The #1 Wealth Killer

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[@jimboland4161]

I inherited almost $1 million dollars this past February. I considered buying a brand new Range Rover, but I realized what a stupid financial move it is for me. Instead I’m keeping my 2011 Honda Civic , paying off the mortgage and investing the rest into bank accounts and stocks! We must not be foolish with wonderful gifts!

[@Hamza-qs7ez]

Wow that generational wealth, cheers for being open about your privilege

[@cyliarabothata8857]

Thumbs up to you Jim🤗 I CALL IT WISDOM👌 keep staying in that lane!!cheers from South Africa.

[@jimboland4161]

@@cyliarabothata8857: Thank you! My brother on the other hand is being quite foolish with his money. He is planning on moving to New York City for 1 year and not working. He also plans to buy a Dodge Charger. I worry about him. Ah well!

[@cyliarabothata8857]

@@jimboland4161 what a move😓 pls pray for your brother to make an immediate change of such an unculculated plan and also give him a good brotherly advise motivated by love. Such types of inheritence is an absolute God's master plan to cater for your best comfortable life on earth which is not so pleasing to the devil. I have learned that bulk money can attract all sorts of bad ideas,evil people etc. into one's life if not careful and wise about it. Should things turn ugly for him, it might also affect you in one way or another in the future( having to worry about him and probably stepping in).

[@jimboland4161]

@@cyliarabothata8857: Thanks, Cylia! I don’t know you yet you sound like a good person! Kudos for your thoughts and be well. Cheers from Seattle, Washington, USA .

[@riddledriddler3933]

As a mechanic i can tell you that it very much depends on the car and also some basic skills to do simple but highly charged jobs yourself. Yes you wont rotate your tires at home but you can do oil changes, brake pad changes, basic suspension work, with very basic tools. Also you have to consider the type of car a used bmw will most likely be lots of problems as those are always technological tour de force, a simpler toyota or honda will be very reliable. If you delve deeper in what you purchase and for what purpose it can save a lot of headaches and big expenses.

[@dodid0]

We rotate tires at home. We added anti-rust paint to the tubes under the car, we fix electronics, etc. In my family we´ve never paid for a reparation in 20 years. Although I know most people do not do this. I always laugh when friends complain how expensive car reparations are, yet still pay for them without putting effort to fix themselves

[@riddledriddler3933]

@@dodid0 i was talking about average mere mortals :) yes it is possible to rotate tires at home but you need more skill. Also todays low profile tires are not that simple. But yes with a bit of a hand one can do a lot.

[@cowboydelnorte3078]

Big facts 👏

[@UlexiteTVStoneLexite]

If you can change your brakes at home why couldn't you rotate your tires at home? It's about 30 bucks for a set of jack stands.

[@UlexiteTVStoneLexite]

@@riddledriddler3933 rotating your tires at home does not require any skills. I'm a millennial woman and I can do it. You need a jack and jack stands and voila you rotated your tires. And I have low profile tires. That doesn't add any difficulty to changing or rotating a tire at all. I can do it myself and change a tire in about 16 minutes, rotating them it only take about another 10 minutes per side on top of that.

[@davidyap7354]

I live in Kuala Lumpur and all my friends cannot understand how I can survive without a car (here, almost everyone buys a car as soon as they start working). All of them think it is super inconvenient to travel by the public transport or just walk. For me, apart from the cost, I save a lot of time. The traffic here is horrible at peak hours, finding a car park is also a nightmare here at those crowded places. I love to read/do some small work/taking nap in the train or cab. So, I am 35 now, never own a car, and never feel it inconvenient at all.

[@francetogo794]

David, I don't own a car either and I'm an American. I get around in the city in my cute lil Honda Metro scooter. It's so much fun.

[@tonythaiger93]

Yeap same in Bangkok. Especially with median income around $800-900/month, it's foolish to own a car to show everyone what you own. You rather invest or buy a condo with saved money.

[@Yandel21ableify]

No need for car we have Uber now

[@jingan97]

i do not own a car too and i am working in the golden triangle bukit bintang. During the time when flood in Malaysia is a trend, ppl who took public transport have no issue on that lol. ppl who own car would need to fook out some money to repair their soaked car

[@andyc9902]

I lived in kl I used mrt mono rail and Oyo cycles

[@MalluStyleMultiMedia]

Around 10 years back, I used to live in the apartments right next to my work. It was super nice. One minute walk to work. Saved money big time.

[@NateOBrien]

Huge saver

[@Rusikulya]

Same with me. I could see my flat from my conference room and my office from my balcony

[@Emophilosophy]

Just moved to an apartment 5 minutes from work. When my car breaks down, yay no more insurance or oil changes haha

[@MalluStyleMultiMedia]

@@Emophilosophy awesome 👍👍 I wish I can live close to work too .. I mean I’m close .. like 15 mins away .. but I wish I was able to walk to work like I did before

[@MalluStyleMultiMedia]

@@Emophilosophy I just bought a car .. had to buy one .. 🤯 but still got a deal

[@KarD818]

It was good that you've refreshed this video from 2 yrs ago to remind young people on the actual costs of owning a car. In some cases, people spent more on their cars than their home over their lifetime. A car is not just a liability on one hand, but a depreciating asset also. I have never purchased a brand new car, always buy used with no bells/whistles so that it's easy or less costly to fix.

