Latest / The Table with Anthony ONeal / 4 Steps to Get Out of a 5-Figure Car Loan and Stop Your Debt Cycle

Transcript

4 Steps to Get Out of a 5-Figure Car Loan and Stop Your Debt Cycle · The Table with Anthony ONeal

0:00
[SPEAKER_00]: The first car I ever bought by myself, no co-signer, was a brand new Nissan Maxima.
0:06
[SPEAKER_00]: And I was right around 24 or 25 years old.
0:09
[SPEAKER_00]: I remember the car like it was yesterday because I used to see that on all the latest TV shows and hip hop shows.
0:15
[SPEAKER_00]: But check this out a few years before that.
0:18
[SPEAKER_00]: I was seeping in the back of the Nissan Maxima, specifically in 1987, part on a street and Southern California specifically in Walmart parking lot
0:30
[SPEAKER_00]: You see, I had the same badge, roughly about six to seven years apart, and I was stuck both times.
0:37
[SPEAKER_00]: You see, now, most people believe the way out of a car you cannot afford is to trade it in and to get something cheaper aka new car.
0:46
[SPEAKER_00]: But coming from a former car salesman, that's exactly what the dealership is counting on.
0:51
[SPEAKER_00]: Because right now, almost three out of every 10 people
0:59
[SPEAKER_00]: I want to give you a specific number up front in today's episode because that average gap is roughly $6,884 so we're going to round that up to $7,000 and that 7,000 doesn't disappear when you trade it in.
1:14
[SPEAKER_00]: You should know that, because I promise you as a matter of fact, if you're watching this on YouTube, let me know in the comments section below if you traded in the card and you were upside down.
1:24
[SPEAKER_00]: Because we all know that that extra $7,000 gets bolted onto the next auto loan, onto the next car.
1:32
[SPEAKER_00]: So you're not financing, quote unquote, a new car, you're financing the last three cars you had.
1:41
[SPEAKER_00]: Three numbers, two doors.
1:44
[SPEAKER_00]: That's the whole show today.
1:46
[SPEAKER_00]: And I'm not making you wait for it.
1:48
[SPEAKER_00]: And let me be clear before we get started on today's episode.
1:52
[SPEAKER_00]: I do not believe in financing a car.
1:54
[SPEAKER_00]: To be exact, I had not financed a car in the last 12, 13 years.
1:58
[SPEAKER_00]: And since I haven't done it in the last 12, but 13 years, huh?
2:06
[SPEAKER_00]: I have financed the car.
2:07
[SPEAKER_00]: The very first car had a co-signer by my California father.
2:11
[SPEAKER_00]: And then the next one, I did finance that one.
2:15
[SPEAKER_00]: That was the Nissan Maximus.
2:17
[SPEAKER_00]: So today's episode is not going to be any shame.
2:20
[SPEAKER_00]: I'm not trying to throw any guilt on anyone.
2:22
[SPEAKER_00]: I just want to be honest.
2:24
[SPEAKER_00]: I don't believe in financing a car.
2:25
[SPEAKER_00]: That's a liability.
2:27
[SPEAKER_00]: So listen, there's a second number attached to buying a car.
2:36
[SPEAKER_00]: it's the one that gets people.
2:38
[SPEAKER_00]: You see, I built a free tool that fixes it and I'm going to be coming back to it here in a few minutes, so don't go anywhere.
2:44
[SPEAKER_00]: So we got three numbers, two doors, and I want to get straight to it.
2:49
[SPEAKER_00]: I'm going, I'm going to give you the answer of front today.
2:52
[SPEAKER_00]: Then I'll spend the rest of today's episode proving it because if I make you wait let's be honest, some of y'all are going to leave.
2:58
[SPEAKER_00]: and I need y'all to stay as a matter of fact while you hear go ahead and hit that subscribe button and hit the thumbs up and share today's episode because I promise you it's going to save some of you all a lot of money and a lot of headache.
3:10
[SPEAKER_00]: But if you owe more on your car than it's worth, you have two specific doors.
