hey guys Mike here of MKchip super
short video this week because I'm in the
process of editing several other videos
and I got a lot of stuff going on but I
wanted to show you real quick what I got
in the mail today oh the lovely
pre-approval letter
have you guys ever wondered why there
are so many nice brand-new cars on the
road well wonder no more because these
letters are constantly every single
month
I must get at least one or two of them
from different credit unions from
different banks this letter is approving
me for up to $50,000 to buy a brand new
car at a two point three four percent
interest rate so basically anytime I
want I can go gladly put myself in 250
thousand dollars worth the card debt
which is just not a wise thing to do
guys so just because you get a letter
saying you're pre-qualified what it
really means is they're pre-qualified
their pre-qualifying you to get you into
debt and it's really not for your
benefit but it's really mainly for their
benefit so always remember that and that
is why we see so many new brand new car
isms on the road because I don't know if
you've been wondering why there's been
so many brand new cards on the road is
because of letters like this and in my
personal opinion because of this easy
money lending that is why we're seeing a
lot of these cars costing so much
because they said okay well the interest
rates lower so we're just going to
increase the price of our vehicles and
that's one of the debt is one of the
main reasons that the vehicle prices are
increasing on us and why course cost so
much more than they used to it's very
similar in my opinion back play in
2007-2008 with the mortgage crisis when
anybody just who who could fog up a
mirror could get a home loan and go buy
a four or five hundred thousand dollar
home and because of that easy money
the prices of homes just kept going up
and obviously there's other factors
besides that but debt is a huge part of
that and that's what I'm seeing with the
car loans so I just wanted to just
really encourage you guys if you can't
afford to buy a car in cash
I really discourage you from buying one
or just at at least promise me you'll
pay as much down as possible and keep
your your overall pain is very low
because the average car payment in
America today is around $500 a month
believe it or not I couldn't believe it
whew that hurts but I mean if you
seriously if you can't pay if you buy a
new car or at least a used car if you
can't pay it off in less than a year or
two years at the most
please do yourself a favor and don't buy
the car or buy a cheaper vehicle because
it's not worth the damage it's going to
do to your long-term investing strategy
and so your overall monthly budget so
that's so when you get letters like this
you know the best thing to do is its
shred the crap out of it
pria prove that I love y'all I'll see
you guys next week as you guys know the
goal of this channel is really to help
all of you and reach your financial
personal financial goals your career
goals and your life goals so until next
time I love you all if you have not
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hit the like button if you like this
short video and I will see you guys next
week until then I hope you use this
information to live your life on page
bye
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