[@misssoandso]

I learned to change my motor oil, battery, basic maintenances on youtube this past year. Makes me feel a bit more capable : ] I also share a Costco membership with family, so I was able to buy 10L motor oil for $20, compare to Walmart, that would have been ~$50 for same amount. Car battery from Costco is around $80, compare to $150 + elsewhere. In term of gasoline, Costco gas always has the best price. Sorry Nate, I know you're not a fan of memberships/subscriptions, but I love Costco, and it's the only membership I have. Good luck everyone!

[@margaretc5679]

Another transportation saving tip - be a safe driver! Tickets and accidents will destroy any chance of lowering those rates. Some people are just careless with their driving record.

[@anavargas]

Highly recommend trying this-my husband and I went from 2 cars to 1 car a few years ago and it saves so much! It also got us questioning other things like why we lived in a neighborhood that required a car-we chose to move to a walkable neighborhood so we rarely use our car for anything other than work or family visits.

[@fanoftoast]

This is so smart!!

[@chefjusden9194]

So true. I learned this from dealing with the pandemic.

[@wildflower4795]

Smart move🙂

[@on9francisyu]

saving is always the way forward without money it is impossible.

[@XTen1000DaysX]

just buy a cheap honda for like 5k. Doesn't make sense to have 1 car when you can get a reliable low maintenance cheap beater car

[@hannahmuellenmeister]

$150-$200 for an oil change??? Started doing it myself recently, but NEVER spent over $50 for a synthetic oil change anywhere.

[@UlexiteTVStoneLexite]

30 bucks to do it yourself in less time that it takes you to get to the dealer to get the oil changed done. Yeah I'm going with that option. Or alternatively I now have an electric vehicle and I don't pay for oil changes ever

[@humphrey]

thanks nate!! U are a lifesaver.

[@jlsselby]

A real one fosho 💪

[@Jungernaut]

This saved my life and you are my hero ❤️

[@jlsselby]

**our hero

[@paulwosik4621]

Nate, it’s nice to see a young person like yourself, who doesn’t bend to social pressure which tell us to drive expensive new cars. In addition to your example of new car depreciation, you also lose the sales tax paid after driving it off the lot.

[@LennefalkStudios]

Cutting back on expenses to invest them instead definitely is a game changer, I wish I realized this a decade earlier. But better late than never! Greetings from a Swede in Beijing ☀️🌆

[@youtubeboi855]

Hey Nate, your advice on checking on your car insurance every year and getting a better deal is very practical and useful and yet, I think most people never do this. I want to add that you can also do this with a cell phone and internet plan. There’s more and more competition in these areas and a 10-minute call on the phone could potentially save people 100s of dollars per year. Thanks for the video!

[@Andrew.Ferguson]

This is such a great video, and well explained on the concept of a decpreciating asset that keeps taking money from your wealth. A lot of people think they need a cool car that costs more, when in reality its just another expense that affects your bottom line. Awesome tips and thanks for sharing!

[@DomCOuano]

seriously, thanks for this! the automobile has been so ingrained into American life that it's very difficult for a typical American to be without a car. and so an unfortunate side effect of this is a ton of predatory activity around cars. predatory loans. predatory garages that take advantage of people who don't know their car parts. predatory sales practices. predatory insurance practices. these things really hurt people and the people who get hurt the most are poor people who just want to work. Nate, you save lives when you share such helpful information like this

[@kimberlyhouser955]

Awesome Nate! I’m going to shop for my car insurance. I live in Atlanta and drive an hour right now to work, but I plan on moving back to DC and will be closer to work and pay less for gas. Thanks for the videos! Sure do appreciate them as a single women on a budget!

[@JoseRojasYT]

It’s crazy to see how you can save thousands of dollars per year by just using a public transportation, riding a bike or just simply walking. I’ve been riding a bike to the gym for the past few weeks now and it has saved me lots of money on gas. Not to mention the vehicle maintenance, Great video Nate!

[@ericolens3]

Yeah, but then time becomes a resource thats being eaten up. Dependancy on another person to drive you; or a slower mode of transportation eats up a lot more time.

[@gazza2933]

Yes you can save a lot using public transport. Providing it is there. I live in rural England and buses and trains are few and far between. If I lived in a large city or urban area, where there is ample public transport, then I wouldn't even bother with a car. I suppose that this is the same in the USA and most other countries.

[@ericolens3]

@@gazza2933 Idk, i guess I put a subliminal price on convenience. Idk how to put actual numerical value to it but the price of conveniences are 1) sitting in the hot sun in Louisiana waiting for a bus (heat) 2) waiting on a bus (time) 3) non flexible schedule, the bus wont wait/delay for you nor will it rush if you're a bit late..... I know it's not right but the convenience of speeding is there. When running late, and yeah, its easy to say "just leave earlier" its still my choice to leave according to my terms 4) then there are personal vehicle, amenities 4a.... music volume 4b... air conditioning 4c... seat warmers 5) reroutes and detours you can take by owning your own vehicle (and by contrast the extra stops that public transport has for its other passengers)

[@UlexiteTVStoneLexite]

Relying on public transportation means you're not going to be able to do a lot of things. We have been upgrading our house for the past number of years and we never would be able to do that with public transportation as the option.

[@larryh851]

Thanks for watching, Helpline above⬆️⬆️..

[@finlaystead3334]

In the UK, we have insurance comparison sites. You can find the cheapest really easily and save hundreds. Are they not around in the US?

[@olegkirill990]

Awesome content! In my opinion, I think the number 1 wealth killer is *INADEQUATE INVESTING* and most people discover this later in life. Saving money alone would never make you wealthy enough as you tend to spend in times of emergency. But, investing money builds wealth gradually and for the long term and this is how I’ve been making enough returns (about $500-$2000 daily) to ensure that I and my family are good in troubled times. Great piece!

