensive. So, in countries like these, a brand new car is a good option to improve your living, if you happen that you can afford it. The cheapest one you can get with decent clearance above the floor, as roads will always mean threats to the car.

[@alexsteven.m6414]

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

[@MarcyLoccy]

Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .

[@belobelonce35]

Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.

[@Tanner-c2m]

Could you possibly recommend a CFA you've consulted with?

[@belobelonce35]

Rebecca Nassar Dunne is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@nanami73_]

I think choosing the right partner in life is also important. I know many women in trouble due to not only their personal financial choices but due to their partner's choices as well....

[@SOStudios67]

This video came exactly when I've been debating getting rid of my car. I don't need a car for a daily commute to work. It really is staggering the monthly cost of even an older vehicle without a loan. With the prevalence of community car services it also seems pretty easy to take care of all of my errands in a month for less than $100. Living in a more urban area with higher rent can be totally worth it when factoring in saving an average of $900 a month on getting rid of a car and losing the headache of repairs, haggling with insurance people, and having to set aside useless cash piles in savings accounts for future bills and car purchases. Plus urban areas have better transit to lean on in the colder months and better cycling paths to lean on in the warmer months. I really do think if you don't need it for a commute there are plenty of alternatives and community car services that can really replace the need to own (in a city).

[@chadwells7562]

Was thinking today about trying to go car free for a week or so, in Los Angeles we have Metro Micro and it seems plausible you could use it for errands. $1 a ride

[@influencersarebeta]

Defs reccomend it, I was having same thoughts and then was forced into it (maybe I jinxed it) when my car got totalled. Savings are insane

[@lionrawr92]

I was about to buy a car that's probably nicer than I can afford, this video is what I needed to bring me back down to Earth

[@huetuber1204]

Two weeks from now, you'd have forgotten this video and will have a brand spanking new car in your drive way.

[@dmbfannh]

Good job! Sometimes we just need something like this video to see things right. I just think of all the Money I am saving driving my 14 year old Honda Fit that still gets me from point a to point b reliably.

[@sheezy2526]

Nuh go buy it. U aint gonna take those savings with u when u die

[@lionrawr92]

@@sheezy2526 I went somewhere in the middle. Didn't get the Audi S4 I was thirsting over, but I did get a Kia forte GT for less than half the price

[@dewitnow1765]

​@@lionrawr92That's a good choice. If you could only pay off the loan and something were to happen to the Audi you wouldn't be able to pay for repairs and Audi's are luxury cars so it would be more expensive to fix than a regular car. Hopefully in the future you can afford the cars you want.

[@josededomenico6570]

I worked at a car dealership. If you’re going to buy a car, bring your own financing preferably from a credit union. Do not use the dealers financing . Do not take their warranties or any add ones they can remove it . Also if you’re going to do a trade in just know you aren’t actually getting what it’s worth they try to low ball you as much as possible .

[@kauigirl808]

NO warranty?! None??

[@scarybarry736]

@@kauigirl808 I believe what Jose means is that you shouldn't purchase a warranty through the dealership. Warranties may be purchased through the dealership, through the financing financial institution or through a third party company (on the open market). The only entity that has a vested interest in making sure your vehicle stays running tip top is the financing company (in Jose's suggestion, he recommended a Credit Union). The other entities could care less whether the repairs are made on your vehicle, paid for or not. Typically, it is ALWAYS better to purchase a warranty (if you're inclined to buy one), through the financing financial institution, such as a Credit Union. It is almost always much less expensive & Credit Unions offer superior warranty coverage than say policies offered by the dealership or a third party warranty. Same thing goes for GAP insurance. Now whether you need a warranty or not, that's a different discussion...

[@Gofr5]

Dealership I bought my car from couple years ago gave me a scant 0.99% financing on my purchase, I was rather surprised. However I did immediately put down for 2/3rds of the purchase price, so I wasn't taking out as large of a loan. That loan costs me only a measely $360 over 5 years. I still have 3 years left on it with the ability to pay it off now, but with it being practically free, I have no incentive to do so.

[@_Muel_]

I wanted to, but my dealership quit working with my credit union. But after I got the financing through their bank, I refinanced it through my credit union.

[@_Muel_]

@@kauigirl808I think he means don't buy any extras. If the car comes with one, which it probably will, then great. But don't go buying any extra warranties or all the little different coverage packages they try to sell you.

[@Kevinbrian1]

Your videos have been truly impressive! As one of your regular viewers, I've been following your content closely for a while now. I'm very interested in making an investment, but I’m still having trouble identifying the right opportunity to fully commit to. I would greatly appreciate any guidance or suggestions you might have in this area.

[@Benjaminarmstrong684]

As a beginner investor, having a mentor to hold you accountable is crucial. Personally, I’m guided by Gregory Leo Cattel, a well-known crypto consultant. While I can't share much about him, I recommend searching his name online to find the details you need to schedule an appointment.

[@Joegolberg1]

I started

[@Justinfred11]

Gregory Leo Cattel success can be

[@Kevinbrian1]

I just Googled his name and his website came up right away. It looks interesting so far. I sent him an email and i hope he responds soon.

[@BarbaraMercer-t4u]

Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!

[@annaj.osorio]

Safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert

[@KristensenJørgensen]

This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation

[@yesh3279]

Along the same line, something many People don’t consider, paying down your Mortgage as fast as you can afford. I cut my Mortgage from 25yrs to 11yrs and saved a shitload of (Compound)Interest I didn’t have to pay, as a side benefit , being Mortgage free gives you peace of mind. There are many ways to build wealth aside from investing in Funds etc.

[@Aviator168]

I drove a used car ($1500) for 4 years when I got my first job after college. Then I drove a $2700 used car for the next 7 years. Through those 7 years, I bought my first house and started my first business.

[@Loveroflife5.0.]

good for you man , I wish I had done the same !

[@MikeDude48]

Cool. How old are you?

[@mastixencounter]

And?

[@DutchBerry-fx5oy]

I bought a porsche cayman and made an instragram account about it. Now, I make $2000/month using my instagram. SO I have to say that if you buy a nice car, there are so many opportunities to make extra money.

[@TitusAzzurro]

@@DutchBerry-fx5oy How are you making money off the 'same' pictures / car ?

[@nicolasbenson009]

At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.

[@Michaelparker12]

Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .

[@BridgetMiller-]

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

[@berniceburgos-]

this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation

[@BridgetMiller-]

Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.

[@EmilyMoore-n7n]

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

[@rogerx9298]

I sold away my last car 8 years ago, because that was the time I started working from home. Most of my friends, like myself prior to that, used their car primarily to go to work. So the car was a work-related expense. An expense that you pay in order to earn your income, therefore it's something that diminishes your buying power. So when I went out to buy an ergonomic chair for my home office at $600, my friends said "Whoa that's too expensive!" ( for a chair ) But that was a ONE-TIME expense on a well-used product that I've been using happily for the last 4 years. Yet my friends have to pay that same amount EVERY MONTH for 8-YEARS! -- on a product that they use for only 2-hours per day, compared to my chair that I use 10-hours per day.

[@dabert9589]

what a G

[@JuanCruz-hd4ls]

Wow that’s wild when put in that perspective

[@gracie5870]

You spend 1/3 of your adult life (hopefully) in your ergonomic chair... sounds reasonable to me. 😊

[@hajimerou]

my "ergonomic" chair only $10, suit tropical and hot weather (never get sweaty even without air conditioner), made from plastic, easy to clean, easy to move, stackable. can sit in many comfy pose, just add pillow for more comfort. no back or butt pain. almost zero cost maintenance and used it for 20 years already!

[@lifewalker808]

Depending on where you live, cars could be a necessity to get around. But if you have readily accessible public transport where you live, you're just finding yourself an excuse to buy a car.

[@ElizabethGreene]

I couldn't agree more. It pains me to hear friends and family describe their money troubles when they have two practically new cars sitting in the driveway. My family and in-laws have always considered us "rich" or "well off" because we didn't struggle with money. The truth is that we're a single income household, and for most of our marriage our income was the smallest of any of us. Our secret was buing used cars (more used than you recommend in fact) with cash and driving them forever. Never having a car payment gave us disposable income and the financial wiggle room to recover when life happened.

[@albertgaspar627]

I have a married couple as friends who just bought a house AFTER the Fed raised the interest rates. They admit now, they bought after the "talking heads" recommended it was the right time. their reason? the wife got sick of sharing one apartment bathroom with a "stinky teen" (my mother did that, but she taught me certain tasks, too). I agree with buying used cars, unfortunately right now there's an inventory shortage--i got screwed out of $17,000 a few months ago by buying a car the way i never would, and hopefully the next time i have to buy again, the used car market will have changed from how it is spring 2023.

[@jake9854]

but girls love to buy expensive cars whenever they can fit it into their bills tho

[@KyrstOak]

I once knew a woman who was like this. She'd complain about being "poor" while wearing a Prada jacket and Gucci purse. I told her she wasn't poor and she acted surprised. 😂

[@Clownk1ller]

​@@KyrstOak People need to raise their daughters better, teach them they can't always live like princesses and to live below their means

[@KyrstOak]

@@Clownk1ller Agreed.

