Financial Advisers tell you that your last years of employment should be spent saving money. Financial expert Spencer McGowan of the McGowan Group says NOT buying a new car is the best way to save money he knows. “We all get tempted – especially during the holidays and year end. It’s easy to get emotional and go on a spending binge at the end of the year.”
Shark Tank's Mr Wonderful Kevin O'Leary doesn't own a car because he thinks it's a monetary black hole. Well known adviser Dave Ramsey says to drive a clunker - but McGowan won't go that far. “It has to be reliable. If you’re stranded on the side of the road for the third time and your boss fires you ------ that’s worse than a car payment!” McGowan says you can lessen your car expenses by car pooling, walking more, and NOT buying a newer, flashier model. “If it’s paid for --- or almost paid for --- and it’s reliable, focus of the free cash flow that you can invest for good dividends.”
Investing the money you're NOT spending on a car note will make your retirement all the sweeter.