When it comes to buying cars, people tend to splurge. A lot. The average new car price is $33,560. Car loans used to be 36-48 months, now 60-72 month loans are becoming more commonplace. Purchasing a car at this price and financing it for that long will cause significant financial stress. If you can “afford it,” you’ll be paying out $500/month for several years. If you can’t afford it, you’ll be in even worse shape. This guide will help you keep the price of a car as low as possible, and give you some tips along the way depending on your situation. Especially if you have a modest income and want to retire.
Most people think of retirement as a rich person’s dream. To retire, you need to wear a suit, earn hundreds of thousands of dollars per year, and invest most of it. With a multi-million dollar nest egg, you can finally “live the dream” of retirement. There is no way a household that earns $30,000 per year can ever afford to retire, right? Wrong. Even if your income is $30,000 per year, you can still retire, it just takes a little bit of planning.
Emergency funds are the bedrock of financial success. Without an emergency fund, you cannot weather the majority of financial emergencies, even small ones like replacing your car’s tires. Last week I talked about how much money you need in your emergency fund. I found out that I need about $24,000 to protect me in the event of an emergency. I also polled Twitter and found that the majority of my followers had less than $10,000 in their emergency funds. Find out about how 5 other personal finance bloggers handle their emergency funds.
Emergencies are always waiting to strike. It could be weather or a job loss. Your car could break down, or you could have an unexpected medical bill pop up. Regardless of the situation, having a stockpile of money to help you through these problems is extremely important. Not only will it help you weather these emergencies, but it will give you peace of mind that you can weather these emergencies. But how much money should you have saved? Well, that entirely depends on what your emergency fund is for.
Welcome to the third installment of What I’m Reading! This is where I cover the blog posts that I’ve found particularly interesting, informative, or just plain awesome. I do my best to read as many blogs as I can throughout the week, so this really covers a lot of breadth. As a general announcement, I am switching to a new posting schedule! I will post new content on Monday and Thursday, with a What I’m Reading over the weekend (preferably Saturday). However, I probably won’t be following this schedule because I’m going on vacation next week. Without further ado, happy reading!