Hearted Youtube comments on Humphrey Yang (@humphrey) channel.
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To me, the main wealth killer with automobiles is the expectation that people have about wanting a new one every 3-5 years. A car that you've owned, taken care of (TRULY taken care of... using fuel and oil additives, changing the oil at the recommended times, periodically cleaning the sensors, avoiding road salt, etc.) may have depreciated considerably after 6-7 years, but if you've taken care of the car it will continue to last you for years. I usually keep my cars for 10 years. And the last one I kept for 14 years. There are cars that I've bought for $14,000, years ago, that would cost about $30,000, now, to replace. People waste a lot of money trading in cars every few years.
On a separate note, I think the whole art of 'maintaining things' has disappeared. Most items are only as good as how well you've maintained them - cars, houses, clothing, shoes. Not only do you save a lot of money maintaining things yourself, but there is also a lot of satisfaction and pride that comes with it. Don't waste your time on indulgent, instant gratification hobbies. Learn to fix and maintain things, like the prior generations did.
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Good advice in this video. Yes, many folks can't really afford the car they drive and can't imagine driving an old or tiny car that they can actually afford.
25 years ago I enjoyed buying new cars and paid them off within 2 to 3 years. 20 years ago I started buying & driving used cars (at times 10 years old or older) that were in great shape and most times had fairly low miles. Example: bought a 1992 Cadillac Deville (pristine condition & less than 40,000 miles) in 2006 that I drove for 4 years and sold for a bit more that I paid for. In 2014 (already a millionaire) bought a top of the line 2003 Cadillac Deville DTS (again pristine condition) with all the extras and again less than 40,000 miles that I sold in 2022 (still in pristine condition). Now as an early retired multi- millionaire, believe it not, I drive a small lightly used Chevy Spark.
Cracks me up every time I am standing at the traffic light next to a shiny Mercedes, BMW, Jaguar, or massive new pick-up truck knowing that these folks most likely can't afford their car, have high car-payments, and filling up the gas tank really hurts their wallet.
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I’m 24. 20k in Roth, 35k in Brokerage, no debt thankfully, no loans, 20k in savings, 2k in emergency fund. I’m hoping to crack 100k by 27.
For anybody wanting tips, stay frugal and don’t waste your money, I don’t make a lot of money, but I am still able to put away 40% of my income into savings, and 20% into investing. I’m also happier living a more simple life.
No vehicle payments, and college is paid off.
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If cars are an appliance to you, I totally agree with this analysis. But cars, for some, are life. Cars themselves, driving them, experiencing them, sharing that passion, and the people with which it is shared - cars are my passion, part of my friendships, my relationship... Cars are my life. But the heuristic that they are appliances will always reign, and there's nothing people like me can do about it. The enthusiast is in the minority, after all.
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I've been tracking my expenses since my first paycheck! That would be since 2017.
For Android I've been using the app called My Finances, it has ads but I think is really good. I want to switch to another app but here are the pros:
- You can add Categories. For example you have a general category for Food, inside it has 2 subcategories which are Restaurant and Supermarket. In that way you can see how much you have spent in general and in more detail. I even have a category for my girlfriend, it helps me keep track of the money invested on the gifts I give her etc. I also have a category for car expenses and for personal expenses.
- You can export all the data to .csv so it is really easy if you want to have a history log.
- It has very good metrics and graphic information (pie chart, bar chart, etc) by week, month or year.
- You can add Tags to every expense. I use them to place the establishment in which the expense was made. Therefore I can easily track for example how much I have spent in Dunkin Donuts.
- You can ad multiple accounts. This is really useful if you have more than 1 income or if you have a saving account.
Another thing I've learned is that cash is almost untraceable but I've found my ways around that. I also like to carry cash on me almost all the time, you never know when you're gonna need it. So what I do is that at the start of every month I take out the equivalent in cash of the gasoline I usually use for my car. In that way I always have cash and I don't have the urge to spend it because I know is cash meant for gasoline. If there's an establishment where they don't accept credit/debit cards I use my available cash, then I round it up so I can take it out of a ATM and finally I can register that expense on my app.
There's just one thing that is difficult for me, assign budgets. I mean, I never consume more than what I earn and I have a fixed amount (goal) set for my savings account but I don't have a specific number for for example eating in restaurants or personal expenses, entretainment, etc.
Great video Humphrey! I really like your content.