[@chujio3745]

Hello Oleg, I’m just tryna learn this investing thang and I’m keen on getting started. How are you doing this?

[@olegkirill990]

Great. A good investment must deliver a healthy return as this should help you build wealth in the long term and that is why I work qlongside *Zachary* - a renowned IA. You can always communicate him and see how it goes for you

[@chujio3745]

@@olegkirill990 I see. What do you mean by IA, and how am I supposed to communicate with him, please?

[@olegkirill990]

@@chujio3745 investment advisor

[@olegkirill990]

INSTAGRAM

[@KingAlexGaming_Official]

Nate the goat with another upload! 🔥🥳📈

[@juanedlr]

If only PUBLIC TRANSPORTATION was clean, safe, and reliable in every major metropolitan area in the US... we would save more than just money over time.

[@larryh851]

Thanks for watching, Helpline above⬆️⬆️.

[@kevinvillanueva137]

Sadly so true. 16 people got shot today in Brooklyn, New York 😔

[@pdcdesign9632]

Are you being sarcastic? It's safe enough compared to 3rd world countries.

[@wataki2]

@@pdcdesign9632 I know. Ppl just gotta complain. These folks have no intention to ever use public transportation.

[@johngill2853]

And that would depend on you and others pushing it. We elect the politicians that make the laws and distribute the money and we live with their decisions.

[@simpiwemaqwara2184]

I leave next to my workplace in a less expensive place and I save a lot. Thanks Nate for your videos

[@michaelgross5719]

Nate, you are a great salesman. It's obvious that you believe in what you're promoting. God Bless.

[@rineilperez1633]

I think we just need to find a balance. Having a car as a way to get to a job to build income is great (reasonable used car/reliable). Problem is when you go to the job and compete with people over who has a nicer car (status symbol).

[@ericolens3]

I always brag about mine. So I'll take time to brag about it again. Its a nissan rogue. 28 mpg city and 35 highway (Although i got it as high as 38 highway a few times) Its only 14 gallons for a full tank and that gets me 300 miles in average. Since the last reserves are so I'm not on a empty and I don't always drive smoothly. But realistically I fill up 12 gallons, yet its 14 when bone dry which is a HORRIBLE thing to do.

[@rineilperez1633]

@@ericolens3 that’s great! What kinda car you got?

[@ericolens3]

@@rineilperez1633 How about your self.

[@rineilperez1633]

@@ericolens3 have Tesla model 3…. But it’s standard range. My wife and I share the car and have my old 2012 civic as backup. Lol

[@itsamiimarco9338]

Is status symbol really a problem? I don't think so

[@nikedoesthings]

I'm Dutch, this really does not apply to me. Car costs are different here and distances short, many people use public transport, walk or cycle in my country already so sadly I can't save much on my car expenses. Hope it helps a lot of your US viewers though, crazy how much owning a car costs there!

[@NateOBrien]

I wish public transportation was good here

[@ericolens3]

@@NateOBrien Same here. If Europe can do it, why cant we? We have more undeveloped land. So if they can build over developed property we should be able to so as well.

[@racpatrice]

I wish cars in my country cost the same as in the US lol. Cars in my country cost between $50,000 all the way up to a million dollars for luxary vehicles like range rovers etc. My Nissan Note costs over $70,000. Thankfully my Dad bought it for me for my birthday about 3-4 years ago so I didn't have to go into debt 😥

[@2736492821]

@@ericolens3 many spaces in the US were for parking not for public transport, unfortunately

[@geokon3]

@@racpatrice Are you from Singapore? (I watched CGS so I know there are big taxes on vehicles over there)

[@ab.4425]

Thank you so much Nate!!

[@imaginegettingangryonline]

These tips are helpful and I can see where you're getting at, but it's not plausible to do these in most American cities. If you're working in a populated city like SF, LA, Dallas, NYC, Atlanta, then the rent near your workplace would roughly be $2,500~$4,000 for a simple one bedroom apartment. Let's take account the average US salary of around $67,000 in 2021 then subtract the income tax, rent, insurance, grocery, utilities, and a tiny amount of discretional spending...you can't even save even if your life depended on it. 'Get a better job' is something that's easier said than done for the majority of the world. Personally speaking, I'm in a fortunate situation to save money/invest after all these expenses, but when I made much less than I currently do, it was simply impossible to save money with that income even being the Scrooge that I was.

[@ramsaybolton9151]

@Carpenter Bee 5MILE bike is still 30minutes. 1 hour 2 way trip vs a 20minute car ride. Also low transportation ability meaning you need to take more trips to transport the same amount of goods.

[@brennenhrebeniuk9661]

Who charges $150 for just an oil change??? Average oil change from professionals is $60 in 2022

[@Chloeeezyyy]

My last one was $80 for full synthetic on a Prius

[@perrycoffey5410]

If you drive a BMW......

[@elainelim330]

Thanks Nate for your helpful advice! You are so relatable.

[@parttimehustle6236]

Another great video. Thanks for all the great content. We may disagree on the shopping for insurance though... We have had the same agent for years. We've had a few claims and we've bought and sold a few cars.... it's been really nice having an agent we trust who we can call.

[@michaelj6392]

Not all cities have good public transportation. I live in Vegas and you really need a car here.

[@smoovethetrucker1926]

Great video! Super good information 👍👌

[@dylanreh2010]

2:30 Name of the website shown here? Thank you!

