MoneyWise | January 12, 2019

Cash for Cars

Show Notes

It’s one of the smartest moves you can make to gain financial peace of mind— to get to the point where you’re controlling money— not the other way around.  Why then do so many people fail to do it?   We’re talking about paying cash for cars. And more importantly avoiding a big fat car payment every month that blows a hole in your budget. Financial planner and teacher Rob West has the skinny on that.

  • Paying cash for a car is a very novel idea to a lot of people. They might think a car payment is just another necessary category in the family budget.
  • What’s the difference between a mortgage payment and car payment? You have to have a place to sleep and a way to get to work so why are they different?
  • The fact that cars depreciate right off the lot means you’re “upside down” on the car right from the very beginning.
  • How do we break the cycle of owing more than the car is worth?
  • Should you consider buying less car than you’re used to?

Next, Rob and Steve answer these questions at 800-525-7000:

  • Is a "Grow Up" plan a good investment vehicle for a granddaughter?
  • If you have some rental income that you put into an account every year, would it be appropriate to consider that to be an emergency fund?
  • If you have 3 different 401(k) accounts, should you consider rolling all of them together into one account?

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