Few Months back i have published the Article - Buy a Second hand Car.
I have received so many comments on this article. Most of that comments were from highly un satisfied readers. I can understand the feelings of my readers.
Few days back, i have received a comment from a reader. Here is the Comment.
" I guess there is a thin line between frugality and savings. Would you die as a billionaire without experiencing the small joys of life OR you would die with sufficient savings and all the enjoyable memories of life with you? I think the decision to buy a car of more than 1% of your asset should NOT only be thought from financial point of view, but rather an emotional point of view also. It is a balance that needs to be achieved. If you are satisfying your emotional needs then I think buying a car more than 1% of assets might not be a bad idea. Imagine a person wants to buy a car of his choice, but is stuck with your logic of 1%."
Well, the purpose of this article was just to educate the people regarding they should not spend more than they earn. See. Basically these car companies are marketing their products so aggressively that, it affects your mind. So Not having a Luxurious Car will feel you poor.
Because this aggressive marketing by Car Companies, people starts thinking that if they want to look cool and rich than they must buy a car. So they don't buy 2nd hand car only because they want to look cool and rich.
They started thinking emotionally that they are not happy because they don't have a new luxurious car. Well, to those people i would like to advise that,Car is one of the Ultra-fast depreciating item. Means once you buy the new car, it will loose more than 60% of its value within first 4 years.
So instead why not buy just a 2-3 year old car having a good condition?
Because somebody else has already taken that loss on their head. Yes, I know that it will feel you poor and the reason for that is because Car companies have so aggressively marketed their products that not having a car will make you unhappy or feel poor.
second thing i have mentioned in the article that, True rich people never buy a car more than 1% of their Total Net Worth. Well, see.. No matter how you feel emotionally or psychologically but the true fact is that,"If you want to live Financially free and without having any financial burden, than you have to spend less than you earn"
No matter how you attracted by some car or something else but the basic fact of happy living is that, you must have to spend less than what you earn. If you love a car worth of Rs. 10 lacs and you don't have a net worth of Rs. 20 lacs only than buying a car with borrowed money is a Fool's plan. Because by borrowing money you give the rights over your future Income to anybody else (Bank or Financial Institution) and this is not at all a good financial plan, No matter without having a car what you feel..........
Please try to understand that, not having a luxurious car feels you poor and un comfortable only because those car companies have spend literally spend hundreds of crores of rupees behind marketing their various car products. It is only the state of your mind that makes you feel poor..........
So i again advise readers that, please buy a 2nd hand car only. Never buy a car of more than 1% of your Total Net Worth............
I know, first you won't look cool and rich but when you see your Wealth growing, you won't care how you look.....!!!!!!!!!!
I have received so many comments on this article. Most of that comments were from highly un satisfied readers. I can understand the feelings of my readers.
Few days back, i have received a comment from a reader. Here is the Comment.
" I guess there is a thin line between frugality and savings. Would you die as a billionaire without experiencing the small joys of life OR you would die with sufficient savings and all the enjoyable memories of life with you? I think the decision to buy a car of more than 1% of your asset should NOT only be thought from financial point of view, but rather an emotional point of view also. It is a balance that needs to be achieved. If you are satisfying your emotional needs then I think buying a car more than 1% of assets might not be a bad idea. Imagine a person wants to buy a car of his choice, but is stuck with your logic of 1%."
Because this aggressive marketing by Car Companies, people starts thinking that if they want to look cool and rich than they must buy a car. So they don't buy 2nd hand car only because they want to look cool and rich.
They started thinking emotionally that they are not happy because they don't have a new luxurious car. Well, to those people i would like to advise that,Car is one of the Ultra-fast depreciating item. Means once you buy the new car, it will loose more than 60% of its value within first 4 years.
So instead why not buy just a 2-3 year old car having a good condition?
Because somebody else has already taken that loss on their head. Yes, I know that it will feel you poor and the reason for that is because Car companies have so aggressively marketed their products that not having a car will make you unhappy or feel poor.
second thing i have mentioned in the article that, True rich people never buy a car more than 1% of their Total Net Worth. Well, see.. No matter how you feel emotionally or psychologically but the true fact is that,"If you want to live Financially free and without having any financial burden, than you have to spend less than you earn"
No matter how you attracted by some car or something else but the basic fact of happy living is that, you must have to spend less than what you earn. If you love a car worth of Rs. 10 lacs and you don't have a net worth of Rs. 20 lacs only than buying a car with borrowed money is a Fool's plan. Because by borrowing money you give the rights over your future Income to anybody else (Bank or Financial Institution) and this is not at all a good financial plan, No matter without having a car what you feel..........
Please try to understand that, not having a luxurious car feels you poor and un comfortable only because those car companies have spend literally spend hundreds of crores of rupees behind marketing their various car products. It is only the state of your mind that makes you feel poor..........
So i again advise readers that, please buy a 2nd hand car only. Never buy a car of more than 1% of your Total Net Worth............
I know, first you won't look cool and rich but when you see your Wealth growing, you won't care how you look.....!!!!!!!!!!
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