[@kimberlydubois5052]

I love how so many of these ideas promote agency - the ability to make decisions and take care of ourselves. So many people spend SO MUCH money on things they can do themselves, but don’t think they can or don’t know how. I also appreciate the suggestion to take some of that saved money and invest it. You probably didn’t miss it when you were spending it, so it should be easy to put into something that will generate wealth. ❤️

[@chrismanzi77]

Hey Nate, great video! One other tip worth mentioning that has saved me a ton every year. Ever since the pandemic working from home and barely driving my car, I turned to auto insurance where I pay per mile. My insurance what I pay now is crazy low now.

[@danielamichel3679]

Would you mind sharing the auto insurance company?

[@chrismanzi77]

@@danielamichel3679 Allstate, their Milewise insurance

[@danielamichel3679]

@@chrismanzi77 thank you so much!

[@MarkNokesGuitar]

@@chrismanzi77 Thanks, Chris! This looks like it might be a great option for me too. I only go into the office twice a week, and it's only a 10 min drive from my house.

[@David_Thomas_]

I enjoyed your video. Straight to the point and no nonsense.

[@msnappykid5578]

Watching your videos always helps me save money.

[@rekeembelac1684]

The goal is to get to a point where even a $30,000+ car you’re making payments on doesn’t make a dent in your finances. Even a low budget/economy car shouldn’t hurt the regular working person. I understand it’s going to keep depreciating but I think the privilege of having your own transportation is well worth what you’d be paying unless a dealership is bending you over

[@sagemoonchild333]

Nah the real goal is to be able to pay for a car in cash and not have to worry about it making a dent in your finances.

[@rekeembelac1684]

@@sagemoonchild333 facts but walk before you run lol

[@sagemoonchild333]

@@rekeembelac1684 But, financing a liability like a car, is the epitome of walking BACKWARDS. You lose money twice on the interest and the depreciation.

[@sh0gun98]

Just did the math for my car over the last three years. It's around $4,300/yr

[@darkshadow955]

Exactly. 10 thousand per year is very Fake News.

[@dbest4755]

Great Info NATE !!

[@MalluStyleMultiMedia]

Another excellent video 🔥🔥

[@David.Marquez]

I wish the infrastructure in every place allowed people to save on cars if they chose to do so. It's unfortunate a lot of communities don't have safe bike lanes or reliable public transportation yet.

[@DylanDocker]

Which one is better? If you have public transit would you even consider biking?

[@realtissaye]

@@DylanDocker I think the main goal is to have options people can pick from rather than exclusively cars

[@UlexiteTVStoneLexite]

You are never going to have the infrastructure in place to be able to do a lot of things. You are not going to be able to remodel or upgrade your house on your own using public transportation

[@ft9kop]

It's only a little bit more expensive to build a road with bike lanes, or with trails that go somewhere. The suburbs are a perfect situation for bikers, everything is several miles a part.

[@sprinkle61]

@@ft9kop Depends on how the bike lanes are made. If you steal lanes from cars, then they are super cheap, but also annoying to drivers, that suddenly get a lot less road for their tax dollars. Added from scratch with new pave and new right of way, they can be quite expensive, which is why they are almost never made that way. Paying the honest cost for this road feature makes it much less desirable or reasonable. IMO, bikes should just use the sidewalks, at least in the places where foot traffic is light. Where I live, there is almost no foot traffic on sidewalks, so it would make perfect sense, since a pedal bike is much closer to a pedestrian, than a four wheeled car.

[@db2ez_]

I get what you mean but the convenience of having a car and being able to go anywhere I need to whenever I need to is worth the pay off for me

[@NateOBrien]

Totally understand

[@ericolens3]

Just make sure your always aware of those costs. I loved his tips since they came from real-life experiences. It kinda hurts that being a long term client for my insurance provider doesn't always provide benefits. I'm on my parents insurance, since the provider is no longer taking in clients I got grandfathered in. But when I had my own insurance, they all had great and "competitive" rates when I came in but after a full year they'd creep up. And I dont even have accidents. AT ALL. not as a recipient nor as the at fault driver. I got tired of hunting each year, since my introductory rates changed after a year. (It was for some reason always around February). So now I'm with my Parents insurance. And sadly if I leave then we cant come back since they are no longer taking in clients from Louisiana.

[@ericolens3]

Don't see this as a yes-no answer as if cars are bad. But as: less cars means more personal funds to use elsewhere. A four car household is a lot of money on the car purchase, the insurance, the gas, the maintenance, the registration and other fees. And thats multiplied by each vehicle that's owned. Compared to a no car household. He even stated how much he saved in a 3 year time frame (nearly 50k) Basically find a vehicle that suits your needs. (And public transportation is technically a vehicle) Fuel efficienct vehicle, as simple as a common 4 door sedan with regular gas is more efficient than a larger body suv or van. But you would have to compare a hybrid and e-cars ranges to see if their higher cost would still save. I have the 2017 nissan rogue and back then they made rouge hybrid as well. It would cost more, have less capacity, only gave 1 more mpg city, and that was it.

[@matthewalexanderkatsock]

Let me share my story real quick if you’ll allow. I’m in walking distance of my job and grocery store. Living on my own, the rest of my family is somewhere in the country a car wouldn’t make a difference. Digging myself out of debt currently, so I decided to get rid of the car. Without a car, my options aren’t too limited, as my friends can pick me up when going out, and the rest as I said is covered by my feet. What I noticed is there a lot less temptations to do things that would unnecessarily incur costs. On top of that, with the money I saved every month, I financed a low-speed motorcycle that is still have the costs of car insurance ALONE. Now my options are back to what I need, and I’m still saving more money to pay off the bike, my loans, etc. Getting rid of a car is simply walking a different path, it is not removing destinations from your life. It’s not viable for everyone so I don’t go judging people, but it’s something everyone should simply be educated about. Best wishes on your future endeavors.

