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Car Payments Are Making You Poor 📉💸

@millionare.men

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609.8K

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18.3K

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Why it worked

The video leverages a strong, counter-intuitive financial take that challenges common consumer behavior, using clear statistics and relatable examples to illustrate the long-term financial consequences of car payments.

Summary

The video argues that car payments are making people poor by highlighting the average car payment and its impact on long-term wealth accumulation. It suggests buying a quality used car instead of a new one, unless one has a net worth of over $1 million, emphasizing that modern cars are built to last.

Structure

1Car payments make you poor
2Average millionaire drives a used car
3Investing $504/month vs. car payments
4Buy a quality used car unless you're a millionaire
5Modern cars are durable

On-screen text

Car Payments Are Making You Poor 📉💸 THE AVERAGE DRIVES A FOUR YEAR OLD CAR WITH 41,000 MILES ON IT AND PAID FOR HAD CAR PAYMENTS IN DECADES BECAUSE THE AVERAGE IS OVER $500 ABOUT $504 A MONTH OVER 84 MONTHS IF YOU INVEST $504 FROM AGE 30 TO AGE 70 YOU'LL HAVE SOMEWHERE AROUND $5 MILLION IN YOUR ROTH IRA I HOPE YOU LIKE YOUR CAR OUR ADVICE KNOWING THAT CARS LOSE 60 TO 70% OF THEIR VALUE IN THE FIRST FOUR YEARS IS TO BUY A QUALITY USED CAR UNLESS YOU HAVE A NET WORTH AND EXCESS $1 MILLION THEN IF YOU NEW CAR TO TAKE THE LOSS ON IT BUT THE WORST ABOUT BUYING A USED CAR YOU DRIVING A CAR THAT YOU BOUGHT TWO USED CAR BY DRIVING A FIVE YEARS AGO CAR WHAT ARE YOU DRIVING LISTEN THE VEHICLE QUALITY IS SO HIGH NOW THAT YOU WE GET THROUGH 300,000 MILES OUT OF A CAR MOST OF THESE CARS RUN AND RUN AND RUN