[@splash4891]

costs outside of your initial car payment: insurance/deductibles, fuel, regular maintenance/repairs, accessories, cleaning inside/out, vehicle storage, parking fees/tolls, parking tickets/other tickets, tags/annual registration fees... and then when you get in a wreck, it all blows up on a whole new level....so in summary, cars are money pits just like a house and whether or not you "own" or rent, and they are still costly whether or not you take good care of them; you will never own it 100%...insurance is required even if you don't drive the car and are just storing it (some but not all states)...it's kinda like having property tax on a house you allegedly "own"; while you can minimize your cost, it still is expensive no matter which way you slice it...I say electric golf carts for everyone....live close to your work and necessities, and this would drastically reduce everything about the need to drive...having said that, it's not necessarily a simple fix but something to consider, and remember, driving is not a right, it's a privilege that can be taken away...just as easily as it was granted

[@SCraig-Handsome]

You left out the cost of transportation if you don’t have a car. It’s pretty common that the younger generation is happy with being without a car and travelling on a subway or bus or getting a Uber. They also enjoy eating quality food etc. But imagine how much Uber Eats is charging you if you buy 2-3 times per week compared to eating at home or driving to your local fast food place. These costs add up. I’m very busy in my job and often work overtime or overnight as well as 8am-4pm. I still can get takeout and it saves a ton of money. If I get it delivered I pay a fee and need to tip about 20%. I could eat at home for $10 or order in a nice meal for close to $100. If you have a car and order takeout from a restaurant close by you probably only pay $25 and then transportation costs. It’s the combination of the two things. I’ve often bought new cars for safety reasons and driving a safe car, having no accidents and keeping insurance costs low can be very advantageous. I also like to trade them in before having to replace tires or brakes. You can definitely save a lot of money with a used car, but if it’s not safe, and you are paying more than you would for a new one in maintenance costs then you are not having any benefit. I think it depends on experience, we thought when we were young we couldn’t afford a new car so we bought a 4-year old car we could afford and paid it off in 4 years. It cost a lot in repairs, we had constant fuel injection problems, shocks, struts brakes, stalling, you name it. A new car would have been cheaper. At 8-years old it was paid off and the transmission dropped out. We went out and bought a new car and got no value from the old one. It was a horrible experience so if I can afford the new one I’m buying it new. You don’t know what the previous owner did to it, or it could be a very unreliable product… ours had less that 30,000 miles on it when we bought it used.

[@HonJazzz]

I’ve been driving junk cars that I buy at state auctions my whole life. I pay a maximum of 1-2k for the car and enjoy it for a few years. When it’s time to sell it I usually get my money back. You have to learn to do your own repairs so this isn’t for the faint of heart.

[@humphrey]

nice man

[@dennythedavinchi3832]

I bought 18k Corolla but with finance 20k for uber driver. I need the side money also for investment. If it was not about uber I would go under 5k Corolla because of reliability.

[@HonJazzz]

@@dennythedavinchi3832 Yeah Toyota makes great cars.

[@christopher5855]

For me a car falls into the tool, toy or status symbol categories. Cars can increase in value over time but that really only applies to classics and collectables and not your average vehicle. If you look at it from a tool or toy perspective it becomes easier in my opinion. For a tool you want something that lasts and is reliable. You also want it to be comfortable to use but it doesn't need to be the best just has to get the job done without costing a fortune in maintenance. If you buy a toy, its because you already have the tool. The toy should be the best you can afford within the budget and used only occasionally for enjoyment because its use is inefficient compared to the tool. If you are buying a status symbol its because you have disposable income that you can throw away without impacting your financial well being.

[@humphrey]

Well said Chris. exactly.

[@wed3k]

I have some in all those categories, toyota tacoma and lexus hybrid for daily driving, older vw corrado and bmw e30 convertible for toys and a 67 camaro and a 08 nascar for collection.

[@j0404t]

Buy a Tesla Model Y - you have tool, fun, status in one

[@dackbowland1876]

Agree to an extent. Do you work on your own cars? Feel like that is a big factor in what I have to say. I’d argue that a tool can also be a toy. But this is contingent on ones idea of toy. Obviously first thing that comes to mind is turbo v8 sports/luxury car. But me personally, I love wagons. They are toys to me. Favorite car in the world, 02 Subaru forester. If you’ve done all the maintenance and fully gutted interior you can haul 2.5 tons of scrap reliably with great mpgs every day for years and it will make you tons of money - while being a very fun car. In my opinion. The money part isn’t opinion that’s a fact. If it’s not scrap, million other ways to make money by having a wagon/truck etc. They feel very sporty when fully gutted and light mods, which is why it’s a toy. They are a blast on gravel and dirt roads, light off roading. Cheap to maintain and easy to modify. I’ve also had one that was built for auto x racing caged, motor, trans, professional tune etc. I have an old sc400, nothing but a toy. But I also have a Toyota Camry, literally does all the same things but a little slower and better on gas. Both of these cars also make money though, since having a car buys me enough time in the day to be able to schedule and work two full time jobs. And $20 says I can dust your car while I’m on the way home, which is another way toys can make money. Toys can be very reliable, mostly just old Toyotas though to be completely honest. I’d rather daily drive the extremely reliable and fun sc400 at a slightly higher gas price to work everyday than the Camry. Makes life a little more bearable. Tools can be toys and toys can be tools.

[@christopher5855]

@@dackbowland1876 I agree with your take on it as well. We all do what works for us and our budgets. Beyond basic maintenance I do not work on my vehicles.

[@AmberyTear]

The first apartment I ever rented in America, I made sure to rent close to a cluster of various businesses. Thanks to that, I didn't have to have a car for most of my needs. I found a job in one of the businesses nearby and walked to work every day for 5 minutes. Saved me a ton of money over the years.

[@donswier]

Funny how smart immigrants are, living next door to work. It's almost an American tradition to live at least 30 minutes from work😀

[@ivanr4300]

As a Hispanic I’ve learned a lot of good stuff from Asian culture.

[@LGeezus_]

@@ivanr4300 as an American I’ve learned a lot from immigrant culture Asian, Latin, Hispanic, African. Work ethic, business acumen and even some family values are inspiring.

[@Alex-Defatte]

I do the same thing EmberFlower. I get to skateboard to work and only drive my car for groceries. It's the life : )

[@winniechan384]

it just saves time and money, location has always been a big deal for me when choosing a job

[@Roymysterio]

Investing has been rather rewarding to me and I've learned that getting a good return is very much attainable if you know your way around it.

[@CamilaBadde]

How are you able to do it? Not everyone is as lucky as you know.

[@Roymysterio]

Luck is way off the picture. Jonas Herman, a licensed fiduciary is the brain behind my success. I've gotten into a plethora of assets with $17k spread across stocks (options and futures) for the short term and Roth IRA, index funds, cryptocurrency and ETFs, for the long term. Now with over 91k in roi, I sit back and just reinvest at intervals while I handle my other businesses.

[@Rmoralesz]

To me, investing is not worth it and I know that's the same mindset holding me back from taking a step forward in my finances. It’s all gambling.

[@Roymysterio]

Hermanw jonas that’s his gmail okay

[@philipbre]

Here's me wanting to buy a cheap but reliable car. Todays entry level cars are priced like sports or fancy cars a decade ago. Wtf.

[@Gail-Lewis-Goat]

I got a 2010 honda accord coupe with 125k miles for 4500 this past September. You'll always find a great reliable used car for a fair priced. If you can't then edit the search filters for 5 years older and more mileage 🤷‍♂️

[@philipbre]

@@Gail-Lewis-Goat for sure! But many times a used car is a gamble. I've had a great used car, and some terrible ones too. I'm ranting about how new cars are priced. Maybe all I want is a decent sized car, comfy interior made with decent materials, without the fancy tech.

[@gaiusjuliuscaesar9296]

New and lightly used cars are insanely priced right now and have been for about 2-3 years. I got mine on Craigslist last year for super cheap but it's not the most reliable.

[@LordPrometheous]

@@philipbre Get yourself a used Toyota/Lexus or Honda/Acura. Get a pre-purchase inspection from a trusted mechanic. If the dealership won't let you do that, walk away. Buying from a private party will be cheaper for the same car vs a dealer, if you can do that. If you don't have a trusted mechanic, you can always ask a reputable body shop to do an inspection--they'll know what to look for if a car has been in accidents--that is crucial, to know if the car has had a minor fender bender or frame damage that wasn't reported. You can't rely just on Carfax and things like that.

[@cartere9981]

@@philipbreany k24 Honda/acura especially with the 5 speed auto or manual is gonna last forever, my Acura Tsx is 12 years old with 165k miles and has had absolutely ZERO powertrain issues. I recommend it as often as I can for someone who wants a cheap reliable used car that still doesn’t seem cheap or old.

[@mementomori29231]

This is why remote working is so important and valuable. Daily commute to work just eats away money for most people.

[@brianb5723]

Electric car may help? A little?

[@carbonking53]

You cannot remote work every job. On top of that some people are just not disciplined enough to do it. They need to be in a supervised environment with less distractions to get the work done. Post covid many companies are realizing remote work has not been effective and are recalling staff to the office.

[@blackdragon6]

@@carbonking53 sure Jan 🙄😒

[@carbonking53]

@@blackdragon6 Wow! What a well thought out rebuttal.

[@raggedflaggon9566]

​@@carbonking53its not productivity that concerns them, its demand for commercial realestate that they are concerned about. It's more about control of people than productivity for most managers. True though, some jobs require in person. That is why jobs that can be remote should be. That way people who do have to use the roads don't have to deal with traffic. It's a win win for people but not for banking or other sectors who have heavily invested in commercial real estate.

[@EMSpdx]

I realized this back in my 20s! By using mass transit and just renting a car when I needed it, I was able to pay off my student loans, have a (modest!) Roth IRA, and buy a house and be able to travel. But because so much of our country (USA) is geared towards cars, it's really hard for many people to NOT have a car- it's needed for work or even just doing basic errands in life!

[@AJS86]

You're also not a car enthusiast so a car is just a box with wheels to you. I thought the US was geared towards guns more than cars. Since being able to travel have you realised how badly off the US citizens are vs the rest of the western world? 😂

[@JamesSmith-rg4kr]

True. I like what u said about people using cars as financial status. As a mechanic I see this all to often people not able to afford the basic maintenance it's Krazy. I will be checking out more of your content. Thanks

[@AJS86]

@@JamesSmith-rg4kr I see it often too. We do the same job lol

[@AmericanBulldogFit]

Just buy a used Honda, pay for it with cash, and have inexpensive, reliable transportation. Mine has leather, navigation, great fuel economy, turbo charged engine, moonroof. These things last 500KM or more!

[@Islander255]

Same! I started living car-free a while ago when my income was much lower and I really needed to stabilize my budget. I knew I was going to save money, but even I was truly surprised by just how much money I saved, how quickly it turbocharged my debt paydowns & savings-building, and just how much it stabilized my budget to remove unexpected repair costs. Selling my car also allowed me to more easily choose housing in walkable downtown neighborhoods without having to worry about parking or traffic. So I kept living without a car, and I've done so for nearly 8 years now, and I just got an e-bike, which will probably keep me from getting a car for at least another few years. Seriously, sell your car completely! I know most places in the U.S. make it really difficult, but there are some places where you can, and these places are more common than you think. At the very least, reduce the total number of cars in your household if you're a multi-car household. You likely don't need a car for every driver in the family, nor even every adult in the family. At least do a trial run for a few months when one of your cars is due to go out of commission. If it's actually impossible, you can go back to the original amount of cars you had, but most people don't even consider this option when they really should.