[@UlexiteTVStoneLexite]

@@matthewalexanderkatsock getting rid of a car is absolutely removing destinations in your life. If you're working on a home project how do you transfer plywood from the store to your home? Unless you live literally right around the corner from home Depot I don't think you're going to have a fun time taking home 3,000 lb of cement.

[@theetravelhippie]

Definitely agree - so close to paying off my car 🙌🏽🙌🏽

[@art_cotto]

great information, Thanks for sharing it... by any chance could you share the website where you can find how much will cost for the maintenance you used in the example? I would like to look up the value of my card and do the calculations for how much maintenance costs per year and make my adjustment. Thanks in advance, and keep up your great work

[@BrendanEvan]

It’s a huge money black hole. Also a fun one with the right car.

[@NateOBrien]

Yep

[@Suraj-lg9we]

Toyota's are always the way

[@gidd]

This only applies to your American audience most places with good transportation systems don't need a private car

[@DylanDocker]

Lol if you don't live in America you're probably being severely underpaid buddy

[@realtissaye]

lol true

[@fanoftoast]

I pray for good public transportation every day when I drive around Dallas, TX and am forever in traffic and watching people get into accidents. The US is so far behind other countries, it’s so depressing. 😩

[@gidd]

@@fanoftoast too bad Americans believe their cars give them "freedom"

[@tomthurlow5497]

Public transportation can be very dangerous

[@EfficientIncome]

Hey Nate! Just wanted to say how grateful I am for your channel and insight. I actually started my own personal finance KZbin channel last month because of you and hope to one day even just to be able to get to 5% of what your channel is. Thanks again for the great content!

[@FinancialFreedomMadeSimple]

Thanks for this transportation saving tip, Nate.

[@gxyxy1012]

i mean some tips are good, but he talks about his brother moving closer to his job in the city.. That means increased rent prices which means you're not saving as much as you think. Also, is living without a car really worth the hassle if you're city doesn't have good public transportation. All those hours waiting for a bus and the potential risk of being robbed or whatever.

[@nijinokanata111]

^public transport in my city

[@thatmathkid-anthony6658]

Great video! I’ve been over 5 years without a car. I run my business from home. I keep all my destinations within a 5 mile radius and use the bus or walk to get places. People call me crazy but it helps me tremendously financially.

[@carfreeinamerica9537]

at least in the beginning, i bet it's a BIG part of how your business survived its startup phase

[@thatmathkid-anthony6658]

@@carfreeinamerica9537 correct! I wouldn’t of been able to get started without this method

[@mikeheaton8424]

Never owned a car , I walk everywhere.

[@thatmathkid-anthony6658]

@@mikeheaton8424 hell yeah!

[@markgrove2561]

Thank you Nate for those great tips on saving money with vehicles and investing wisely.

[@larryh851]

Thanks for watching, Helpline above⬆️⬆️

[@graciousgrace7509]

How do you get out of a car loan??

[@clairewinchestermurray8703]

I’m glad I stumbled on this. Investing has changed my perspective on how one can succeed in life. Working multiple jobs for money isn’t the optimal way to attain financial freedom. Unfortunately, we find this out later in life. Great video.

[@theindianmerchant2860]

I’ve also thought about this as a means of earning more but I’m clueless on how to go about it, but I’m keen on getting started. What’s your story?

[@clairewinchestermurray8703]

@@theindianmerchant2860 Looking back, I wish I had come across Levi a long time ago. Because I would have invested under him rather than those liars. But it’s better late than never since I’m finally earning good ROI in stocks. Here to get across to him.

[@clairewinchestermurray8703]

Leviclemans(a)Gmai Lcom...Is he taking commissions for trades? Yes, I’m I still making money in the process? Hell yes!

[@theindianmerchant2860]

@@clairewinchestermurray8703 I just did, and I have to be honest, I’m quite impressed. Thanks again.

[@Lilybee931]

I see your point Claire, and it’s a good one. It’s false to think that taking increased risk guarantees you more money, you wouldn’t bet on a pony in a horse race.

[@Stezworld]

Its very sad that the Unites States is mostly a car dependent country. I travel to many countries even lesser developed countries I visited in South America you can go to different cities, small towns/farms on buses. Major cities have reliable public transportation but on rush hours you are packed like sardines cans.

[@PDPIE1029]

It’s just because we’re actually free. There’s plenty of people who still take busses around where I live, but the bus doesn’t sit outside your house waiting for you. What’s really sad is seeing unhappy people being packed into polluting cities with garbage littering the streets. Whether people think about it or not, having a personal vehicle gives you freedom and happiness. As governments say, “you’ll have nothing and you’ll like it”.

[@max3446]

@@PDPIE1029 Ah yes, the freedom to be unable to go pretty much anywhere unless you pay 1000s per year for your own personal 2 ton metal box. Doesn't sound particularly 'freeing' to me.

[@PDPIE1029]

@@max3446 you sound like someone who’s never even tasted freedom before. You do realize that there’s people that aren’t packed into a large city full of other people. Where I live there’s a population of a few thousand people. There isn’t a bigger city within at least 25 miles of me and even that city is barely big enough to have public transportation. So if cars are so dumb, you better be picking me up and taking me to work and anywhere else I need to go. You’re also forgetting that you also pay 1,000s per year for transportation but you don’t even get a vehicle in the end. I don’t like depending on everyone else for everything I own or do. You can but in America, we have this little thing called freedom where the government doesn’t lock us down, monitor, and control everything we do. What ever people are that against cars and people having a form of transportation for themselves has never had a taste of freedom in their lives, nor do they think very logically.

