The Monthly Payment Trap

The Monthly Payment Trap

Many of us struggle with our finances and are living paycheck to paycheck. In fact, living this way has become normal for us. It seems everyone else is making a ton of money, the economy is “booming, yet here we are, still struggling to make ends meet.

Managing Money is Easier Said Than Done

The problem I have with personal finance experts is they act like they are better than everyone else. They lay out a simple plan to follow and if you don’t, or can’t do it – you’re an idiot. The truth is, those snobby personal finance experts are right. You should use cash to buy things.

Edmunds True Cost to Own Calculator

Are you starting to see how ridiculously expensive vehicle are? If I could sell my vehicles and only use bikes for my family  I would in a heartbeat! Vehicles are such a money pit.  Now before you throw in the towel, let’s look at how we can take advantage of this situation.

Take Advantage of Depreciation

Buying new vehicles is for rich people and suckers. Buying used is the way to go! A 5-year-old vehicle still has 10+ years left in it at least. By looking at used options and saving up cash, we can avoid massive depreciation and interest payments.

You’re Wasting So Much Money With Monthly Payments

The truth is, you may have a nice TV from a Rent-To-Own store with a nice new vehicle in your driveway. Unfortunately, each month you are throwing away substantial amounts of money due to all the interest and insurance you are paying to borrow these items until you one day own them.

Don’t Be a Frog

Over time, your monthly payments will slowly increase until you are unable to get out from under your debt. It’s similar to a frog in boiling water. If the temperature is slowly turned up, the frog doesn’t notice until it’s too late.

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