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From Your Money

Purchasing a New (To Me) Car

Car PurchaseAs part of Scott’s change in jobs at the beginning of 2017 we needed to make a car purchase.  Scott has had a company vehicle since 2009.  A new car as well as the increase in insurance had not been part of our budget.  Setting aside money every month for a replacement car for me was.

For the record I don’t buy new cars.  I have a tendency to run the car until it doesn’t work anymore the math doesn’t work out for me.  If I want to spend $300 a month on a car if I were to buy a new car for $35,000 I would have to drive that car for almost 10 years to make it worth my money.  If I were to buy a 4-year old car for $15,000 I would only have to drive it for a little over 4 years to make it worth my money. Which is the difference between , making the car 8 years old vs 10.  So much deprecation happens within the first few years of the car you can save some money buying used.  I would rather someone else pay for the deprecation vs me.

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Have You Ever Been Influenced By A Banking Advisor?

Banking AdvisorDo you have a banking advisor?  Have you ever been influenced to change your actions because of what they said?  I have.  And it sucked.  This is going back a bit but to be honest this put me off of bank advisors.  To this day I have a really hard time trusting anything that they say is legit.  Did you know that 95% of Canadians who use bank advisors have confidence in their advisor? That is an insane high number.  That’s like dictator approval rating high.  Not at all saying that banking advisors are dictators however with all the frustrations that we see in the media about shady practices that number seems off to me.

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