Some miscers do have common sense. Repped.

Eh he's talking about what well-off people do.

You either can afford a new vehicle or not. You don't have to justify why you can't lol.

If someone is rich, it's a non-issue, period.

what's a TFSA? Tax-Free Savings Account? and what's it invested in? there is no way you're getting a guaranteed 7%+ risk-free annual return. low interest rates are a double-edged sword - yes loan rates are low but so are risk-free yields! there is no free lunch! risk vs. return!!!

OP bought a 6-8k car to get him from point a to point b... lol at overthinking his APR to unrealized investment gains. would not worry myself that much for that little capital lmao, but here you are writing an essay on why he should.

i could pay cash for a brand new Ferrari right now and it wouldn't affect my financial position but i'm not that stupid.

Cash pic? or lies

tell me exactly where you're earning 7% risk-free.

i just PMed it you.

the 7% is not risk-free and it's not guaranteed. you can't look at a YTD return and extrapolate that. i think you might know bookkeeping but you don't know much about investing. don't confuse being a glorified bookkeeper with being someone who knows finance and investing.

I saw the other guys bank account. Show me yours and I will tell you who should listen to who lol

I have the ideal situation. An 8 year old BMW that still looks awesome and is completely paid off. It's a nice enough car to drive as someone earning multiple hundreds of thousands per year in Sales, but costs me nothing to operate(I actually don't even have collision insurance on it anymore, so Insurance is cheap too). I'm kinda hoping it lasts me another few years, because it's basically free money at this point.

you should consider adding collision coverage but with a super high deductible. why? because if someone hits you and you have no collision insurance, you're on your own. your insurance company will not fight for you to get the car fixed or replaced. but if you have collision, even with a huge deductible (let's say $2,000-$5,000+) your carrier will fight for you. and the collision coverage should be pretty inexpensive if you go with a high deductible.

day 1 of "president" bidens reign and op has already gone gay this is going to be a long and hard four years on the misc

The winner. Definitely more relatable to the average person's financial situation here.

Gordon, miscers can't relate to you cuz you a cheap rich guy, sorry.

guilty as charged!

If you are a CPA, do you have clients that got rich off of super small businesses? Like the owner is the only one who works there, but makes a couple 6 figures a year?

As a guy with nothing on his credit report except a credit card that is paid in full each month, I agree with this entirely.

The only exception to this is non-recourse debt on Rental Property. Once you understand the concept of Cash on Cash and being able to capture any future appreciation while the lender takes all risk, the benefits are too great to ignore.

no wife, no kids, no divorces, made a lot of money, lived WAY under my means, and saved/invested my ass off in the market. all self-made. i'm still driving a 2004 car and i ate a $5.99 meatball sandwich that was on sale today, what's that tell you?

There are tons of people like this.

