Originally published at: Buying a used car will save you over $1 million – Personal Finance Club
Let’s do a little thought experiment. Think of all the people you know and you like. And think about what car they drive. Does the car they drive impact how much you like them? Do you even know or care what most of them drive? Nobody cares what you drive either. They definitely don’t care what you drove 10 years ago and they’re not gonna care what you’re driving in 40 years.
But meanwhile, those big chonky payments you’re making for a car lease or loan could be making you a literal millionaire if invested! Can you reduce your monthly car costs? Are there any other monthly expenses in your life you can reduce to redirect toward investing? Why give all your money away to those huge companies to make them rich, when you could give that money to yourself and make YOU rich!
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.