20-year-old spends half his income paying a $64,000 car loan for a Mach-E

[Wall-E]

https://www.businessinsider.in/thel...an-electric-mustang/articleshow/100283495.cms

It is what it is...

Sponsored

 

[Mari76]

current balance was $64,000 dollars, and it had a 12% interest rate for 72 months.

Wow

 

[MellowJohnny]

This is why Personal Finance needs to be taught in High School Math classes...

 

[azerik]

Good lord!
A dumb American popped up on an Indian biz site.

 

[unguessable]

Another domestic sleeping cell DNA.

He said his income was pretty much all disposable — his mom paid all his taxes, and he lived with his dad rent-free.

 

[Guss-E 2021]

This is why Personal Finance needs to be taught in High School Math classes...

My 13 year old asked if he should take a finance class in high school. His mother and I replied with an emphatic YES!

 

[Auto Motive]

This is why Personal Finance needs to be taught in High School Math classes...

Come on now. Taught what? He knows his income and the monthly payment. I have a income of 1000 month. My car payment is 1000. Perfect. Dad can pay my car insurance and I can sleep in the basement for the rest of my life.

 

[2021-MMEx-RT1]

These are the same people that get their first job as a military person, they get their first paycheck, figure they have housing, food, electricity etc covered for them, all they need is car payment/gas/insurance so they get a charger/mustang/challenger/camero at 27% interest and bang the hell out of it...


/nothing to see here

 

[Ev Blau]

This is why Personal Finance needs to be taught in High School Math classes...

Absolute agree that high schoolers need to learn personal finance. How else does a young adult know that 12% interest is insane?

But……Carlos is an exception. He never would have digested those finance lessons because he’s likely “a trust fund baby”. His family is worth millions (right now). He has a sizable inheritance and has never had to worry about money.

Of course, studies have shown that family money often can be obliterated by the third generation because of the lack of heirs’ passion in creating wealth and laziness of having to find your own way. And, no fear that the money spigot is going to run dry. Carlos may be in for a rude awakening in a few years. He’ll be sleeping in that MME!

 

[Graction]

This is why Personal Finance needs to be taught in High School Math classes...

It’s a mandatory class in my kid’s school.

I assume he got such a terrible rate for being 20 with no credit history and low income. Should have had parents sign for loan. And sell old car.

 

[eleven24]

https://www.businessinsider.in/thel...an-electric-mustang/articleshow/100283495.cms

It is what it is...

More evidence that personal finance should be mandatory in high school, perhaps even all four years. Ditto for nutrition.

 

[RickMachE]

It's a clickbait article, pure and simple.

 

[azerik]

But……Carlos is an exception. He never would have digested those finance lessons because he’s likely “a trust fund baby”. His family is worth millions (right now). He has a sizable inheritance and has never had to worry about money.

Which pretty much makes this clickbait and a woe is me rich kid article.

Edit:

It's a clickbait article, pure and simple.

Damn it, beat me to it.

 

[ArthurDOB]

This is why Personal Finance needs to be taught in High School Math classes...

It is. I teach it! (see my profession) The lack of curriculum isn't the problem because it's there. That kid was probably in class listening to his phone with an earbud in the ear that was not visible to his teacher. Happens all the time. Phones are the scourge of the classroom.

 

[MellowJohnny]

It is. I teach it! (see my profession) The lack of curriculum isn't the problem because it's there. That kid was probably in class listening to his phone with an earbud in the ear that was not visible to his teacher. Happens all the time. Phones are the scourge of the classroom.

Well at least it's there....

One day Johnny iPhone will wake up (likely too late) and realize compound interest is one of humanity's greatest inventions.

Unless you owe money

Sponsored