Then you made a bone head move. I paid $4300 for my 2002 Chevy Silverado back in 2020 with 143k. Only had to change the water pump after 1year for $400 and put a new battery $160. Regular oil changes and such. 5 years later runs like a brand new truck. You mad a bad investment on that car @@austinseaman1913
“Society grows great when men plant trees whos shade they know they’ll never sit under” How about being responsible to serve a greater purpose? To make life easier for your children? Just 4 generations of this mindset would set up a family dynasty for centuries but people don’t wanna hear it
This is the perspective of someone who has lived in a city their whole lives. Good luck going without a car in a small town with no public transportation.
Causation vs correlation. Maybe people who are millionaires don’t have a car payment because they can afford to get a new car with cash every couple of years.
Willing to bet the common millionaire isn't driving a 98 Toyota Corolla. They are able to not have payments because they are millionaires and pay in full. The right thing to say IMO is drive something realistic to your income.
As you should, I love cars and I love my car. I may be getting to the bat a little slower than my peers but my peers aren’t making what I make to afford my car. I do eventually plan to go to college once I make a little more to afford it but as of now I’m comfortable with a nice car.
Exactly why I bought my corvette young. I don't want to be another balding divorced man that leaves his nice car rotting in a garage because he can't get in or out of the damn thing. I even took the least financially irresponsible route and got a base model which you can find in pristine condition for 35-45K. That is chump change compared to the thousands of 80k loans people take on boring and basic cars like SUV's and Trucks. I always tell people if you want to take risk and go into debt on a nice car make sure it's worth every dollar!
most of America doesn’t have the discipline. if you doubled Bob’s income while he currently saves 10%, he will continue to save 10%, even though he could be saving 55% and have the same standard of living. it’s human nature
hes right though, Logically one of the biggest problems people face as they get older and older is figuring out their finances for retirement. Having a car that isnt as good as the person nextdoor but still gets the job done is a good trade for security in your oldest years when you cant work.
"Debt always seems easy until you have it" Honestly something to live by. I used to be a mechanic, and my tools are almost payed off. $90 a week, excluding my toolbox
You can’t bring anything with you when you die, To have money like that at 70 would suck life expectancy in America is around 75 so yeah enjoy the car while you’re young because money means nothing in reality. That’s just what I think tho, to each their own
@@TraditionalThought-t1v exactly, these guys are young and dont get it. Your body doesnt stay strong forever. The average person eats and lives like shit so yea they aint making it past 75. Work out, eat well, take care of ur health and dont drink youll live to see 80+
if you make it to 70, you are expected to live another 20 years. the 75 figure includes all those who died of a heart attack at 55, a car accident at 37, etc
No but you can leave it to your children and people or organizations that you care about. Building wealth is all about personal security and being able to give generously. So yeah, enjoy the car that you can reasonably afford today, while still thinking about tomorrow.
having a car payment isn’t bad. what’s bad is living outside of your means with a car payment. lots of millionaires have car payments because they would rather have the money to reinvest it than spending it all on a car
I haven’t had a car payment since 22 years old. 25 now and drive a 05 Silverado that does just fine. Mortgage is under 800 a month and will have it payed off by 28. Insane how relaxed I am about my finances compared to friends who make twice as much as me
The key is to save 40_50k and buy a new car, and every few years trade it in for anouther car for just 5k or so more then the trade in value, trust me its smarter then repairs
I know lots of people my age that have newer cars, cars they are dumping loads of money into the restore or upgrade or have expensive cars and they pay so much towards it. I was able to buy a 2015 Camry in 2021 for $10k and it’s been doing me good since and I paid it off in like 4 or 5 months
We spend 60 percent of our lives in a car, why in the hell would i waste it in a boring car. When i probably wont live till 70 to enjoy that money comfortably
Sometimes I think, he still believes that the expenses and salaries are still at the level of 1980s when you could buy a house on a janitors salary, and be the sole provider for a family of 4... These days unless you're living very rural or are basically above middle class, it's very difficult to even save up money for mortgage, cause the rent and expenses and taxes went basically insane. Even when I was in a good position in life and didn't do any payments for anything, at the time, it financially looked impossible to buy something.
