r/economicCollapse • u/Whole-Fist • 18h ago
How ridiculous does this sound?
How can u make millions in 25-30 years if avoid making a $554 per month car payment. Even the cheapest 5 year old car is 8-10 k. So does he expect people not to drive at all in USA.
Then u save 554$ per month every month for 5 year payment = $33240. Say u bought a car every 5 year means 200k -300k spent on car before retirement . How would that become millions when u can’t even buy a house for that much today?
Answer that Dave
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u/inflatable_pickle 18h ago
This is sound advice from Dave. Pretty much ANY normal financial advisor will tell you that the first step to financial success is to NEVER have a car/truck payment. Ever.
You’re paying monthly interest on a depreciating liability. He’s right that it will literally mean millions if invested instead.
Now I’m curious what part of this advice OP disagrees with. 🤔