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My rule of thumb is don't let your vehicle expenses exceed 15% of your take home. So I live in a rural area where owning a vehicle is a necessity. I bought a brand new bare bones Maverick, which was a rare situation where the vehicle quickly went up in value after I bought it. (I paid just over 20k for it, and it's now worth about 27k) I'm not really interested in the value of the vehicle as I never look at the home I live in or my daily driver car as assets.
So I put a nice chunk down, and got a good interest rate on my loan, so my car payment is under $350. It's a hybrid so gas mileage is great, plus I work from home. So I'm filling up about twice a month. throw in the occasional road trip, let's say the monthly gas expenditure is $100 a month. Maintenance is just two oil changes a year as It's a hybrid, the recommended schedule is 6 months or 5k miles. Those cost $100 a pop here in the country where labor is way cheaper. All other repairs are covered by the manufacturer warranty.
So applying the 15% rule your take home only needs to be a little over $37k. By my math, someone making 50k a year could totally afford a new car, and protect their emergency fund with the manufacturer warranty. The warranty actually keeps you expenses predictable, which is something I personally value. Just thought I'd show a perspective where a new vehicle can make sense, but the key is to pay attention to the numbers.
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i notice u subjest buying a EV to save money on gas cost, in 2023 this is no longer true atleast in CA. the average price of gas in CA atm is about $4.50 while the average price of electricity in CA is $0.30 per kWh. ur efficient EV like a Tesla model 3 get 3mile per kWh which make the cost per mile at about $0.10 per mile for EV. a modern pruis hybrid or camry hybrid can go over 50mpg. at $4.50 per 50mile, that bring the cost per mile to $0.09. at current gas price, it actually cheaper to fill up a tank of gas then to charge and also consider the charge time as well. in teh state of CA, ev barely make up 5% of the register car but that was already enough to increase the price of electricity form $0.20 per kWh in 2020 to $0.30 per kWh in 2023. as demand for electricity increase as more and more EV are adopt, price of electricity will increase with it and as gas car fade out, price of gasoline will drop as demand drop. i know that in some state, price of electricity are still int eh $0.15 - $0.20 per kWh but in those state gas are also in the $2 - $3 range. at current rate of electricity price hike, in another 5 years, ill will cost twice as much to charge EV then to fill up a tank of gas.
with EV that 4-5 year old car might not be a good way to go. u have to keep in mind that the battery will degrade over time and aroudn that 5-9 year mark about 100kmile-150kmile mark, it about time to get a new battery and those EV battery run about $10k to $15k each. if the use EV u buy previous owner constantly use supercharger, then teh battery will degrade even faster, most people i know will start to sell their tesla when they notice that teh battery is start to lose it charge.
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I turn 30 in May and have about $43,000 invested in my Roth IRA. I'm in the process of building a three month emergency fund and will have it done by May or June of next year (so right around my birthday). My net worth currently straddles positive and negative. Each paycheck puts me into the positive, but expenses bring me back into the negative. I spend less than I make, though, so I should be permanently net worth positive by November 30th! I currently gross $65,000 per year and bring home about $48,500. I only spend $28,800 per year, so I can save almost $20,000 per year. My goal is to have at least $400,000 saved by age 40, at which point I'll essentially be in Coast FIRE and may not have to save any more to retire comfortably.
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I’m a unicorn: I’ve got $100k in retirement savings, no debt, and a graduate degree at age 30.
How “I” did it: my parents got me a car in high school, I went to an inexpensive in-state college, I got undergrad scholarships that paid half of my tuition, my parents paid the other half of my undergrad tuition ($20k), I worked part-time jobs in high school and undergrad, I lived with my parents through undergrad and for 3 years after (during which I had a full-time job), my parents paid all of my living expenses while I lived with them so I was able to 90% of my income, and I got a full ride to law school + a stipend. Just started my first job out of law school, I literally haven’t gotten my first paycheck there yet ^_^
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I agree with much of what you've said, but I also think you got some things wrong. At 2:46 you're showing the cost break-down of owning a Honda Civic. (Edit: I notice, afterwards, this is for a used car. In this market, you'd be crazy to buy a used car at that price when a new one would be only a couple of grand more. My analysis assumes people aren't crazy and bought the new car). The only problem is that you took standard things like depreciation, repairs, and maintenance and applied them to a vehicle at a generic rate. First of all, $10,657 in decreciation--you can almost eliminate this category. Unless you paid way over MSRP, then your Honda Civic will not depreciate that much. A Ford or Chevy small car... maybe, but not a Honda Civic or a Toyota Corolla. Next, repairs... you can get rid of that for a Honda or a Toyota. You won't have any repairs (unless you break something yourself) in the first 5 years. Finally, maintenance... the only maintenance for a Honda Civic in the first 5 years is regular oil changes. Assuming standard mileage, then that's 12 oil changes. If we assume full-service, dealer oil changes at $80 per, then that's $960 for the first 5 years, not $5K. Your fuel costs are also grossly inflated. Fuel, if we assume 60,000 miles over 5 years at 30 MPG and $4/gallon, only comes to $8,000 not $12.8K. Ok, so just with those adjustments, we have a more realistic cost of ownership that is it $21, 610 (less than half of your wild projection). That comes to: $360/month or 36 cents per mile. That's quite an affordable and reasonable expensive for someone making the median salary of around $50K per year.
