For the last six years, I have been driving the same car. Although I have the income to upgrade, I choose not because I understand that if I get an auto loan without having a large income (over $500,000 annually), I will be using my credit and my money in a non-wealth building way. And as you know, I am all about building wealth-building and attaining financial freedom.
In this video, I discuss some advantages of saving your money to upgrade to a better car which are:
- You avoid paying interest rates, damaging your credit score, and incurring late payment fees.
- Paying cash for your next car allows you to negotiate a better deal for it.
- You develop financial discipline to save large amounts of money which is a very important wealth-building skill.
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All The Best,