If you were rich, what kind of car would you drive?
A Porsche or a Ferrari?
Maybe a $100,000 Tesla Model X?
How about a Lamborghini, to be really obnoxious?
Ah, but heres a little-known fact: Most rich people dont actually drive fancy cars.
Instead, theyre buying the same Toyotas, Hondas and Fords as the rest of us.
Sure, some of the rich are tooling around in luxury vehicles.
Mercedes, Lexus and BMW are particularly popular brands among the well-to-do, Experian found.
Now, what can we learn here?
Here are three financial lessons that were taking away from this.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
1.
A popular personal finance bookthat weve previously recommended, called The Millionaire Next Door, elaborates on this idea.
Instead, they amass their wealth through consistent work and smart choices andfrugality yes,frugality.
So: Maybe get a Honda, not a Mercedes.
You dont need to impress anybody.
Buya car you could actually afford.
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2.
Todays Car Prices Are Insane, so Plan Accordingly
Nowadays, car prices are through the roof.
Second, runaway inflation is hiking up thecost of everything, including sedans and minivans and SUVs.
Holy sticker shock, Batman!
Weve also got advice forhow to buy a used car and avoid getting ripped off.
Its actually pretty important, though.
Youre probably going to own that car for a long time.
We have a whole article onhow much to budget for auto maintenance and repairs.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
He drives a Honda Odyssey minivan.
When you log into your bank account, how do your savings look?
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
