Smart Car Buying: Financial Tips for Maximizing Wealth
In this episode of Retire Early Retire Now, Hunter Kelly, a certified financial planner, discusses essential financial strategies for car purchasing. He covers how to avoid lifestyle creep and over-purchasing, setting guidelines like the 20-4-10 rule—putting 20% down, financing for under four years, and keeping total car expenses under 10% of monthly income. Hunter addresses paying cash vs. financing and highlights the importance of maintaining liquidity and saving for investments. Real-life examples and practical advice help viewers make informed decisions about buying cars while continuing to build wealth.
00:00 Introduction to Smart Car Buying
01:06 Determining Your Car Budget
03:42 Financing vs. Paying Cash
05:21 Depreciation and Car Value
09:33 Real-Life Client Example
12:21 Pros and Cons of Financing
14:49 Final Takeaways and Advice
This Podcast is for educational purposes only. . It's not meant to be financial insurance or tax advice. Please seek a financial professional when thinking about your own situation and do not make decisions solely based on this podcast.
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