Posts Tagged ‘car’

Expect Happy?

Posted: June 16, 2019 in Thought for the Day
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“We expect the next car, the next house, or the next promotion to make us happy even though the last ones didn’t and even though others keep telling us that the next ones won’t.” -Harvard psychologist Dan Gilbert

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“If you want a real financial catastrophe – France 1790-1797, Weimar Germany, Argentina, Brazil, Zimbabwe – you need fake money.

Teenage boys should never be given a fifth of whisky and the keys to the family car. Adults should never be authorized to counterfeit money.” -Bill Bonner

Debt Trap

Posted: February 21, 2018 in Debt
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“You’re going to be a wage slave your whole life… You’ve got to borrow money to buy a house. You’ve got to borrow money to buy a car. You’ve got to borrow money to get a college degree. You’re trapped in this complete cycle.” -Porter Stansberry

“Debt is simply a way for you to own and control more than you can currently afford from your savings. When you take on debt, you are agreeing to use future earnings to pay for something you want now. In general, if it’s something consumed – like a car, clothes, or airplane tickets – all you’re doing is stealing from your future to satisfy your present desires or needs. Eventually, it will not work.” -David Eifrig

How to Drive

Posted: December 15, 2017 in Thought for the Day
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“When you drive a car across the country, you have to first turn on the ignition.  That’s the only thing I know about getting across the country by car. You have to start the car.” -James Altucher

Or, for that matter, anything in life.

“Even if you buy a car with cash, you are forfeiting the opportunity of investing that cash and earning a return on it. So even people who always ‘pay cash’ still experience the same implicit trade-offs between spending now versus later…the real question is whether you are going to obtain your financing from a bank controlled by outsiders, versus a bank that you control.” -Robert Murphy

“As the Financial Times reported yesterday, more than 1 million U.S. consumers are ‘at least two months behind on car loan repayments,’ noting that the delinquency rate in the $1.1 trillion market hit its highest level since 2009. And that’s not just limited to subprime borrowers. That figure includes everyone with a U.S. car loan….

The financial Times also cites, ‘Delinquencies on credit cards also rose by about the same amount over the period to 1.79% – the highest since 2011. The rise in bad loans comes despite persistently low borrowing costs and unemployment levels – suggesting lenders may be letting consumers take on bigger debt burdens than they can handle.

Lending to consumers with weak credit scores has been one of the fastest-growing parts of the industry. Still, the increased delinquency levels follow a period of rapid expansion and could be a natural consequence of that growth. Separate figures published on Thursday by the New York Federal Reserve showed the total amount of debt held by American households rose last year at the fastest clip since 2007.'” -Porter Stansberry