"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

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 12 February 2024

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

If you're paying cash for a car instead of financing, does that change how much you should spend on the vehicle? 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

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0:00.0	Ah, Benny's parents, thanks for coming.
0:02.3	Hiya.
0:02.9	So, Benny has really blossomed this term. You're telling me, he outgrew his bike. We sold it, on eBay. Oh, that's not quite what I meant. It's free to sell on there. Free to sell? Easy too. Sold Benny's bike, your guitar, my jacket. You sold my guitar? Shall we talk about Benning?
0:22.1	When it's this easy to sell for free,
0:24.3	you can't help but say when it's eBay.
0:26.7	Things people love.
0:28.0	T's and C's Apply, Exclused vehicles.
0:31.5	Race the rudder.
0:32.7	Raise the sails.
0:33.8	Raise the sails.
0:35.1	Captain, an unidentified ship approaching.
0:37.2	Over.
0:37.8	Roger that. Wait. Is that an enterprise sales solution?
0:42.8	Reach sales professionals, not professional sailors. With LinkedIn ads, you can target the right people by industry, job title and more.
0:49.1	Start converting your B2B audience into high quality leads today. Spend 200 pounds on your first campaign and get a 200
0:54.9	pound credit for the next one. Go to LinkedIn.com slash lead to claim your offer. Terms and
0:59.5	conditions apply. We're going to move on to Conner's question next. He says, I am 23 and looking to buy a home in five to seven years. My employer matches 7% of my 401k plus 10% profit sharing every year. If I include those numbers in my savings, can I save the rest for a down payment?
1:30.3	Man, that's pretty balling.
1:32.3	The 7% is that like a matching contribution?
1:35.3	He said match.
1:36.3	It says my employer matches 7% percent.
1:38.3	Yeah.
	...

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