Rich Dad, Poor Dad
1. The poor and the middle class work for money. The rich have money work for them.
2. Rich people acquire assets. The poor and the middle class acquire liabilities, but they think they are assets. An asset is something that puts money in your pocket, a liability is something that takes money out of your pocket. The rich buy assets and the poor only have expenses.
3. Poor people buy liabilities to look rich. Rich people buy assets to get richer.
4. The rich get richer because they continue to do things that make them richer. The poor get poorer because they continue to do things that make them poorer.
5. Rich people learn how to manage risk. Poor people are afraid of risk.
6. An intelligent person surrounds himself with people who are more intelligent than he is.
7. Wealth is accurately measured by a person’s ability to survive so many number of days forward without working. Or stated another way: If you stopped working today, how long could you survive? Wealth is determined by Net Worth, NOT by income. You can have a huge income, but still be poor.
8. You can never be too rich.
9. Rich people buy luxuries last, while the poor and middle class buy them first. Assets buy luxuries.
10. Once a dollar goes into your asset column, never let it out. It becomes your employee. The best thing about money is that it works 24 hours a day.
11. A house is not an asset - it is a liability. It produces no income, only expenses. (Mortgage, Interest, Taxes, Insurance, Maintenance, Utilities, Furnishings). Don’t be “House Rich and Cash Poor”.
12. Building wealth is like planting a tree. You water it for years and then its roots grow deep enough that it takes care of itself. Then it provides you a nice shade to rest under and it takes care of you.
13. A true luxury is a reward for investing in and developing a real asset. Buy yourself nice luxuries but make sure you have earned them and can pay for them first.
14. Rich people invent money.
15. Great opportunities are not seen with your eyes but with your mind.
16. Many people are one skill away from great wealth.
17. Rich people talk about money and learn from other rich people. The poor do not.
18. Don’t let life or people push you around. Don’t quit. Fight!
19. Don’t blindly follow the “conventional wisdom”. Have the courage to “go against the flow”.
20. It’s not what you make that counts, but what you save and invest.
21. Don’t listen to poor or frightened people.
22. Master a formula and learn a new one.
23. Rich people take advantage of economic downturns. Rich people take advantage of opportunities.
24. Rich people don’t make excuses for their financial success or failure.
25. Mind your own business. Think of your household as your own business. Profit vs. Loss and Assets vs. Liabilities. It’s “You, Inc.”.
26. Advice for those of you in debt: If you find that you have dug yourself into a hole, STOP DIGGING!
27. He who has the gold makes the rules. The rich make the rules.
28. Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth. The reason positive thinking alone does not work is because most people went to school but never learned how money works, so they spend their lives working for money instead of having money work for them.
29. Don’t turn yourself into a slave to money and liabilities. Choose power and freedom.
30. You always want to make sure you’ll be cash-flow positive in any prospective real estate investment. Your rents collected should always, at minimum, cover your mortgage and expenses even while you’re building equity.
31. Investments typically fall into two groups: they either eat you or they feed you. Whenever you consider an investment, ask yourself if it will eat you or feed you.
Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not!
By Robert T. Kiyosaki, Sharon L. Lechter

The Millionaire Next Door
1. They live well below their means.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is much more important than displaying high social status.
4. They do not chase status symbols.
5. They minimize their realized (taxable) income and short-term capital gains and investment costs and they maximize their unrealized income and long-term capital gains. (Tax-Free Money Market Funds, Tax-Free Bond Funds, Tax-Efficient, Low Cost, Diversified Stock Index Mutual Funds, and Retirement Accounts).
6. They systematically “pay themselves first”.
7. They chose the right occupation.
8. Their parents do/did not provide economic outpatient care.
9. Their adult children are economically self-sufficient.
10. They are proficient in targeting marketing opportunities.
11. They buy their cars and drive them for a long time. They believe that you AREN’T what you drive.
12. They never purchase a home that requires a mortgage that is more than twice their household’s total annual realized income.
13. They are their own favorite charity.
14. They pay cash and avoid debt.
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy - Thomas J. Stanley, William D. Danko

So you have 4m at 50 yrs old with no kids and you want to buy a used baby Lexus for less than 30k? What you plan on doing with all that money you worked for? Are you just a money hoarder? No one to give it too. Do you even have a woman? Lol at your life. No wonder you come on here as Mr. bigshot money man bc that’s all you have lol. Sad life

Professional Sales. B2B. I have a B.S. in Business/Marketing.

Ha you can always tell who the haters are. If you were smart you'd learn and become rich too. I try to share the knowledge to help you kids achieve financial freedom too.

It's funny because it's always the poorcels hatin'

That is a solid machine OP you won’t be disappointed

well those were choices you made. we all make choices. i'm the son of poor humble immigrants and i graduated college at age 21 and started my professional career right away because i didn't want to be poor.

well they might not be able to get my exact results but they can learn from me and copy what they can and get pretty damn good results. i wish i had access to someone like me when i was 21.

Nah, I actually had an accident last year which caused my insurance to go up to like $2300 per year if I were to have accident insurance on it. Because it's a BMW anything beyond minor body work is really expensive, and they only have the value at something like $7000 now, so they would never pay out more than that amount(minus the deductible). I live and work in the same city, and rarely drive on the highway. Given my situation, I figured it would almost certainly be much cheaper to just have liability coverage and fix anything minor out of pocket.

yes you are. congrats. and you have a lot more toys than me. but i'm not really into toys.

Good for you brah, i'm the opposite. Born into upper middle class, had everything and took life for granted, thought life was easy mode.

Hit rock bottom and became homeless.

One family member took pity upon me and let me work at her business, where I saved up 20k, spent it all on my own business that was deep red for the entire first year.

Kept at it, and in the 2nd year, I made more than I had in the previous decade.