3:16
[SPEAKER_00]: The very first door you could walk through is you can keep it and pay it off.
3:21
[SPEAKER_00]: Now, door number two is you can sell it and close the gap.
3:24
[SPEAKER_00]: Those are the two main doors.
3:25
[SPEAKER_00]: And we're gonna go through all these doors throughout today's episode.
3:29
[SPEAKER_00]: Now, here's the door that isn't a door.
3:32
[SPEAKER_00]: And it's the only one.
3:34
[SPEAKER_00]: It is the one that when you walk through the dealership, this is what they want you to do.
3:39
[SPEAKER_00]: They want you to trade it in, roll what you owe onto the next one, drive off with a longer term and an easy, affordable monthly payment.
3:49
[SPEAKER_00]: And to me, for my community, that is not a door.
3:52
[SPEAKER_00]: That is a hallway that walks you back into the same room with more furniture in it.
3:58
[SPEAKER_00]: Think about that.
3:59
[SPEAKER_00]: It's not a door.
4:00
[SPEAKER_00]: It's a hallway.
4:02
[SPEAKER_00]: And when you walk back to it, it's just more furniture, more bills, more issues.
4:07
[SPEAKER_00]: And most of you have walked that hallway already.
4:11
[SPEAKER_00]: And nobody ever told you what they cost.
4:15
[SPEAKER_00]: with that, sit in just for a little bit.
4:18
[SPEAKER_00]: This and research, this and research, and as I am, you all know as I'm getting my doctorate at one of the best schools, Regent University here in the DMV area.
4:28
[SPEAKER_00]: I found that the average new car loan in America today is 43,925 dollars.
4:31
[SPEAKER_00]: Out of around 6.5% interest rate, if you have actually good credit.
4:38
[SPEAKER_00]: And a term, this is part of the thing that I do not like, 72 months, Lord Jesus, six years.
4:46
[SPEAKER_00]: Now plenty of dealers will stretch this till by 84 months if you flinch at the payment over 72 years.
4:54
[SPEAKER_00]: Now how long do you actually keep the car?
4:56
[SPEAKER_00]: For most people, it's two to three years on average.
5:00
[SPEAKER_00]: So I want you to sit with that just for a little minute.
5:03
[SPEAKER_00]: You sign for 72 months.
5:09
[SPEAKER_00]: poles.
5:10
[SPEAKER_00]: I signed a loan for 72 months, but I'm leaving at 30 months.
5:17
[SPEAKER_00]: Family, that's the whole problem right there.
5:19
[SPEAKER_00]: Your loan outlives the car every single time.
5:24
[SPEAKER_00]: Being upside down isn't bad luck.
5:28
[SPEAKER_00]: It's the whole thing they want you to be in.
5:31
[SPEAKER_00]: That's exactly where they want you to be.
5:33
[SPEAKER_00]: Because that car starts losing value, that day you drive it home, the day you drive it off the lot, but your loan doesn't even care.
5:45
[SPEAKER_00]: And the first year's of the 72 month note, a big piece of every single payment goes to the interest.
5:53
[SPEAKER_00]: Not the balance.
5:55
[SPEAKER_00]: So the car is falling.
5:58
[SPEAKER_00]: The loan is very barely moving.
6:01
[SPEAKER_00]: And somewhere around your two or three, those two lies, they cross.
6:07
[SPEAKER_00]: That's the moment you go underwater.
6:09
[SPEAKER_00]: And most people have no idea because nobody's checking.
6:13
[SPEAKER_00]: Then you walk into the dealership, uh-oh, we're going back to that hallway and when that man runs your trade-in and sees you $0.006,884 more than the car is worth, he doesn't say, sir, you're upside down.
6:28
[SPEAKER_00]: Let's fix this first.
6:29
[SPEAKER_00]: He says, you take care of you.
6:32
[SPEAKER_00]: I got you.
6:34
[SPEAKER_00]: You see, what they're gonna be saying is, how much money do you wanna pay a month?