[@JordanReam8186]

I am a Nurse and have been investing for a few years. I have reached a point where I could benefit from financial advice to improve my $200,000 portfolio for retirement, how do I maximize my ROI?

[@WestonScally7614]

You didn't provide detailed information about your portfolio makeup. However, I recommend seeking guidance from a financial advisor for a well-informed portfolio restructuring.

[@AddilynTuffin]

Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2023

[@AddilynTuffin]

*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@CrystalJoy-32]

her track record looks really good from what I found online. I'll take a chance and see how it goes. Thanks for the info

[@RubenPerez-r2y]

One needs at least 5 million ~ just to generate 3,000 monthly ~to retire comfortable

[@jacobnelson5906]

The math on the Oil change example isn't the best. Most manufactures suggest an oil change every 7.5 to 10k miles (full synthetic) and the labor to do the change at my local shop is ~$30. And I do live in one of the larger metro areas that happens to have a higher than average cost of living. Money saving tip, never have your oil changed at a dealership.. Their prices are insane. I do know how to do my own oil changes, but the $30 dollars a year to have the shop do it is a good deal . I don't need to deal with buying the oil, the mess, disposal of the old oil. etc. and saves time since I can just walk somewhere and do something else while Im waiting. I get what he's saying though, Some repairs you can save a bundle by doing yourself (brake pads, cough...). I once saw someone pay $15 dollars once to change the battery in their key fob and I nearly lost my mind....

[@andrewsullivan6757]

Yeah I was coming in here to say this

[@FransceneJK98]

Take5 does great oil changes and it’s 25% off for veterans 😬

[@kellym3610]

I just posted a similar comment. My oil changes are $46 at my local dealership and the stuff to change my oil costs a bit over $40. Not having to dispose of the oil myself is worth a lot.

[@tylerrandolph6193]

Change your oil at 7 1/2 to 10000. See what happens. And that $40 oil you're buying is way better than the oil they're using in that $45 change. (Semi synthetic versus paraffin) 😂

[@FilmScape4K]

Your $30 oil change is cheap non synthetic oil and low quality oil filters. No thanks.

[@chrismaxny4066]

I`m 72 going to Iceland with my wife and we have an 8 day 840 mile itinerary planned. My advice is rather than worry about cars do something about your diet and get exercise. I'm not on any medications or incapacitated in any way. The single biggest expense that wipes out a lifetime of savings is medical.

[@ramkumarps185]

This! I think his advice is targeted towards 20 somethings, older people can easily get his bs that is too impractical to follow. Being extremely frugal and stationary in an already invidualistic country ? Been there done that. Not worth it. While it is easier to be that way barring societal pressures, people following this advice are missing out on life. At the end of the day, former American presidents chose road transport in favor of public transportation . So what he is saying can make you be frugal and stationary, but it will make you unhealthy, both physically and mentally!

[@lucheestiy2]

@@ramkumarps185well said

[@theaimuse]

Applies only to Americans though. Most other places healthcare is free.

[@sw6118]

You can take care of yourself and still end up in an accident that significantly impacts your health….good luck shouldn’t be underestimated.

[@mnnh1]

@@theaimuse not free-only free if you don’t work and you can freeload. Everybody else who actually works get taxed to death for public/ universal healthcare and the tax rates and tax burden in these nations is rising fast to pay for it all, as well as rising retirement ages

[@martyh4777]

Good advice in this video. Yes, many folks can't really afford the car they drive and can't imagine driving an old or tiny car that they can actually afford. 25 years ago I enjoyed buying new cars and paid them off within 2 to 3 years. 20 years ago I started buying & driving used cars (at times 10 years old or older) that were in great shape and most times had fairly low miles. Example: bought a 1992 Cadillac Deville (pristine condition & less than 40,000 miles) in 2006 that I drove for 4 years and sold for a bit more that I paid for. In 2014 (already a millionaire) bought a top of the line 2003 Cadillac Deville DTS (again pristine condition) with all the extras and again less than 40,000 miles that I sold in 2022 (still in pristine condition). Now as an early retired multi- millionaire, believe it not, I drive a small lightly used Chevy Spark. Cracks me up every time I am standing at the traffic light next to a shiny Mercedes, BMW, Jaguar, or massive new pick-up truck knowing that these folks most likely can't afford their car, have high car-payments, and filling up the gas tank really hurts their wallet.

[@dmlagrange]

I am with ya 100% I'm sure people think I'm poor cause I drive an 06 and in reality they are lol

[@faheemabbas3965]

@@dmlagrange look up bicycle infrastructure in the Netherlands. You won’t regret it, and watch a channel called Not Just Bikes. He explains everything about what’s wrong with having to drive a car everyday in America.

[@michaelwright1602]

So true, I'm a truck driver and go into these auto plants up here in Detroit on a regular basis, I see the cars these folks drive. Most of them cost more than my first house! I quit after turning in my leased Silverado, that was it for me, now driving a 2003 Buick, very reliable and easy to fix vehicle, and I would not hesitate taking it cross country. Paid $2000 for it.

[@BenjaminCronce]

Must be nice having access to decent used cars. The only good used cars around here are snatched up by people who know what they're doing. I am not a mechanic, I don't know any mechanics, most cars are abused, and the ones that are not are nearly the sticker price of new.

[@martyh4777]

@@BenjaminCronce Actually, i search online for sources in a 200 to 300 mile radius. And, yes, I am a former auto-mechanic, but with some upfront research on what to look for, it isn't that hard to screen out the lemons.

[@Rynolyon]

I'm tired of runing into loses Trying to trade this market and it's really fulstrating. I have liquidited my trade foe the 3 time in a months.. I don't think these online videos can help any more. I need help

[@Hudumagret]

The loses is much, on me also, I wanna try to move on Over a month $50,000 was liquidated and I don't really know which pattern or stretegy go try right now because all I know and have learnt have been used yet no possitive results

[@christianleviathan5868]

I lost my saving of $20,000 😭😭 to wrong trading signals. Is this how much people loose to get a good success or this is just a red flag sign.. Need help to navigate all this through. 😢

[@christianleviathan5868]

If I get a good and caoch or guide, all my wrong moves and stretegy will be guided right, I'm fed up and need a help

[@gujiyamuhammad6939]

I wonder how people run at loses when there are proffesional traders who give good returns and give quality coaching I had all this kind of experience before till I met my coach that has been helping me

[@nimfassofalo5075]

What's the name of your caoch because I need a good realiable trader to help over come this loses. I run at $10,000 loses weekly with wrong signals

[@EthanBrown_23]

As a beginner, educate yourself: Learn the basics of investing and the stock market. There are many resources available online , including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research

[@SarahTaylor_]

Please who is this consultant ?

[@jennymccullough9517]

No they dont. They take guaranteed commission on a guess whilst you risk money. They dont have a clue how the marjets going to go or theyd risk cash themselves!! ​@EmilyMartinez.

[@stevejones6802]

nah. not anymore. we're a sinking ship so ENJOY life while we can

[@michaelwin83]

@@SarahTaylor_your mom

[@adamv9652]

I live in Europe and this 2010 thinking is exactly why buying 1-5 yo car is probably the worst thing - everybody is doing it because they hear on media its best thing to do and they get a constant massage of "when you drive of from dealership the car looses xyz value, bla bla". Also as the cars get crazy expensive, more and more people want to buy low mileage cars, hoping for discounts. But the amount of used cars on the market is limited. You can get a 10-20% off at the dealers and probably sell after few years with minimal loss and have the car under warranty. Then if you want to save money its better to buy 10-15 yo car and be a car guy or have mechanic/friend check it, but you will also need to spend more time on it later to even find capable mechanics to do repairs and maintenance. There is shortage of cars that have just few years or low mileage, nobody who bought the new car will sell it to you with significant discount just after few years or even a day, they either keep it to make use of it or drive a lot of miles/km. So either in US the sitaution is different or you dont know what you are talking about.

[@JustDave639]

It's been a couple months since this comment but I'm in the similar spot. I live in central Europe and have saved some money in hope of buying a car (as it would vastly improve my quality of life as it would basically cut my commutting in half). Exactly as you said 10-15 yo cars are already expensive and you may end up paying the same amount for repairs (I don't have a mechanic friend so I cannot afford to accumulate that much time and money into maintaining an older car) which is why I'm going for a younger car with low mileage. Considering the cost of used vehicles has increased like crazy in the past couple years I don't think it'll lose as much value.

[@tico78742]

I recently shopped cars and the 3-5 year old cars were almost the same cost as new. New or 5-10 year old is better.

[@SharkyShark94]

We have been in a weird market situation since COVID, especially when it comes to vehicles. This will correct itself over the next several years, but at the moment, you are correct. New cars are sitting at the dealerships, dealers are already marking them down. The used car market will eventually follow suit, especially when people start being forced to sell their vehicles due to not being able to afford their payments. Prices will also drop due to saturation and the inability to sell overpriced vehicles. Bottom line, we will be moving into a buyers market, but right now, we’re getting weird 😂.

[@Sebastian.Rd.Arellano]

Best comment. Buying a low mileage, 3-5 yo car is crazy expensive nowadays. Best investment is exactly what you wrote: buying a 10-12 yo solid car with a clear insurance/mechanical history, and only after doing careful, thorough research. In this way, you can get a high-end car with 5 stars in safety tests, great engine efficiency and spending a very convenient 50-60% less than you would in the same 3-5 yo car, at the very least.

[@ResevoirGod]

@@Sebastian.Rd.ArellanoNonsense. A 10 year old car won’t last as long and require far more money on maintenance than a 3 year old car

[@twizack22]

About the oil change: I've noticed an Oil Change done at walmart is pretty close to the just the supplies only. I like that during an oil change you typically get a bunch of courtesy checks and fluid top offs. You still have to take time and dispose the oil properly. Jiffy lube has courtesy fluid top off between oil changes. Which is pretty handy if your vehicle is losing fluids. Also changing oil at every 3,000 miles is too frequent these days. Newer vehicles can handle 4,000 to 7,500 miles pretty comfortably. I would definitely recommend changing filters for the engine and the cabin yourself. Both don't require any tools to replace. The upcharge for doing those are insane. Any chance that you don't have to use your vehicle I would capitalize on. Carpooling, biking, walking, or taken fewer trips. Plus so many things can be delivered to your home. The other biggest savings is staying on top of general maintenance. Sometimes one small problem causes a bigger problem. I had a power steering fluid leek. To get it fix required replacing one part. That would have cost about $120 at the time. I didn't take care of it right away so, and it leek on my O2 sensor. With the O2 sensor out my fuel economy literally cut in half. So I was filling my tank up every 2 days instead of 4. Hindsight the $120.00 wasn't nearly as expensive as buying an O2 sensor and the additional cost in fuel.

