[dragnet2]

Yeah, Americans should purchase their homes and cars with cold cash...lol...

I imagine a lot of first time buyers will be in their 60s or 70s, if their health holds up...

[dalereed]

Read what I wrote dipshit!

[Smokin' Joe]

Buy a used vehicle, for Pete's sake. Most of mine have been obtained for under $3000.00, and were driven for 50K miles or more without major repairs. Watch for estate sales. Often the kids don't want a ten year old boat that has been garaged with only 25K miles on it but those vehicles have a lot of life left and generally book low because of their age. Carry liability and uninsured motorist coverage (not full coverage), and everything is cheaper.

Borrow money for a new ride, and you're paying the bank, carrying full coverage, and paying out the wazoo for the privilege.

Your first home doesn't have to be a McMansion, either, but it's the one time I'd borrow money, to buy a home. Just look for a neighborhood likely to go up rather than down (to make money on the resale--sweat equity doesn't hurt), and keep your eyes on the prize.

The bottom line is to live within a fraction of your total means so you can save money. Leaner now means better later.

[Justa]

FYI I bought my 2 cars in 2007 with cash from savings.

DaleReed’s advice is practical. Saving money in the short run saves money in the long run. In my case I saved thousands in ‘finance charges’ aka interest.

What advice have you ever proffered which will save a FReeper money?

‘Tanks