Kirk's Market Thoughts Message Board

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Non-Tech : Kirk's Market Thoughts

COHR 154.52

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Nov 7 9:30 AM EST

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Jerome

To: Jerome who wrote (2126)	10/16/2014 10:31:00 AM
From: Kirk ©	1 Recommendation Read Replies (1) of 26439

I think the fear is people will cut back on all other spending in order to have this new, more expensive vehicle to drive them to work. I agree that the savings for most are usually not significant compared to the added costs. My guess is it is another drag on the working class much like student loans, daily Starbucks fix and the status need to pay $100 a month for phone to be bothered 24x7. One way many of us mange to get ahead of the "working class" with working class salaries was to save 20% of what we made, make our own coffee, make healthy sack lunches to take to work, only get a loan for our first car from a credit union rather than a dealer then when that is paid off, make payments to our savings account to save for our next car and only buy a new car when there are funds there to pay cash, etc.... I'm always amazed at how the lack of understanding of fee drag and compounding causes so many to not reach their potential as they accumulate a mountain of debt. I benefit greatly as I own XLF and I have no fee checking and savings accounts paid for by the hope the banks can get me addicted to debt.

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