Consider this -- if you make a $75,000 annual salary, your hourly pay is about $35. Let’s put this into perspective.
A stop at your favorite coffee shop comes to a total of $10. That equates to 17 minutes of work time. This doesn't sound like much.
That new dress you’ve been wanting costs $100. That equates to just under 3 hours of hours on the clock.
Now, let’s expand that out. A vehicle, at a modest $20,000 equates to 571 working hours, or 71 8 hour work days, 14.3 40 hour work weeks, or about 3 and a half work months. This is assuming you do not finance the vehicle and pay in cash.
Let’s say you financed that $20,000 auto purchase and got a rate of 9% for a 5 year life. Assume a monthly payment of $415. Assuming you never had a missed or late payment, this would come to a grand total of $24,910 – 711 working hours, 89 work days, 18 work weeks, and 4.5 months.
None of this is to say you shouldn’t buy anything; it is to help put things into perspective before you spend your most precious resource – your time.
Ready to develop better healthy spending habits? Let’s get started!
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