As a bike rider, I forget this is a thing. Asked my neighbor, he pays $350/month in insurance alone 🙃

Dave Ramsey is a hack.

In this land of legalised extortion in the form of insurance my friend who is in his mid 30s and been driving over a decade with no claims has to pay £700 per month.

My mum wanted to add my sister (again mid thirties and driving for nearly 20 years now with no claims) to her policy so she could borrow her car for a week and then maybe use the car once a month if that and they wanted an additional £1000 a month for the privaledge.

Fucking scum.

Assuming you begin investing at the age of 20 and invest $554 per month for 45 years at a 6% growth rate, you would yield 1.4 million. Definitely not MILLIONS.

What commonly goes unsaid in these conversations of insurance cost is the immediate disputes that occur with the provider.

Why am I paying tens of thousands a year to engage in an argument when making a claim?

sure, maybe. but FUCK Dave Ramsey.

Dave Ramsey is an out of touch asshole though.

some people care DEEPLY about what kind of car everyone drives. that's literally why overpriced cars even exist

Memes circulating with this dude right now, even if positioning him as a chud, are a way to launder this dude as just a legit money guy. Sure, he has some basic, broad financial advice you can consider if you can see through all the Jesus and have no other options, but more than anything else, he's a vile human being.

Eat religious shit dave ramsey.

Millions? I don't think so. There is no investment that would turn $30K or whatever into millions that was safe enough to work for the majority of people. But it would be a significant help.

That being said, for most people, the amount you'd spend to live in a place where a car isn't needed or constantly paying for ride share or taxis greatly exceeds the amount you'd save by not having a car for the vast majority of people, and that's not even getting into the ableism issue.

And sure we could get into buying a cheaper, used car or whatever, but in the long term the maintenance costs, having to buy another car sooner, and other financial risks to cars outside of warrantee over a lifetime will add up similarly unless you're really lucky or can repair your own cars.

As a pedestrian, I'm glad not to support big bike chain lube, I'm saving dozens of pennies annually

If you pay 500$ a month for 30 years at 5% interest compounded monthly you would contribute $180k and would have $416,129 so not really a million. You would need a little less than 9.5% interest to get a million. 2% interest is only getting you $246k which when you take into account inflation 2-3% normal average minus 5% one of the higher realistic interests that is what you are actually making .

Spoken like someone who's long since stopped worrying about having to commute without mass transit available.

If mass transit is available and reasonable then yeah, go off. But otherwise please stop blaming the victims of Capitalism.

It drives me crazy when i get spam that says they can save me money on my car insurance

O rly? How you gonna beat $0?

Wtf does your neighbor drive that insurance is $350 per month on it? A Ferrari?

I paid $830/month for a moderately priced car at only 2.9% for a few years. 1/3 my current yearly salary in full. It wasn’t smart, but I beat inflation at that rate. That car let me and my wife travel so much in our early marriage and it was so worth it. The car is more expensive now then when I bought it.

I love that car and it brought me joy. It’s paid off now.

Tomorrow is not promised. Save for the future but don’t neglect being happy today. Go live a little.

Insurance payments for teenage boys are INSANE. $100-150 is the usual but my buddy is paying literally $300 a month on a year 200X Tahoe that he bought for $700 and fixed himself. Its the cheapest option on his families insurance and his parents won't let him switch.

That's not even payments that's INSURANCE.

Honestly if someone were to have said that garbage to him 40 years ago he prolly would have called it unAmerican and communistical.

It is weird to watch the ethical scoliosis happen in real time over the decades.

I prefer to ride my bike. I have a little trailer so I can take my dogs with me. That said, I also have a car. It's paid off and my insurance is about $60 a month.

“No one cares about what car you drive” has such Boomer energy to it, and it’s completely false.

Our 2nd car (ie. the one we use if my wife or I need to commute individually - suburban sprawl means we live in a public transportation desert), is a beat-up 15yo Hyundai hatchback.

We both love it because it’s economical, surprisingly reliable, cheap as anything to maintain, and we don’t particularly care if it gets dinged at a parking lot.

But the looks we get from our peers when we drive to our respective offices (we usually WFH), holy crap! Constantly having to explain ourselves is tiresome, and our line managers have both made off-handed comments sarcastically asking if we’re not being paid enough. 🤦🏻‍♂️

Or you can take the train, walk or bike. All of which are much much cheaper.

I've never understood buying a car on credit. My car's 17 years old now. Bought it when it was 8 years old. Insurance is €390/yr.

I was looking for a new car a few years ago, but i didn't have to rush, i didn't have a car for almost two years and just used my work car if i really needed one. Then covid hit and i was still sometimes browsing cars. People were selling the cars they no longer can afford and i was fucking shocked to see people selling cars saying that the monthly pay off is like 1200 or shit like that. Who would think that is a good idea? If you can afford it there is no reason to pay it off, and if you can't, it's too expensive. That is just the car payment, no insurance or road fees or anything.

I care about what kind of car i drive and all of mine are broken because they're old garbage.

I pay about $450 a month for my mini cargo van and another $80-ish for insurance. I also drive about 3,000 miles a month (my commute is long and I spend most weekends out of town helping my parents), so I average about 350 dollars a month in gas. Let's call it another 100 a month on average for maintenance (I do my own oil, the tires are pretty cheap, but there will be occasional large expenses).

So that comes out to pretty close to a thousand dollars a month total. That's a lot of money.

But by living in the middle of the country far from work, I can rent a trailer home that costs about $1500/month less than a tiny apartment close enough to work to walk or bike, and I have the freedom of owning a car and being able to go anywhere and haul anything I need.

So yeah, it's expensive, but it would be even more expensive NOT to have it.

I'm actually looking to move from owning to leasing a car because it's been false economy. The maintenance costs and stress have been so high as to make it cheaper to pay a few hundred quid each month.

Never buying a vehicle I can't pay upfront for again if I can help it. Hated those payments the first time I had to go through it. I do more real work with my 80's era pickup than the yuppies who need their "toy haulers" do that sit almost twice as high. Plus, once I get the diesel swapped in and I'm running biodiesel, I have less emissions as well. Did you know that modern American diesels are so tuned for regular diesel that they can't run biodiesel? I assume the Euro models can though.

Insurance varies a lot with what you drive, where, amount of coverage, and history of driving.

Mine is around $800/year and I drive nothing to brag about. (Well, except cost of ownership and safety record. Knock on wood). But my partner pays more because they have more coverage and a newer car worth covering.

But if you think $350/month is high, let me introduce you to private health insurance. 😂

Uhhh... I pay less than that per YEAR for insurance on two motorcycles. Fuck cars, indeed.

The hell are these people driving? I pay $240/mo for a goddamn Lexus.

I had no idea my insurance is so much. But it is a lot. If I think about it I'll get angry.

You can take defensive driving courses to lower it though.

I have never owned a car that did not already belong to 2 family members prior. Surprisingly, I have yet to be kicked down the social ladder and sweep dung for a living.

Also, used cars are like 3000€ here. I have no idea of used cars, but at some point having them be serviced every year should be cheaper than monthly payments, right?

We bought a reliable car for 22k without financing. Our next car will be bought when this one dies. It's not necessary to have a new car every couple of years.

If you can afford to pay cash then take the loan and invest the cash elsewhere, and if you can beat the interest on the loan then come back to write better financial advice than this. And even if you can't you'd at least have done something interesting.

Sorry, the best "for you and your future"?? OUR future