6:38
[SPEAKER_00]: They're not gonna tell you how much total you're gonna be paying.
6:41
[SPEAKER_00]: And here's the truth, he can fix it.
6:44
[SPEAKER_00]: Who wrote that almost $7,000 right into the new world and keep the payment friendly because he stressed it now from seven to two months to 84 months.
6:55
[SPEAKER_00]: And you drove off the lot of feeling like you did something amazing.
6:59
[SPEAKER_00]: You got this brand new car, smells fresh, it looks good, it has brand new paint on it.
7:06
[SPEAKER_00]: But the truth of the fact is, you didn't pay off that $7,000, you moved it, it's still yours.
7:12
[SPEAKER_00]: It's just wearing a different car now.
7:17
[SPEAKER_00]: Do that twice, and people are doing it, and now you're making a payment every month on a vehicle somebody else's driving right now.
7:28
[SPEAKER_00]: I want that to sit in, you traded it in and you're still making a payment on the card that you have now and on two other cars that someone else is driving and they're saying thank you for depreciating the car and I paid cash for it.
7:47
[SPEAKER_00]: Think about that.
7:49
[SPEAKER_00]: But before we move on, so the payment, I would say it was never the real number.
7:55
[SPEAKER_00]: There's a second number nobody runs before they even saw it.
7:58
[SPEAKER_00]: the promise, the one that I promise you at the top that I will come back to.
8:03
[SPEAKER_00]: You see, insurance isn't priced on you.
8:07
[SPEAKER_00]: It's priced on the actual vehicle.
8:10
[SPEAKER_00]: Same driver, same car, same clean driving record, put that person in a, let's say, a Ford F-150 and it's $100 a month.
8:19
[SPEAKER_00]: Put that exact same person in a Tesla Model Y that's driving itself and it's $241 a month, more than double.
8:28
[SPEAKER_00]: nothing changed, but the vehicle.
8:31
[SPEAKER_00]: So you shop the car, you negotiate the car, and you sign.
8:35
[SPEAKER_00]: And two weeks later, the insurance bill, it shows up and the car you agree to, cost $200 more a month than the number you agreed.
8:46
[SPEAKER_00]: You price one number and never priced the other one.
8:50
[SPEAKER_00]: Family, let's talk about one of the biggest money leaks in your budget and that's current insurance.
8:57
[SPEAKER_00]: You see, most folks are overpaying by hundreds every single year just because they haven't checked their rate.
9:04
[SPEAKER_00]: If you haven't shopped your policy lately, you're probably giving away money for nothing, for no reason.
9:11
[SPEAKER_00]: Here's the truth that I recently found.
9:13
[SPEAKER_00]: The average driver is paying over $2,000 a year for car insurance.
9:17
[SPEAKER_00]: I said that right.
9:18
[SPEAKER_00]: And rates have jumped up more than 30% in just the last couple of years.
9:22
[SPEAKER_00]: But three out of four drivers never stop around.
9:25
[SPEAKER_00]: So they stuck paying more for the exact same coverage.
9:29
[SPEAKER_00]: Listen, you work hard for your money.
9:31
[SPEAKER_00]: Why give more of it away than you have to.
9:33
[SPEAKER_00]: You see, with my trusted tool, you can compare real quotes from top companies and just minutes.
9:38
[SPEAKER_00]: No spam, no pressure, and it won't impact your credit score.
9:41
[SPEAKER_00]: I promise.
9:41
[SPEAKER_00]: Most people say hundreds a year just by checking it, specifically just from within our community.
9:47
[SPEAKER_00]: Do not let another dollar sit-away visit anthonyonyo.com for us to ask car insurance, enter your zip code, and see how much you could save today.
9:55
[SPEAKER_00]: It's quick, it's free, and it's your money.
9:57
[SPEAKER_00]: Keep more of it inside of your pocket.
9:59
[SPEAKER_00]: Listen, family.
10:03
[SPEAKER_00]: go to www.anthonyoneo.com for sescarns insurance right now and start saving today.
10:08
[SPEAKER_00]: All right, let's get back to the show.
