One-size-fits-all financial advice isn’t supposed to work, as the rules that guide us should be molded to our individual situations. But some rules of thumb can be really helpful. Here are five money rules to live by:
Buy used cars, drive them for 10 years
New cars are lovely, but they are expensive and lose an astonishing amount of value in their first two years. Let someone else pay for that depreciation and take advantage of the fact that today’s better-built cars can run well for at least a decade, if properly maintained. You can save hundreds of thousands of dollars over your driving lifetime this way.
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