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Live 4 Financial Freedom

62 EpisodesProduced by Bruce MillsWebsite

Become a Paid Subscriber: https://anchor.fm/live4/subscribeThis is our journey through Marriage, Raising Teenagers to Financial Freedom. Financial Freedom (FIRE) can help give you choices in life. We share stories to help couples getting married, married. Helping parents survive raising kids to plan… read more

18:56

Buy Used Cars

Car shopping isn’t one of the most enjoyable things for a lot of people. A friend of mine once said he would rather go to the Dentist then go car shopping. I am not a fan of Dentist either and probably enjoy some of the hunt and numbers of car shopping.

This is one of the rules to Financial Freedom that we teach our kids and we have taken them with us to experience the whole car shopping experience. Including the games and negotiation that is played.

Before we start talking about how we go about car shopping lets think about some things from the Millionaire Next Door book. Here are some key things from the book that studied Millionaires (It is on my must read book list);

  1. You aren’t what you drive. They believe that financial independence is more important than displaying high social status.
  2. 81% of  Millionaires purchase their cars and 19 leased in their study.
  3. Only 23.5% bought  Current year cars. The rest were all older.
  4. Average car buyer in America has a net worth of 2% that of a Millionaire but spends 72% of  the most that a typical millionaire ever spend on car,

Then another good book to read is Spend Smart book. Here are a few things to think about before we dive in to the rest that we teach our kids. Bill wrote:

  1. If your goal is to keep automobile costs down, buying is much better than leasing a car. The three largest costs in automobile ownership are depreciation, insurance and finance charges. Leasing tends to maximize all of these costs.
  2. Don’t lease a car.  If you can’t afford the payment on the car you want downsize what you  want.

In Suze Orman’s book she said that taking out leases is a costly financial mistake. She also said Certified Pre-owned cars with warranty is a good option.

We start with first knowing what our budget is to spend on a car that we are looking at getting.  Everyone can have their own opinions on how to car shop or feel they are an expert but the below points are what we taught our boys.

Visit my Podcast at www.Live4.Clubon Anchor.fm, Spotify, Pocket Casts, Breaker Audio, Google Podcasts, Radio Public, i-tunes, Apple Podcast and more. If you would like to be a guest on my Podcast drop me an email at bruce@millsway.com

Support me at Anchor.fm/Live4, Patreon.com/Millsway or Paypal.me/Millsway

Thanks, and Have a great night.  Please Support or Follow me at https://www.patreon.com/millsway  for access to all my blogs.

Millsway.com and Live4.Club

Sources and Resources from Podcast (Available in Show Notes)

  1. Spend Smart Book      by Bill Keenan
  2. The      Millionaire Next Door Book by Thomas J Stanley, Ph.D. and William D.      Danko, Ph.D.
  3. The Do’s and Don’t      of Money Book by Suze Orman



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