10:10
[SPEAKER_00]: You see, nationally, that's $2,237 a year.
10:14
[SPEAKER_00]: And listen, I live in Maryland.
10:17
[SPEAKER_00]: We pay the most in the country.
10:19
[SPEAKER_00]: Oh, my gosh, the average person pays close to $41, hundred dollars a year on average, right?
10:26
[SPEAKER_00]: I'm paying almost seven.
10:31
[SPEAKER_00]: Now, if you already have the car, you can still cut that number two day.
10:36
[SPEAKER_00]: And every dollar you cut, go straight at the payoff.
10:40
[SPEAKER_00]: That's door number one.
10:42
[SPEAKER_00]: And this is how you fund it.
10:43
[SPEAKER_00]: You see, go to anthonyl.com for slash car insurance, putting your zip code and compare what your paying against was out there.
10:52
[SPEAKER_00]: Listen, it will take you not even two minutes on this particular phone that I created.
10:57
[SPEAKER_00]: It won't touch a credit.
10:58
[SPEAKER_00]: It's 100% free.
11:00
[SPEAKER_00]: You're not going to get any spam emails.
11:02
[SPEAKER_00]: That's my tool.
11:03
[SPEAKER_00]: So when you use it, listen, I promise you was going to be effective.
11:08
[SPEAKER_00]: But I wouldn't put my name on it if I wouldn't tell my own mother to do it.
11:13
[SPEAKER_00]: As a matter of fact, this tool saved me close to about two to three thousand dollars.
11:19
[SPEAKER_00]: and if you do not have a car yet, price the insurance before you pick the car.
11:24
[SPEAKER_00]: That's the order.
11:25
[SPEAKER_00]: Go to anthonyo.com for slash car insurance today.
11:29
[SPEAKER_00]: Give yourself two minutes, put money back until you're pocket.
11:33
[SPEAKER_00]: All right?
11:34
[SPEAKER_00]: Let's get back to it.
11:35
[SPEAKER_00]: So what does I would say that hallway cost us?
11:39
[SPEAKER_00]: And I'm saying us because I have done this before, I will not do this again, but I have done it before.
11:44
[SPEAKER_00]: I'm saying, everyone of these out loud for those of you who are listening in the car.
11:50
[SPEAKER_00]: So you don't have to worry about anything else if you're driving and watching this on YouTube, just listen and pay attention.
11:56
[SPEAKER_00]: Now, let's talk about this hallway.
11:58
[SPEAKER_00]: Somebody who rolls negative equity forward.
12:01
[SPEAKER_00]: Just say the second quarter of the year.
12:03
[SPEAKER_00]: The repayment lands, let's say, right around $944.
12:07
[SPEAKER_00]: The industry average is right around $777.
12:10
[SPEAKER_00]: That's $167 a month every month from moving the problem instead of for solving it.
12:16
[SPEAKER_00]: So let me break it down like this.
12:18
[SPEAKER_00]: That's an extra $167 a month that you wrote over to your new car payment for the O car somebody else is driving.
12:26
[SPEAKER_00]: but the payment is the small part.
12:29
[SPEAKER_00]: The person rolling over equity into a new loan is projected to pay $16,000 in interest over the life of the loan.
12:39
[SPEAKER_00]: The average new car buyer pays roughly $9,811.
12:45
[SPEAKER_00]: So that one decision, rolling over old cars and to new cars is close to $6,500 in interest payment alone.
12:56
[SPEAKER_00]: y'all gotta say that one more time.
12:58
[SPEAKER_00]: Cause I need this one to land.
12:59
[SPEAKER_00]: Remember, this is about financial freedom.
13:01
[SPEAKER_00]: Every dollar we could save from paying out interest, we can position that money to now make us interest.
13:09
[SPEAKER_00]: $6,500 going to interest.
13:12
[SPEAKER_00]: Just for rolling over your car.
13:17
[SPEAKER_00]: Y'all, that's an emergency fund for a family that has never had one.