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Hi Mr. Yang! I think you are doing incredible work with your YouTube channel.
I was wondering if you could continue to do "visualization" videos which illustrate the value of money, what money can buy, and what a billion dollars "feels" like (the massive amount of rice gave weight to the airy concept of 1b).
I have a hard time visualizing big numers, and the value of big numbers, ie: what large amounts of money look like, and what they can buy.
I wonder if you could compare what an average middle class person's life costs (using rice to show the cost of education, of food, of gas money, of a car, of living expenses, of medical bills) against what the cost of a rich person's life looks like (using rice to show how much their car costs, how much their home costs, how much money they save, etc).
One of my dreams would be to conceptualize money like this... Say, if I read about the military getting a billion dollar investment from the government, I would like to think "Wow, that could buy 5 tanks, or save 500 lives, or build a new bridge!" But I can't really think like that yet.
Sorry if this doesn't make much sense. Keep doing the work you're doing.
I could see you making educational videos in the style of Crash Course and creating content for students in the future!
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Congratz again on 30k! Nice! I’m from San Rafael right up the road and spent a year in Japan. Some questions/comments on ur answers.
1) Having 3 months in savings for emergency, are there other liquid-ish places you can put that so it doesn’t just get the less than 1% interest.
2) I would say people should use paper trading while they learn instead of just jumping in and losing their money
3) 😂
4) Have you thought about investing for other people? I.e. have people give you money and charge a % of the gains.
5) Found u on tiktok, seems to grow much faster.
6) Front End Load - stay far far away
7) I’ve noticed that TD Ameritrade has a lot of investing videos. I try to join discord’s but they tend to be 90% garbage and it’s hard to sift thru
8) How can you not mention This is Us if u like Mandy Moore? Also if u like Superbad u gotta love Supertroopers. Gotta throw a shout out to Hendersin even tho it’s not quite ur genre.
9) if you spend $100 on an option u could get rich quick
10) I always suggest maxing out retirement accounts
11) Can’t comment on that one 😂
12) Great advise, plan for the long term, too many people want it all right now
13) I’d suggest staying away from credit cards unless you are disciplined enough, many students go into debt far too young before they understand how finances work, and don’t get me started on how awful it is that schools don’t prepare kids for the real world. No one is going to care if you know 25 digits of pi when I can get the answer in 2 seconds, what they will care about is how you can get taken advantage of when renting an apartment or investing.
14) I always suggest comparing rates. If you have a low interest rate, like 0-5% which most cars have, but you are averaging 8% on investments, it makes more sense to invest that money for profit rather than paying off the low interest loan.
Great videos! Keep it up!
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Hi there Humphrey. I drive a lot (as in 40,000 miles per year), so I do need something that is reliable. Frequently breaking down on the side of the road, towing it and spending time at the repair shop is a lot of time and money wasted. I go through new cars every 3 years as the expensive repairs become much more routine once a car goes past 120,000 miles. With that being said, my 2022 Kia Rio sets me back $192 per month (I pay $400 to cover the depreciation), gets 40+ MPG on the highway and the insurance for 100/300/100 coverage with low deductibles sets me back $136 per month because I have no tickets or accidents. In exchange for the car payment, I don't have to spend much on maintenance, since those costs will get passed onto the buyer who takes on my used car by 120,000 miles and has to spend thousands on replacing the suspension, electronics, hoses, belts, A/C compressor, spark plugs, etc.
What I don't understand are the folks who spend $600...$700....$800+ per month on a new car payment when their monthly budget gets stretched out. Plus the higher insurance and registration fees.
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I really liked this video theme! I would add two points myself!
1) Educating yourself about finance if you are just starting to take better care about personal finances. Reading books on the theme for few minutes a day, watching videos about it, online courses etc. It's impossible not to care about your balance if you have some knowledge and/or take active interest in finances and try to learn something about it regularly.