i used to party w a lot of older people. one of my good friends would always get high/drunk w me & would tell me nonstop; “The only advice I can give you is never take out a car on payments.”
yup. making payments on a car right now, was so excited when i got it and now i wish i would’ve hit facebook market place😂definitely not making the same mistake again
Same here brother, at least I learned young and no bills, facebook marketplace is the way to go, don't go to a dealership unless you buying it in cash like you would on Facebook
Or, do a half down payment and the other half in an IRA to secure better returns compared to interest on debt. JUst make sure its within your means and make sure you still have a rainy day fund.
Iv only had 2 vehicles a 1996 cherokee and a 2000 mercury I payed cash and they run great all repairs are done by my self and iv saved thousands over the years also my insurance is mexican and got full coverage in the US which saves me even more money
I don’t think the issue is buying a new car and having payments. It’s the people that don’t keep the car after it’s paid off. The best move you can do is to buy a brand new Corolla and drive it for 20 years, even if you need a loan for it.
Farming simulator 22, they just came out with a farming simulator 25 though but I don't believe this is it. Fantastic game have logged hundreds of hours in the series maybe thousands.
Thanks goodness my first car is 2013 Toyota Corolla is has 100k miles runes perfect don’t have no payments I only spend 40 bucks every two weeks on gas I’m saving a lot saved up just 3 thousands in less than a month
That's right guys, don't get a nice car to have fun when you are young, save it up instead so at 70 you can be a millionaire and can afford the best elderly houses in the country!
Thanks for the forecast! Could you help me with something unrelated: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
Yeah, nice as long as you make enough money to do it. Cars don't last 20 years like they used to, and even if you keep them that long they get very expensive to maintain.
while I agree that it is important to save for retirement, I refuse to wait 40 years to have as much fun as I want in life. Dave himself has said all of this depends on your health and well-being. We can't predict medical problems. enjoy your life but be smart about it.
And you get to enjoy having a newer car, I get it his money saving strategies do work but life is a finite time and you should enjoy it at least a little
@michaelvaus Having an unexpected catastrophic failure in an older vehicle in expenitonally grows after each year. $2000 and the motor blows and it cost $3500 in labor and parts. Better just to get a car around $8000 the little newer a d reliable and not have to risk failures.
@@michaelvaus oh you definitely can I go that route for my daily and actually prefer it but life is short and if having a nicer car brings you joy and you can afford the payments easily and comfortably, then what’s the issue with a little bit of interest. Dave Ramsey is right about staying out of debt and being debt free but what’s the point of living off of food scraps and having millions of dollars when your 70 and don’t even want to spend or use that money because your old and fragile. I guess you can give that money to your kids, but you work your ass off for your kids and don’t enjoy your own life? Who says your kids just don’t blow your hard earned money when you die?
Most people in the UK don’t have car payments either, and we’re not all millionaires, seems a bit reductive to say “car payments are making you broke” when the thing creating wealth is actually getting lucky in the investment market
That is not true at all, I'm from the UK and almost everyone I know who owns a car has it on finance or lease. A quick google search of some stats proves the complete opposite of what you're saying. I think you're making excuses if you think attaining wealth is all lucky investments. Weak mindset to have
you guys are stuck on pensions and high personal income tax rates though. I paid ~20% in income tax last year, compared to the ~28% I would have paid as a UK resident. I contribute 10% towards my 401k, with my company matching 8%. So, for the same take-home income, I get an additional 18% savings into my retirement account, which will be $11M should I choose to retire at 65. The small percents (~10%) matter. Now, instead, I could take that 10% and pay for a nice car or two. In exchange, I lose that potential 11 million. I’ll stick with crappy used cars, thanks
I wish they had cars cheap again. Even used cars with over 100,000 miles are almost $20,000 in some cases. Obviously if you get a beater, it’s different, but I have to work with my vehicle so I can’t afford to have it breaking every three months.
