2.4 • 606 Ratings
🗓️ 7 July 2020
⏱️ 21 minutes
🧾️ Download transcript
In today's episode, Jeremy Schneider of Personal Finance Club talks about the true cost of buying a car.
He breaks down the long term financial impact of a car payment and tells the story of how his ’99 Ford Explorer has made him over $91,000.
He also answers two listener questions live on the podcast!
If you have ever wondered how you should approach buying a car and what traps and pitfalls to watch out for, you're going to love this episode.
Click on a timestamp to play from that location
0:00.0 | When you go and buy a $550 a month car payment on a car, you don't get this deep internal happiness. You're not having more fun. You might have a little endorphin trip while you drive the car off the lot that day, but it dies real quick. And that car, a week after you own it, it's just a used car like every other car in the world. Welcome to the Stay Wealthy podcast with Taylor Schulte. This is not Taylor Schulte, |
0:24.1 | as you may have noticed. My name is Jeremy Schneider filling in for Taylor for the month of July. |
0:28.8 | Taylor was kind enough to let me take over his podcast while he is taking some time to hang with |
0:32.7 | his family, taking a breather, and re-energizing after a busy start to the year. He's also hard at work |
0:37.9 | making some big improvements to the show. He will be back on the mic August 4th with some |
0:42.3 | fun stuff to share. Until then, you're stuck with me. So if you're a fan of the show, you |
0:47.3 | might remember me from episode 64 when Taylor interviewed me. We did an episode called Why Rent |
0:52.3 | versus Buy is the wrong question. You can go back and |
0:55.2 | listen to that. For some quick context, I don't want to talk a lot about myself, but for some |
0:59.6 | quick context, my story, I started an internet company while I was in college. I grew it for 12 |
1:04.2 | years. I sold it at the age of 34 for about $5 million. And then I quit my job at the age of 36 and |
1:10.7 | have pursued my passion of personal finance |
1:13.6 | and investing where I teach people about personal finance and investing on my Instagram account |
1:18.6 | at personal finance club or at personal finance club.com. |
1:22.3 | So that's kind of what I'm doing with my life right now. |
1:24.6 | And I really love this stuff. |
1:25.9 | I'm not a professional like Kayla is. I'm just a very serious hobbyist. And so really love this stuff. I'm not a professional like Taylor is. |
1:27.7 | I'm just a very serious hobbyist. |
1:29.8 | And so it might be a little bit of a different perspective than what you're used to on the show. But hopefully it's still valuable to you. So Taylor was kind enough to let me choose my show topics for these five shows I'll be doing in the month of July. If you want, by the way, to see the show notes or links that I have for this show, they're at |
1:28.2 | You Staywealthy.com slash 75. I'll be doing in the month of July. If you want, by the way, to see the show notes or links that I |
1:45.1 | have for this show, they're at you staywealthy.com slash 75. And this show, I wanted to start off by |
1:50.7 | talking about the concept of frugality. I think living below your means, spending less than you make |
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