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Is A Seven Year Car Loan A Good Idea?

When it comes to making smart money moves, our family has never been a big fan of buying a new car.   In fact, the last new car that we bought was back in 1993 when we really did the math on how much smarter it is to buy a used car that is somewhere between two to four years old versus getting a new one.   While getting a new car should be a well thought out planned purchase, it often falls into the camp of a spur of the moment purchase depending on when you get in the mood.    In a sound financial plan, you should begin to save for the (new) used car purchase the moment that you pay off the old purchase. Recently, an article came out which sent my financial sensors into outer space. Experian Automotive says that in the first quarter of 2014, 24.9% of all new-car loans were 73 to 84 months long.  Four years ...

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Five Vices That Could Ruin Your Financial Future

We all have vices.   For some people it is biting their nails when they are stressed out.  For others it is taping and watching every single episode of the Real Housewives on Bravo TV.   Some vices are innocent while others can get you in big trouble.  Here are five financial vices you want to avoid if your goal is to become rich. Gambling- I am not talking about placing a $5 bet on the NCAA basketball championships.   The lottery for most people (especially scratch off tickets) can be a very addictive habit and one that is tough to break.  Spending $40 a week on lottery tickets vs. $40 a week saving in an IRA could mean a large differential in your ability to be able to retire one day.  The odds of your numbers coming up are slim to none. New Cars- I know that there is nothing like the smell of a new car.   There’s also nothing like the ...

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Paying Too Much For Car Insurance?

How to Save Money on Your Auto Insurance You may have good reason to complain about the cost of your auto insurance, but have you tried to do anything about it? If you're resourceful and willing to do a little homework, there may be plenty of ways to lower your premium. And we're not necessarily talking chump change--a few simple steps can sometimes save you hundreds of dollars a year. ...

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Where are the bargains in September?

To be a good CEO of your family finances, you need to begin thinking about having a quality financial plan. Your income statement is one very key part of the heart and soul of your company. We know that you will have to make purchases, and every month I’d like to bring you the items in that given month which should be on sale. Since most of our family financial decisions are either reactive or impulsive, having a good list on your calendar about when to purchase an item may help you pocket additional money every year. ...

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