#68: The Finance Flash Go Podcast | Important Topics About Money | Buying A Car

Today on the Finance Flash Go! podcast, let’s chat about cars for doctors. Everyone knows about the doctor car. Doctors know about it. Non-doctors know about it. Other than the doctor house, it is the symbol of medicinal consumerism. But is it smart to get a doctor car? If not, what kind of car? Should you buy or lease a car? Well, take me as an example as I try to illustrate this. Before I began my financial education at the end of my fellowship, I was prepared to lease a doctor car. I budgeted $600-700/month for my car’s lease. But, My student loans totaled over $450,000 I had not even made my first attending paycheck I had credit card debt My financial plan was non-existent Hmm, maybe this $7200-8400/year could be better allocated to increasing my net worth by decreasing my debt instead of buying a depreciating liability? Oh yeah, that’s the other thing. A car decreases in value the moment you drive off the lot. It’s not an asset. It’s a liability. And leasing a car, you basically are subsidizing the depreciation of the car for the dealership. So, my advice to to buy your car outright. If you can’t pay the car off in one year, you can’t afford it! Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to [email protected], and please be sure to check out Jordan Frey’s blog prudentplasticsurgeon.com where he gives great financial advice. A brief disclaimer While we are providing knowledge and awareness around financial topics in this show, we are not held responsible for any financial decisions you choose to make in response to the podcast. We hope to provide accurate information in regards to money and different methods of wealth creation, but it is always the learner’s responsibility to due their due diligence before making important financial decisions. We hope you enjoy the show and thanks for tuning in, and if you like the podcast please subscribe, share, and leave us a review on the podcasting platform of your choice!