[@ryanjamescorey2838]

I find the concept of 3000 - 7000 mile oil changes absolutely staggering. In the UK cars usually get serviced every 12000 miles (manufacturer recommended) if they are petrol. I drive a diesel and the service intervals were 20000 miles between services and oil changes. Once it hit 100k miles that changed to every 16000 miles. And for the haters, I always get a service annually irrespective of miles (which is usually about 12000 a year), I check the levels weekly and drive with engine sympathy, letting the car tick over a little to get the oil circulate before driving off cold.

[@rustygates3367]

I did a 5-year ownership cost analysis of buying a new 2025 G87 BWM M2 vs a new Tesla Model 3 Highland Performance vs a new 2025 ZR Toyota Corolla vs sticking to my old 2005 Mazda 3 which runs perfect. Taking into consideration all aspects of the vehicle acquisition, including the interest that I'll accrue against my mortgage for paying cash (I have an offset account here in Aus), and through life maintenance & running costs. The M2's 5-year ownership cost turned out to be $190,500 AUD ($3176/month). The Tesla turned out to be $132,134 AUD ($2203/month). The Corolla was $70,132 AUD ($1169/month). Sticking to my old Mazda 3 (vehicle purchase cost already paid for 15 years ago) was.... $23,615 AUD ($394/month). Massively cheaper than even a new Toyota Corolla, and those 'savings' could do so much more elsewhere.

[@Duke_of_Prunes]

The "repairs and maintenance" part is so true. I replaced an alternator, starter, and intake gasket already this week, saving well over $1,000 in labor on my wife's car. KZbin repair videos are much more helpful than the Haynes repair manuals we used to buy at the parts store.

[@dxelson]

buy a ev

[@timothykeith1367]

@@billcoates941 Intake gasket - big difference

[@Pleasiotic1]

@@billcoates941 It can be done by someone at home assuming it is a good step by step video, and the person is already mechanically inclined. I know people who do their own engine swaps and they are not classically trained any things. Working on most cars is just a matter of having the right tools to get to the right fastener, and putting back together what you took apart.

[@Tubes12AX7k]

I fixed my elderly mom's Toyota that had a misfiring cylinder. We really had to consider buying a replacement car for her, but the cost of a replacement car would be high for someone who's on a fixed income and we considered what utility or value she'd get from a new car vs. just fixing her existing one. So, after replacing the fuel injectors, cleaning the MAF, cleaning out the carbon, replacing the filters... it ran fine. It has 200,000 miles on it and will continue on for another 50,000, I imagine.

[@andres777video]

@@dxelson good luck repairing EV's, besides being more dangerous, the battery for a Tesla model S cost over $20k

[@chewy98ta28]

I just spent three grand on an 18 year old Suburban to fix rusty rockers and another 400 on woolwax undercoat. 252k miles but it's paid for and I don't have to worry about it failing inspection and having to find something quick to replace it with. I only paid three grand for it 4 years ago to begin with and can fix most things on it outside of a blown engine or bad tranny but I keep up with maintenance on those. A current year model would cost over 60k. It runs good and now looks real good. I should get another 4 or 5 years out of it before I replace it with something similar from Texas. I also bought a 2009 Challenger SRT8 with 25,000 miles for 29K last year. I don't drive it much. It's an expense but it shouldn't depreciate much or might even go up in value so I can move it in an emergency or if I want to put a barn/garage in my yard. 14 months in and I only owe $1100 on it. Little tip if you change your own oil is to check the old filter and make sure the gasket came off with it or the new filter with two gaskets will poor oil out like a river. Did that once but was lucky and no damage.

[@Pamlicojdjdj1487]

The problem is not buying a new car. Is the folks that earn no more than $40K a year and sign up for leases or loans on $60K-$80K vehicles they have no business owning. That is the crux of the matter.

[@YourLocalGP]

252k miles is insane

[@humphrey]

Make sure to *Subscribe* to this channel for future videos on wealth building, personal finance, and how to get rich! It's free!

[@priceandpride]

Pin

[@patrickhenandez]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@patrickhenandez]

@Pamelawilliams543 However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.

[@patrickhenandez]

@Pamelawilliams543 Clementina Abate Russo is her name

[@patrickhenandez]

Lookup with her name on the webpage.

[@patrickhenandez]

@Pamelawilliams543 You are welcome .

[@cuthbertallgood7781]

Hopefully people are smart enough to realize this idiot is a scammer and all the replies are fake.

[@GregBennett]

Amen. I see a bunch of people fall into this trap and it's hard to watch. All I want in a car is for it to be reliable, affordable and comfortable. I drive a 20 year old Camry I bought for cash and love it.

[@Lazirus951]

Totally! I feel more rich driving my economy car than the european sports car that I used to own. Anything could happen to the economy car and I will just shrug.

[@krunkle5136]

Plus you get to appreciate daily the craftsmanship of early 90s Honda cars before they (or whatever became predominant in the American market) became bloated intimidating fiberglass abominations.

[@brownhippy]

Unfortunately it's also frowned upon to show up to work walking from the bus stop or walking out of a 20 year old car in the company parking lot.

[@Lazirus951]

@@brownhippy Let them frown, I'm on track to retire at age 45.

[@isaacsosa1000]

Being a mechanic as a hobby has saved me tons of money. I have NEVER gone to a mechanic in the 30 years of driving.

[@ethan_jimenez]

Same bro. Honestly a great skill to have

[@pauld8747]

Must be nice having a shop and a lift

[@renysimone3312]

Must be nice being a millionaire! 😊

[@jayc4715]

Or just buy a Toyota

[@isaacsosa1000]

@@jayc4715 I drive a 2017 Toyota Camry Hybrid

[@izagdlife]

The first step to successful investing is figuring out your goals and risk tolerance either on your own or with the help of a financial professional but it’s advisable you make use of a professional just like I did. If you get the facts about saving and investing then follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits of managing your money.

[@rougeur]

I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate and stocks..

[@mnthunder]

I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?

[@izagdlife]

@@mnthunder Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances...

[@mnthunder]

@@izagdlife How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.

[@izagdlife]

@@mnthunder *Mr Gary Mason Brooks* is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@riekeltvisser2036]

3 years ago I bought a used car for €2000 with a little over 200K km on it. I think the total maintenance I paid in 3 years is just shy of €500. It's quite fuel efficient. About 5,5 L/100Km. Insurance and tax are about €40 each every month. A car doesn't have to be expensive

[@mastermindd]

Yeah, I have a 27 years old turbo-diesel, it's combined fuel consumption is also about 5,5L/100km. With all costs combined, it cost around 3000$

[@sebastienbolduc5654]

Understand that there is also a factor of luck when you do so. Sometimes people end up with pieces of crap that cost thousands to repair. Everything was fine when they bought it, but then there are the things that even an experienced mechanic cannot see.

[@Ashleycorrie8494]

Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely...

[@GaryWinstonBrown]

I couldn't agree more. Taking charge of your life and putting in the hard work is the path to success. Having a portfolio manager like Mr. Samuel Peter Descovich is a game-changer. Their expertise and guidance can truly transform your financial journey. Making $35,000 in profits each month and saving 70% of that is quite impressive!They save you time and provide valuable insights that lead to impressive profits. Keep up the amazing work, and enjoy the fruits of your labor..

[@AnnaKrueger809]

It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $65k passively investing with Samuel Peter Descovich, and I don’t have to do much work. It doesn’t matter if the market is crashing, I will always make good profit returns.

[@allympili3437]

I have turned over more than half MILLION working with SAMUEL PETER DESCOVICH on a wide array of options and finally sticking to a few that have been favorable in the past 2 years.

[@PennyBurdick318]

Found his website easily. It was like the first thing that came up when I searched his name. I'll surely touch basis with him to see what the best step is for me to take right now. THANK YOU!!!

[@AndrewJames91]

Hey Ashley love the comment! What do you mean by financial programs? Can i study that to build wealth?

[@MJ-sg8ov]

The discipline (or the goal if you're just starting out) ought to be to not buy a car you can't pay cash for. No financing costs (just the lost interest earnings), it inherently keeps you from paying more than you can afford, and also gives you the opportunity to drop non-liability insurance coverages as the car ages, saving big $$. I personally keep comprehensive (theft and other misc coverage), but drop collision after the car is more than a year or two old, and drive carefully. I also buy my cars new and keep them for a *long* time - I've found that buying a used car more often than not means inheriting someone else's problems. If you *are* buying something used, buy something that's still under the manufacturer's warranty, and make sure everything that needs addressing gets done before it runs out, and again - keep it for a long time - depreciation on a new car almost always dwarfs repair costs on an old one.

[@amarug]

I bought my first car a year ago, having lived 20 years as an adult without one. I of course just bought one that would be cheap enough to not "interfere" with my finances and I must say, I love it. I would happily pay double the costs for everything to have this comfort. Although in Switzerland where I live public transport is nothing short of amazing and you technically don't "need" a car, the freedom you gain with it is almost priceless. To me that is at least.

[@rathelmmc3194]

Now imagine you live in a place like the US where the majority of homes are single family structures and city spread is real. There's parking lots here that are probably a longer distance from the back to the store than your nearest public transit spot from your house. Cars go from nice to have to a necessity.

[@trevoncowen9198]

People here don’t appreciate that

[@dm273]

What kind of car did you buy?

