The low down on CARS 🚗
How to get nice ones before you’re too old to get in and out of the damn things 👴
7 Tips from my lifestyle design class:
- Use other peoples money. Never put your own cash into depreciating assets. Earn 8% in the stock market and pay 4% in car finance.
- Use a balloon loan (or similar). Cars don’t fall to zero. Just pay them down to future value (at the end of the loan term) and sell it to pay out the balloon. This dramatically lowers your monthly repayments.
- It’s an income game. Want cooler cars? Build a 4 product empire and create high quality, STABLE income streams. 🔑 Major key: Scalable monthly subscription income = Lambo’s in your 20’s.
- Keep your total debt-to-income ratio below 10% across your entire portfolio (including investments). This allows you to ENJOY your lifestyle, rather than stressing out all the time.
- Price it and spec it NOW. If you haven’t designed & priced your dream car(s), you don’t think you’ll ever get them.
- Ideally make your most expensive car your “business” car. Speak to your accountant about writing off a % of costs. Keep it all LEGAL.
- Make it profitable. Ask yourself: “How can I get PAID to own my dream car?”