Mr Marco

Wow. Are you sending AZ a bill for the time you spent writing that novel? In a perfect world. I'm going to have to go with Hamma Tyme on this one\/ enjoy the money you have because you can't take it with you.

Moneyman2011

Good question. I could have easily done that, but when you are offered .09% financing it is silly not to take advantage of arguably free financing. Over a 60 month period my total financing costs will be $618. That is a rounding error to me. I thought about financing the entire amount but I did not want a $620 monthly payment so putting $11,500 down kept my monthly to something that felt better ($434). Incidentally it took me about 40 seconds on one trading day to pay for the financed amount ($25,274) so I am playing with the "house's money" for the next 59 months. This market is in a "Throttles Up" position, so Giddy Up!

Moneyman2011

This is fun for me. I don't bill for this type of advice. Honestly this is real simple stuff. The complex issues I deal with are interesting as well as high revenue producing. When I am doing hourly stuff, which is rare, I bill out at $400 per hour. Most of the time, my value to my client is in the tens of thousands per hour with the results we produce at our firm. Just last Friday we completed a project for a client that saved them more than $11,300,000 in taxes and that took about 23 hours of billable. In that situation we billed $400 x 23 = $9,200 plus we made about $340,000 in revenue with the products that ended up being used to resolve a major tax problem for our client. It involved a Trust and Estate Attorney, CPA, the client's bookkeeper, and an Irrevocable Life Insurance Trust to get the job done. End result, the client remains in control while alive and his beneficiaries get the entire value of the estate, the government gets very little, and everyone is happy. That is how it goes. There are three places our money can go when we die: government, a charity, or your family. I tell my client's to pick two. Usually the government is last.

kingmiller82

I don't think my credit union or my bank can beat 2.9% that the dealer is offering.

Mr Marco

Err, um, whay whay to much information.

Aman

I think you're just about the only one on this entire site that doesn't appreciate someone who takes the time to share their expertise with the rest of us. Seems odd to me.

Thanks Moneyman, I hope you don't let one user stop you from sharing with the rest of us.

Moneyman2011

I have a very thick skin my friend. You guys up there in Canada have your priorities straight for the most part. Your health care system is a disaster and our Morons in Washington think you have the model we should copy. Other than that...... You have the some of the best hockey teams and somehow produce a lot of musical stars that we Yanks seem to really like!

Yes I am very thorough and give complete answers. Some people appreciate it and others..... Regardless, advice without perspective and knowledge is useless. I know my cars and everything there is to know about finances. Don't ask me about baseball. I don't know a "change up" from a "curve ball".

The person who started this thread is asking good questions, but the real question he needs to answer is why he is rolling negative equity from one car to another. What is the driving force behind not being happy with what you have and always wanting something else that may be better? I see this same characteristic in many of my clients. If it is not a car, it is a house. It could be a fancy watch, designer shoes, or getting your hair done by a designer over priced hair stylist. One of my clients spends $10,000 per month on shoes alone! The best advice is still to keep the car he has until it is paid off, then drive it for a couple more years building up his savings, then pull the trigger and buy what he wants based upon my previous recommendations. Cars are fun, but can be stolen, vandalized or simply damaged in an accident. They are some of the absolute worst investments unless you are buying an exotic. I had a 2008 Lingenfelter twin turbo Z06 that got destroyed in a storm when a 140 foot tall tree blew over in a "Nor’easter" and landed on my garage crushing the car. I was mad about it, but it was all covered under insurance and a couple of years later I bought the ZR1. The other Vette was an outrageous beast and very difficult to drive since it had more than 980 wheel hp. The ZR1 is much easier to drive and not as scary. One sneeze in the other car and I would be dead. That car pulled 9's in the quarter with slicks on and was spinning the tires at the end too! I am telling you this because I know what it is like to want more. Resisting the urge is tough.

kingmiller82

Thanks Money Man, the plan wasn't to roll negative equity into another car, my problem was Acura low balling me, which was creating negative equity!! Example, I owe $15300 now, "I just sent in double payment" and acura only wants to give me $10,000 for the car which would create $5,300 in negative equity. If I was to sell it out right privatley it wouldn't be negative to me, I'll make a profit no doubt.