13:22
[SPEAKER_00]: And it's gone.
13:24
[SPEAKER_00]: It didn't buy you a better car.
13:26
[SPEAKER_00]: It didn't provide you peace.
13:28
[SPEAKER_00]: It didn't set you up to have options.
13:31
[SPEAKER_00]: And it didn't buy you one day of freedom.
13:36
[SPEAKER_00]: What did it buy you?
13:38
[SPEAKER_00]: 12 more months of pain.
13:42
[SPEAKER_00]: What did it buy you?
13:44
[SPEAKER_00]: Less freedom.
13:47
[SPEAKER_00]: And this is not a handful of individuals.
13:50
[SPEAKER_00]: Almost three out of every 10 of the trade-ins in this country are underwater and more than one and four of those people over $10,000 or more than what the car is worth.
14:06
[SPEAKER_00]: That's the third of the car market carrying debt on vehicles.
14:10
[SPEAKER_00]: They do not even own anymore.
14:12
[SPEAKER_00]: And nobody is even telling them.
14:15
[SPEAKER_00]: I was telling some of my class just the other day at Virginia University.
14:19
[SPEAKER_00]: that the system isn't designed to make you wealthy.
14:23
[SPEAKER_00]: I'm a citizen, especially, and I do not want to disrespect anyone outside of the African-American minority community, but the system is especially not designed for black people, people of color.
14:33
[SPEAKER_00]: It is designed to keep you paying to keep us in debt period.
14:39
[SPEAKER_00]: Period.
14:42
[SPEAKER_00]: So now I've got to tell you
14:44
[SPEAKER_00]: How I ended up in it.
14:45
[SPEAKER_00]: I got to be transparent on it.
14:47
[SPEAKER_00]: You see, the brand new Maximal told you about, I was about 24 to 25 years old, and I'm the honest with you.
14:52
[SPEAKER_00]: I was proud of it.
14:55
[SPEAKER_00]: That was the secret ingredient.
14:58
[SPEAKER_00]: That was proof that the kid who used to sleep in a maximum had made it out.
15:05
[SPEAKER_00]: I was pulling up, I was looking good,
15:10
[SPEAKER_00]: That was the brand new body style of that maxima boy.
15:12
[SPEAKER_00]: It was sweet.
15:13
[SPEAKER_00]: It was black on black, black wheels, black leather.
15:16
[SPEAKER_00]: It was the first car I had with leather.
15:20
[SPEAKER_00]: You could tell me nothing.
15:23
[SPEAKER_00]: I thought I was the man.
15:25
[SPEAKER_00]: But the truth in fact is I wasn't.
15:30
[SPEAKER_00]: Truth in fact is I was.
15:33
[SPEAKER_00]: I was making six figures.
15:36
[SPEAKER_00]: Get him paid on the 15th, and I've gotten nothing left by the 26th of the month.
15:42
[SPEAKER_00]: 11 days of paycheck, 19 days of the month, and a whole lot of reasons I was sitting in my driveway, looking beautiful, pulling up a church, looking like he got him made together.
16:02
[SPEAKER_00]: But if I go back and I remember the past, every Friday mean my crew went out to ocean side, California played ball that ball on the beach.
16:09
[SPEAKER_00]: We'll have our shirt off and put on oil and look good for the ladies.
16:13
[SPEAKER_00]: Every car and not parking lot was clean.
16:16
[SPEAKER_00]: Everybody looked like they arrived.
16:19
[SPEAKER_00]: And one of those nights, one of my boys walks up to me and ask me for five dollars, so he could go to McDonald's.
16:26
[SPEAKER_00]: and this man is driving a range roll we're sitting on 24s and living with his mother.
16:31
[SPEAKER_00]: Now I want to be careful here because there's a virgin of this story where I'm the smart one and that lot shaking my head at everyone else.
16:40
[SPEAKER_00]: But that's not what happened.
16:43
[SPEAKER_00]: Because everyone of us was doing that in that same thing.
16:47
[SPEAKER_00]: Nice cars.
