Dave Ramsey: Hope you like the car!
February 8th, 2010“Taking on a car payment is one of the dumbest things people do to destroy their chances of building wealth. The car payment is most folks largest payment except for their home mortgage, so it steals more money from the income than virtually anything else. USA Today notes that the average car payment is $464 over sixty-four months. Most people get … See Morea car payment and keep it throughout their lives. As soon as a car is paid off, they get another payment because they “need”a new car. If you keep a $464 car payment throughout your life, which is “normal” you miss the opportunity to save that money. If you invested $464 per month from age 25 to 65, a normal working lifetime, in the average mutual fund averaging 12 percent (the seventy-year stock market average), you would have $5,458,854.45 at age sixty-five. Hope you like the car!!!!!!!”