[@maxmaxed2887]

Very similar. I lived in NYC most of my life just biking everywhere. Then I moved south where I had to buy my first car 2 years ago. It is a necessity while I would largely prefer not to have it. It sucks me out of money all the time even though it is a cheap KIA

[@nooranik21]

It's funny, whenever I've traveled outside the US and experienced good nationwide mass transit, I feel like that's more freeing. I don't have to worry about parking, sitting in traffic, paying attention to the road, and feeling the seconds of my life tick away commuting. I just get on a train, relax, and go. If it wasn't for the fact that part of my job requires me to move large heavy objects around town, I'd have foregone my car. I ride my bike to work as much as possible because it makes my commute something enjoyable rather than an inconvenience.

[@markythelarky6948]

From someone who does all his repairs and maintenance, be careful when choosing a vehicle. Aside from buying in the 3 - 5 year range, look at the reliability data for the vehicle you want to buy. Many newer cars have been engineered with a 5 year (manufacturer warranty length) durability cycle on many parts. In other words, many parts on the car will begin failing around the time the car is no longer covered by its original manufacturer warranty. There comes a point in the life of a car where it starts having multiple problems and can get very expensive, especially if you know nothing about cars. Newer cars are also becoming more and more reliant on complex and often proprietary scanning software for diagnostics and reset/relearn procedures. So, you may find yourself having to purchase an expensive scanner (upwards of $500) to do a simple thing like resetting your throttle body after having changed it. I never purchase new vehicles, NEVER. I have a 2006 Pontiac Vibe with 200k miles on it. It is super reliable (Toyota-based), I recently rebuilt the suspension front and back for a cost of about $600. I bought new tires a few years ago, and replaced the battery a few months ago. Overall, I doubt I spend more than $1000 a year on it. You can look down on me all you want, but I bet you the pink slip to that gas guzzling Charger that you are broke.

[@xninja2369]

This 💯☝️

[@SpencerJohnsonOfficial]

For us that truly need a car, it's super important to put a lot of thought into a purchase like this. There's a lot more cost to a car than just the sticker price. This was a great video as always Humphrey. Keep doing what you're doing!

[@humphrey]

thanks Spencer! very true.

[@maxmaxed2887]

A LOT of cost just to have it and maintain it.

[@rippleforeskinxrp358]

@10:50. Flawed maths but we get the point. 80-100/change MINUS 55for oil and filter. So basically 35-45 saved for the headache of old oil disposal. And getting the wife pissed you did this in driveway.

[@BenCarnage]

My main trick to make transportation really cheap is to live close to where I work. I like myself and my time too much to have a travel distance that couldn't reasonably be covered on a bicycle.

[@Advocate_plus_one]

That works well but I've also had it back fire when your boss realizes you are 5min from the office

[@BenCarnage]

@@Advocate_plus_one heh, good luck to most of my bosses. I don't mind grabbing extra work every now and then, but I don't have a problem saying no either because I tend to have enough money that I only work under conditions I find agreeable enough. It is rare that bosses or assistants have tried to push me into something and I have never been reprimanded for saying no. Unless there is a clause in your contract where they can force you to work in case of emergency or something, they will be in trouble if they try to punish you or force you in any way at all. I don't think it's good for the employer/employee relationship if you subject yourself.

[@antcruz83]

You don't live in the tri state then. Try moving closer to NYC 😂😂😂 ..

[@bencarnage7010]

@@antcruz83 I live in Sweden, so no. I live in a rural town with good connections to several cities. I've mostly changed jobs within the town though because I don't like commuting. I could live in the city but on the whole I prefer not to. Now I would only accept a job in the city if the benefits are great. Like working from home like half the time :p I also lived and worked in Malta for two years. I was almost the next door neighbour to my job there in spite of being in a city.

[@jessecyr7741]

@@antcruz83 I actually live in CT and can bike to work, 2.1 miles. But, I'm literally the only person I know who can say that and most people either look at me like I'm nuts or give me props as I huff and puff and sweat up the huge hill I live on.

[@bvoyelr]

1) Regarding car insurance, I'm told that if you know about the insurance company, chances are you're paying a substantial premium for their marketing department. I'd love to see a video about whether that's true, and if so, how to find the companies without a marketing budget. 2) This is generally great advice, but one thing to consider is what the purpose of money is. It's for providing your needs, first of all, but after that, money buys happiness. And you might be surprised, especially in America, how much happiness is derived from cars. You can see a good analogue in the New York City metro -- it's a dilapidated, run down cesspit, and it affects your mental health in ways you don't really understand until you're not using it anymore. The same is true with cars. It doesn't matter for some people, but for some, the draw of hopping into a beautiful, clean car every day that has a gucci warranty so you never have to worry about maintenance is worth a substantial cost.

[@ElyWaves.]

Definitely agree on your last point. I have always drove 10+ year old cars and finally finally I decided I wanted to get something nicer. Ended up with a 2016 Q50 and it makes me way happier to drive places and to me that’s worth every Penny. As long as you can afford it comfortably and it doesn’t take away from your goals, go for it. I don’t care much for vacations, I’d rather have the nicer car so that’s what I did

[@suzannemcvicker617]

Nah, Geico is significantly less expensive than other companies

[@jschoenzy9416]

I ride my bike to work every day 13km round trip, even in the winter. And I live in Canada. I do it so that my family of 4 can have just one vehicle instead of 2. People think I'm either completely crazy or that I've lost my license due to drunk driving. They talk to me about it with a sympathetic tone but inside I'm laughing because my last mortgage payment is this October.😎

[@yia01]

thats only about 4mile from ur home, bike is a real option u can even walk since it close enough.

[@lampyrisnoctiluca9904]

yeah, things are rarely as they seem.

[@nmccw3245]

Congrats on the mortgage payoff, bummer about the DUI.

[@jschoenzy9416]

@@nmccw3245 That made me laugh, thanks. I get that all the time.

[@CeleronS1]

Same here, whole supluss goes into deep value investing.

[@Ilfenomeno-sp2hk]

0:32 Once I saw that Graph, I questioned why do we even want to live

[@Erickruiz562]

My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term profit.

[@JimmyA.Alvarez]

For the average citizen, the tactics are rather demanding. In actuality, most of them are effectively completed by experts who possess the necessary knowledge and skill set to carry out such occupations.

[@DeannaMurray-zv]

Yes, I've been in constant touch with a Financial Analyst for approximately 8 months. You know, these days it's really easy to buy into trending stocks, but the task is determining when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. Can’t say I regret it, I’m 40% up in profits just in 5months with my initial capital of $160k.

[@BeverleeR.Ziegler]

I've wanted to start investing for a few months, but just haven't had the courage to start because the market has been down for most of last year. Please how can I reach out to your financial advisor and what are their services like?

[@DeannaMurray-zv]

@@BeverleeR.Ziegler I work with Alicia Ann Jordan, who is a licensed fiduciary. Just look up the name. All the information you need to work with a letter to set up an appointment is included.

[@waldo-ot6ul]

​@@DeannaMurray-zvscam scam scam

[@KPHVAC]

Thanks for giving us some good advice! A lot of people aren't willing to drive a $5,000 10 year old used car. I worked in automotive for years so I'm always giving car advice to friends and family. A few year old used car, with a big down payment is usually the best option. Always try for a 25% down payment! If you can't save $5,000 in a year then you probably can't afford a car payment!

[@jimv77]

@M I bought my 2004 Toyota Sienna in 2010 with 91,000 miles for $13,000. Still drive it daily today with 225,000 miles. That van took us on A LOT of Vacations. Yes it is old....and not a head turner.. no longer perfect...but man.....tires, brakes, battery, oil changes is all I have really done with it. If any major issues happen...another used Toyota....all I can say is this Toyota van has served me well....

[@marksaxon]

While I appreciate those who can hang with a car for 10-15 years, I wouldn't trust a car like that on a road trip or in commuting traffic. They don't build them like they used to. Older folks I know who rebuilt cars in the past have given up and conceded to the idea cars are not as reliable as they used to be. Do your thing for sure and good luck. Anyone having a chance of low repair costs better buy a Honda or Toyota. No car is perfect but there are a ton of brands out there where you are lucky they last 6-7 years before the repairs don't make sense with continued ownership.

[@jimv77]

@@marksaxon If a person daily drives to work 60-70 mph for a 20+ minute commute to work and back.....I personally wouldn't see a bigger risk with road trips. Most of the problems with older cars is the plastic parts getting older and brittle and breaking. My van is 2004 with all the bells and whistles and the stuff failing are heated seats not heating, power seats not adjusting due to plastic gears stripping, adaptive cruise control radar broken and not working, parking sensors beeping for no reason. Notice all this high tech stuff that didn't exist 30 years ago...hahaha. Like you stated....cars aren't made like they were in the past 15 years.....more tech more potential headaches.

[@mr_num_numz]

@M not even a little bit true.

[@QuanHoang2x01]

I prefer pay in full if I can

[@KookiDowg]

After starting my "successful" cubicle job that society usually depicts as success, I still daily and live in my 2005 Honda Odyssey. I love being able to pay off my debt much faster than If I were to rent a room while still being able to retain a lifestyle that I've always wanted to have. I'm not saying that the van life lifestyle is the ideal way to live as it has its cons such as the tendency of my van breaking down more so than a new car but I'll still be doing this while I am still physically and mentally doing so. Although, I work on cars as a passion so I don't mind the usual wear-and-tear parts break down. I'll get myself another beater van if the motor or transmission fails on me haha. Don't get me wrong, I really want to get myself a 2023 Toyota Sienna Hybrid due to how economical and spacious it is but unless I'm able to pay off the van in a year or under, I refuse to do so.

[@Kratorious69]

If I wasn't 6'4" or 193cm I'd definitely consider the cost savings of this...I'm a non super hot/cold temperate climate this would be ideal...just have to be safe

[@TiagoRamosVideos]

Great video 👌 thanks 🙏

[@mcginnnavraj4201]

In light of the impending recession and the fact that inflation is still far higher than the Fed's 2% target, several of the most prominent market analysts have been expressing their views on how terrible they believe the next downturn will be and how far stocks may have to fall. I need advice on what investments to make because I'm attempting to create a portfolio for my children that will at least be $850k in value.

[@trazzpalmer3199]

There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.

[@graceocean8323]

@@trazzpalmer3199 I agree. I've been talking to a coach named Maria Juliana Ramirez for a long now, mostly because I lack the knowledge and energy to deal with these ongoing market circumstances. I made more than $220K during this slump, demonstrating that there are more aspects of the market than the average individual is aware of. Having an investing counselor is now the best line of action, especially for those who are close to retiring.

