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Radi form fillable
Radi form fillable












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You’ll be surprised how quickly you are able to upgrade your vehicle over the course of your life.”This is advice I have never strayed from. When your next car dies, you will have a bigger budget for the next one-then, repeat the cycle. Whatever you would have paid for a car payment, put into a savings account. Then, rather than making a payment to the bank on your existing car, begin making a monthly payment to yourself for your next car. Talking it over with my friend one day over a roast beef sandwich, he offered me his thoughts:“Whatever you have in savings,” he said, “make that your budget for your next vehicle-even if it isn’t much. When that car began to sputter eight years later, I entered the marketplace to purchase another. “Buy your car with cash.”My first car, a Chevrolet Corsica, I bought from my parents and paid them back monthly over the course of one year. And four years later, when we had our first child, we were still living on one income which freed up my wife to choose to stay home if she desired.3. My wife’s income each pay period went immediately into savings and my income went into the checking account.One year later, that savings account became the down payment on our first home. He suggested, even though both of us had steady incomes, as a newly-married couple we should work hard to live on just one of the incomes and save the other.So we did. My boss at the time, a man I looked up to in countless ways, offered me financial advice one day during a short conversation by the coffeemaker. During our first several years of marriage, we both worked full-time jobs. “Begin your marriage living on just one income.”My wife and I got married in June 1999. I have tried to keep all three modest ever since.2. But generally speaking, if you have a hard time living within your income, check your spending on your home, your car, or your entertainment (dining, tickets, trips). That’s when he offered the financial advice above in the form of his own personal interactions.There are outstanding circumstances for sure (medical emergencies, tragedy, job layoffs, etc.). I told him that most people I know who are living in debt seem to carry a monthly car payment. I had no data to back up the claim, it was purely an observation made on anecdotal evidence. “Most people who overspend their income do so in one of three ways: 1) Too much house, 2) Too much car, 3) Too much entertainment.”I made a passing statement to a financial adviser friend of mine one particular evening over dinner.

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