We are our own worst enemy when it comes to making money grow rather than spending, savings placed into crypto is as risky as saving placed into a bank, both may go up or go down. Personally - No Risk, No Reward - Money must work for you!"
Buying new compared to second hand vehicle, or possibly paying more for car paying back over time, no matter which you opt for, a car takes you from A to B, why throw money away, save and try pay in full, sounds crazy, one only realizes later how much one saves!
@tipu curate
I don't know how it is in your country, but it was calculated that it is profitable to keep your own car, if only you move more than 30,000 kilometers per month on it. If less, then taxes, fees and maintenance of this car eat up all the benefits. And this is about the new car. Used and even worse.
Otherwise I agree!
First car brand new lasted fifteen years inland. Where we live now at the coast, the rust eats them up, lifespan approximately ten years. Second hand still (no more than 3 years old) saves on some taxes imposed, always try pay vehicle off as quickly as possible, or pay cash.
Where we live new cars are over inflated in value, you could end up paying almost equivalent of a brick and motor home for fancy ride, so I err to caution in what is required. Long distances to travel, little to no public transport, we rely heavily on private vehicle.
so true @joanstewart we can make ourselves useful and also we can destroy ourselves
Children grow up well we grew up with a 'piggy bank', parents appear to fail taking that a step further, yes you can save, now what? Put it into somewhere to make more, or take it to the corner store for sweeties?
Many cases it is not being taught when young, no direction leaves one to stumble around finding out later, much is lost.
if you ask me it would be a good idea to invest in crypto cause as kids you cant save thousands of dollars but you can buy some cheap crypto and wait for the boom it might worth a lot when they grow up
Posted Using LeoFinance Beta
Watch for good projects, crypto is only as good as what it will offer people at the end of the day.
Blockchain technology will have many good uses spend time reading and familiarizing yourself about what each offers.
Keep an eye open for scams, they are rife!
I think a lot of people don't know how money can work for them, nor their own time. They know "Time is money" but don't add a practical action to move on it.
I know some wealthy people - the cost of their car is a tiny, tiny fraction of what they own and compared to their investments, almost nothing. However, I know lots of people who drive pretty expensive cars - I think if people are spending more than a year's income on a car, they have a problem.
Much more discipline is required to save and grow, than to spend enjoying frivolously, some buy expensive shoes, watches, cars and live in shacks!
Good rule of thumb is don't spend what you don't have, the only time you go into written contract agreements is on a home and possibly a car, everything else save and pay cash.
Money on loan is never cheap, count the cost!
Most people seem incapable of visualizing these costs anymore.
Most dive into debt with no eyes open,
FOMO must have what everyone else has,
or plain and simply living far beyond their reach.
Have yourself a great day and thanks for posing questions people should think about.
Upvoted 👌 (Mana: 51/91) Liquid rewards.
Like Taraz said, everything is a risk. Actually even a purchase of a physical item carries risk, especially once its warranty is up.
Risk involved with all, you can drive a brand new car off the showroom floor, de-valuates by 5% in first few minutes, it's a "Monday" car and gives you endless problems. Yes warranty will cover repairs, it does not cover time without the car when in repairs, or get you from A to B. Same goes with most 'big tag' white goods today, electronics and almost anything you buy.
Definitely... And then some brands seem to fall apart once the warranty expires.
Warranty is a laugh a minute of late, planned demise more like it.
It's not so funny when it happens 😂
Normally happens in x3's almost planned ahead to catch you off guard....