MY WORST FINANCIAL DECISION EVER! #Best Education Page #Online Earning

so today I'm going to tell you guys

about my worst financial decision I've

ever made in my entire life now before I

get into the video I just want to

mention there's a ton of background

noise outside just like people know in

their lives and stuff and so if you're

hearing any background noise it's

because of the time of day I'm recording

this so hopefully it's not detracting

from the video but it's a little bit

more noisy in my room that it usually is

so hopefully that's not bothering you

guys but I just figured I'd mention it

but anyways let's talk about the worst

financial decision I've ever made in my

entire life and this is how I lost nine

thousand four hundred eighty dollars

over the course of one year now believe

it or not it has nothing to do with

investing or anything like that it has

to do with purchasing a car and I've

talked about this in the past on some of

my videos on buying the car versus

leasing the car things like that talking

about vehicle depreciation and how much

money you can truly lose on a car and

it's not just cars guys anything you buy

any toys you buy whether it's a

snowmobile or an ATV or whatever it is

you're buying anything that is a

depreciating asset there's potential for

huge losses like I had right here and my

idea of but I'm sharing this with you

guys is that hopefully you guys can make

a better decision than I did because I

kind of was at the time 21 years old and

I wanted a cool car so I'm going to kind

of explain the back story behind that so

I wasn't very happy with my life I was

kind of like bored and I didn't really I

didn't really have a lot of confidence

in myself and I was kind of like well

you know I see all these people driving

cool cars and like at that time I was

driving an old SUV and it was basically

something that was paid off I bought it

in cash and I was like well maybe I'll

buy a sports car

or sporty your car just so it's kind of

something cool to drive maybe I'll feel

better about myself because anytime

we're buying something like that anytime

we're buying a flashy toy or something

what you're buying is how you're hoping

it will make you feel so for me I bought

that car saying I hope it will make me

feel more confident or better about

myself and so I saw people driving fast

cars and I was like man that looks like

a lot of fun and I didn't know how to

drive stick so I wanted to learn how to

drive stick so I was like okay well I'm

going to go out there and just buy a

cool sports car

so my dad had a friend who works at a

small Caldecott car dealership and my

first warning to you guys is don't just

assume because it's a family friend that

they're going to be giving you a good

deal because unfortunately I kind of got

raked over the coals on this deal I

started off bad on this because I paid

significantly more than the book value

for this car about $2,000 more and the

guy had a you know very convincing

speech of all the cars in immaculate

shape it's been beautiful condition

you'll never find wood like this out

there so that was like the whole smoke

and mirrors thing and I'm like ah yeah

yeah I totally believe him

of course I'll buy this car and I was to

try I was distracted by the shiny object

I was like oh the car is so nice looking

and so anyway long story short I bought

the car so and I really didn't even use

the car that much you're going to see

what I talk about how many miles I put

on the car over one year it's just crazy

how much money I lost doing this and

that right now looking at it it makes me

just like I wish I could go back in time

and not do this because this was a

terrible waste of money for me but

anyway let's do the numbers here May of

2016 it was about this time last year I

bought the car 2007 Subaru Impreza WRX

blue one I'll put a picture up on the

screen so you guys can see so maybe you

understand very attractive car very fast

car on the drive but I paid thirteen

thousand two hundred dollars for it okay

and at the time it had one hundred forty

two thousand two hundred twenty-six

miles on it it was very fast very fun

car but I paid more than it was even

worth when I first bought the car now

may 2017 this is when I actually just

traded this car in for a whopping total

of five thousand eight hundred dollars

with 150 thousand five hundred forty-one

miles on it so I put less than ten

thousand miles on that car over this

year and my total depreciation of the

vehicle from 2016 2017 including the

fact that obviously when I bought the

car I overpaid for it I lost seven

thousand four hundred dollars or fifty

six percent of the total value of that

car now those other things I'm not even

counting in this because I wasn't sure

if I wanted the fact that is in but I'm

not factoring in the fact that I had to

pay taxes as well as registration fees

on that car so that would make this

totally even higher

we would be well over $10,000 at that

point I'm also not considering the fact

that I took a loan out on this car and I

was paying interest for one year on

basically a $10,000 loan so by the time

you factor those things in we're well

over 10,000 probably approaching $11,000

that's how much I actually lost in this

life lesson of mine here but it ended

ups you know trading the car in and I

got fifty eight hundred dollars

obviously when you trade a car in you

get less than what you could sell it for

privately but just because I don't have

the time and it's such a hassle to sell

a car I just ended up trading it

indicate that was the easiest thing for

me to do so my total loss I have guys

with seven thousand four hundred dollars

not accounting for taxes registration

fees or the interest paid on that loan

now not only that guys I also had other

expenses associated with this car that

we have to factor in here I had to pay

insurance on two vehicles because the

whole time I was doing this I had two

cars I ended up having to basically my

brother's car his car the engine blew it

exploded the engine blew a hole in it so