2) Budgeting in your banking accounts. I've just figured I can do this recently! I've created envelopes in my savings account that is linked with my checkings account - each folder is for one category of spending. At the begging of each month, I transfer budgeted money to each folder (eg. rent, food, fun, saving, investments, other expenses) and whenever I want to make a purchase from each category, I transfer money from that envelope to my checkings account. The point is that you always know how much you have left and how much exra money you can spend. It eliminates impulsive buying and creates restrain when spending (but it is still more convenient than using cash!). I can imagine it could work nicely with more checkings or savings account if you can't use envelopes in your accounts. Budgeting on paper or in an app could work, too, but I just can't stick to it.
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While true, if you need a car, you need a car. And yes some cars deprecate more than others, a used BMW is going to be way less as the deprecate faster, but they also break down more often and are costly to fix. A Honda or Toyota will be more reliable and it makes little sense go buy one used because their resale value is high, plus you usually get a better rate from the banks or dealer. It made zero sense to buy our Toyotas used, a three year old model was the same as a new one. Best advice, if you go luxury, know you’ll pay more but realize it’s all for the enjoyment. If you can’t afford it, don’t buy it, and learn how to do basic work on your car, plus go through the dealer or credit Union for a loan.
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I'm 36, just bought a house, still owe $370K on it, make $82k/year, and have $300k in savings which includes $100k in a Roth IRA, $100k in a Traditional Roth (Both are totally invested in an S&P index fund), and another $100k in cash/individual investments. Assuming a 7% average return, adding $1000/month on average, and waiting 29 years, I should have $3.18M by retirement at 65.
I'm still living on the same income that I was making 10 years ago and banking the rest.
Also, having a company that gives you a free 7% of your annual salary in 401k matching is a huge reason I'm where I'm at.
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Excellent video, humphrey - I think you nailed it pretty well.
Additionally, I'd like to give a perspective from the other side of the house, being a supplier in the US who, now, pretty much refuses to sell to dropshippers on principle. My reasoning for this is NOT because they're charging/earning more off of the same product that I'm selling. As a supplier, as long as I'm making above a set profit margin, I don't mind someone else making more money off of my product. The BIGGEST issue I have with dropshippers is that they tend to spoil my brand and my company's name/reputation in the process. First of all, many of them will ask me to do ridiculous things such as remove branding from my products (which I'll never do, since it's my brand) and fulfill these extremely specific orders that were never a part of the product offering (like making certain combinations of products). Reason being is that many of them would try to create their own offerings in a way that helps them market better but expect us to fulfill it on their behalf - not gonna happen. Second (and this is probably one of my biggest grievances), half of the time, we get complaints from customers saying that we sent them the wrong product or that we shipped to the wrong address when it was, in fact, the dropshipper who messed up the order or gave us the wrong address. Most people, however, don't realize that it was the site they brought from that messed up, likely because they just see the branding on the product and assume it's the manufacturer's fault. This unnecessarily damages the reputation of MY brand when, in fact, it's the dropshipper who causes problems.
In short, I'd rather lose a significant percentage of sales than sell to a dropshipper who will then proceed to ruin my brand. I don't think dropshipping is a bad thing in theory, but I think a lot of these teenage entrepreneurs who just build websites and run ads and then think they're going to become millionaires in the next few weeks end up really giving dropshippers a bad rep.
Like you said, there are right and wrong ways to do dropshipping - unfortunately, I have yet to come across a dropshipper doing it "right"
(edit)
Running a business is hard. I'm not trying to say that teenagers shouldn't try to get into business (in fact I love mentoring young entrepreneurs and seeing them go on to do awesome things), but people need to realize that running a business isn't about sitting on a beach with a laptop and sipping pina coladas while making millions every day. It's incredibly hard to get a business up and running let alone to even get to the point where you're profitable. As I always like to say, if it's easy/little effort, makes a ton of money, and is super low risk then everybody would do it, and then it won't be long before one of those ends up not being true. The same is for dropshipping.
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Minor issue: Going "car-less" eliminates "car costs" (car note/lease, insurance, gas, repairs, etc) but not transportation costs, like bus/train fare, taxis/uber/lift, which are likely less, but not zero. So transportation costs should be factored in. Otherwise, an informative, thoughtful video.
