Latest / The Table with Anthony ONeal / The Most Dangerous Payment In America (I Stopped 15 Years Ago!)

Transcript

The Most Dangerous Payment In America (I Stopped 15 Years Ago!) · The Table with Anthony ONeal

• 0:00
  [SPEAKER_00]: If I may do me a favor real quick, I want you to pause and think about what is in your driveway.
• 0:06
  [SPEAKER_00]: What is specifically inside of your garage?
• 0:11
  [SPEAKER_00]: Pretty much a key question I'm asking is what are you driving?
• 0:15
  [SPEAKER_00]: Now, I want you to ask yourself something very honest.
• 0:18
  [SPEAKER_00]: Is that car moving your family forward or is it just moving your image forward?
• 0:24
  [SPEAKER_00]: Is it moving you towards your financial goals or is it moving you towards being accepted in certain circles?
• 0:31
  [SPEAKER_00]: Or is it just helping you feel good?
• 0:35
  [SPEAKER_00]: I'm not asking you that question to make you feel any kind of way, right?
• 0:39
  [SPEAKER_00]: I'm asking because
• 0:42
  [SPEAKER_00]: That one payment might be the single biggest thing standing between you and truly financial freedom you've been praying for.
• 0:50
  [SPEAKER_00]: Hmm.
• 0:56
  [SPEAKER_00]: That's a question that we all gotta ask.
• 0:58
  [SPEAKER_00]: Is it?
• 1:00
  [SPEAKER_00]: y'all, this is Anthony O'Neill, and you're watching a special edition of the table daily.
• 1:05
  [SPEAKER_00]: Or we're going to root this breakdown one truth, one move within an next 10 minutes and have a serious conversation.
• 1:12
  [SPEAKER_00]: Make sure you share this with somebody.
• 1:15
  [SPEAKER_00]: So I want to be clear.
• 1:17
  [SPEAKER_00]: want to be super clear about something before I even go any further.
• 1:21
  [SPEAKER_00]: I am not anti-car.
• 1:22
  [SPEAKER_00]: You need reliable transportation.
• 1:24
  [SPEAKER_00]: All right, you need to get the work, get your kids to school, live your life.
• 1:29
  [SPEAKER_00]: There's nothing wrong with even having a nice car.
• 1:32
  [SPEAKER_00]: That's not what this quick episode is about today.
• 1:36
  [SPEAKER_00]: Here's what it is about.
• 1:38
  [SPEAKER_00]: Think about a man, what we'll call him for today, we'll call him Marcus.
• 1:42
  [SPEAKER_00]: 43 years old, operations manager.
• 1:44
  [SPEAKER_00]: He's a has a solid job.
• 1:46
  [SPEAKER_00]: He's married to an amazing young lady.
• 1:47
  [SPEAKER_00]: He has two beautiful kids.
• 1:49
  [SPEAKER_00]: Marcus drives the truck.
• 1:50
  [SPEAKER_00]: He's genuinely proud of, right?
• 1:53
  [SPEAKER_00]: Every time he pulls into the church parking lot, or picks his kids up from schools, that truck says something about where and how he has arrived in life.
• 2:04
  [SPEAKER_00]: But here's what most people driving up next to Marcus never see.
• 2:09
  [SPEAKER_00]: The payment on that truck is $600 and $20 a month.
• 2:13
  [SPEAKER_00]: The insurance, because it's a newer bit of vehicle, runs another $210 a month.
• 2:21
  [SPEAKER_00]: Add gas, because it's not exactly fuel efficient.
• 2:24
  [SPEAKER_00]: We know that, right?
• 2:25
  [SPEAKER_00]: Another $200 and $200 and $200 and $200 a month.
• 2:29
  [SPEAKER_00]: Then there's routine maintenance and tires and all changes and occasional repairs and, you know, let's talk about maintaining and washing the car.
• 2:40
  [SPEAKER_00]: Avenue got to be $100 a month.
• 2:44
  [SPEAKER_00]: Add all that up.
• 2:46
  [SPEAKER_00]: Marcus is spending close to $1,200 a month just to own and operate one vehicle $1,200.
