People are more likely to pay a car note than invest | by Destiny S. Harris | October 2023

Metal is more important than financial independence

A picture from Reinhart Julian

About 85% of people manage a car note.

Yet according to Yahoo Finance, 78% of Americans have less than $50,000 saved for retirement.

what does that tell you People prefer buying cars to saving for retirement.

Two main reasons why people don’t prioritize saving for retirement:

  1. They do not prioritize long-term results over short-term ones.
  2. They believe that Social Security will save them.
  3. They feel like living in the present moment.

Note, I was not giving a lack of education here.

A person can expose themselves to knowledge about personal finance. We all learn the importance of money through its scarcity or abundance.

If you come from an economically disadvantaged background, you tend to fall into one of two categories:

  1. Those who want to improve their financial results do so.
  2. Those who accept their financial results and take no action to change them.

Which category do you fall into?

Some people use debt to create more resources for themselves.

Others use debt to satisfy their whims and fancies. They can’t afford to pay for their desires without using plastic, leading to a pile of debt.

People suck at discipline, which is why self-discipline—especially financial self-discipline—is rare.

We pay taxes into Social Security, but no one really knows if it will be in decades.

Of course, one can hope that it will be available, but there is never a guarantee, so you shouldn’t plan on it being there.

Instead, create a nest egg for yourself by practicing the art of saving and investing. If you save and invest, you are in charge of your current and future financial affairs.

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