If you saved up that much till you were 70 a majority of that buying power is gone. Not to mention what kind of quality of life you’d have at that age wouldn’t be worth it in the long run. Finance a car within your means, this is just basic logic.
What you do not pay fully is not yours. You may use it, but it is not yours. Skip a payment or 2 for reasons that you have no control over and it will be taken from you. It will be taken because the right to use is not ownership. The car or house or whatever is yours when you paid it in full. Before that, the seller is nice and lets you use it, (provided you also pay an insurance in his favor, just in case you damage the thing before you bought it) but it still belongs to the seller. So, do you want to have a car? If you want it now, buy it now. You can't afford it now? Well, if you avoid debt you will gather the money and get it faster than if you get into debt, use it today, but own it later. Because you want to have it, not just drive it. If you just want to drive it, rent it.
Hate to tell people this but money doesn't matter when your 65+ yrs old you won't be able to do what you dream of currently. I'm not advocating for borrowing money or spending it all, im just saying live in the moment and take those risks. Quit working to live, live to work
If you spend all that cash then you don’t have cash to make money by inventing you lose leverage, if you finance you can have the leverage and make money money with your money
If ur gonna recommend this, I also recommend voting for people who will put your tax money into creating safe, reliable, and abundant public transportation options. People still need to get places. Saying “don’t have a car payment” isn’t a solution unless there are other options.
Of course nobody cares about the money they have when they’re 70. Nobody has any respect for family legacy or making life easier for their children and grandchildren. But the point is also that instead of taking 1/4 of your income every month for 5 years if you buy a beater you then can invest it and have peace if something goes wrong in your life that your car’s not getting taken away next month
You need just to safe for the first car. Then instead of a monthly payment (with interest) safe more money (in a high yield saving account) and buy the next (maybe nicer) car in cash as well. You can have the same or even nicer cars if you wait the first years and save up some money.
i just bought a 2024 brz at 20 and it is amazing it makes me happy and its fun to drive and worth it to me I dont wanna be rich when i cant enjoy it lmaoo
Compound interest assuming a 12+% return, but he's very misleading. With inflation, 5 million in 40 years won't mean the same thing as 5 million today. Maybe 1.5-2 million today. Then taxes on top of that, lol.
Hes been a financial advisor all his life, With a bachelors in finance and real estate. Of course youre free to take or leave his advice but that is his credentials.
Let’s go im gonna live like im broke in my young years and not do anything fun until I’m to old to walk up the stairs. (Not saying car payments are good but all his videos are saying save till your 70)
Man imagine find that bad to pay 10% of your income in a car. this guy wouldn't last a day here when the most basic car on earth cost more than a minimum wage a month
Yep then taxes on top of that, it's incredibly misleading. Worst part is he clearly understands inflation, but doesn't explain that because it doesn't fit his agenda. 5.6 million sounds a lot better than 1.6. He's a good guy but simplifies it too much for the average financially incompetent American...
i dont get why americans just love debts so much. Everywhere else its normal to get used cars and take good care of them. I got a 1999 audi tt roadster recently. cost less than 3 grand and its a perfectly good car in great shape. Very low mileage and its fast and fun. Didnt need to spend 100k on a bimmer to have a fun car. Majority of my money is in stocks and I only spend a small percentage every once in a while on fun stuff I dont need like this. Only time I ever take out a loan is to buy more stock.
Well my dad died from cancer at 64 so how would that plan have worked for him, I’m not going to start living when I’m almost dead and can’t enjoy it anyways
Thats exclusively a american thing due to how corrupt the country is, Anywhere else in the world you can save up to buy in cash or very very high % downpayment
I make 30k a year I live in Ireland with bills on average of 12k a year with food included how much could I save a month and keep my excitement in life without being broke till.im 70
When I join the army, im terminating my car loan and giving it back to them. Im paying down all my debt and never getting into debt again. Luckily, im not stuck to my neck in debt, but it's about up to my knees, and it's time to step out of it.