• 2:57
  [SPEAKER_00]: Every single month.
• 2:58
  [SPEAKER_00]: You see, that's not a car payment.
• 3:00
  [SPEAKER_00]: That's a second rent payment.
• 3:02
  [SPEAKER_00]: Except this one is attached to something that loses value every single day he owns it.
• 3:14
  [SPEAKER_00]: Marcus never sat down and added all of that up in one place.
• 3:18
  [SPEAKER_00]: Nobody really does.
• 3:19
  [SPEAKER_00]: We see the payment on the loan and we think that's the cost.
• 3:24
  [SPEAKER_00]: It's never the whole cost.
• 3:26
  [SPEAKER_00]: It's just the part of the cost that they let you see in finance.
• 3:34
  [SPEAKER_00]: To this day, I'm still like, what is it that people see?
• 3:41
  [SPEAKER_00]: in these muffly payments.
• 3:44
  [SPEAKER_00]: Oh no.
• 3:46
  [SPEAKER_00]: Here's a number that should stop you.
• 3:48
  [SPEAKER_00]: Right now, Americans are collectively carrying roughly 1.7 trillion dollars in auto loans, according to data track by the New York Federal Reserve.
• 4:01
  [SPEAKER_00]: 1.7 trillion dollars financing vehicles that are worth less the moment you drive off the lot.
• 4:10
  [SPEAKER_00]: The moment you turn that kid in addition, and you drive off the lot, it's worth almost 20% less.
• 4:18
  [SPEAKER_00]: Y'all know my spirit's man, and over in progress, 22 verse 7, it says that the rich rule over the poor, and the borrower is slave to the lender.
• 4:32
  [SPEAKER_00]: When you owe something, someone else has the claim on your future,
• 4:38
  [SPEAKER_00]: Income, until that dead is gone.
• 4:42
  [SPEAKER_00]: I was 20 years old with exactly $6.32 to my name.
• 4:47
  [SPEAKER_00]: I remember specifically cutting up a cheeseburger in half because it wasn't just dinner.
• 4:51
  [SPEAKER_00]: It was dinner for two nights.
• 4:54
  [SPEAKER_00]: I thought being broke and living paycheck, the paycheck was normal.
• 4:57
  [SPEAKER_00]: But looking back at it, I wasn't just broke.
• 5:00
  [SPEAKER_00]: I didn't have a system in place.
• 5:03
  [SPEAKER_00]: Everything changed when I learned how money actually worked.
• 5:06
  [SPEAKER_00]: That's the roadmap that I specifically put inside of my brand new book stop live in page at the paycheck.
• 5:12
  [SPEAKER_00]: If you're tired of surviving and you're ready to start thriving and building, go to anthonyoneo.com for a slash book and order your copy today.
• 5:21
  [SPEAKER_00]: Again, that's anthonyoneo.com for a slash book.
• 5:24
  [SPEAKER_00]: And let's go from surviving to thriving instead of your kids up to really have work.
• 5:31
  [SPEAKER_00]: Here's what I need you to understand about truck payment, car payments.
• 5:36
  [SPEAKER_00]: Whatever vehicle is sitting in your driveway right now.
• 5:39
  [SPEAKER_00]: It's not just a monthly bill.
• 5:42
  [SPEAKER_00]: It's monthly margin that could be going towards somewhere else.
• 5:47
  [SPEAKER_00]: somewhere that bills instead of depreciates.
• 5:50
  [SPEAKER_00]: Every single dollar going toward that one payment is a dollar that is going towards your emergency fund that it isn't going towards emergency fund.
• 6:00
  [SPEAKER_00]: It isn't going towards killing, you know, your consumer debt.
• 6:03
  [SPEAKER_00]: It isn't going towards the down payment on a home and appreciating asset.
• 6:09
  [SPEAKER_00]: It isn't going towards a children's future.
• 6:14
  [SPEAKER_00]: And I say this with love, no judgment because we don't do that here.
• 6:19
  [SPEAKER_00]: Money is a tool.
• 6:20
  [SPEAKER_00]: It's not a trophy.
