JW's Financial Coaching Podcast Lesson #99-Why we don't have a car payment
Today's lesson we share a recent personal story of how we paid cash for our latest vehicle purchase. Paying for a new vehicle in cash felt amazing, but also left me in a little bit of a haze. Find out what put me in the haze, and how I snapped out of it.
Just for fun I decided to determine what our payment would have been had we took out a loan. I then compared it to our budget and tried to determine what we would have had to cut out of the budget to make our car payment fit and the options weren't pretty.
Also find out how our beliefs about debt were reinforced during the process and ultimately why we don't have a car payment.
If you are working towards paying off your car loan and want to pay cash for your next vehicle, let this lesson be an encouragement to you. The price to pay to make this happen is steep, especially for your first cash car. But the pain is worth it. The feeling of not having a car payment and the flexibility to give, invest, and pay extra on our mortgage trumps any need to drive a better car.
Other lesson's mention in today's lesson:
Today's quote of the lesson is brought to you by my new book A Tale of Two Houses
"'The worst car accidents happen on the showroom floor.” – Dave Ramsey
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