he was out of vehicle so I gave him

basically the SUV I had it was an old

beater car and like here you go

just take that I'll Drive this for now

so for six months I was driving both

cars then for the other six months I

drove this car exclusively and gave him

that car because he ended up basically

his car exploded essentially so

basically you know I didn't use the car

that much for the first six months but

for those six months I was insuring two

vehicles at the same time so if you

think about my insurance expenses it was

115 a month or a total of one thousand

three hundred eighty dollars out the

window that I will never see again

that's almost 1,400 bucks right there

then let's talk about maintenance so as

far as oil changes and tire rotation I

probably spent about two hundred dollars

for that year on maintenance as far as

your pairs go I was lucky that I didn't

have to do any major repairs on this car

because if I had to do some major

repairs oh my god we could be talking

twelve thirteen fourteen thousand dollar

loss on this over a year but my repairs

were only about three hundred dollars

all I ever really had to do to the car

was put into a power steering pump it so

I was very fortunate that it wasn't a

bad car it was just a terrible thing

that waste your money up and then as far

as car washes go I got the car wash like

twice a week I'm sorry twice a month so

I'm estimating probably 200 bucks I

spent total on car washes

so if you add all

is up my $7,400 in depreciation the 1380

spent on insurance at $200 a month spent

on or the $200 total spent on

maintenance $300 under payers $200 of

car washes that's a total loss guide of

nine thousand four hundred eighty

dollars for each month seven hundred

ninety dollars out the window gone

alright now I do pretty well for myself

but that is not chump change for me that

is a lot of money when you think about

how much money that is that's a

disgusting amount of money to be

throwing out the window and the other

thing I really didn't factor into this

was my fuel economy so this car and I

have a really really rough commute I

Drive like thirty five miles there

thirty five miles back to get the work

so I have a seventy mile a day commute

and for six months I drove this car to

work and that car gets I believe it was

close to 18 miles per gallon because you

also have to run the premium fuel so it

was the 93 octane gas so is the premium

gas combined with 18 miles per gallon if

I were to factor in how much I also

spent on fuel compared to a car that had

a lot better gas mileage because even my

old SUV I got 25 miles per gallon out of

that and I was able to run the low test

gas so if i factor that expense in there

as well we would be pushing this number

even higher so that's just another thing

to consider how much freakin money I

wasted on this deal here so now this is

where it's fun I wanted to take this and

say let's say I didn't waste nine

thousand four hundred eighty dollars

let's say I just threw out my one

vehicle and I took that money that I

lost in it instead I invested it let's

see how much money I would have versus

having zero dollars right now so what I

did to factor this thing obviously I'm

not going to say that I would have known

to all I would have put my money in

Google or Amazon or something like that

I'm saying simply that what if I had

taken my money and put it in something

tracking the S&P 500 index which is a

very conservative investment this is

nothing earth-shattering okay may 6th of

2016 the S&P 500 index was at two

thousand fifty seven and fourteen cents

and May 8th of 2017 this is around the

time I bought and then got rid of the

car the SP index was at two thousand

three hundred ninety nine and 38 cents

so over that span of time there was a

sixteen point six percent return

the sp500 index so had I taken that 9480

dollars and simply invested it in a fund

tracking the S&P 500 index I would have

eleven thousand fifty seven dollars and

sixteen cents as opposed to having zero

dollars right now and that just goes to

show guys some people out there don't

understand how much freakin money you

can lose on things like this and this is

by far the worst financial decision I've

ever made in my entire life and I'm glad

I learned the lesson early when I'm

young and I have this ability to you

know it's to bounce back but as heavily

invested as I am now in the stock market

it just makes me sick knowing that I

could have had another almost ten

thousand dollars to invest in the stock

market or invest even in something as

conservative as the S&P 500 index or

even just put it in my mutual fund do

anything with it and instead it's gone

just out the window and basically what

did I get out of it I learned how to

drive stick I had fun with it for a

couple weeks and then it was just like

alright I'm bored of the car it didn't

make me feel the way I expected it to

make me feel and that's it just a life

lesson but anyway guys that's that I

just wanted to share this with you

because this is my worst financial

decision I've ever made and I want you

guys to think twice if you're ever

looking for a flashy car or you're

buying something because you think it's

going to make you feel better about

yourself it's it's not going to make you

feel better

maybe it will for a little bit small

period of time but after a while you get

tired of it and it's just not the right

thing to do so that's just I just

figured this would be a way to show you

guys how much money you could possibly

lose on something like that but anyways

guys that's pretty much all I got for

this video if you would have made

terrible financial decisions in the past

like myself with this video please drop

me a comment so I can have some sympathy

and not feel so bad about myself I would

certainly appreciate that please drop a

like if you enjoyed this video and then

consider subscribing to be notified of

any future uploads and as always I thank

you guys for watching this video

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