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Deeper Than Money

Is Buying Fancy Cars Stupid?

Deeper Than Money

Chloe Elise

Saving, Budget, Millionaire, Business, Loans, Finance, Debt, Relationships, Credit, Money, Investing, Freedom, Mindset, Millennial

4.9825 Ratings

🗓️ 28 September 2020

⏱️ 18 minutes

🧾️ Download transcript

Summary

Make your purchasing decisions based on your own value of the good, not based on how you think they will be perceived by others. When you spend in alignment with your own priorities you will feel the joy of reaching goals instead of the guilt and remorse when you spend out of a want to impress others.

Transcript

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0:00.0

Hi and welcome to the Deeper Than Money podcast. I am your host, Chloe Elise. I'm a millennial money

0:11.3

coach speaker, dog mom, and a seven on the enneagram, and I am on a mission to prove to you

0:17.1

that finances can be fun and easy. On the Deeper Than Money podcast, we will dive

0:22.6

into all things millennial finance, debt, saving mindset, and how to have financial freedom

0:29.0

to enjoy life in your 20s and 30s. I want you to leave this podcast with more confidence around

0:34.9

your Moolah and the belief that your biggest financial dreams are possible

0:38.6

for you. So let's talk money.

0:55.0

Today we're going to be talking about Hello and welcome back to the Deeper Than Money podcast.

1:03.1

Today we're going to be talking about your spending and about spending in alignment.

1:07.2

So first let's kick off by talking about cars.

1:07.9

Okay.

1:20.0

So I drive a used 2014 Ford Focus with 115,000 miles on it. And about to be more because we are,

1:28.3

this week, headed off to Colorado. We're driving. We're bringing the pups along with two of our best friends.

1:30.6

We're going to see some of our other best friends out there.

1:33.1

It's going to be such a great trip.

1:35.9

So we're going to be putting more miles on it very shortly.

1:40.2

But so for this car, I bought it almost four years ago.

1:43.4

I bought it like, I don't know, gently used.

1:46.5

Is that the phrase? With like 30,000 miles on it, I bought the car for about $13,000. I ended up paying off the car first before I started paying

1:56.8

off my student loans. So I had car debt and student loans. That was the total debt when I

2:02.1

became debt free and paid off $36,000 in 18 months. Part of that was my car loan. Part of that was

2:08.6

student loans. I paid my car loan off first because it had a higher interest rate than my student

...

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