[@LowkeyHundo]

I have a 20 year old pickup that guzzles fuel. I’ve been looking at financing a $30k sport sedan with better gas mileage than what I get now. Would this be a financially decent idea? Or should I stick with the truck for a while?

[@jlsselby]

Wait… how much are we going to extrapolate?

[@someonethirsty1957]

Yeah, Ford Focuses are probably expensive to have because they break a lot though!

[@dougpatterson7494]

Really? My 2006 Ford Focus was a good reliable car. I only owned it for summer 2016 but it was a good car for my younger brother whom I sold it to when I went back to college.

[@kirubelyirdaw6493]

man that was great advice !!!

[@user-rd1pu5bc4t]

Hello, I have a personal question after watching Nate's video. When I get discharged from military next year, I have to choose between going to a dormitory($30per month just for rent) or commuting to college by car($15per month including insurance). If my family will give me a car, what do you think is a reasonable and realistic choice thinking about future. Of course l am a undergraduate 3rd year

[@larryh851]

Thanks for watching, Helpline above⬆️⬆️..

[@simini1837]

Would love it if people have less cars. Better for the environment and your health. But it really depends on where you live and possibilities for public transport and/or walking/biking.

[@NateOBrien]

Yes would be nice

[@ChadCandiceMorton]

My car is paid for and my insurance is $7 a month!

[@user-jy7yw5kw3w]

How, which carrier do you have? I pay around $90 a month liability with my paid off car on State Farm.

[@ChadCandiceMorton]

@@user-jy7yw5kw3w It's very old (2002) and I have liability only through State Farm.

[@feverishchic]

That’s true! Thanks for for more information 😊

[@SpeakerBuilder]

I bought my truck over 18 years ago, kept it up and well cared for, drive about 8000 miles/year, and went I quickly calculated all expenses including gas, insurance, tax, tires and batteries, various repairs, assuming 10,000 miles per year, driving it for just the 20 years (it has 145,000 miles on it now and runs great, will last many more years) but assuming I throw it away at the end of next year, I will have spent about $3500 per year. The trick is to really take care of the vehicle, changing the oil regularly and keeping up on maintenance, and getting 20 years out of it.

[@larryh851]

Thanks for watching, Helpline above⬆️⬆️

[@kat_ie_9984]

Lol if I used public transport it would add 3 hours a day to my journey and the cost of the train for a week would cost more then petrol for two weeks alone. Without incorporating insurance etc 🤦🏼‍♀️

[@UlexiteTVStoneLexite]

My job requires a car so there's absolutely no way I could be using a bicycle or city bus

[@larryh851]

Thanks for watching, Helpline above⬆️⬆️...

[@philp9896]

You're an intelligent young man. Could you repeat the part about you took the bus public transportation for two years instead of spending $20,000 on a car and you INVESTED it and turned it into $50,000 ? That is very interesting. Details please

[@firesidechatswithkristy677]

This is so true! I never understood the skipping the Starbucks when people are getting kicked on gas, cars, insurance, etc. Please do more of these types of videos during this inflation challenges.

[@canadude6401]

I skip Starbucks and reduce car expenses whereever possible. Double win

[@salmanshaik1996]

As always, great video Nate!

[@larryh851]

Thanks for watching, Helpline above⬆️⬆️.

[@James-yi1vk]

Nate, when do you think it's okay to spoil yourself a little on a vehicle? I can afford more but I like my little corolla. Gets good gas and gets the job done usually. But it's very difficult to do things on the weekend as a family (fishing poles, ice chests for the park, bicycling in a more practical neighborhood, etc). My salary has quadrupled in the last six years but I still don't feel like I deserve something nice, although mathematically I could make it happen while still investing. It's weird but I feel guilty for doing so well because i know other people are really struggling out there. Maybe you could address this in a future video. Thanks from Mississipppi.

[@jlina]

Buy something for your family that will stay for 20 years!! I'm driving my third Camaro and it is a 2001. It gives me joy every day! No matter how bad somebody else is doing you driving a cramped car that your family cannot utilize does not make it better. Realize this ASAP please!

[@James-yi1vk]

@@jlina thanks for the input. We noticed it when we evacuated from a recent hurricane. We made it safely but it made me really ask myself, "Have we done well enough so that maybe my wife or I could get a bigger vehicle?" And the answer was a resounding yes. And then I get a 38k raise.....and we still have two small cars. I just keep pushing it back and back because being large income earners is really new for us. I still live like I'm making 17/hr. It is taking me awhile to adjust because I never want to go back to that so I'm saving big time. I suppose I'll wait for car prices to go down. I just don't feel like getting ripped off if we don't NEED a vehicle at the moment.

[@KeeganCornelison]

Buy that truck, brother. Just don’t buy new and you’re set.

[@James-yi1vk]

@@KeeganCornelison thanks Keegan. I'm going to let vehicle proces cool off a bit then I'll pull the trigger. I'll keep stacking cash so I can just pay for it in cash when prices aren't a ripoff.

[@KeeganCornelison]

@@James-yi1vk yeah it’s a bit ridiculous at the moment, but someone out there on Craigslist is always desperate. Sounds harsh but, capitalize off someone else’s purchase mistake when they need money fast.

[@felix5287]

Selling my car next month 💪💪

[@felix5287]

The supply chain problems pretty much made depreciation negligible. Bought new in 19. Stupid I know. But its still worth almost as much as I got it for. Sure I threw a lot of money at it but don't regret it. Just need to free up cash and save more now. Great time to sell if you can!!

