Millennial who saved $1 million: Buying a new car is 'one of the worst decisions you can make' via CNBCMakeIt
Grant Sabatier, founder of Millennial Money and author of "Financial Freedom: A Proven Path to All the Money You Will Ever Need," knows how to maximize his savings. By the age of 30, he had earned over $1 million.
That's because, he says, buying a new car is"one of the worst financial decisions that you can make in your life." Buying a $40,000 car, for instance, he says, would require a year's worth of work if you're earning $20 per hour after taxes and working 200 hours annually. If you had invested that money instead, it would be worth more than $240,000 after 30 years with a 6 percent rate of return, or more than $440,000 with an 8 percent rate of return.Orman recommends buying used cars because, unlike a home, a car won't increase in value.
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