@@IsmailAbdullah2 well if you want a car that you need to bring to the mechanic every 2 months then go ahead LOL I want a car that i can drive for a while without having issues so 5k wont work out
@@BerilacoI paid $2700 for a beater with 150k miles year and a half ago, no major problems yet. Just need to have some car knowledge, put some work into finding a good deal and not getting scammed. Found plenty of good cars for 5-10k.
I rather drive a 1998 Toyota than take car notes.
I got a beater car and put almost 10k just to get back and forth to work
1999*
Same and i don't even like toyotas typically
Then you made a bone head move. I paid $4300 for my 2002 Chevy Silverado back in 2020 with 143k. Only had to change the water pump after 1year for $400 and put a new battery $160. Regular oil changes and such. 5 years later runs like a brand new truck. You mad a bad investment on that car @@austinseaman1913
98 Corolla is probably the best car on the planet , Corolla reliability with no electronic shit to break
Can’t wait till I’m 70! Only 50 more years!!!
😂😂😂
Yea because $500 a month is bringing so much joy to your life 😂 stay broke
fr tho 😂
In half of that time your mind and body are going to regret it.
“Society grows great when men plant trees whos shade they know they’ll never sit under” How about being responsible to serve a greater purpose? To make life easier for your children? Just 4 generations of this mindset would set up a family dynasty for centuries but people don’t wanna hear it
This is the perspective of someone who has lived in a city their whole lives. Good luck going without a car in a small town with no public transportation.
Causation vs correlation. Maybe people who are millionaires don’t have a car payment because they can afford to get a new car with cash every couple of years.
Nope. Completely missed the point. You just want to excuse your poor financial habits.
@ Great job Tom, shaming people on the internet. You are missing a completely valid scientific theory that should be addressed in this discussion.
@@tomcooks2562he’s literally right. There’s no other variable at play here. Rich people could’ve paid in full and not have to go into debt for it.
@@thatwritingguylol if you think that then you haven't thought very hard.
Willing to bet the common millionaire isn't driving a 98 Toyota Corolla. They are able to not have payments because they are millionaires and pay in full. The right thing to say IMO is drive something realistic to your income.
The thing is I don’t give af if I’m rich when I’m gd 70 and can’t get out of bed without assistance
That’s true as well 😂
So he said we work hard and save all money that people of future can enjoy it while we are on bad or even dead 💀
It will be easier to pay for help and medival in the future than buy a brand new car every few years.
@@weaponupfear9299for most of human history most people never enjoyed any of the fruits of there labor. Consider yourself lucky.
Maybe take care of your health. My great grandpa went on 3 mile walks everyday and he was 88
A nice car that I can enjoy while I’m young is worth way more to me
As you should, I love cars and I love my car. I may be getting to the bat a little slower than my peers but my peers aren’t making what I make to afford my car. I do eventually plan to go to college once I make a little more to afford it but as of now I’m comfortable with a nice car.
Exactly why I bought my corvette young. I don't want to be another balding divorced man that leaves his nice car rotting in a garage because he can't get in or out of the damn thing. I even took the least financially irresponsible route and got a base model which you can find in pristine condition for 35-45K. That is chump change compared to the thousands of 80k loans people take on boring and basic cars like SUV's and Trucks. I always tell people if you want to take risk and go into debt on a nice car make sure it's worth every dollar!
If your car payment is 400-500 bucks just make a extra $100 a week
BOOM!!!! Its like you never had a car payment
most of America doesn’t have the discipline. if you doubled Bob’s income while he currently saves 10%, he will continue to save 10%, even though he could be saving 55% and have the same standard of living. it’s human nature
Ok 5 million sounds great but at 70 im probably not going to be able to get in or out of the car i would want to buy
hes right though, Logically one of the biggest problems people face as they get older and older is figuring out their finances for retirement. Having a car that isnt as good as the person nextdoor but still gets the job done is a good trade for security in your oldest years when you cant work.