[@Jack-Surreal_Panes]

You know what was interesting was my insurance when I was stationed in Germany. You pay high rates in Germany but every year your car depreciates so they will lower your rate because it depreciates. Makes sense. Here you buy a car and maybe pay 5 years. It depreciates day 1 off the lot and every year for 5 years buy your full coverage never gets lower unless you change a deductible or comp collision coverage.

[@Cruiser203]

Do some research and find cars with low depreciation and buy it for a good deal. My first car was an older Subaru with fairly low mileage, bought for $3500, drove it for a year and sold it for $4800(before the pandemic) same with my motorcycle, sold it for more that what I spent. You might not be able to make money on it but if you can sell for the same amount you bought, that’s a win

[@ryanholmes7297]

I didn't own a car for 2 years, and the cost of Ubering, taking the bus everyday, getting groceries/running chores definitely cost more than basic maintenance. If you buy a reliable used car without much more room for depreciation, and learn how to turn a wrench, it can be cost effective. Also, the ability to just pick up and go whenever you want is invaluable.

[@brianmakwala]

Bro , how you live your life inpires me ,u doing well without a degree, like you started from zero to hero but I don't know if I can beat that

[@NateOBrien]

Thanks !

[@brianmakwala]

@@NateOBrien You most welcome, are u still living in the truck?, can't wait to try it out too Mann

[@AboutCreativity1]

Very good, Keep going! Note: Have own a car since May of 2013.

[@BrianGivensYtube]

Finally! Someone who can properly explain the wasted money on transportation! I currently have $0 car payment and am saving hundreds more per month thanks to this. Why would I spend $20-30k on a car that does the same exact thing as my 2008 civic? Not only that but cars are an asset that does nothing but depreciate (except for extremely specific cars). Would you buy a stock that will only depreciate? If you need a car, your best bet is to minimize that expense. Well done Nate. Subbed.

[@BrianGivensYtube]

I will add, only buy a car within your means! 10% rule - if you have a car payment it needs to be 10% or less of your monthly earnings. $3000 a month income - $300 or less in car payment. It's that simple. DO NOT get a sports car or a luxury car that costs you as much as a cheap apartment! Any car will get you from point A to point B.

[@cade497]

My 2012 Toyota Camry (fully paid off) is in no way costing me 10k per year. Nowhere near it.

[@larryh851]

Thanks for watching, Helpline above⬆️⬆️...

[@kimthebudgetslayer]

I really wish I can take transportation however the crime is very high in my city.

[@larryh851]

Thanks for watching, Helpline above⬆️⬆️..

[@buzztrucker]

Carhack for me: Researched most reliable engines, and lowest total cost of ownership. I wanted a full sized truck with a V8 on the cheap. I bought a used 2000 Silverado V8 ext. cab 4x4 Z71 from a U.S. soldier being deployed that was desperate. I got it with 103k miles on it for $5200 in 2008. I can actually get more than what I paid for it in today's truck market and it has like 217k on it. It's had no major problems with it and the majority of problems it had I fixed myself knowing not much and watching DIY car fix KZbin vids. What's even better though is I actually found a camper top (matching) for the bed online used for dirt cheap ($150) and I once sublet my apartment for a summer at a major premium and I lived out of my truck sleeping in it. Major money move. I saved so much money covering rent and making a little extra cash. I still have the truck today and it runs SOLID and best of all it's paid off and my insurance per month is...... $65.00 !

[@FinancialFinesse00]

Thanks Nate for this interesting informative video I'm guilty of buying this Hellcat when I inherited a chunk last year super episode direct to the point and concise keep the gems coming peace and blessings

[@laina-brown]

My husband is an auto technician and it saves us so much money. If I was not related to a mechanic, I might consider a service contract.

[@UlexiteTVStoneLexite]

My husband is not an auto technician but he still does everything on the cars. All you need is KZbin. He has replaced an engine, taking apart an engine and replaced a timing chain the valve seals, replaced a clutch and slave cylinder, catalytic converter, multiple water pumps, multiple air conditioners, convertible top, radiator fan, wheel bearings countless other things I can't remember without ever setting foot in a mechanic school.

[@daliwood8900]

I remember I biked to work for half year because I don't have a car. I lost 10 pounds and I save probably $2000 on transportation. Now owning a car needs a number of expenses that adds up to a big chunk such as registration fee, gas, maintenance and cleaning. We have to seriously think about the expense of owning a car.

[@SoulOctavius]

Yeah thats apart of the reason I haven't gotten one yet. I don't think I can afford to maintain one yet and still very able to have a big chunk of money left over to save.

[@daliwood8900]

@@SoulOctavius Can’t agree with you more. You will definitely save tons of money.

[@theatlas4867]

I went to the extreme here. I bought a geo metro for $400 from Facebook MP, insurance for the year $80, I get 45mpg, and I do all the repairs myself, and tires are really small and cheap.

[@UlexiteTVStoneLexite]

My dream car is a Geo Storm. I hope to find one one day and then make it an electric.

[@TesterOfProducts]

I got my vehicle for free. It needed some work like tires, motor mounts and a heater core. Still driving it a year later with no issues

[@jasonphilips4731]

Yrs ago I bought a 92 Honda Accord for $300 with a blown head gasket. Bought a engine (DOHC) for $800 with 50km, upgraded the rotors, calipers, brake lines, springs and struts. Great car drove it for 3 yrs and sold it. It was my daily driver.

[@NotoriousBBB]

Cycle everywhere, you'll be in great shape and can avoid traffic, plus there's little expense for repairs.