16:49
[SPEAKER_00]: living with our parents and barely covering our bills.
16:54
[SPEAKER_00]: Nothing saved, nothing invested.
16:57
[SPEAKER_00]: All of us are performing.
17:00
[SPEAKER_00]: And I was doing it in a slightly cheaper package.
17:03
[SPEAKER_00]: That's the only difference between me and that range rover.
17:08
[SPEAKER_00]: That's the night I said I have to change my life.
17:12
[SPEAKER_00]: So when I tell you, I don't find ass cars.
17:15
[SPEAKER_00]: I'm not saying it from a pedestal.
17:18
[SPEAKER_00]: I'm saying it from the parking lot.
17:22
[SPEAKER_00]: Nobody out there was foolish.
17:25
[SPEAKER_00]: We were all optimizing for how it looked in the driveway instead of what it left us in our account.
17:33
[SPEAKER_00]: And you cannot budget your way out of a car you should have never signed for.
17:42
[SPEAKER_00]: Is this making sense?
17:45
[SPEAKER_00]: So I wouldn't get to some real numbers.
17:48
[SPEAKER_00]: Because I know some of you are saying, man, this is filling overwhelming, overwhelming, specifically for one reason.
17:56
[SPEAKER_00]: You've never written them down.
17:59
[SPEAKER_00]: It's two simple phone calls.
18:02
[SPEAKER_00]: Number one, what you owe.
18:05
[SPEAKER_00]: Not what the app says.
18:06
[SPEAKER_00]: You call your lender and use these exact words.
18:13
[SPEAKER_00]: That's going to be exactly, well, implied is.
18:18
[SPEAKER_00]: That's what it actually takes to make the car, to make that car you're today.
18:23
[SPEAKER_00]: Including the interest built up since your last payment.
18:27
[SPEAKER_00]: It's almost always higher than the balance you've been staring at, and people get emotional when they hear it, which is exactly why you need to hear this.
18:44
[SPEAKER_00]: And I want the private party value, not the trade-in value.
18:50
[SPEAKER_00]: Not the trade-in value, because coming from a former car salesman, the dealership only is going to give you the lowest value of your trade-in.
19:02
[SPEAKER_00]: because trade and value is what the dealership hands you so they can resell it to make a profit, which is totally expected.
19:09
[SPEAKER_00]: No one's in business to not make any money, but private party value is what a real person pays you on Saturday if you sell the car directly yourself.
19:20
[SPEAKER_00]: But the spread is often I was a thousands of dollars and it belongs to you.
19:26
[SPEAKER_00]: I think when I did last time I did a research, you can probably get about three to five more thousand dollars for your car if you privately sell it.
19:35
[SPEAKER_00]: Now number three, the gap takes number one and subtracts number two.
19:41
[SPEAKER_00]: You see, I don't know what's it is.
19:51
[SPEAKER_00]: But if you owe more, that difference is your gap.
19:55
[SPEAKER_00]: That's what you will still owe on a car.
19:57
[SPEAKER_00]: You don't even have anymore if you sold it tomorrow.
20:01
[SPEAKER_00]: I want you to write it down and put it where you'll see it.
20:04
[SPEAKER_00]: Because the day that number starts being a mystery is the day you start doing something about it.
20:11
[SPEAKER_00]: So right now what I'm gonna do is pick the door.
20:16
[SPEAKER_00]: I want you to listen to this episode and pick which door is best for me if you're in this situation.
20:22
[SPEAKER_00]: And let's just say you're not in this situation, I want you to share today's episode with someone who is in this situation so we can help them get out of this situation.
20:31
[SPEAKER_00]: So how do you know which door is yours?
20:34
[SPEAKER_00]: Let me say this upfront, it's not a filling, it's a comparison.
20:40
[SPEAKER_00]: Cost, almost like this.
20:43
[SPEAKER_00]: The cost to keep it is going to vary every time.
20:46
[SPEAKER_00]: What should remain a payment on a loan all the way to the end?
20:49
[SPEAKER_00]: And the cost to leave it is your gap.
