$1,000+ CAR PAYMENTS LOOK MORE LIKE RENT/MORTGAGE PAYMENTS!
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.

$1,000+ a month car payment for new vehicles! Look more like mortgage payments.
https://www.axios.com/2022/06/30/new-cars-trucks-suvs-prices-interest-rates
- 12.7% of buyers who financed their new vehicles in June agreed to monthly payments of at least $1,000.00, the highest level ever, car research site Edmunds reported.
- 36.1% of borrowers opted for loans of 73–84 months, up from 32.8% in June 2021.
WHAT IF YOU HAD A CHOICE? $1,000.00/MONTH CAR PAYMENT OR $750,000.00 IN YOUR ACCOUNT?

What if instead you buy a used or less expensive car and keep your costs under $500.00/month. Next, deposit the saved $500 monthly in your ROTH IRA, investing in an S&P 500 ETF index. Let’s look at three good options:

OPTION #1: Contribute $500/month for 84 months {36% of buyers select loans of 73-84 months}.
Starting Principal Amount: $0.00
Monthly Deposit: $500.00
Period (Months): 84
Annual Interest Rate: 8%
Compound Method: Monthly
Balance at maturity (end of 84 months):
Total Principal: $42,000.00
Interest Earned: $14,430.37
Total Maturity Value: $56,430.36
OPTION #2: Contribute $500.00/month to a ROTH IRA for 84 months and leave the funds untouched for another 23 years/276 months for a total investment time of 30 years.
Starting Principal Amount: $56,400.00
Monthly Deposit: $0.00
Period (Months): 276
Annual Interest Rate: 8%
Compound Method: Monthly
Balance at maturity (end of 30 years):
Total Principal: $56,400.00
Interest Earned: $296,562.91
Total Maturity Value: $352,962.90
OPTION #3: You save $500.00/month for 30 years – BY SPENDING LESS THAN YOU EARN!
Starting Principal Amount: $56,400.36
Monthly Deposit: $500.00
Period (Months): 276
Annual Interest Rate: 8%
Compound Method: Monthly
Balance at maturity (end of 30 years):
Starting Total Principal: $194,430.36
Interest Earned: $555,717.19
Total Maturity Value: $750,147.56

CONCLUSION – MONOPOLY, AN INVESTMENT GAME, DOES NOT HAVE AN OPTION TO PURCHASE A NEW CAR!
THE CHOICE IS YOURS!

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