Common Investment Mistakes
So I want to introduce you to the dumbest investment ever. It's a brand new car. Two days ago on CNBC, one of the heads of one of largest car companies said, We're getting nervous that people in America are gonna start buying less. Cars have been amazing economic boom. But things were changing. Young people today don't even want driver's license. My son, he's almost 16. He's 16. In August, I was obsessed with being 16. 16 meant I could drive and have a date without Mom and dad. He doesn't even care about a driver's license. He's like, Why would I want a car? I can take uber so so people aren't younger. People are not carrying about buying cars, but this country is obsessed with it. This country is obsessed with buying cars, and there are seven million Americans right now behind under car payments. How you start to know we're coming to the end of an economic boom because you got seven million Americans behind on car payments. I got $1.5 trillion in student loans. This when you start to ...
know that something, Yes, Richard getting richer, but there's something underneath the surface it's not right. Here is the thing. That's the average car payment in America on a new car. $530. What if you didn't have that car? What if you were not a two car American family or a three car American family for two people, which happens all the time? What if you took that money at 7% in 25 years? It have almost 1/2 a $1,000,000. Some of us talk about that. I drive a car from 10 years. Lisa car buying out. Please drive for 10 years. Um, if you're gonna buy a car, don't bite. New buy off of at least it's two years old or three years old. I'm gonna turn back. I leased cars because there's also, if you're if you have your own business, there's benefits to leasing. You take a look at the car. I'm going to return before I leave for Florence. I returned this car to the dealership. It's got 6000 miles on it, basically brand new. Someone can buy that car now for half of the retail price, but it's brand new. That's how you buy a car, and ideally, you don't borrow to buy a car. You take this money and you save it