20:52
[SPEAKER_00]: Plus, whatever reliable use car costs you in cash.
20:57
[SPEAKER_00]: Hopefully that makes sense.
20:58
[SPEAKER_00]: Hopefully I'm standing correctly so you can understand it.
21:01
[SPEAKER_00]: A smaller one is your door.
21:03
[SPEAKER_00]: That's the whole test.
21:06
[SPEAKER_00]: Door number one, keep it and pay it off using a debt snowball method.
21:11
[SPEAKER_00]: If it's cheaper to keep that car, I want you to keep it.
21:15
[SPEAKER_00]: And I don't mean, you know, drift along on minimum payments.
21:18
[SPEAKER_00]: No, I mean, you put it in your desk no ball and you go after it every extra dollar.
21:24
[SPEAKER_00]: Then insurance money, you just saved the race that you just got, the tax refund.
21:29
[SPEAKER_00]: You just got all of it until that note is dead until that note is gone.
21:36
[SPEAKER_00]: Until that car payment is zero.
21:39
[SPEAKER_00]: And here's the part that changes your entire family.
21:42
[SPEAKER_00]: You see, when it's paid off, you keep making that payment to yourself and to an account you do not touch.
21:48
[SPEAKER_00]: That $750 was already gone and you were surviving.
21:52
[SPEAKER_00]: Now let's take that same $750 or whatever your car payment is and let's start building, let's get you into a season of thriving.
22:01
[SPEAKER_00]: And you drive that car, pass the pay off while everybody around you is signing for their third one.
22:08
[SPEAKER_00]: You keep the margin, you keep the peace, you keep some options, and you keep building your future.
22:16
[SPEAKER_00]: That's the whole thing, because what's gonna happen is when you pay that off, you're gonna feel like, oh, I need a new car, I need a new shirt and shirt and shirt and shirt and shirt.
22:24
[SPEAKER_00]: I need, I need to go get a brand new, I need something with leather, I need something with the Apple TV, I need something that I can step up in.
22:32
[SPEAKER_00]: No.
22:37
[SPEAKER_00]: Go on number two, sell it and close the gap.
22:41
[SPEAKER_00]: I need you to pay attention on this one, because this is gonna be a little different.
22:45
[SPEAKER_00]: See, if the number says get out, I need you to get out.
22:48
[SPEAKER_00]: I need you to sell it privately, not trade it in, because that's where the higher number lives, and you take that money straight to the lender.
22:58
[SPEAKER_00]: And whatever's left, let's say it's $4,000.
23:01
[SPEAKER_00]: Yes, listen to me clearly.
23:04
[SPEAKER_00]: You take a loan out for that $4,000 and you attack it like your life depends on it.
23:10
[SPEAKER_00]: Now, I know some of you, some of you just flinch, wait a minute.
23:15
[SPEAKER_00]: Anthony just said, long.
23:17
[SPEAKER_00]: Anthony said, debt?
23:18
[SPEAKER_00]: Hear me clearly.
23:20
[SPEAKER_00]: There is no car attached to that money.
23:24
[SPEAKER_00]: The car is gone.
23:26
[SPEAKER_00]: You're taking a 43,000-dollar problem and turning it into a 4,000-dollar problem.
23:32
[SPEAKER_00]: So you can kill it any year instead of for dragging it six years.
23:37
[SPEAKER_00]: Don't, don't, don't, don't clip this into the Anthony's contradicting himself.
23:40
[SPEAKER_00]: He's
23:43
[SPEAKER_00]: That's not financing the car.
23:45
[SPEAKER_00]: That's closing out of mistake.
23:47
[SPEAKER_00]: My liability would just went down.
23:50
[SPEAKER_00]: I went from $43,000.
23:51
[SPEAKER_00]: So at the car, I'm down $4,000.
23:54
[SPEAKER_00]: It says me on time and it says, me on interest going out.
24:00
[SPEAKER_00]: And there are two rules on it.
24:04
[SPEAKER_00]: And they're not negotiable.
