Rule of Thumb: If you ever purchase anything over $1000 and keep it for less than a year, chances are, it wasn’t a wise financial decision to purchase it in the first place.
Here’s a little backstory…
A friend of mine, who has run into some financial hardships in the past, recently found some stable footing and decided to “start fresh”.
A new place to live was the first step and a new car followed soon after.
At the time, I was a little unsure about the first step — how they could possibly afford it?? — and when the new car showed up, well, I was floored.
Not two months into owning that new car, they’ve traded it in for an even newer car using the “my car payment is the same” justification.
Sadly, I see dark financial clouds on the horizon.
Some people just don’t get it, I guess…