[@hannahdonald9071]

@@graceocean8323 we’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides you help?

[@graceocean8323]

@@hannahdonald9071 It's run by Maria Juliana Ramirez, who I learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary.

[@zoeytank2921]

I'm literally holding onto straws right now, so your tip couldn't have come at a better moment! I plan to call her after doing a quick internet search for her.

[@giverrodbee]

Makes me realize how fortunate I am to be a car guy. I can change my own oil and make my own repairs. I used my knowledge to get great deals on reliable used cars that I have no payment on, and they have actually appreciated in value because I got such good deals and car prices have gone up. Im fortunate to have decent insurance rates, decent fuel mileage and a short commute. Might be something to mention to try not to get tickets so you can get good insurance rates. Another thing to mention is vehicle taxes, In my state we have “ad valaurum” tax (7% of the car’s value) and I went to the tax assessor office and appealed the “value” of my vehicles and even got them to lower my taxes on the vehicle purchase.

[@sdlausen1]

Yup! Same here. I own old Toyotas for this reason. A Lexus Is350 and a 3rd gen 4runner with now 170k miles. Nothing has broken on the 4runnee other than a leaky valve cover gasket which I changed myself. Insurance on the 4runner is $30 per month!

[@nightreader1264]

Yep, the only problem with this… driving a car that looks like hell on the outside but purrs like a kitten! This has helped us.

[@enriqueplanas]

12:26 i was choking under debt 20 years ago. I paid everything and never took a credit ever again. I made some changes in my life, paid everything in cash (I drive an 8 year old Hyundai I30 which cost me $12K, 5 years ago)... I save $1-2K a month. Own a place and have a humble life. Never been happier.

[@nascarisawesome5018]

I bike pretty much everywhere, and it's saving me like $3 in gas everyday and helps my health. I have little maintenance, no tax, no gas and no car related problems.

[@humphrey]

amazing :)

[@thenewage9723]

I mean some of us commute 40 miles for work biking like that gonna put me in the Tour de France population

[@ben3989]

Smart and usually pretty enjoyable.

[@capmidnite]

Until that one day when a careless driver clips you and sends you to the hospital, negating whatever money you saved.. I have 7 bicycles but I rarely ride on roads I have to share with cars anymore. It's 90% gravel roads and mountain biking for me.

[@fatboy19831]

An old Nissan leaf would do almost the same. Protect you from the elements and other cars.

[@LLLLLLEON216]

One of the pitfalls of living in the US is having to own and drive a car in quite literally every city except NYC. This is a huge amount of unavoidable expense which is optional in countries outside of North America.

[@albertcamus5970]

Yes. But the cost of other things in those countries is quite high. Netherlands is one of the best places to live without a car - but the cost of housing and groceries is super high. Tokyo is another great example. There is no free lunch.

[@thespiritsafe]

One thing you didn’t really mention is the possibility of going car-free or being a one car family. I was car-free most of my adult life and now we are a one car family. I have saved tens of thousands that way.

[@vision-gc4hy]

@Michal Mozejko [C] We love cars in the U.S.

[@jdenino6022]

Being a one car family sucks. I lived in NYC in my 20s and my husband used to take the car to his friend’s house to carpool to Manhattan. I got stuck taking 3 buses to my job on Staten Island. We later moved to the suburbs of NJ and we now own 4 cars. I have my son on my car insurance and gave him my older honda to drive to work. It’s been paid off for over 14 years. There’s 85,000 miles on it. It’s in very good condition and we keep up with the maintenance on it. Costs 800 annually for insurance. Paid cash for my last two cars. Insurance is $3,600 a year for all the cars. None are new cars all are paid off.

[@grunyonthoughtsfromagrunt8264]

The car free is far from viable for most Americans. Now if you live in a place with adequate public transportation I'm with ya 100% But often times Big City folks don't think of or ignore the realitys of life outside of Big cities. In all aspects of life not just transportation.

[@australiantruckspotting8883]

Car free isn’t viable in Australia either. Unless you live in an inner city bubble which is very few people.

[@ROVA00]

That’s not possible in most of the US.

[@lkeil84]

There are some additional steps to save money on a car. Never take your car to the "Stealership". They usually charge double at best for what you can find repairs at an independent shop. This also brings a subject of shop around for the repair. My daughter recently brought her car to Mazda and the quoted her $5k for a new transmission. I made her take it somewhere else and she ended up paring $1000 for new front wheel bearings. 3000 mile oil changes are thing from the 60's, and now are around 6k to 10k miles. It is actually cheaper to get the expensive synthetic oil at double the miles. The living closer to work thing is a poor suggestion. Do I want to pay $3,000 month for a place near downtown San Francisco, or $1,500 a month for something further away. I looked at public transportation for my 18 mile commute. It was $15/day and took 2 hours in both directions for a total of 4 hours a day. Gas..., I mean electric cost was free to charge at work. Even if not, would be just over $1, and $4 for gas daily. I also quickly learned that I could spend $1,000 in tools and do 95% of the repairs myself saving a big bundle. Some say they don't have the time to do it themselves, but take a brake job. Typical cost would be about $500 for front brakes and rotors. You have to take it in 30 minutes each way and wait an hour or two, o perhaps even have to leave and pick it up later. At home I could this job for $150 and be done in less time than driving there and back, saving the gas also. The you could just buy 10+ year old vehicles and get only liability insurance saving another bundle. I did find my Ford Focus Electric brand new off the lot for under $20k 7 years ago. Not a single penny in maintenance, and along with free chargers at work for 3 years and solar on the house saved 1/2 of the purchase price of the car in that time. Always do the math on a car. Payment means nothing if it is for 7 years, and different cars cost way more for insurance. The drive it nice and easy. Tires last longer, gas mileage for me is "better" than EPA estimates, and maintenance/repairs way less.

[@PhilSommer2]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.

[@blessingpaul5484]

That’s crazy, I’m just doing everything wrong with my portfolio.

[@alicebenard5713]

Same here, 75% of my portfolio is in the red and I really don’t know how long I can stomach the losses. I’m beginning to reach a breaking point.

[@KatherineAnderson-lm8bw]

The US-Stock Mrkt had been on it’s longest bull-run in history, so the mass hysteria and panic is relatable considering we’re not accustomed to such troubled mrkts, but there are avenues lurking around if you know where to look. My husband and I are retiring this year with over $7,000,000 in tax deferred investments. up until 3 years ago we were 100% in the S&P. During bear markets we had a perfect plan. We got an investment manager in our corner and didn’t look at our portfolio for nearly a year.

[@philipcollen482]

Patience patience patience. It's a cycle.... a sucky point in the cycle, but a cycle nonetheless.

[@Jessicatorres_768]

Please do you mind referring me to your financial analyst?

[@ezralimm]

10 years ago I asked a few taxi drivers why they chose to drive the cars they did - one car stood out - A Ford Falcon. This was the de-facto taxi for much of Australia 10 years ago. They told me it was good for 300-500,000km, reliable, and easy to fix. I bought a dealer demonstrator for 2/3rd the new price, at only about 9 months old, with 11,000km on the clock. The car now has 190,000km. It has never broken down or left me stranded. And spares for replaceable parts (eg rubber door trims, latches, and other consumables like brakes and tyres) is negligable. Best AUD$25000 i've ever spent. The car is cheap enough that I've not had comprehensive insurance... just third party. I've saved so much it's unbelievable. Ask your local taxi drivers what cars are reliable for long term use, and then pay close attention to the big ticket items that need replacing over years. Also get a bluetooth OBD II scanner, and TPMS caps. This will save you so much time checking on your car it's worth it for the time saving alone.

[@ManCatCheese]

I got my first car in 2016. A 1999 Mazda 323 Astina. 275,000km on the clock and she's still going, the car is older than me by half a year. I've had a few significant repairs, but I can't have spent more than $2.5k on it. So since I bought it for about that price, even in 2016 dollars, I'm very happy. Only thing that's completely shot is the suspension, and I could replace it, however I'm about to start a good job with a good salary (for a graduate) and I'm thinking of just saving for a 2016 model Subaru outback or something. But honestly because of this car my opinion of Mazda is very high.

[@fredAugustus]

“HOW I ACQUIRE WEALTH” steps below...

[@fredAugustus]

Making money is action, saving money is behavior and Growing money is Knowledge. The first step to gaining weaIth is to outIine your goaIs, with the heIp of a financiaI pIanner and following through with best ideas, you will attain weaIth in no time & enjoy the benefits of managing your finance.

[@fredAugustus]

I am fortunate I made great decisions that changed my finances (gained over 1M in 2yrs) with help of my financiaI planner. Got my 3rd house in Iast week, and will retire next year.

[@fredAugustus]

ELIZABETH GREEN HUNTS

[@fredAugustus]

Get to her with her name..

[@beatriceottilie3655]

Good I got here. Big Thanks

[@addij3689]

I’m still using my high school clothes at 30 years of age 😂.

[@TobyCostaRica]

Congrats, you didn’t gain that much weight into your 50s

[@EvilestMinion]

@@TobyCostaRica but he’s only 30?

[@TobyCostaRica]

Oh I misread that 😀 still impressive at 30. College adds at least 15lbs

[@YourFrienjamin]

​@@TobyCostaRica lol. Genuine congrats though

[@LordPrometheous]

I have shirts older than you. You're doing great. The trick is to buy high quality stuff, not trendy or flashy. The clothes will hold up and won't look out of place. No reason to look dated just to save money, so trendy stuff should be avoided.

[@andrewdoeshair]

I drove a Hyundai accent from 2003 until 2016 and when I added up the price, interest, and repairs then subtracted the resale and divided that figure by the number of months I drove it, it was like $45 per month. I did the same math for my wife’s Cadillac CTS (purchased and sold the same year as my Accent) and it was $175 a month. Ever since I’ve been putting $200/mo into a savings account for all things car related (and it’s actually way more than we need). This covers purchases, maintenance, and repairs for my car and my wife’s car (and some day my kids cars). In 2016 my wife and I bought a Kia and another Hyundai (each 2 years old at the time) and we’re still driving them- thankfully no repairs yet. If we continue on this path we’ll basically have no car worries for the rest of our lives. When I hear about couples who each have a $400-$500 payment (or worse, a lease) it blows my mind. I paid off my house in Southern California by adding that amount to my mortgage payment and driving a nerd car. And it’s wild to see people hanging on to those kinds of payments because they’re afraid of the idea of getting hit with a $1,500 mechanic bill. I’ll take $1,500 every few years over $500 every month, call me crazy.

