Well I guess I'm lying in the title... it didn't just surpass $500,000, I think I hit it somewhere mid quarter, anyway, point is, old faithful, my shitty blue 2006 12 year old Kia Rio is still my go to for the hustle and bustle of life. I bought this bad boy brand new for $11,000 in 2006 and it has lasted me since. I have never had a car payment on it as I bought it with cash I saved rather than on credit.
As Americans one of the number one, if not the number one thing we misspend on is our vehicle. I have written about this in the blog before, take public transportation, I did it for 25 years, car pool, or if you must buy a car. I'm not even gonna say buy a car you can afford, but a car that is significantly below what you can afford, but of course one that runs good, has cold AC if needed, or basic comforts. No need for the tons of extra crap, or high end luxury that we can't afford. And I don't mean we can't afford the car, I could easily afford a Mercedes or a Lexus right now, what I can't afford is to lose the gains on my investments by investing in something that loses up to 20% value the second you drive it off the lot.
The car gets me from A to B. You would be amazed at what I have transported with it with some creativity. Sometimes I have borrowed my friends truck admittedly to transport building materials and paid them with lunch or a case of beer (much cheaper than a truck payment). I keep the interior very clean and installed a more modern radio myself which makes it a little better for when I am driving friends, family, dates, etc. By not having a car payment for 11 years I have been able to travel throughout 44 countries, own a home, soon to buy a 2nd property, 3 retirement accounts, and now yes, my net worth is over $500,000.
Don't fall into the car trap. Invest safely, and invest wisely my friends.
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