[@jovannapersson-aviles1249]

Great tip

[@FreeSpiritMom]

I agree but I still rather have my own car than rely on public transportation

[@UlexiteTVStoneLexite]

Yeah me as well. I can't go to home Depot and do all the projects I do on the bus. I really don't think the bus driver wants to see you loading sheets of plywood onto the bus.

[@bobby304]

You said it yourself, the F150 is the best selling vehicle in the US. If most can "afford" a $70k F150 Truck, they can "afford" a $50k Tesla.

[@mattsimmons7131]

Exactly! Was just about to comment on the same point.

[@kotgc7987]

7:30 may I suggest researching ICE vs EV. Big differences and worth understanding.

[@larryh851]

Thanks for watching, Helpline above⬆️⬆️.

[@LearnGermanwithMarzipanfrau]

That's why I don't have a car. I can't afford it. It saved me a lot of money. But I learned how to drive, so when I'm on vacation I can rent a car. :D

[@wade_says]

One thing you, and so many others overlook are that there are affordable EV’s out there. I bought a 2017 Chevrolet Bolt EV. It gets 240 miles of range which is similar to Teslas. I paid $18k at 3.5% internet for a few years. It is already down to $9k in just a year. No gas. No oil changes. Hardly no maintenance. So yes, an EV is a great economical option, problem is, people think Tesla is the only option.

[@SoulOctavius]

How did you charge it though? Don't you need a charging station? Where did you get the battery? I might just get an EV for my first car to save on that gas money.

[@loganebeling9023]

@@SoulOctavius yeah, you install a charger at home. Maybe $500-$1000. What do you mean where do you get the battery? It comes in the car…

[@SoulOctavius]

@@loganebeling9023 ahhh I understand. Thank you. I will look into it.

[@yasinm.3162]

This is such a great, informative vid!! I paid off my car a few years ago and it's been such a relief and the extra money I save from not having a car payment is nice! Thankfully, I have a 2012 Camry and it hasn't really given me too much trouble and gas isn't bad either. I live in Midwest and I'm actually thinking of moving to NYC. If that happens, i'M selling my car and with the market the way it is, I could probably get a good amount for it! lol.

[@ArtemLokhovitskiy]

Hmm. Let's count. 3 years ago I bought 2007 Honda Accord 2.4L 5MT with 100k miles flat for $4,000. On average I drive 10k per year. Since I bought it I spent quite a lot of time fixing it myself but also improving the car a bit here and there. In these 3 years I spent ≈$2,300 on parts. + ~$300 on tools which will stay with me forever Engine oil replacement $35x6 (every 5k miles) = $210 Car washes and all the stuff needed to maintain an appearance - in total maybe $200 Gas: let's say first two years the average price was $2,5/gal and the last year it was around $3/gal Average consumption is at 23miles per gallon 2 years = 869.5 gallons x 2.5 = $2,174 Last year = 435 gallons x 3 = $1,304 Registration renewal and city stickers - $250 per year. So. 3 years of owning a car cost me: 4,000+2,300+300+210+200+3,478+750= $11,238. Which brings me to 3,750 a year.

[@mr.financial]

Can't agree more with your thoughts on this wealth killer. People really need to detach themselves emotionally from car ownership.

[@PointsPointers]

Great video Nate. Just a quick comment on “rich people saying go buy a Tesla and they’re disconnected”. I’d love for you to do the math on cost to buy and 5 year ownership comparing a Tesla model 3 to a Honda Accord or Toyota Camry. Also, a model 3 costs less than $50K and you showed that the best selling vehicle is a ford F150 that costs more than $70-$80K plus it’s a gas guzzler. My point is… I don’t think Tesla owners are “rich and disconnected”.

[@toxiccabbage9093]

He wasn’t saying Tesla’s owners are rich or disconnected he was saying the people acting like anyone can go and buy an expensive electric car are.

[@skymuffn]

…quite a handful are and a majority of the ones I personally know just can’t be bothered. In my neighborhood block of 12 homes (Northside of 95127) only my elderly neighbor and I aren’t Tesla owners. But we both have a hybrid in the mix. My cars were hand me downs ranging from a 1971 MBZ 280 SE Cabrrio to late model Volvo 240 wagon. Maintenance is a must to keep cost down. Insurance is a lot but when you have a great agent things can be customized.

[@leeoliver391]

Speaking from experience, if you drive more reservedly, you will save money on fuel and tyre changes. Your tyres and break pads will last you another year or so and you could save anywhere from 20-30% on fuel costs just by driving at 60 instead of 70mph!

[@Hunter-ox6kh]

Is this for real? How can you confirm this

[@Samanthaschmidel]

Thankyou ✨

[@Psyhros]

There are also car sharing and taxi services. In some countries their prices can be close to owning a car. Not sure about USA

[@carfreeinamerica9537]

taxis are kind of expensive in the states, especially if one goes any real distance. uber and lyft are cheaper than taxis, which is why they have caught on here. used regularly they all add up, just as using doordash, grocery delivery or other services. for me, bicycle is The Way to go, however many of our roads/streets are not terribly civilised either.

[@Shakspier]

Being poor. Because it is expensive to be poor.

[@NateOBrien]

This is true

[@GIPgarden]

My husband and I drastically cut our car expenses for a few years. We shared 1 car and had a bike. We saved tons of money. We got a used car and paid cash for it. We only just now bought our second car after 3 years cuz now we are a family of 5 and can't fit into one.

[@larryh851]

Thanks for watching, Helpline above⬆️⬆️...