BECOMING A ONE CAR FAMILY - Real Life Discussion

Earlier this year in January Rey and I decided to attend Financial Peace University. It was the best decision we have ever made. We've made major changes since completing FPU in mid March, but we are anxious to really get debt free fast. We've been discussing things we could do to increase our income without adding more expenses to our life. A lot of options out there are not suited for us, or require time that we just don't have. We both realized that paying our debts will increase our income by freeing up our money that we earned. Then we can apply that money to other areas of debt and really pay things off faster. It was a major AHH-HA moment. So we realized something crazy: BECOME A ONE CAR FAMILY! This would allow us to achieve the goals we have set for ourselves. We spent hours this day and the whole week after discussing this idea. We evaluated every aspect of how it would effect our lives. The pros and the cons seemed pretty equal at one point. In this vlog we share our discussions about when the idea first popped into our head. Keep following our journey in the days to come to see what we ultimately decide to do. Thanks so much for watching!

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Vlog Entry-June 28, 2020

[meghansmith]

Thank you for this video!!! My husband and I are just now deciding to be a 1 vehicle family for a year until we reach our big goals! It’s going to be so so hard, but I’m not joking when I said this video made me cry! I hope things went well for you guys :)

[emilybudnichuk]

I'm going through this decision right now. We don't have much debt and can easily afford the payment but the cars hold us back from our goals.

[grandy]

Selena and Aliyah....names of icons! Awesome

[denizalgazi]

Get rid of the Tahoe. But also, you need to calculate the added fuel costs (and time) by doing two return trips to drop off and pickup Rey at work. Save even more money by shopping at ALDI. I agree, have your home be mortgage-free, which you can then never lose the house to a bank! It's okay if an investment property has a mortgage. Yes, you can buy investment property. That is the best way to build wealth in the long-term. You need to look into the real estate game. Before you know it, you'll have five income properties, and then ten, and then twenty!. From now on, live debt-free and within your means. If you can't afford to pay off the purchases made on the bank card at the end of the month then you can't afford to buy it! Only buy used cars that you can pay all cash for. You will smile knowing that it's paid for. Eventually, you can buy a used several years old Benz E-Class Estate car with cash for very little. No more buying new cars. The money put into that Tahoe could have been a down payment on an investment property that acts like a bank account that grows every year with added equity and income because every year, the rents go up and up. Imagine having dozens and dozens of those properties as the mortgages over time are paid off! And know when to buy and not during a real estate bubble. In years to come when you are older, you would become well off and those rents on those debt-free properties would provide a very very nice income for you and your family! As the girls get much older, they can help you maintain your rental properties! You can start saving money today by eliminating magazine purchases and getting them free at pdfmagaz .in and getting your ebooks free at b-ok. cc

[OursLife]

Oh boy, that’s a bold move for sure. If ever there was the perfect time to sell your car, this is it. I’m barely driving mine now at all thanks to covid, ugh. Good luck!!

[joea]

I'm going to take this sign to sell our tundra. I love this truck, but the used car demand has skyrocketed and we can actually profit from a depreciative asset. Goodluck on your guys' journey, we are just starting!

[cecilbrasher]

So funny that I came across your video today... we just sold our 2019 Suburban today. Your anxiety was the exact reaction of my wife. That was her DREAM car. But we are on our way to total debt freedom. We are WEIRD too! Hope ya'll are still going strong!