"Debt always seems easy until you have it"
Honestly something to live by. I used to be a mechanic, and my tools are almost payed off. $90 a week, excluding my toolbox
That man is too clean with the tractor
its crazy how they just know the perfect width
Paying $500 a month for 40 years is only like a quarter million. Where tf did he get 5.6 million saved from if you dont have a car payment.
compound interest. assuming its 11.5% interest
you would be putting that money into index funds not just letting it sit in the mattress
@@Joshsmii 11.5% 🤡
He said invest
Tell me your broke without saying it.
You can’t bring anything with you when you die, To have money like that at 70 would suck life expectancy in America is around 75 so yeah enjoy the car while you’re young because money means nothing in reality. That’s just what I think tho, to each their own
When you're broke and can't work money will mean something to you
@@TraditionalThought-t1v exactly, these guys are young and dont get it. Your body doesnt stay strong forever. The average person eats and lives like shit so yea they aint making it past 75. Work out, eat well, take care of ur health and dont drink youll live to see 80+
if you make it to 70, you are expected to live another 20 years. the 75 figure includes all those who died of a heart attack at 55, a car accident at 37, etc
No but you can leave it to your children and people or organizations that you care about. Building wealth is all about personal security and being able to give generously. So yeah, enjoy the car that you can reasonably afford today, while still thinking about tomorrow.
having a car payment isn’t bad. what’s bad is living outside of your means with a car payment. lots of millionaires have car payments because they would rather have the money to reinvest it than spending it all on a car
A 100k car at 20 is a lot more fun than a 400 thousand dollar car at 75
I haven’t had a car payment since 22 years old. 25 now and drive a 05 Silverado that does just fine. Mortgage is under 800 a month and will have it payed off by 28. Insane how relaxed I am about my finances compared to friends who make twice as much as me
I was recently given a 1994 dodge Dakota v6 magnum from a friends family and it runs like a champ and most importantly no payments
Yeah we ain’t average out here Dave 🔥💪
I wish i would of thought this way before i got my truck
What do you need a truck for? Do you need to haul stuff in the bed?
@ im a concrete worker and do side jobs, im just saying i wish i would of got a cheaper one for cash
The key is to save 40_50k and buy a new car, and every few years trade it in for anouther car for just 5k or so more then the trade in value, trust me its smarter then repairs
I know lots of people my age that have newer cars, cars they are dumping loads of money into the restore or upgrade or have expensive cars and they pay so much towards it. I was able to buy a 2015 Camry in 2021 for $10k and it’s been doing me good since and I paid it off in like 4 or 5 months
some people don’t have a choice they don’t have the time to save up for a car.
We spend 60 percent of our lives in a car, why in the hell would i waste it in a boring car. When i probably wont live till 70 to enjoy that money comfortably
Sometimes I think, he still believes that the expenses and salaries are still at the level of 1980s when you could buy a house on a janitors salary, and be the sole provider for a family of 4... These days unless you're living very rural or are basically above middle class, it's very difficult to even save up money for mortgage, cause the rent and expenses and taxes went basically insane. Even when I was in a good position in life and didn't do any payments for anything, at the time, it financially looked impossible to buy something.
i used to party w a lot of older people. one of my good friends would always get high/drunk w me & would tell me nonstop; “The only advice I can give you is never take out a car on payments.”
lol this guys full of shit. Nice try tho bubba
@@reactorov719 nothing to hide. my profile says it all. I used to hang w Arabs that spent $20k a week at night clubs. they taught me this & more.
@@reactorov719statistics don’t lie just get a beater no point in trying to impress people with a 2025 car
@@reactorov719 he isn’t wrong though. lots of millionaires driving Geo Metros, lots of paycheck-to-paycheck types driving BMW M5s
Key word used here was to INVEST. Invest the $500 and let it work its magic
I sold my car, took the bus and saved up more than ever.
It's insane how much car maintenance cost even without debt.
“I just bought my car with cash now I’ll be rich in 30 years.”
