Did you know that a brand-new car depreciates by 10% the moment it drives off the car dealer’s lot? Car purchases—an area where financial blunders are often made. The mistakes in this area are costly. Sometimes, it’s like taking a big pile of money, worth thousands of dollars, and lighting it on fire. We can do better. By the end of the episode, we hope you are viewing car purchases through a different lens and saving money.
Here are the questions we answer:
Question 1: Can you expand on Milestone #5 about how many months to have stocked up for an emergency fund? What circumstances should have more and which ones less?
Question 2: Do you and your spouse have joint or individual checking accounts? Why?
Additional Notes:
How to view cars through a different lens:
- Remember the statistics.
- Focus on what a car payment prevents you from doing—living generously.
- Remind yourself that all new cars eventually become old cars.
Episode Sponsor:
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