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It's time to break the cycle.
I'm going to show you today exactly how
you can break out of the cycle of car payments forever.
Stay tuned.
(upbeat music)
You will always have a car payment.
No, that is not true.
And I'm going to show you today exactly how
you can break free of the cycle of car payments forever.
Now I'm going to go through some numbers
that might change a little bit by the time you watch this,
or even in the future if you're watching it
past the time it's been posted.
But the numbers are going to be close enough
that the principles are definitely still going to hold true.
So don't get hung up on all the exact numbers.
The point is how the numbers and the math can work for you.
So we're going to break this down,
it's going to be right here in a box,
and I'm going to show you the math of how this works.
Now, at the time of this recording,
the average car payment in America
is somewhere around $475 a month, for six years.
Let that sink in for a second.
$475 a month for six years, 72 months.
That's a long time.
That's 50% longer than college lasts.
You have a car payment (deep breath).
Okay, now I've caught my breath again.
Let's go through this math.
If you have a vehicle right now that was worth about $1500,
and you took the average American car payment
and saved it into a regular old savings account
for ten months you'd have $4750.
Take that $4750, plus the $1500 value of your car,
together you've got about $6,250.
And now you can buy a quality $6,000 used car.
Go ahead and buy that used car ten months from now
with your saved money.
Okay, so that's step number one.
Step number two is, in ten months from now,
you're going to keep saving the $475 a month
for another ten months, so now at this point,
you've got a $6250 car, and you're going to
save another $4750, which means in 20 months from now,
you're going to have $11,000, excuse me,
you're going to have money to buy an $11,000 vehicle.
Because ten months after you bought that $6250 car,
that's going to be worth pretty much about the same
amount of money.
It's not going to depreciate that fast,
especially when it's a used car, it depreciates slower
than a brand new car.
It's not going to depreciate that fast
that you can't get about the same as
what you bought it for ten months ago.
So in 20 months' time, you can have an $11,000
paid for car, cash money, it's yours, no one else owns it.
So that's step two.
Now, imagine this.
You've got an $11,000 paid for car 20 months from now.
If you, at that point, took the $475 month car payment
that you would have been paying for another 52 months,
the remainder of that six years time frame,
that you would have been sending out anyway.
Instead, you've paid it to yourself
and you put it in a good growth stock mutual fund,
and invested that money, at the average return of
the stock market, in about the end of that six months,
excuse me, end of that six years,
you're going to have about $32,000, roughly.
And at that point, you could draw enough
out of that investment to buy another $12,000 paid for car
because that $11,000 car, by now,
is definitely at the end of this 52 months is
well worn out, and it's time to be replaced.
It's great, but it's time for an upgrade, right?
If you, at that point, six years from today,
after investing $475 a month for 52 months,
if you took that money, that $32,000
and just took 12 grand of it, $12,000,
and bought a quality used car,
you still have a $20,000 principle
still left in the investment.
And let that continue to grow for you.
Don't even put another penny into that investment,
not another penny into that mutual fund ever again.
You can now repurpose that $475 a month.
If you leave that there, it's going to grow
at the average return of the stock market
and every five years, it's going to buy you
another $14,000 to $18,000 quality used car.
Just like that.
That's the power of your money working for you.
Here's one last bonus tip.
Remember that $475 a month car payment
you were saving, and then paying yourself?
And now you don't really need to save it in there anymore
in order for it to buy you used cars for life.
Well, if you redirected that into another good
growth stock mutual fund, another good investment,
and talk to your financial advisor
about the best way to do this,
that, in 40 years' time, could be $5.6 million dollars.
I hope you like your car payment.
So, this has been Jeremy with Strength in Numbers,
helping keep your wallet heavy and your heart light.
(upbeat music)
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