24:06
[SPEAKER_00]: The number has to go down and the car has to be gone.
24:12
[SPEAKER_00]: That number has to go down, and the car has to be gone, period.
24:23
[UNKNOWN]: Period.
24:26
[SPEAKER_00]: So I know the question is now, so Anthony, what do I drive?
24:32
[SPEAKER_00]: Anthony, okay, let's say if I got to go to door number two and I have no, no, no, no car.
24:38
[SPEAKER_00]: What do I drive?
24:40
[SPEAKER_00]: You start where you are.
24:43
[SPEAKER_00]: Maybe you buy $3,000, $4,000 a car.
24:46
[SPEAKER_00]: Cash is not the car you want and I won't pretend that it is, but it's yours and it doesn't send you a bill.
24:56
[SPEAKER_00]: You drive it a few years while your income goes up and your expenses stay flat.
25:01
[SPEAKER_00]: And you're saving the whole time because you don't have a car note.
25:06
[SPEAKER_00]: Then you trade up to $10,000 car cash.
25:10
[SPEAKER_00]: And then what happens is you do it again.
25:12
[SPEAKER_00]: You say you keep climbing the ladder and one day you'll pay cash for something you never believe you could own.
25:19
[SPEAKER_00]: I know because I did it.
25:24
[SPEAKER_00]: I did it.
25:26
[SPEAKER_00]: I went from old school, I traded my maximum, I paid the gap, downgraded it to a Akira T.L.
25:34
[SPEAKER_00]: Use older version, then I upgraded to a brand new Akira T.L.
25:38
[SPEAKER_00]: So that to my former boss went and bought a BMW 7 series, traded that in, got into the Porsche, traded the Porsche in, went into the Bentley pay cash, pay cash.
25:53
[SPEAKER_00]: I've never signed again for any of my cars.
25:58
[SPEAKER_00]: So first, get your three numbers.
26:01
[SPEAKER_00]: Second, run the comparison.
26:02
[SPEAKER_00]: Third, pick your door.
26:04
[SPEAKER_00]: Fourth, start the latter.
26:07
[SPEAKER_00]: Because a $4,000 car that you own be a $44,000 car that owns you every single day of the day.
26:18
[SPEAKER_00]: You see, I'm reminded as we close and proverbs at the 22 verse 7, the rich rule over the poor and the barber is the slave of the lender.
26:29
[SPEAKER_00]: The barber is the slave of the lender, that's not me being dramatic family, that is actually scripture.
26:35
[SPEAKER_00]: God designed
26:37
[SPEAKER_00]: you specifically for freedom, for abundance, and every dollar you keep out of a car payment is a dollar you cannot use to build, to give, and to leave something that outlives you.
26:51
[SPEAKER_00]: So here's what I want you to do.
26:54
[SPEAKER_00]: Go get my brand new book, Stout Living Pages at the Paycheck.
26:57
[SPEAKER_00]: That car payment is a single biggest reason.
27:00
[SPEAKER_00]: So many of you are 11 days into a 30-day month.
27:08
[SPEAKER_00]: Today's episode, it's just a tool to maybe bring this awareness.
27:13
[SPEAKER_00]: That book is a plan and strategy.
27:15
[SPEAKER_00]: I'm going to be honest with you a lot of you all do not know this, but it was my doctoral finder project at Region University.
27:22
[SPEAKER_00]: The research and the book are the same body of work.
27:26
[SPEAKER_00]: It's the one I had and I'm having still to this day to defend.
27:31
[SPEAKER_00]: And listen, this was never really about a car.
27:35
[SPEAKER_00]: It was about every single payment you agreed to before the month I would say the month ran out.
27:43
[SPEAKER_00]: Depreciation is guaranteed, but interest is optional.
27:49
[SPEAKER_00]: Gosh, boy Anthony O'Neill, if you made it all the way to the end, give me a thumbs up.
27:54
[SPEAKER_00]: Please hit that subscribe button, and I'll see you in the next episode.
27:58
[SPEAKER_00]: Be sure, be as out.