Let’s take a different approach to this. I’m sure this will be quickly shoved aside as the average (95% of the population average) consumer is programmed to think they deserve “the good life”, and it’s painted in many pictures.
Let me to encourage you to seek out what you need, rather than cater to an immediate want. The financially elite will tell you every day of the week that if your investment isn’t making you money, it’s no longer an asset, but a liability.
Let’s think about this……..
We look at what we can “afford” in a payment and yet we won’t save up enough money to do it. Why? Cuz CREDIT is the #1 marketed consumer product in the nation!
I’d suggest looking into what you need and can pay cash for. How much interest are you going to pay on a 14 year lien? YIKES!!! Even the interest on 60 mos. is enough to warrant investigating the actual cost of ownership. Consumer reports state that warranties are seldom worth their price. It’s a risk but nonetheless, those prepared don’t see it as a threat because their life isn’t based on a pre-claimed monthly distribution of their paycheck. The borrower is ALWAYS a slave to the lender.
Weigh tax credits against interest charges. Are you really coming out on top? Then compare to deducting a cash purchase…… and start making payments to yourself. For the same money you’d put aside vs. pad someone else’s pockets, you’d not only get the item you wanted but you’d have money left over to use for…….. whatever!
Enough of my soap box……. but this is what I’d encourage ANYONE to do. Stay away from debt at all costs. You’ll truly be a happier person for it.
Thanks guys,
