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      10-04-2019, 01:41 PM   #32
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Quote:
Originally Posted by Run Silent View Post
If you talk to any smart financial planner - they will tell you the total of all your assets with motors in them (cars, boats, atv's, motorcycles, etc) for your household should not exceed 25% of your gross household income (3mos salary).
Most financial planners are corporate cogs who charge a nominal fee (irony) to “analyze” your finances while finding ways to upsell their programs, apps and monitoring services. Many of which are backed by credit card companies and banks. Most use the 25% rule because they know most people can’t figure out exactly what 25% of their GHI but they’re smart enough to know they’ll have access to 75% for other wasteful BS. The wisest planners, typically verified self-made millionaire would tell a person to avoid depreciating assets such as cars, boats etc (unless it’s a specific work-related vehicle) and to avoid a Mortgage (MORbid, MORTuary, rigor MORTis) unless it’s at least a two family dwelling , multi-unit, or investment property with low chances of vacancies. Single dwelling homes and cars generally a great way to hemorrhage your money.
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