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Bruh, save $100 changing your own oil? Where you getting oil changes? I go to the DEALER and pay $75 TOTAL. For synthetic! If I did it myself, the oil and filter would cost $40, I need jack stands, there's a mess to deal with, it takes time to buy the oil, jack up the car, drain the oil, change the filter, refill, and I have to get rid of the oil responsibly by bringing it somewhere. To save $35? Nah.
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Best video out there on this topic... all other videos either show you best budgeting apps, like Mint, Truebill, etc. or how that specific Youtuber balances their checkbook on an excel spreadsheet or physical book. Yes your video leans more toward the second category... but only for your monthly reoccurring bills, which I actually think is a great idea anyway because that is very sustainable.
Sustainability while being optimally functional is what I'm all about. As a student, weekend warrior, pregnant and full-time working mom... I don't have time to whip out the excel document on my computer every time I make a small purchase in order to lay it out in a way I can understand at at a glance. It simply isn't logical for me to maintain. The excel document is pretty simple to maintain with reoccurring bills; that is easy, I like that idea quite a bit!
The problem with budgeting app like Mint and Truebill... they are great in that they pick up in real time what you're spending on any accounts or credit cards you link. That's awesome. Some of them allow you to make and tweak categories; that's good too. What's not so great is that you can't edit labelling of what you see... I want to know just about 4 things:
1) What did I buy (e.g., Coffee)
2) Who did I buy it from (e.g., Stewarts)
3) When did I buy it (DDMMYY)
4) Why did I buy it -- is it justiable or can I change this next time? (My notes)
Things like category are useful as well. The above is what I'd like to edit labelling as, but those apps don't give you the option. Instead they look more like...
1) What did I buy (e.g., Coffee) ... doesn't allow you to show or enter
2) Who did I buy it from (e.g., Stewarts) ... shows as STEW 7465589 (or something like that... what the heck??? I'd rather just type Stewarts..)
3) When did I buy it (DDMMYY) ... shows date. They got one thing right.
4) Why did I buy it -- is it justiable or can I change this next time? (My notes) ... no option for input
So yeah, that's pretty limited.
My point, thanks for this video! Method isn't 100% perfect for me, but definitely really great! Thanks so much.
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I moved to San Francisco and ditched my car back in 2014. The rent went up, but now my transportation costs are around $300 to $400 a month. Most of that goes to a monthly transit pass, train fare, and bike share fees. Occasionally I'll hail an Uber.
When I need to drive I can get a Zipcar for about $150 a day. Some months this will push me over the $850 national average but the other months more than make up for it.
Best of all, I spend less than $100 a year on parking. I've only been broken into once and only had one accident (wasn't my fault). Haven't had any tickets, DUIs, or other legal liabilities either.
Even though my commutes might take longer I can use that time to read, answer emails, play video games, watch TV, or sometimes even take a nap. It's a lot more relaxing than keeping a constant vigil on a hundred other drivers doing dumb shit at intersections and lane changes.
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Not owning a car is never an excuse to refute learning about bad spending habits, if you make less than 40k buy a warrantied car for around 10k, preferably an economy car, you can likely talk them into fuel, tires, brakes, free oil changes, and don't drive it like a maniac, save your money, learn to make more, and buy a car later down the road, having 20-40k for a down-payment, on whatever fancy car or "racecar" that you want, makes a huge difference in monthly payments, and let some other fool take the initial depreciation in the first year or two, or 3 or 4, and pick a good car, if your favorite car brand has a bunch of recalls, find a new one, there's plenty of reliable cars and companies, don't pay more for less cause you like the name
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Long term passive investing especially for dividend growth is a good start and the way to go. Active investing short term is a whole new animal as in next level in risk derivative asset class, the work in technical analysis, the multi-monitors, platforms, candlesticks, chart readings, etc; not including the $25K money line start to execute four or more day trades over the span of five business days using a margin account from what I heard, that’s the PDT regulatory house rules when day trading, we all don’t have $25,000 as levered free cash laying around and shouldn’t be made lightly a beginner “option” to jump right in, just saying.
