Saving potential: ~ $550 per month, $6650 per year
Time investment: depending on distances, you might save time or add a few hours on top
Useful for: city dwellers, sports enthusiasts
While driving your car certainly can be a useful and fun asset (as long as you're not driving in a big metropolis), it's actually a grossly underestimated money sink. A car incurs costs both while you're using it and while it's parked: you have to pay tax and insurance even if it's just sitting in the garage, slowly rusting away and depreciating in cost.When you do drive, you have to worry about gas, repairs and even getting into an accident that your cheap-ass insurance doesn't cover.
As the rundown shows, these costs average around $6650 every year!
Imagine you stop driving for five years (at least not in your own car!) - that will set you up with a nice sum of $30,000 ready to be invested in something that actually earns you a revenue.
Granted, a car might be necessary for your work, but think about whether you can move in closer, or can get into carpooling. Better yet, make a habit out of biking, lose some pounds, and gain some muscle while your piggy bank is growing steadily.
You can get a used bike for less than $100 on Amazon, Craigslist or eBay. There really is no excuse for not riding a bike in times where obesity is rampant and people are suffocating in exhaust fumes. In cities, a bike oftentimes is faster and more flexible. Once you know how to take care of your bike, you can teach others or help them with their bikes for some street cred!
If you decide on having a car, have a look into our rundown on driving for Uber to make some money.
-Jimmy
No comments:
Post a Comment