{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"CCC060: The One Thing","description":"Hey converts!\r\nIt feels good to be back behind the mic!\r\nApril was a busy month!\r\nTaxes were due to be filed and I had and audit for the previous year's taxes. Yikes!\r\nMy wife and I Bought two houses using the 1031 exchange program to defer taxes on a house we sold in March. We rented both houses in just a couple of weeks. It feels good to have an additional source of revenue.\r\nI also helped Steve Stewart from MoneyPlanSOS.com buy a cash car.\r\nI recently read a book called The One Thing by Gary Keller and Jay Papasan. There was a great quote in the book. It really resonated with me.\r\n"What's the ONE Thing you can do such that by doing it everything else will be easier or unnecessary?"\r\nWhat if I told you if you did this one thing you could retire wealthy?\r\nWould you want to know what it is? This one thing.\r\nIf you knew what this one thing was, would you do something about it?\r\nFor most people, the answer is no.\r\nShocked? You shouldn’t be.\r\nAfter all, millions of people smoke, eat unhealthy, or engage in other risky or unhealthy behaviors. These are life and death matters. If one won’t change to extend their own life, why would you or I think one would change simply to ensure a better retirement?\r\nWell, if you’ve been listening to this show, I’ve been telling. If fact I’ve been telling you since December of 2013.\r\nIt may or may not shock you, but for most of you listening the one thing is the car payment.\r\nReally, the car payment? Doesn’t everyone have a car payment? Isn’t that just normal?\r\nYes it is and there in lies the insidiousness of it. People quietly pay their lives away to drive a newer, sexier, faster, cooler, and whatever other er you can think of.\r\nEvery day someone agrees to pay away their future for a car.\r\nWhy is the car payment the one thing?\r\nWell, your mortgage is going to something that actually can help you build wealth. We found out in 2008, it doesn’t always, but for most of us and for most of history, this is true.\r\nWhat about student loan debt? It’s all over the news, isn’t that the worst debt? No, a bachelor degree is still worth about $800,000 in additional income over the course of a lifetime of employment. While I’m not encouraging anyone to take on this debt, the average student loan debt of $28,000 seems like a pretty good trade for that average return of $800,000.\r\nDo you still have a car payment?\r\nWhy? Haven’t you been paying attention?\r\nHaven’t your heard? Auto debt is dangerous to your financial future!\r\nThis is not a throw away line I just like to say on my show. This is what I believe!\r\nI know, I know.\r\nYou can’t make that change right now because..…because… you know just pick your excuse.\r\n1. You just “need” a new car.2. You drive a lot, so reliability is important to you.3. You don’t want your spouse, kids, or any other loved one to be stranded.4. You don’t have the cash to buy that first cash car.\r\nFor some who would be honest it would be all about ego.\r\nMaybe I “need” to look successful.\r\nOr my favorite, I work hard so I deserve to drive something nice.\r\nWhat can getting rid of your indebted car do for you?You can take a big bite out of your current debt.You can increase your available cash by the amount of your car payment.Save your first $1,000 emergency fundPay off your other debts at an accelerated pace.Start saving for your next cash car, retirement, or child’s education.\r\n4Q 2014:Average new car payment - $482Average new car price - $33,000Average new car loan amount - $28,381Average new car loan duration - 66 months\r\nToday, I want you to make a commitment to me and yourself.\r\nToday, I want you to do one thing to start on your journey to dump your auto debt.\r\nIt doesn’t have to be a big step, but it has to be a step, a start, a move in the right direction.\r\nMaybe it’s a plan to sell everything in that storage building you’re renting for over $100 a month. Who knows how much you might get?\r\nMaybe it’s looking on edmunds.com or kbb.com to see how much your current car is worth.\r\nMaybe it is finding out what the pay off is on your current car loan.\r\nWhatever it is do it today. Start the journey today, don’t wait.\r\nWe can all speak of yesterday’s regrets, but don’t live to regret today. Today is the day! Now is the time!\r\nTake action!\r\nLinks:\r\nSteve Stewart - 1998 - Honda Civic: http:\/\/moneyplansos.com\/ynab-vs-everydollar-comparison\/\r\nDan Miller - Why do the rich get richer and poor get poorer?: http:\/\/www.48days.com\/why-do-the-rich-get-richer-and-poor-get-poorer\/\r\nNY Federal Report on Consumer Spending Fourth Quarter 2014: http:\/\/www.newyorkfed.org\/microeconomics\/hhdc.html#\/2014\/q4\r\n\r\n\r\n\r\n\r\nState of the Automotive Finance Market Fourth Quarter 2014: http:\/\/www.experian.com\/assets\/automotive\/white-papers\/experian-auto-2014-q4-presentation.pdf?WT.srch=Auto_Q42014FinanceTrends_PDF\r\n\r\n\r\n\r\n\r\nThe One Thing by Gary Keller and Jay Papasan: http:\/\/www.amazon.com\/The-ONE-Thing-Surprisingly-Extraordinary-ebook\/dp\/B00C1BHQXK\/ref=dp_kinw_strp_1\r\nThe Hamilton Project - Major Decisions: What Graduates Earn Over Their Lifetimes: http:\/\/www.hamiltonproject.org\/papers\/major_decisions_what_graduates_earn_over_their_lifetimes\/\r\nDid you enjoy the show?\r\nIf you liked this episode, please consider going to iTunes and subscribing.\r\nOn iTunes once you subscribe, you can leave a rating and review. Taking this action will help this podcast move up and be more easily found in iTunes. Thank you for an honest rating and review.\r\nHere is a link to subscribe or rate and review the show: http:\/\/cashcarconvert.com\/itunes\r\nAlternatively, you can let me know your thoughts about the show on Twitter at @CashCarConvert.\r\nWant to connect on Facebook? http:\/\/facebook.com\/cashcarconvert\r\nCheck out my new private Facebook community. http:\/\/cashcarconvert.com\/cccc\r\nWant to shoot me an e-mail? Click: james@cashcarconvert.com.\r\nLooking for something on Amazon? Please use my affiliate link: http:\/\/cashcarconvert.com\/amazon\r\nLooking for a back episode of the Cash Car Convert? Click: http:\/\/cashcarconvert.com\/cash-car-convert\/\r\nI’m also posting my audio podcasts on youtube. The first 20 episodes are up with the rest to follow. I’m looking at this as just one more platform to be found. http:\/\/cashcarconvert.com\/youtube\r\nDo you have a comment about this interview or about the podcast itself? Please leave a comment below.\r\nI appreciate every listener.","author_name":"Cash Car Convert","author_url":"http:\/\/www.cashcarconvert.com","html":"