*Motor explodes* 😐
I have a 2004 Toyota Tacoma and I don’t have to pay anything for that thing except for gas and maybe repairs
yup. making payments on a car right now, was so excited when i got it and now i wish i would’ve hit facebook market place😂definitely not making the same mistake again
Same here brother, at least I learned young and no bills, facebook marketplace is the way to go, don't go to a dealership unless you buying it in cash like you would on Facebook
Or, do a half down payment and the other half in an IRA to secure better returns compared to interest on debt. JUst make sure its within your means and make sure you still have a rainy day fund.
Iv only had 2 vehicles a 1996 cherokee and a 2000 mercury I payed cash and they run great all repairs are done by my self and iv saved thousands over the years also my insurance is mexican and got full coverage in the US which saves me even more money
I don’t think the issue is buying a new car and having payments. It’s the people that don’t keep the car after it’s paid off. The best move you can do is to buy a brand new Corolla and drive it for 20 years, even if you need a loan for it.
Please tell someone what is the name of the game in the backrond
Farming simulator
Farming simulator 22, they just came out with a farming simulator 25 though but I don't believe this is it. Fantastic game have logged hundreds of hours in the series maybe thousands.
Thank you
Farming simulator i think
Bro everyone lied to me it is not the game
That’s IF you make a good return nothing is for certain this old man kills me😂
I feel so lucky I had parents who didn’t let me agree to pay 507 for 80+ months…I got my car for way less than that for a shorter loan term
Thanks goodness my first car is 2013 Toyota Corolla is has 100k miles runes perfect don’t have no payments I only spend 40 bucks every two weeks on gas I’m saving a lot saved up just 3 thousands in less than a month
That's right guys, don't get a nice car to have fun when you are young, save it up instead so at 70 you can be a millionaire and can afford the best elderly houses in the country!
i got a car payment for a 30k civic and payed it off the next month
Thanks for the forecast! Could you help me with something unrelated: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
Yeah, nice as long as you make enough money to do it. Cars don't last 20 years like they used to, and even if you keep them that long they get very expensive to maintain.
while I agree that it is important to save for retirement, I refuse to wait 40 years to have as much fun as I want in life. Dave himself has said all of this depends on your health and well-being. We can't predict medical problems.
enjoy your life but be smart about it.
Bro instead of buying a cheap old car it’s easier to take a loan and get a decent car and just pay extra each month to save on interest
And you get to enjoy having a newer car, I get it his money saving strategies do work but life is a finite time and you should enjoy it at least a little
@@Kahne-yy3vq why couldn't you enjoy life with an older vehicle?
@michaelvaus Having an unexpected catastrophic failure in an older vehicle in expenitonally grows after each year. $2000 and the motor blows and it cost $3500 in labor and parts. Better just to get a car around $8000 the little newer a d reliable and not have to risk failures.
@@michaelvaus oh you definitely can I go that route for my daily and actually prefer it but life is short and if having a nicer car brings you joy and you can afford the payments easily and comfortably, then what’s the issue with a little bit of interest. Dave Ramsey is right about staying out of debt and being debt free but what’s the point of living off of food scraps and having millions of dollars when your 70 and don’t even want to spend or use that money because your old and fragile. I guess you can give that money to your kids, but you work your ass off for your kids and don’t enjoy your own life? Who says your kids just don’t blow your hard earned money when you die?
This is why interest is forbidden
Most people in the UK don’t have car payments either, and we’re not all millionaires, seems a bit reductive to say “car payments are making you broke” when the thing creating wealth is actually getting lucky in the investment market
That is not true at all, I'm from the UK and almost everyone I know who owns a car has it on finance or lease. A quick google search of some stats proves the complete opposite of what you're saying. I think you're making excuses if you think attaining wealth is all lucky investments. Weak mindset to have
you guys are stuck on pensions and high personal income tax rates though. I paid ~20% in income tax last year, compared to the ~28% I would have paid as a UK resident. I contribute 10% towards my 401k, with my company matching 8%. So, for the same take-home income, I get an additional 18% savings into my retirement account, which will be $11M should I choose to retire at 65. The small percents (~10%) matter.
