Matt Ham is an author, speaker, and small business owner. Five words uttered by a nurse changed the way he looks at life – and inspired him to redefine rich.
Begin listening to Matt by clicking here –> [1:53]
I met Matt very briefly at a conference. I was immediately blown away by his story and knew he needed to be on my show. However, I have to appologize because we ran out of time before I was able to ask him about some of the BIG events in his life that formed him into THE Matt Ham:
- He and his wife battled fertility for three years before giving birth to their first child.
- Then, less than two years later, they had TWINS.
- Oh, and Matt beat cancer!
These experiences have shaped Matt into the man he is today – and I am grateful for his ability to look past the negatives and turn them into positives.
Where to find more Matt Ham goodness:
The Whole Life Matters Podcast: http://www.mattham.com/itunes
3 Important Things to Remember When Buying a Car
This post first appeared on LibertyInvestor.com
Begin listening by clicking here –> [51:46]
Transportation is the third largest budgeting expense for most people.
Housing and taxes can consume up to half of the average American’s income, with cars sucking up between 5-20 percent – depending on number of vehicles and if the consumer is carrying auto loans.
However, you can greatly reduce your vehicle costs by remembering these three things when buying a car:
1) It’s transportation
The primary purpose a vehicle is to get from one place to the next – unless you are a car collector or plan to make your van a place of residence down by the river (kickback to Chris Farley).
You don't have to think too hard about this, simply understanding that it’s just transportation to get you from point A to point B will help you evaluate the real need for a car.
Will that nifty sports car be able to seat your entire five-person family? How much truck is too much? Comfort does matter, but extras don’t.
Calculating your needs, not your wants, will cause you to make a better decision.
2) It’s a depreciating asset
Edmunds.com shares this interesting data: A new Nissan 370z will lose 9 percent of it’s value one minute after you drive it off the lot.
In two years it will have depreciated by nearly a third – or about $9,000.
Buying cars on credit could cost you much more than just the loss of value.
Let’s do the math: If a $30,000 new car was financed for five years at three percent then the total cost, including depreciation, would be closer to $22,000 – and this does not include sales tax, tags, or oil changes.
You can get more car for your dollar by buying used. Taking a four year old car off someone’s hands for $15,000 can cut the total two year cost down to $11,250 – a difference of $10,750.
3) It’s not forever
Have you ever driven a car to the ground? If so, I’m sure you have as many fond memories of ‘ol Bessie as you do the bad ones.
Cars are Use Assets – they get used up. Eventually the jalopy will die or need so much repair that it is no longer worth keeping.
My wife’s SUV turned 100,000 last year. She takes excellent care by keeping to the manufacturer’s maintenance schedule and we expect it to last another 4 years.
We could lease a car for $250 a month, but leasing is like having an interest-only mortgage: We would never get to own it until we paid down the principle.
Our budget is enjoying the fact that we don't have a car or lease payment – which gives us the chance to save up for the next vehicle or major repair.
Cars are everywhere
My friend James Kinson, AKA the Cash Car Convert, says “The deal of a lifetime when buying a car comes once every other week.”
Knowing that cars are just a form of transportation, that they depreciate rapidly, and don’t last forever can help us make a better decision when buying our next vehicle.
The way we get the biggest bang for our buck when we buy a car right is when we buy it outright.
Pay off your current car loan quickly, save what used to be your car payment for the next one, and pay attention – not a lease payment.
‘Ponda from the Honda
Free chips, salsa and bread sticks…
What do they have to do with rising prices at local restaurants?
Begin listening to this silly segment here –> [45:04]
LIVE EVENT – OCTOBER 24th, 2015
Visit http://MidwestMastermind.com for tickets and more information
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