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Money Guy Show

"I'm Paying Cash for a Car - How Much Should I Spend?"

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 31 May 2023

⏱️ 31 minutes

🧾️ Download transcript

Summary

If you're thinking about buying a car in cash, how much should you spend for the car? We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

I'm seeing you guys.

0:07.5

CS has a question for you, Bo.

0:10.0

He says, hey, money guy team, should I be keeping some percent of cash, some percent

0:15.2

cash position and anticipation of a potential upcoming recession?

0:20.7

Or should I continue ABB, always be buying as you and Brian say?

0:26.3

Yes.

0:27.3

This is an interesting question we get all the time because you hear us talk about, hey,

0:31.6

the best time to invest would have been yesterday.

0:34.6

So the second best time to invest, then therefore is today, right?

0:39.2

If we couldn't start yesterday, we need to start today.

0:41.0

And we are huge proponents of this idea of ABB, always be buying, always be putting your

0:45.6

money into the market, always be adding to your army of dollar bills.

0:50.1

But some people say, hey, I've heard this idea that maybe I want to keep some dry powder,

0:54.1

maybe I want to keep some cash on the side.

0:56.4

What if I think that there's a downturn?

0:58.5

I have to be very clear here.

1:00.8

When you say stuff like that, like what if there's a downturn, what if there's a recession?

1:04.4

I want you to be someone who's opportunistic and not trying to time the market because you

1:09.3

may hear me and Brian talk about it.

1:10.6

We personally, when it comes to investing, we are always buying, but we do keep a little

1:16.5

bit of excess cash on the sidelines or excess liquidity on the sidelines so that we can

1:20.9

jump on opportunities, this building that we're in being a prime example of that.

...

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