Now, instead, I could take that 10% and pay for a nice car or two. In exchange, I lose that potential 11 million. I’ll stick with crappy used cars, thanks
What would a 70 year old me to with that. Not even enough to buy nice houses, cars or an f1 team. What a joke
I wish they had cars cheap again. Even used cars with over 100,000 miles are almost $20,000 in some cases. Obviously if you get a beater, it’s different, but I have to work with my vehicle so I can’t afford to have it breaking every three months.
you’re picking and choosing buddy, enjoy the 9-6🫵😹
If you saved up that much till you were 70 a majority of that buying power is gone. Not to mention what kind of quality of life you’d have at that age wouldn’t be worth it in the long run. Finance a car within your means, this is just basic logic.
Why tf would I wanna wait till 70 to get millions. Who tf is spending that shit at 70. I’m tryna enjoy life while I can
What you do not pay fully is not yours. You may use it, but it is not yours. Skip a payment or 2 for reasons that you have no control over and it will be taken from you. It will be taken because the right to use is not ownership. The car or house or whatever is yours when you paid it in full. Before that, the seller is nice and lets you use it, (provided you also pay an insurance in his favor, just in case you damage the thing before you bought it) but it still belongs to the seller.
So, do you want to have a car? If you want it now, buy it now. You can't afford it now? Well, if you avoid debt you will gather the money and get it faster than if you get into debt, use it today, but own it later. Because you want to have it, not just drive it. If you just want to drive it, rent it.
Hate to tell people this but money doesn't matter when your 65+ yrs old you won't be able to do what you dream of currently. I'm not advocating for borrowing money or spending it all, im just saying live in the moment and take those risks. Quit working to live, live to work
If you spend all that cash then you don’t have cash to make money by inventing you lose leverage, if you finance you can have the leverage and make money money with your money
The reason they don’t have a car payment is that they buy the car outright. That’s about it.
If ur gonna recommend this, I also recommend voting for people who will put your tax money into creating safe, reliable, and abundant public transportation options. People still need to get places. Saying “don’t have a car payment” isn’t a solution unless there are other options.
I’m glad I have little interest in even owning a new vehicle
What is the name of the game in the backrond
I think farming simulator 2022 or 2023 not sure but I think it is a farming simulator game
Minecraft
Thats $243,360. Not 5 million?
He's obviously accounting for compound interest...
40 years is 480 months. At 507 dollars per month, you would have saved 243,360 dollars. How the hell would you make that anywhere near 5 million?
But what do you invest the saving money in?
Of course nobody cares about the money they have when they’re 70. Nobody has any respect for family legacy or making life easier for their children and grandchildren. But the point is also that instead of taking 1/4 of your income every month for 5 years if you buy a beater you then can invest it and have peace if something goes wrong in your life that your car’s not getting taken away next month
this is why i drive my 96 bmw 🙏🏼
Loans are bad until you realise a smart loan is much cheaper than inflation whoops
Assuming i dont die 💀
My phone bill gone take me out
I’m only gonna be 20 with a nice car once
I will only ever buy a car upfront, no way I’m not doing fucking interest and shit
I’d drive the nice car in my one life that I have lmao
You need just to safe for the first car.
Then instead of a monthly payment (with interest) safe more money (in a high yield saving account) and buy the next (maybe nicer) car in cash as well.
You can have the same or even nicer cars if you wait the first years and save up some money.
i just bought a 2024 brz at 20 and it is amazing it makes me happy and its fun to drive and worth it to me I dont wanna be rich when i cant enjoy it lmaoo
Can't wait for my 5.6 mill at 70 years old
Assuming you don’t die
Am I missing something how tf is 500$ saved a month for 480 months gonna be even close to 5.6 million.