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Speaking of taxes, Humphrey, the only thing I hate about being child free is how most states-certainly NY-authorize all counties to impose the same school tax rate on all homeowners. Here in Nassau County, the school tax averages at least 66% of your total property tax bill. That often amounts to between at least $6K to $11K or more of school tax-plus thousands more for general, special use and other taxes EVERY YEAR!! Child free homeowners should pay something to support the public school system, but it should NOT be anywhere near what parents should be paying for homes of comparable assessed value. Why should child free homeowners or renters-especially those over 50-be forced by the legislature, under pain of eviction and foreclosure, to subsidize their neighbors who choose to reproduce-and by the same tax rate tax every year? Nothing less than legalized extortion of a minority group who have been historically denied the slightest degree of the political representation and fairness by BOTH state and federal property and income tax codes, and thus have no hope of getting justice via the legislature, save for grass roots petitioning. So online collecting of names/street addresses for STATE PETITIONING on a per county basis is the one hope child free have to get justice against the abusive public school tax code. And after that battle is won, the income tax code that rewards parents and penalizes child free. That's what child free people need to be doing via YouTube AND at all child free websites!! Make it happen NOW
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Car depreciation applies to most models, except older cars that people really , really want: I own a 2013 TOYOTA FJ Cruiser Trail Edition (80k miles) for example, bought it for $20k, it can be sold now for $30k+ after using it for 4 years.(We maintain our cars at home too, using the best oils and filters, etc, not hard at all) - other cars that appreciated over the years... 90's TOYOTA Supra Turbo, Mercedes Gull wing, Ferrari F40, Lambo Countach, 90's ACURA NSX, NISSAN GTR, etc - plus if the car is over 25 years old : registration is cheaper and no more emissions check are required (saving even more). Another example : I own a 1997 Lexus SC300 auto, I bought for $6k from AZ with 290k miles, still drives like new, no rust, it's worth now $15k and when we swap the engine to a used 1JZ GTE vvti with turbo ($4k for a 45k miles engine) and convert it to 5 speed manual transmission ($2k) (at home) the value will go up another $15k or more -
So be smart with your money and learn some skills, they pay off!
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Wild.. I just sold my car for $3,000 less than what I paid for it 4.5 years ago ($21,000 for a 2018 Mazda6, great mpg, never has any issues, and low monthly payment). I got $14,000 back for it after the loan payoff, and I bought a cargo ebike to get around on and do all my errands with instead. Then I invested the rest of the equity I got back from selling my car. I had even rear ended someone with that car (insurance repaired everything) and still got almost what I paid for it new. I think that's because it still had 6 months of the 5 year powertrain warranty remaining. Hopefully I'll make some money on that car money, and meanwhile, no more gas buying, just roll my bike into my apartment and plug in the 2A charger. Insurance is 1/3 the cost too.
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Mr. HY. Thanks for a very informative video. I’m 52 with 2 children, one in college, one in HS. First, the best gift to give to children is the gift of education. For ex, a state Prepaid Tuition gives them a chance that at least they have something for education. The rest, they can work, or borrow if needed should they choose to go out of state, grad school etc.... The next thing is for us, parents to invest in our retirements because our kids “will not be able to afford to take care of us anytime soon.” Since, my children are young, I encouraged them to be the best students that they can be. They do not have to figure out what they want to do until their Junior /Senior year in college. But, an education is their best chance to have a “earning potentials.” Then, if they should be patient and invest for their long term wealth. In their student phase, they will be “somewhat hungry.” In their 30’s-40’s, they will have a more solid foundation in their investments, and by the 50’s pretty well and they should continue to invest in assets and have a balance in spending. Yes, it is important to have a diversified Retirement plan: I have a Roth IRA, UVRL and LIRP insurance policies, stocks & ETFs, Work reward benefits, and social security. I started investing at 25, but really did not have any clue. I just put it a way as a long term investment and did not think about it. Due to the power of youtube and people like you, I have learned a lot in the last couple of years, even more during the Pandemic.
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Maybe it's a regional thing, but any car worth buying used is the same price and brand new. It's been this way my entire life, not just a covid thing. Want a used Honda Civic with 80k miles? Ohh yay, 10% cheaper than new. I'm not kidding. I could not afford a decent used car like a Honda, so I had to settle with Dodge, Ford, etc. Those cars have been nothing but money pits. Pay $8k for a used car, spend $2-3k fixing it over several years, then a major issue occurs that will cost more than the car is worth to fix. The amount of money I've dropped on used cars that I could "afford" over the past 20 years could have gotten me a few new cars. I finally got a new car and it even has a lifetime unlimited mile nearly-full vehicle warranty. As long as I own the car, I will not have to pay a dime for towing, fixing, or parts of nearly anything in the vehicle. My new car, in my situation, is the cheapest vehicle I have ever owned.
Another situational difference for me is not owning a vehicle means I have to pay about $10 per trip. If I'm a working person that has to go to an office, that's $400/month, which is nearly the monthly cost of a low end new car. Toss in some trips to stores, and I'm paying for someone else's vehicle.
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