Either way, I am going to hold on to it for another year maybe till next spring, the car is in excellent shape/condition. I just wanted an SH-AWD since I live in the Northeast. I would even had got a 2009-2011 but I hat the grill so hey, we like what we like bust since Acura didn't want to budge on the trade in price I decided to walk away and come back another day.

Thank All!!!

Mr Marco

Your welcome

winstrolvtec

Honestly King, if you plan to replace it with a new TL anyway, might as well do so as soon as it is no longer a negative equity situation and you can get a better deal on the new one. We all could drive Honda Civics until they are well past paid for and run to the ground but few of us actually do despite what we all might tell you or what is an ideal financial situation.

Unless you are going to keep the TLS until well after it is paid, it really doesn't matter that you get a new car tomorrow or a year from now IMO, provided that you don't get beat over the head by the deal. You pay a similar amount for the TLS anyway, it's not getting any younger and will only cost you more money in terms of higher mileage services, brakes, tires, ext warranty, unwanted repairs, ect.

Not to mention a new addition to the family is coming and the use of a new, safer car with AWD benefits for your demographics sounds like a no brainer to me. Just don't rush into a bad deal, make sure it makes sense and you don't lose any money you don't have to, that is the key here and really is the most important piece.

I know folks are going to disagree with that and I want you and everyone else to prosper and be as wealthy as possible but I am only saying this because it sounds like you are going to get the car eventually anyway.

I think there is a nice balance you can strike here with obtaining a new car, which has it's own set of benefits, plus it shouldn't cost you more than what you already pay for your current car. You plan to finance a nice yet moderate vehicle in the TL, which is above something like an Accord but not as lavish as something like a 5 series, and for what it's worth, for the same monthly cost as the TL financed, you could lease that 5 series instead but clearly buying the TL is the smarter financial decision.

Much like the old TL, the new one should prove to be very reliable, safe, have fairly low maintenance costs, and have a great resale value. So you're not being completely unconservative in the first place.

Ken1997TL

Same situation as you.

I did the 0.9% on the TSX wagon simply because I can make at least 6% on that same money over 60 months.

winstrolvtec

^Always a good idea, let your money appreciate while the car depreciates on someone else's, and the money you would have otherwise paid for it or put down will still be somewhat on hand or only slightly tied up.

With today's finance rates, money down on a depreciating asset is as good as gone IMO, you just have to be comfortable with the higher payment, which in all reality is the same thing, just that you can pay more now or more later. IMO that sum of money is better in your pocket than theirs.

MD-DRIVER

I still don't quite understand
I do get that you are getting basically "free financing" so why not finance it all, what's the difference what the monthly payments are to you. You would not be effected with another $200 a month

Moneyman2011

You are right! $200 per month is nothing to me, however my personal disposition about high monthly car payments is such that it makes me "feel better" about paying a smaller amount per month. Financially you are arguing a good point. Finance everything at .09% and take the almost free money. That was an option but feeling comfortable with the transaction was more important to me. Just because we “can” afford a payment doesn't mean we “should”.

The same logic works when we are shopping for a house too. If you are looking at a house that costs say $1,000,000 and you could finance 100% because you could afford the monthly payment, should you take the deal even if you have 20% or more to put down? The short answer is NO! This is one of the major reasons our country is in the financial mess we are in!