[@barbarabrown7974]

When I was in college, I did not own a car. The parking at my campus was horrible -- and I worked for the Parking and Transit department when I was in school. So I either bicycled or took the bus. The problem of not having a car is that it limits your employment opportunities. I got my first car, which was three year old used, in 1995. A little Mercury Tracer. I loved that car. Paid for the entire car as I had inherited some money from my grandfather. Drove the car pretty much into the ground. Bought my parents' 1995 Mercury Sable in 2004. Then got a 2005 Hyundai Elantra in 2008. Loved that car. Best car I ever owned. Great fuel economy as well. Had that car until early 2021, with a slight overlap with my current 2017 Hyundai Sonata, which was my late father's car. If you can get a nice used car, all the more power for you. I did no financing.

[@mikaelav8964]

thiss. as someone rushing to get a car, its due to employment opportunities that open up with one. I can eventually work from home, but those jobs are hard to come by with a decent wage in Toronto.

[@fredcastor1]

just imagine if we had ✨decent public transportation✨

[@alessandromorelli5866]

YES dude FVCK cars I thankfully live in a city with ok public transportation and I will never not take my bike to work, doesn´t matter how millionaire i get

[@TiagoRamosVideos]

Great video 👌

[@saulmartinez6165]

Yes! I grew up watching my family and nearby families in the neighborhood always struggling financially. Yet, they carried a $800+ truck payment each month. Thankfully, because of this I was able to learn quickly what NOT to do. Today I am 24 and I'm so happy I only pay $182 for my '19 Jetta. Thankfully I got this vehicle before the "used car bubble", therefore I haven't lost much value on it at all. Don't see myself trading this in anytime soon. Maybe once I make senior in my firm or something in a couple years. Great informative video!

[@j96700]

I am proud of you! Just guessing from your name, we both grew up in the same neighborhood/culture. The pressure to present an image of someone we aren't is real! You're on the right path! 🙂

[@gwpeoples]

I'm from a semi-rural town in Florida and I definitely saw this. Still see it actually since I live 30 minutes from my home town. At some point trucks became less about being affordable work vehicles and more about being Emotional Support LIfe Trophies for insecure family men. I guess you can say that about a lot of expensive cars, but it's really evident with truck owners.

[@BrianC1664]

@@gwpeoples "At some point trucks became less about being affordable work vehicles and more about being Emotional Support LIfe Trophies for insecure family men"🤣🤣🤣

[@mmike9941]

I paid 300 dollars for my first car, it was a peice of shit, but got me and all my friends from point A to point B for like 7 years.... so.....

[@huetuber1204]

You're driving a VW Jetta. Trust me, that car will cost you an arm and a leg from maintenance and fixing broken things once the warranty runs out. Mark my words.....

[@michaelristow2775]

I realized this 30-something years ago. I am a millionaire because of that realization.

[@rasmAn2]

I'm an automotive engineer, and have been working in that field for 10+ years. If you are not planning to keep a car forever, and if it has no special value to you other than transportation, a regular modern car DOES NOT NEED AN OIL CHANGE EVERY 3000 MILES. Look in the owners manual what the manufacturer advises, and what oil they recommend. Stick to this schedule. This will be fine. I've owned high strung sports cars and lazy diesels, the sports car which was boosted up the wazoo only got an oil change every 4500mi. The lazy diesel gets one every 15500mi, and this is fine. Just use good oil and change the filter regularly. If you have a beloved classic and you want to baby it, by all means change the oil every week, new oil is almost always better, again, as long as it's good stuff. There is no longer any reason to use anything other than fully synthetic, even for classics, and using the correct weight is crucial. I swear americans have some very weird ideas about cars that can be quite conveniently be explained by marketing and the big 3 putting out some "interesting" stuff in bygone decades. A 10 year old car is not "old" if it had a decent life, maintenance schedules are not suggestions, most if not all euro car makers make cars to last about 250000km without any major repairs, some more than that, if you need a loan for a new car, you can't afford a new car, mirrors are meant to be looked in before changing direction, 4 cylinders and 1.4l are fine for nearly everyone and shifting yourself is easy and more economical.

[@rjdavis7503]

Right on!

[@ItsMe-tl6co]

I think you meant to say Japanese cars, not Euro?!:)

[@Helm-w1q]

My Daddy told me as a youth," "The only security you will have in life, is your own two hands and the skills you develop with them."

[@subaru4me]

When I was a kid I read an article titled the real reason you're broke, it was this. The thing that is bad about cars is no matter your economic status you need one unless you live in NY or SF. Gas and insurance is such a huge expense when you only make $12 - $16 per hour.

[@psylee8687]

What do u mean unless u live in sf or NY? U Def need a car there

[@whatsitlike6392]

@@psylee8687 San Francisco or New York City are ready without a car.

[@discocycle]

The costs are crushing! There are definitely some other cities in the US where you can live without a car though. I feel like I hacked the system - living in a small LCOL city, and also being car-light.

[@dmbfannh]

I save a lot of money in the car expense category by living .5 miles away from my work. I drive a reliable 14 year old Honda Fit. I spend no more than 40 dollars a month in gas, that is insane cheap these days. The Fit i drive juat goes and goes rarely it needs to be fixed l. Also everything i need to live is near by where i live stores and shit so i only end up putting about 5000 miles a year on my car. My transportation expense enables me to save thousands of dollars a year. I also only pay 400 a month to rent a tini room to live in. I work in a grocery store making 21 an hour and i literally have more money than i know what to do with, so i save thousands of dollars a year. I just live way below my means. I could afford something nicer but love not ever being worried about money anymore 😊😊. I am going to drive my 14 year old car until the wheels fall off. Between the low miles and the fact that it is a Honda that car will last me 30 years or more if i take care of it which i do. I live in an area that does not use much salt on the roads in the winter time, i regularly see people driving cars that are nearly 40 years old or more. When i moved here from NH 5 YEARS ago i thought i had gone back in time when i noticed the old cars still being driven around here because of the lack of salt use around here you can make your car last a very long time living here in western Washington outside of Seattle.

[@dnalor8753]

for some of us a car actually gives us joy and spending money on mods obviously isn't smart financially, but it's not about the miles per gallon it's about the smiles per mile

[@AgileSnowWeasel]

Hobbies are different, everyone should have a hobby or two, and cost can be irrelevant to the quality of life they provide to the hobbyist. For most though, a car is a tool for work and shopping, and occasional day trips - the issue is that it is confused with a status symbol and people over-stretch. Obviously as a tool, if you use it all the time, it's worth spending more and taking care over getting the correct tool for the job, and tweaking it as you need. See what some Japanese truck drivers do to their trucks in terms of mods!

[@dnalor8753]

@@AgileSnowWeasel totally agree, I'm 24 and saved up to buy a new mustang (base model ecoboost) daily driver in cash, knew it wasn't smart to go into debt for a v8 just for the status of having a v8

[@joesmith9216]

I have no children and do want to have any, so cars are an easy money hole for me, get's pretty insane with mechanical work and customizing, oh well, better than the slavery of marriage!

[@WaveRider1989]

​@@joesmith9216 lol

[@mustafemohammed3591]

exactly some people really enjoy driving and driving a nice car will make that experience even better. I also drive a lot so I need new reliable car use cars are way too expensive now

[@annekarice1587]

'cars are supposed to have their oil changed every 3k miles' ... Cries in Europe. I change oil every 10k miles, my car is just over 100k miles and runs fine. Please stop wasting oil.

[@jimmyj6053]

I drive a 2005 Lexus RX330 SUV I purchased in 2015. I have 135K on it and rather than trade it for a newer model, I invested in new brakes, struts and a couple of sets of tires. It's in great condition inside and out and it's paid for. You're spot on Humphrey. I've been able to save nearly a grand a month that would have otherwise gone as payment for a new Lexus SUV. In five years I'll have 70 grand in the bank. If I'd bought a new car I'd have a $10000 used car sitting in the driveway.

[@derekhayter4879]

The main idea here is that you got a Lexus. If you had gotten yourself a Chevy, Jeep, Ford, Dodge, , BMW, Benz, Volkswagen, you would gotten yourself in deep water.

[@ralphlazio505]

@Jimmy J - The RX330 Is a great car. If it’s a 2005 with 135,000 original miles you might want to consider saving money pretty soon because the next expense on repairs on that car and maintenance is gonna be the drive belt the belt tensioner the water pump the thermostat and the spark plugs. If it’s a 2005 it’s probably sitting right now on the original parts. Always go with factory parts I mean dealership parts because aftermarket parts will not work on these cars. Trust me. Parts and labor you were looking at between $900-$1200. Small price to pay; after that it’ll be the radiator. If you give the RX 330 the care and maintenance it needs that car will last you 500,000 miles plus easy.

[@lombanth]

My car broke 14 months ago and after 2 months of adapting, I don’t think I’m going back. The money I save has been insane. Building up my coffee business, my real estate, my career and passive income. A car is such a money pit

[@timothykeith1367]

In some areas you can get by with an e-bike and save a huge amount, auto insurance is rising in price

[@oes2546]

When I graduate and get a job I know, I’m gonna BURN a lot of my resources on having a car. But that’s one of the reasons I studied hard for that decent salary. Having a car is a dream no less. I have family and/or family property 2, 3 and 4 hours away from where I live and using public transport to travel there in the weekends is a no go. But for those that have their life very much concentrated in one city (or in general don’t really have a need for a car), skipping owning a car would be super powerful. The amount of financial power you’ll free up is likely astounding in the long term. Lucky you I’d say. If my life aligned with it more I would totally consider just skip owning a car from an economic standpoint. It is very doable for everyday life in the part of Europe where I live, and I could imagine doing it if I were someone else. But then again, I personally need and want to have decent/nice a car, so I don’t feel bad about it either. It’s a high priority for me amongst I WANT to spend money on. But this video makes me think I should maybe reconsider just how much money I want to sink into it

[@Bdamazyn]

Investigate the costs before you jump into the fire. Use the VIN on the vehicle you're thinking of buying. Investigate the reliability ratings for that vehicle. Certain makes and models have high failure rates, and some have astronomical repair costs. Call insurance companies and get quotes. Call the local tire store and find out how much a set will cost. Check the prices for parts such as oil, filters. brake pads. Add the numbers up and you'll be surprised at the high cost of owning, driving and maintaining a vehicle. If you're using your vehicle for work, such as a truck for moving materials, then you have another equation to use to decide what you can afford. It takes time but time is money!