He’s saying if you have invest that amount monthly
Compound interest is the 7th wonder of the planet
It just doesnt
Compound interest assuming a 12+% return, but he's very misleading. With inflation, 5 million in 40 years won't mean the same thing as 5 million today. Maybe 1.5-2 million today. Then taxes on top of that, lol.
id really like to know how dave ramsey was doing in life before his podcasts and books 😂
Hes been a financial advisor all his life, With a bachelors in finance and real estate. Of course youre free to take or leave his advice but that is his credentials.
Let’s go im gonna live like im broke in my young years and not do anything fun until I’m to old to walk up the stairs. (Not saying car payments are good but all his videos are saying save till your 70)
Man imagine find that bad to pay 10% of your income in a car. this guy wouldn't last a day here when the most basic car on earth cost more than a minimum wage a month
507 x 12 x 60 is 365,040. This guy hasn't done math in decades
This comment section proves why we need a guy whos whole carreer is giving out the most basic ass "Dont go into crippling debt" advice 😂
Made this very mistake, never again
These poor people in the comments make me laugh.
40 years of inflation goddamnnn. That 5.6$ mill gonna be worth 1/2-1/3 of the original compared to todays value
Yep then taxes on top of that, it's incredibly misleading. Worst part is he clearly understands inflation, but doesn't explain that because it doesn't fit his agenda.
5.6 million sounds a lot better than 1.6. He's a good guy but simplifies it too much for the average financially incompetent American...
i dont get why americans just love debts so much. Everywhere else its normal to get used cars and take good care of them. I got a 1999 audi tt roadster recently. cost less than 3 grand and its a perfectly good car in great shape. Very low mileage and its fast and fun. Didnt need to spend 100k on a bimmer to have a fun car.
Majority of my money is in stocks and I only spend a small percentage every once in a while on fun stuff I dont need like this. Only time I ever take out a loan is to buy more stock.
Lol and i have the luxus that i live in a city with great infrastructure and i pay 365€ for one year of full service of transportation
Well my dad died from cancer at 64 so how would that plan have worked for him, I’m not going to start living when I’m almost dead and can’t enjoy it anyways
Well I need a reliable vehicle to make it to and from my job sooo there really isn’t an option not to have a car payment.
So they are buying 50k dollar cars bc it comes to 42k. Or do people just not do any down payments on cars
We need to get to work we don't have time to save up and pay cash for a car
Now i want to know how to get a house in nl without a debt
Thats exclusively a american thing due to how corrupt the country is, Anywhere else in the world you can save up to buy in cash or very very high % downpayment
rich people get rich playing with other peoples money aka financing and loans
5.6 mil at 70 doesn’t sounds fun at all
I make 30k a year I live in Ireland with bills on average of 12k a year with food included how much could I save a month and keep my excitement in life without being broke till.im 70
When I join the army, im terminating my car loan and giving it back to them. Im paying down all my debt and never getting into debt again. Luckily, im not stuck to my neck in debt, but it's about up to my knees, and it's time to step out of it.
At 70 I’m looking forward to sponge baths not cars.
Yall, he's just saying buy used.
The thing is... buyinh a car with cash is pretty much impossible
No it's not. Put your pride away and purchase a 5k or less vehicle, do your research on cars
Buy used, new grants zero benefit.
@@IsmailAbdullah2 well if you want a car that you need to bring to the mechanic every 2 months then go ahead LOL
I want a car that i can drive for a while without having issues so 5k wont work out
@@BerilacoI paid $2700 for a beater with 150k miles year and a half ago, no major problems yet. Just need to have some car knowledge, put some work into finding a good deal and not getting scammed. Found plenty of good cars for 5-10k.
@ okay where do you live?? Because in germany the times of working cars for 5k are over now you need atleast 10
5.7 million 😂😂😂
Means nothing when you’re 70……
How the f*** we supposed get to work
Life’s too short 🤪
You'd only have around 300k from age 30 to 70... tell me I'm wrong but that's not right
Thats only like 250k not 5.6 mil
learn about interest
@ im ok ill keep enjoying life at the moment
Man 30 to 70 5.6 million and 5 years left to spend it
*that is if you are lucky
exercise and eat healthy food and you might make it past 70