Good Lifestyle

Personal finances are exceptionally unique, but for any middle class with objectives to improve their overall financial well-being, understanding what makes and does not make a Healthy investment This is the key. For example, the elimination of luxury expenses, like a brand new high -end car, will help keep your finances intact and propel yourself in your wealth trip, according to financial expert Dave Ramsey .

In relation: 15 cities where to earn more than $ 100,000 always means that you are a "lower middle class". AE0FCC31AE342FD3A1346EBB1F342FCB

Fan of eclectic motor vehicles himself, explained Ramsey in a series of Tiktok videos which, for most people in the middle class, buying a chic, new car is not a financial gain. On the contrary, he says, it threatens its financial richness because cars lose their value over time, while simultaneously draining the pockets of their owners.

"I guarantee you that you will be broken all your life as long as you stay in car payments because it is the most expensive thing you buy in value," he said in a video, by Benzinga .

Ramsey then doubled on his declaration, noting that one of the worst things that a middle class family can do is buy two consecutive luxury cars. Now they have to juggle two payments of monthly cars in addition to other expensive recurring expenses, such as mortgage, medical invoices or tuition fees.

"The way you know that someone will stay in the middle class is when they have two very beautiful cars with obvious payments from five to seven hundred dollars seated in front of a middle class", " Ramsey said In another Tiktok video.

The only way to get into your financial mobility is to "break this habit," he added.

In the spirit of developing your financial wealth, Rob Whaley , a finance specialist with Horizon financing group , previously told Better life It is not because you are approved for a substantial car loan that you should run with it.

"These luxury cars can look great, but they are a Big to your wallet ", He said." They quickly lose value, and you are better with reliable wheels that will not break the bank. ""

However, if you have your eyes on a premium elite car, Ramsey advised in his videos that the best thing you can do is buy it, said Benzinga. Although some cars, such as a Jeep Wrangler or Honda Civic, are known to keep their value, Ramsey argued that these vehicles were the exception, because most lose 60 to 70% of their value even before the age of five years.

On a similar note, Jonathan Merry , an expert in personal finance with Moneyzine , had said Better life The fact that one of the best money moves a person in the middle class can do when buying a vehicle upgrade is to buy a used and high quality car aged about three years .

"At this age, the first owner faced the greatest drop in prices or in bulk, saving you money," he said.

Best Life offers the most recent financial information of the best experts and the latest news and research, but our content is not supposed to replace professional advice. Regarding the money you spend, save or invest, always consult your financial advisor directly.