Average Student Loan vs Average Car Loan

This topic contains 9 replies, has 5 voices, and was last updated by  Mr.Children 2 weeks, 2 days ago.

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  • #4328

    Mr.Children
    Participant

    Borrowers in the Class of 2017, on average, owe $28,650,

    The average new vehicle loan hit a record high $31,099

    your average American will own almost six cars in their lifetime.

     

    https://www.forbes.com/sites/zackfriedman/2019/02/25/student-loan-debt-statistics-2019/#3da718c7133f

    https://www.cnbc.com/2018/03/01/americans-borrow-record-amounts-for-autos-even-as-interest-rates-rise.html

    http://blog.safeauto.com/how-many-cars-will-you-own-in-your-lifetime

    • This topic was modified 2 weeks, 3 days ago by  Mr.Children.
  • #4330

    Mr.Children
    Participant

    In short, when a kid can’t go to college or have student loans, it’s because mommy and daddy is driving their college education. And as Dave Ramsey had said, if parents were’t obsessed with buying new cars, they could solve the student loan crisis tomorrow.

    So when you buy a car, are you choosing a car over your kids education? Are you saving for your kids education?

    I personally don’t have kids, yet “Bopha” with kids down the street is driving a car that is 3-5 times the cost of my car.

    • This reply was modified 2 weeks, 3 days ago by  Mr.Children.
    • This reply was modified 2 weeks, 3 days ago by  Mr.Children.
  • #4337

    Pleu
    Participant

    to me it seems like they’re spitefully forsaking/cursing their own kids future in doing so, quite blatantly, i might add!

    =((

    so help me understand: why are the nation’s poorest asians most all driving around in latest model beamers?

    • #4339

      Mr.Children
      Participant

      Maybe we should ask them? When you see a Khmer driving a new luxury car, ask them “Why did you buy a new car instead of saving for your kids college education”?

       

    • #4350

      Empire
      Participant

      As opposed to the or, why not buy the luxury car and afford the child’s education.  Unless circumstances made the “and” an “or” if you get my drift.  Think outside the box.

    • #4359

      Mr.Children
      Participant

      Because people are limited in time and resources. How can we as a people think about prospering and driving luxury cars while at the same time when we are among the least educated and poorest people? Most of successes lie within a few things we do and it’s best to focus on those few things, rather than put energy and resources on the majority that won’t help us much.

      To answer your question, they have to spend the kid’s college fund in order to get the luxury car. I would love it that we all can drive luxury cars and have college degrees..but life is not that simple.

    • #4352

      Noob
      Participant

      Maybe they just want to have a nice car that doesn’t break down and cause headaches to fix? Maybe they can afford it and don’t really have to worry about money the way that you do? You seriously need a reality check.

    • #4360

      Mr.Children
      Participant

      Myth #1 – Cars breaking down.
      New and old cars have problems..and the newer ones often just as much because they are newer models that may not have been fully tested. Most of the time it’s just regular maintenance and normal sh*t you would do with any car. Don’t tell me a new car don’t need tire rotations..lol.

      Unfortunately, one of the biggest problems is that mechanics are often liars and I wouldn’t be surprised that most of the fixing is not necessary and more expensive.


      Myth #2 They can afford it

      No they can’t! LOL! Most Americans are living paycheck to paycheck and are in debt. They live on borrowed money. Khmer people are even worst and that’s why most are settled in the ghetto. They stay in the ghetto because they spend all the money they have left on things like luxury cars. Without the leniency of liberal governments, Khmer people would be struggling much more.

      Khmer people are statically among the poorest and least educated people in America. Growing up with Khmer people, we often have this belief that we are rich and even superior.  Admitting to be poor is considered to be very shameful in Khmer communities. It’s kinda like how a lot of parents don’t want to admit that their kids are bad influences on other kids..it’s always other kids are bad.

       

  • #4354

    Dynasty
    Participant

    Let em flex if they want to. I mean if the kids grew up with good sense knowing they parents rather ball out then pay for their education… Study harder to earn a scholarship. Y half ass and depend on your parents? When they been raising you your whole adolescent life. They can’t wait for something to be giving to them all their life. You can’t be like ” oh if I can just manage to receive passing grade my parents still got me ” Stop, just stop right there. Your parents been thru enough, stop putting burdens on them. I’m just saying, I can go on and on but that’s just my point of view. in short, life can be tough,  some had and has it easier then others. if you grow up being spoon fed all your life.. what are you gonna do when the hand that feeds you no longer will be able to raise that spoon to your mouth?

    On the real tho, we was put here to fail. And why some of us are like that are because the system is working. Sheep’s lead to fake pastures and following the wrong shepherds.

    • This reply was modified 2 weeks, 2 days ago by  Dynasty.
    • #4361

      Mr.Children
      Participant

      What you say sounds nice, but statistically, most successful children are a result of parental involvement and sacrifice. Everybody should strive to be successful regardless if their parents are good or not, but the reality is that the next generation’s success is heavily reliant on what the last generation did. The reason why I stress parental involvement is because it’s nearly necessary for a person’s success. Behind every successful person is almost always family to support them.

      You complain about being spoon fed, but most of these kids you’re competing against and are at large advantage are spoon fed. That’s who we are competing against and if you want your kids to get a fairer chance, you need to start spoon feeding your kid too.

      I see a lot of bad kids, but I think it’s the parents who are burdening the family. You burden the family when you spend all the money you have left to buy luxury cars.

      I know that it’s hard to give up on luxury cars for Khmer people, but that’s part of the reason why we are among the poorest and least educated people building communities in the ghetto. We’re too focused on pretending to be rich, while other people are actually becoming rich.

      I was listening to Grant Cardone the other week and he still drove a Toyota Camry when he became a millionaire. He knew that if he bought a luxury car, it would be a big expense and impede his momentum.

      You are right that we’re set up to fail…and we completely fell for it. We’re doing exactly what Toyota, Honda, and Mercedes-Benz want us to do…make them rich! We’re feeding the system that profit from people with poor mentality.

      Our people struggle to understand the differences between being rich and pretending to be rich. Buying something with debt vs buying something with profit.

      So think about it….how can we compete against families that are paying for college with their own money…when we got people are too busy spending their money on luxury cars? Aunt Becky is willing to risk prison to pay for her kids to go to school, while Aunty Bopha rather get a nice new car and let her kid risk going to prison.

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