[@elizabethstewart552]

It's really a shame that many of us tie our success to what we drive. I drive an expensive BMW, however I am going to trade it in for something a lot more practical. Between the rapid depreciation, the wear and tear, and expensive maintenance, I really get why a car is a depreciating asset. My husband and I invested in a lot of real estate and built vacation rental properties when he sold a business. We were lucky to buy pre-covid before the prices went crazy. The vacation properties all generate more money than any other investment we have made and have all increased in value. We built them as maintenance free as possible. Yes, things break and need to be replaced from time to time, but they were a fantastic investment. If you can get past your car being a status symbol, then buy what is the most practical and suits your family, and put your money into a solid investment that doesn't bleed you dry.

[@hikingwiththedog6078]

My hubby's a mechanic, and used to work for BMW. He said the quality of the parts is average, but the cost of the parts is insane. His mother's from Germany, and he loves the whole German engineering thing, but said there's no great engineering in BMW. They do look so good and feel so good to drive, though! The only foreign car he had was an old Volvo wagon, it was so solid. Thanks for your fascinating comment, your experiences are most helpful.

[@LadiesMan217.0]

There's a reason why in the car community there's an acronym for BMW which is Break My Wallet. People drive BMW cars for their speed and luxury at the sacrifice of high cost repairs. If you want reliable and practical transportation I suggest you look into Toyota, Honda, and Mazda.

[@georgewagner7787]

My old volvo sometimes didn't start

[@jackz4149]

@@LadiesMan217.0Toyota and Mazda are dangerous… cheaply made metals and poor body rigidity… no, life is too precious to be broke

[@jackz4149]

@@hikingwiththedog6078unfortunately i read somewhere that cars are engineered to break down within a certain time frame, as a way to stimulate new purchases… my rule is to sell my cars within 5 years of ownership, my last car was 2 and half years, and another 2016 LX570 for 5 years. Surprisingly the Lexus had mor problem than that X6

[@romanbeck5965]

I’m 53 and it’s great to hear younger people focus on living within their means. It’s tempting to buy shiny new objects (e.g., I want a Sprinter van), but the peace of mind in having less debt is priceless.

[@benzema111]

I just wonder why people are so scared of all kinds of debt. Society and the world is run by it. You will never get away from it, unless you put your life on hold and hope that everything goes to plan and your health is intact if, and when you reach your financial goals. Debt is not bad, if you calculate your finances and actually know your margins - what does this cost, how much will i lose, how much can i save etc. You might be surprised that there are actually people who enjoy life. If you all are so smart and frugal, why not just make a plan for payment on the debt you absorb. If you cant buy a car straight up - how much can you put down? Where is your threshold when it comes to interest? How much will it cost you? Can you put the money on the market instead of buying the car cash and make a higher profit that the interest on the car loan? There are multiple factors. To just wait for the future and being frugal and hope that your health holds form when you get there is not smart. Its just a waste of time.

[@josephisip460]

Depending on the insurance carrier, staying long-term with one can actually decrease your rates when you pick ideal limits of 100/300/100 or better. I used to sell auto insurance.

[@3dEmil]

I don't know where you used to sell auto insurance but in Canada for me driving more than 30 years I've never seen insurance decrease but only increases. The best that I had is no increase in some years. So far I've switched to 5 different insurance companies because my insurance keeps inflating and at one point I have to shop around for better price. And I have a perfectly clean record, never made an insurance claim and never been fined.

[@chadwells7562]

My rates have decreased with my tenure at an insurance company, with the same limits mentioned by OP. In the long term it generally increases sure all else being equal

[@michaelwright1602]

I'm shopping insurance again, rates keep going up, my buddy is in the same boat, raising his rates too. It is now normal to purchase new insurance every year. We were with AAA since the 1960's up until just a few years ago, they kept raising the rates, it was ridiculous for a customer of that many years with no issues to be treated like this.

[@diose0078]

@josephisip460, what is 100/300/100? I'm 64 years old, I have not drive for the last 20 years (I live in NYC) however I've been thinking about buying a used car, but the insurance are really expensive. Progressive charge around $5,000 a year, just can't believe it. Since you used to sell auto insurance can you please give me couple of tips about how to get an inexpensive insurance. Thank You.

[@josephisip460]

@@diose0078 Those are liability limits. 100/300/100 usually is the best coverage-to-price ratio. Try going to an independent agent since they can shop around for you. Then have them requote you every 3 to 5 years. NJ and NY tend to have really high rates because, statistically, people from there are worse drivers. I'd move from those states in general since the cost of living is high too. I'm not licensed anymore so this is just an opinion.

[@mrbyron969]

10:05 3000 mile oil changes? Maybe in the 1970s with mineral oils, but modern fully sythentic oils can easily last 10'000 miles without significant deterioration.

[@matw1x]

Totalled my car 6 months ago from a hit & run. Haven't had a car since then. Been saving a thousand a month from not having one.

[@PepeInvest]

Facts. I have a high car payment and want out of it. Hasn’t been a year yet but will be looking for a way out of it once it has been.

[@Andrew-zs5tc]

Now may be the time to sell and get into something more affordable. Used car prices, while falling, will never be this high again.

[@Adams52523]

Hi! I’m excited to be here in your channel and I’m interested in learning more about investing and saving up for my retirement but am a little confused about the whole process. Any advice or tips to get me started up would be greatly appreciated.

[@FaZeredemption3]

Knowing all of this. Ill still say fuck it and get that lambo. Because I want it

[@dzim8822]

Right on, Top G 👍

[@TheBswan]

Glad to see the 3-4 year old, 30-40k recommendation. In 2018 I bought a 2014 Lexus IS for $20k, which was less than the previous owner paid in total just to lease it for 4 years. Haven't had any issues with it.

[@rexmundi273]

Lexus, Toyota last forever.

[@hazyy47]

Basically the same here. Bought a 2016 Lexus IS in 2021 for 27k, put about 20k miles on it and it's still worth about 22-24k and have had no issues at all.

[@bruceleeroy8302]

That sounds like a tremendous deal. I am thinking of buying a Toyota Avalon if I can get a good deal.

[@3dEmil]

@@bruceleeroy8302 Unfortunately Avalon was discontinued in Canada last year. I'm afraid Toyota decided they are not making money by producing cars that last 30 years.

[@ArnaldoRubi]

I'm a simple man. I see ChrisFix, I put a like. Thanks for the content brother btw.

[@wongxiongkathyvang3715]

selling my car was probably one of the best thing i did for my financial future. no maintance cost, no dmv renewal, no star smog, no pumping gas every week, and no insurance to pay for.

[@joesmith9216]

hey, hope you have to walk in the city, good luck if yer why&te.

[@KevinG3699]

Save money: live near work. Me: I'm not moving closer to the jail.

[@Courtney-Alice-Gargani]

Great video. I rather put my money into passive income instead of an expensive car. To me a car is just a form of transportation point a to point b. Why do you need an expensive car to go to Starbucks and Grocery store? I have a reliable Civic. That's all I need.

[@humphrey]

Exactly Courtney!!!!! Thats what im saying. I initially wanted to buy a new car this year but then I thought... whats wrong with mine? And if I want to compound my wealth, I need to not spend frivously.

[@denisfoguenne9106]

because of baddies

[@flyingCoconut.]

I've recently adopted this mentality.

[@capmidnite]

I like to go camping. I have a SUV I can load up with gear and spend a weekend in the mountains sleeping in. Then wash it down and drive it to work on Monday.

[@ChaddyChadLetsGetIt]

Well done brother! 👍🏼 Keep these videos coming. Most of this is what I teach, it’s so critical. Glad I figured it out…most don’t.🧠 💵 It should be a crime they don’t teach this in school and endless other critical life habits, skills and knowledge.🔥💯

[@johnl6371]

For someone in an urban area who has access to good public transportation it makes sense not to own a car. Impossible for those in rural communities unless you never leave your house or own a horse and buggy (also not cheap!) For them a car is a necessity not a luxury.

[@Brigh578]

I began investing at the age of 34, primarily utilizing my hard work and dedication. Now at the age of 42, I am delighted to share that my passive income exceeded $100k for the first time in a single month. This advice is truly valuable, so don't hesitate to take action. Remember, it's not about achieving wealth quickly, but rather about building wealth consistently and persistently.

[@JennyMaxwell-r1y]

Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields

[@Brigh578]

Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $508k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choi

[@JennyMaxwell-r1y]

that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s your financial advisor or coach, do you mind hooking me up?

[@Brigh578]

The adviser I'm in touch with is *CAROLINA MELINA PHERSON* she works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me she strategy works hence my result. She provides entry and exit point for the securities I focus on.

[@JennyMaxwell-r1y]

She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.

[@wishyrater]

Huge part of why it's so important for governments to enable mobility with public transit so that people aren't completely reliant on their car for functioning in day-to-day life. It's a huge money-sink. I'm 24, living in Norway and I've been car-free for my entire life, and will probably keep being so for the next 5-6 years. Large parts of my family complain pretty much every time I see them how expensive it is with gas prices, fees and maintenance every single year for their car, so I can only imagine the amount of money I've saved, which will enable me to buy a property very soon.

[@steelisthemeal]

Go after your government for taking so much money in taxes that’s the huge wealth destroyer In your country after observing it for so many years in the United States often times in large urban areas public transportation is extremely dangerous

[@wishyrater]

@@steelisthemeal Don't know what data you're basing this on or if it's just corporate propaganda you heard on Fox News you're spouting. Norway has the 5th largest disposable wealth after tax in the world per capita. While the US ranks first in this statistic, that's before you pay your health insurance, tuition etc things that we don't have to pay. As for your second point, there is no data to support that. Mortality rates per 100 000 passangers are 10 times higher in passenger vehicles (cars) compared to buses, and 17 times higher compared to trains. Let me top this off by adding that the poverty rate in Norway is 0.3% while it's over 11% in the US. Facts don't care about your feelings.