fbpx
U

When is it Okay to Buy a Luxury Car?

February 15, 2023

In this highlight, we discuss when it is okay to buy a luxury car.

Transcript

Buying a luxury car is a big financial decision, and it’s important to consider all the factors before making a choice.

The first step in deciding whether it’s okay to buy a luxury car is to define what constitutes a luxury car. This is a subjective matter that depends on the individual’s unique circumstances. For example, a brand new Toyota Sequoia may be considered a luxury vehicle for some people, while it may not be for others.

The next step is to consider whether you have followed the Financial Order of Operations. This includes having an emergency fund, maxing out tax-free savings opportunities, and saving 20-25% of your gross income for the future. Once you have taken care of these necessities, you can start making decisions based on your preferences. If you have satisfied all of the steps in the Financial Order of Operations and are in the hyper-accumulation phase, then it may be time to think about buying a luxury car.

We joke about the idea of considering features like heated and ventilated seats or a sun roof as indicators of a luxury car. Ultimately, the decision to buy a luxury car is a personal one that should be made after careful consideration of all the factors.

Check out our Financial Order of Operation course here.

Connect

Subscribe

Most Recent Episodes

What I Learned From Being BROKE!!! (And Why I Wouldn’t Change It)

No one disputes the fact that being broke isn’t great. We want to spread the word that no matter where you came from, you can build wealth. In this episode, Brian and Bo share personal stories about their journey to wealth and lessons they learned along the way....

Top 10 Mind-Blowing Money Stats (2023 Edition)

These 10 money stats will blow your mind! We’ll discuss the unbelievable amount of money Americans save, when most reach millionaire status, and how many Americans carry a credit card balance. Research and resources from this episode: Most Americans don't have enough...

Wealth Multiplier Revealed: The Magic of Compound Interest!

There’s a reason why Albert Einstein called compounding interest the eighth wonder of the world! Do you know exactly how it works and how much your dollars could turn into by retirement? The Money Guy Wealth Multiplier can show anyone just how powerful every dollar...

From $0 to Millionaire in 10 Years (Is it Possible?)

How can you become a millionaire in 10 years or less? We’ll discuss common ways we see millionaires build wealth quickly, including through real estate, entrepreneurship, and the stock market. Discover how real wealth is built and why building wealth quickly may not...

Financial Advisors React to INFURIATING Money Advice on TikTok!

Brian and Bo are BACK to react to some more TERRIBLE financial TikTok advice! Join us as we take a look at some of the worst financial advice on the platform and tell you what to actually focus on in your own financial life. Enjoy the Show? Sign up for the Financial...

Investing Showdown: Dollar Cost Averaging vs. Lump Sum!

It’s a debate as old as time: what’s better, dollar cost averaging or lump sum investing? In this episode, we’ll cover the nuances and pros and cons of both, including in-depth case studies comparing investors at different times. Research and resources from this...

Is Inflation Really Ruining Your Finances? (You Won’t Like the Answer)

Inflation has changed our daily living expenses dramatically over the last few years. While we can’t control all of our expenses, there are many things in your control that can help you become a Financial Mutant and build wealth better than your peers. Enjoy the Show?...

Are $1,000 Car Payments Becoming the New Norm?!

New data shows more Americans than ever have car payments over $1,000. Is this becoming the new normal? How much could having a car payment of $1,000 be costing you for retirement? For more information, check out our Car Buying Checklist!