I have an acquaintance who is living the high life in a big west-coast city. Recently they were forced to make a decision that nearly all of us face at one point or another. The 2008 vehicle they were driving no longer cut it, obviously they needed to up-grade. After all, what do you have if you don’t have appearances? <I hope you are catching my sarcasm, I’m lay’n it on pretty thick>
I have to be honest, I heard about this and I was more than a little jealous.
After all, I am a red blooded man and I happen to have an affinity for automobiles! I started asking myself that age old question that everyone has asked once or twice. I said, “I work hard, how is it that they can get a sweet new car and I can’t?!” It’s not that I didn’t know the answer. The truth is, I know exactly how they can afford it. It’s called a lease.
At this point I was fairly certain that being in the business of wealth coaching had pretty much sucked all the potential happiness out of my life. I can’t go sign a lease because I know it is one of the worst financial mistakes a young person can make!
About the only time a person should ever lease a vehicle is if they can roll up hundred dollar bills and throw them out the window of their leased car while speeding down the highway.
I was feeling bad because I couldn’t use ignorance as an excuse to make bad financial decisions any more. I couldn’t live “the high life” with cool leased toys… I have to own the toys now. I think most of you know why leasing is raw deal. However, If you want to see the math on why a lease is less than wise, let me know. As always, I would be more than happy to break it down for you.
After I stopped wallowing in self pity, the clouds cleared and I realized:
HEY! Knowledge is power!
Who am I kidding, I have a great life and very nice stuff. Do I have a brand new Mercedes? No but better yet, I get to spread the good news about finding peace with your finances and improving your financial Wellbeing.
If you guys are interested in increasing your knowledge I would love to help. We going to start offering some How-To classes and Financial Peace University here at the office later this summer. I would love to hear from you if you are interested in getting involved in something like this. Let me know!