• 6:22
  [SPEAKER_00]: When a vehicle becomes about what it says about you, instead of what it does for you, it starts being a tool and starts being a trap, dressed up and chrome in leather seats.
• 6:37
  [SPEAKER_00]: Listen, I'm not telling you to sell your car today.
• 6:40
  [SPEAKER_00]: Here's what I am telling you.
• 6:42
  [SPEAKER_00]: Stop pretending the payment is the whole story.
• 6:46
  [SPEAKER_00]: Because the whole story includes the insurance, the fuel, the maintenance, the interest, all added together every single month for what, in between four and seven years of the average person.
• 7:03
  [SPEAKER_00]: So ask yourself honestly, do you know the total monthly cost of your vehicle?
• 7:09
  [SPEAKER_00]: Not just the long payment, but everything combined.
• 7:13
  [SPEAKER_00]: Is your car worth less than what you currently owe on it?
• 7:18
  [SPEAKER_00]: If your car disappeared tomorrow, what would that extra payment finally let you do for you and your family and your future?
• 7:28
  [SPEAKER_00]: So here's your move today.
• 7:30
  [SPEAKER_00]: And it takes about 10 minutes on your phone.
• 7:33
  [SPEAKER_00]: I want you to calculate the true monthly cost of your vehicle today.
• 7:37
  [SPEAKER_00]: Out of the car payment, your monthly insurance, your average monthly fuel cost, and your average monthly maintenance, including things like registration if it applies to you in certain states, right?
• 7:50
  [SPEAKER_00]: I want you to write that total number down.
• 7:54
  [SPEAKER_00]: Then, separately, look up what your car is actually worth right now using a site like Kelly Blue Book and compare that to what you still owe.
• 8:04
  [SPEAKER_00]: This is not a judgment time.
• 8:06
  [SPEAKER_00]: This is not even a judgment exercise.
• 8:09
  [SPEAKER_00]: People perish because of the lack of knowledge aka because of the lack of information.
• 8:14
  [SPEAKER_00]: So this is just information and you cannot make a wise decision about something
• 8:23
  [SPEAKER_00]: You know, in phase two, I've stopped living in a page at the page at my brand new book that's coming out here on August 25th.
• 8:30
  [SPEAKER_00]: What I call clear the ground, I walk you step by step through the debt snowball, starting with your smallest balance and building unstoppable momentum from there.
• 8:42
  [SPEAKER_00]: If today's numbers made you a little uncomfortable,
• 8:46
  [SPEAKER_00]: That discomfort is exactly where change stops.
• 8:50
  [SPEAKER_00]: And the book shows you step-by-step exactly what to do next.
• 8:56
  [SPEAKER_00]: If you just add it, you're a true car cause and felt that pit in your stomach.
• 9:05
  [SPEAKER_00]: Don't sit in that feeling alone.
• 9:07
  [SPEAKER_00]: I specifically wrote, stop living paycheck to paycheck to help you take that number and turn it into a plan.
• 9:15
  [SPEAKER_00]: Whether that means attacking the dead behind it, deciding your next vehicle purchase differently, or finally redirecting that margin towards something that actually builds your future instead of draining it.
• 9:29
  [SPEAKER_00]: This book gives you the full escape plan.
• 9:31
  [SPEAKER_00]: Five phases, real steps, no shame attached.
• 9:34
  [SPEAKER_00]: If you want to get it today, I would encourage you, go to anthonyo.com for slash book right now, and order your copy today.
• 9:42
  [SPEAKER_00]: Whatever sitting in your driveway, this book helps you make sure it's serving your family instead of controlling your family.
• 9:51
  [SPEAKER_00]: Go to anthonyoneau.com, four slash book, and get your copy today.
• 9:58
  [SPEAKER_00]: Subway anthonyoneau, and now I'm ending all of these shows, remember this.
• 10:06
  [SPEAKER_00]: Freedom, it's better than being rich.
• 10:10
  [SPEAKER_00]: That's what we're focusing on.
• 10:12
  [SPEAKER_00]: It's the gang find to enter for you.
• 10:14
  [SPEAKER_00]: I'll see you soon.
• 10:15
  [SPEAKER_00]: Peace out.