Why Did It Take Me So Long To Finally Get It?
Guest Post by Dennis Miller at Miller On The Money
My wife Jo recently sent me some Facebook wisdom that abruptly grabbed my attention – like Wow! I muttered, “damn, a blinding flash of the obvious.”
I tried to advertise on Facebook and was banned; our articles didn’t meet their political standards. Some of their shenanigans are now coming to light. At this point, they don’t get my money. I post a daily quote on our Facebook page.
Jo regularly finds great life lessons, condensed into a couple of sentences.
So, what stopped me abruptly? A list of money secrets only old people admit.… Why do they call them secrets, they’re not hidden? It dawned on me – they are right, why did it take me decades to finally see and understand what was in plain sight?
I’m going to highlight the biggies I wish I’d understood earlier in life….
A paid for automobile is more comfortable than one with a fat payment booklet.
I detest automobile advertising. I particularly detest the ad showing a young man seething as the neighbors admire their new car in the driveway. The focus was not showcasing the car, but rather financing. “Come on down, our easy financing will let you outshine your neighbors.” The last scene fades out with new cars in both driveways.The advertising works – sometimes too well. Edmunds reports:
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[/TR]- More than 3 in 10 Americans trading in a vehicle today owe more on their loan than their car is worth.
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[/TR]- The average underwater trade-in now carries $7,183 in negative equity, the highest ever.
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[/TR]- The average new-vehicle monthly payment for a buyer rolling negative equity into their new loan is $932, $159 more than the typical car buyer.
Using the Edmunds stats, 17% of the payment is for the last car. What happened to the old adage, “When you are digging yourself into a hole, stop digging?”
CarPro adds:
“Even highly regarded vehicles known for holding their resale value are not immune to financing challenges. The list features popular trucks and SUVs, alongside traditional residual winners:
Bankrate continues:
“More Americans are late on their car payments than at any other point in the last 15 years.…. New car payments over $1,000 now make up 18.96% of all new car loans.
This increase in monthly payment is due in part to the high cost of cars, with loan amounts for new cars averaging $43,925 at the beginning of 2026.
…. More of Americans’ budgets are being eaten up by car payments.
…. Economists and industry experts say the slow and steady rise in auto loan delinquencies shows that people are being pushed to the brink financially.”
The “secrets” list continues:
Nobody on their deathbed said, “I wish I’d bought more stuff.”
It may sound trite, but that was an epiphany moment for me. The underlying lesson is not about cars, boats, vacations, or stuff – it is much bigger.
I’ve defined the retirement goal as living a comfortable lifestyle, without constantly having to worry about money. No one argues with that definition – but – why wait until you are old or retired?
Younger working people living below their means with manageable debt – no $1,000 month upside-down car loan payments, outrageous credit card debt or multiple payment booklets – can still enjoy a comfortable lifestyle without constantly having to worry about money. Being debt free helps financially and emotionally, however making continued progress toward that goal can minimize money worries and stress.
Milestone markers
I wish I had recognized and understood some markers much earlier in life.
The process of debt reduction. In our younger years, paying something off meant freeing up cash to finance more stuff.
Anyone remember the “Friendly Bob Adams” commercials, advertising “debt consolidation loans?” Bring all your payment booklets, consolidate your debts into one lower monthly payment and reduce stress. Very appealing to those up to their eyeballs in debt, living from paycheck to paycheck.
A friend worked there and often joked about the TV store next door. Customers would walk out of his office, go next door, walk out with a new color TV and payment booklet. Soon they would be back in his office “consolidating” once again.A few years later I got a debt consolidation loan, and was proud of myself for not going out and financing more stuff. I didn’t realize the process; with each monthly payment, I was inching toward reducing the stressful money worries. Click here to read more…
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[ H/T The Burning Platform ]
