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4. Buying a New Car
If you have never read the non-fiction book “The Millionaire Next Door” by Stanley and Danko, it is highly recommended. It will give you a picture of what the self-made millionaires in our country do to get and stay wealthy.
One of the key findings is that they do not buy brand new cars, but rather, buy used cars that hold their value, such as a high-end Lexus. Then every couple of years, they sell their used car for almost the same amount as what they paid for it. According to edmunds.com, a new car loses its value the minute you drive it off the lot… so why waste the money when you can purchase a slightly used auto for a price that is equitable to the car’s value?
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