14th Jan 2020, 05:49
This is some rather hilarious advice. Yes - what a great idea. People should go out and buy a car every 2-3 years for cash. It doesn't matter if you can afford it: if you're doing this you're simply blowing 10's of 1000's of dollars more over the short AND long term.
Buy a slightly used car every 3 years at let's see what? $25-$35k? Depending on the car and ESPECIALLY if it's European or American it's going to lose roughly 50%+ of its value before trading in for the next car... that means what? A loss of $12.5k-$17.5k every 3 years? That's a $52,000 cost in less than 10 years.
So what does that mean since we're talking finance and investment? It means over the long term a person doing the whole trade in every few years thing is in turn merely throwing money away that could have otherwise been invested. Basically it's a bad idea to throw money away at such an unnecessarily frequent interval on a massively depreciating asset that has no future potential to ever recoup the outlay of cash invested in it.
And BTW, day trading is for amateurs. Get a financial advisor.
14th Jan 2020, 00:50
You only have to turn 50 to retire; we didn’t. You must have done the 15 year mortgage. And I will give you credit for that smart move. That’s what we did too. My first house I bought when I was 24. Bought 2 more by 33. Flipped 2 rentals, still had some owed and bought a Beach house that brings in 5k a week in the summer months if we feel like renting it. Hot market with appreciation. Then buy cars you like.