If you finance something that looses value at any time after you make the purchase to be worth something less than what you paid for it, the bankruptcy laws are written to let you walk away and the bank is left to pick up the pieces which cost everyone else more. Yes there are issues that will remain with you regarding your credit, but when you do not have any “skin in the game” there is little to hold you back from just walking away when you have no equity in the asset. The healthier transaction is where a buyer either pays cash, or makes a healthy down payment and then finances the rest. This does many things for both sides of the transaction. First it protects the bank so that if the market value of the asset falls while you are still paying it off, you likely still have some equity in the asset and you will be more motivated to continue to pay for it or be in a stronger position to sell it. This applies to a house and a car. Second it protects you as the buyer in the same situation. If you decide to sell the asset and you have paid for a part of it in the form of a down payment, you are more likely to still have excess value which you will get back upon the sale. This is not a profit but a reimbursement of part of your down payment. When we are talking about a car that is sure to lose value the moment you leave the dealership, if you are putting 33% down up front, the future depreciation is likely to trail the resale value of the car thus you are not in an upside down position if things change for you and you need to get out of the car. One thing to keep in mind, the finance company WANTS you to finance more because they get paid more when you do! This is the fox guarding the hen house my friends. The finance guy is not your friend. He is a salesman and gets compensated by selling you the "extras stuff" when you signing the papers to buy the car! My finance guy tried to do the same thing but I stared him down and told him what I wanted. Many other buyers are not as stern as I am in the same situation.

This is basic stuff but important because a lot of people miss this. I am sharing this information on this forum for the purposes of helping those that read it. This is a prevalent problem in our country and it can be controlled with the right understanding of how to best use your money to get more of what you want. I hope this response is helpful to someone out there.

Newplay1

You can always sell private and use the money to lease 2012 for 3 years. But make sure to get 15k miles allowance from Acura because you seem like you drive alot. alot.lot.

Ken1997TL

I think part of it is you generally need at least something down (money or trade) in order to qualify for the 0.9%

In my case, I did the minimum. I can get municipal bonds that are tax-free (state and fed!) that return around 5%. Or I could buy up some stocks, Honda has taken a big hit lately and they'll come back.

Some may not feel comfortable doing such things though.

winstrolvtec

As always MM very sound advise, thanks. I think this topic is fascinating but I think eveyone's case needs to measured indivually and sometimes taking general advise (although still good) might not be the best thing for everyone. I am sure you would agree.

As for the above example, I would take a 100% finance deal (or close to it) even on a house, as it is the same concept as recouping the interest in a zero down car purchase. If I am to buy a low priced home in our area for $250k and the bank wants $75k down plus closing costs, it saves me only $350 a month on my mortgage, add for mortgage insurance and we are looking at $450-$500 but I would be comfortable with the higher payment including tax and insurances, therefore I would want more of my money for myself.

I know a few ways I could invest $75k instead of into what is now a depreciating asset, where I might not have equity in it for much longer anyway. That investment could yield me much more than that $500 a month. Not only do I have extra funds on hand for emergencies, I also am generating more income, all of which puts me in a much better financial situation and therefore the bank as well, since they are more likely to get paid and I am less likely to fall behind.

In the event that I still do (fall behind), the money I didn't put down buys me more time and maybe enough that puts me out of a negative equity situation, worst case you just have to eat it yourself with those funds that you would have otherwise put down and then walk away clean and even, which is the same as you suggest, just the opposite of how most do it, giving me more leverage with my money instead.

I am not against putting money down on a house, generally you never lose in the long run but I wouldn't put more than I had to and never will for an automobile but I also am motivated to create wealth out of what I have obtained and also using it as a fallback vs just putting down money to buy a car and house and rely on my job or spouse and live an average life, not that there is anything wrong with that. If that was the case, I would be content in putting money down. There is always a drawback but some are willing to take that risk and for some that is the best use of their money as opposed to playing by the rules.

Moneyman2011

You have a very valid point. Of course I am generalizing, but for the most part this is not the situation. If you asked home owners randomly how they came to the decision about what they could buy, most people would say it was what they were approved for by the mortgage broker. One could say that if underwriting was “actually” taking place and ONLY suitable buyers were purchasing homes, we would have never had a financial crisis. My hardy belief is that if the unregulated mortgage business was regulated like I am in as a Registered Representative by FINRA, we would never have had a financial meltdown……period! Here is why. The average person gets “qualified’ for a loan based upon credit history, assets, income and a few other items. Then the mortgage broker puts the information into software that spits out how much they can afford to spend on a monthly basis (supposedly). The problem is the calculation does not take into account additional bills such as life insurance premiums, summer camp for your kids, religious studies, vacations, landscaping, etc... For many people they “qualify” for a monthly nut that then makes them house poor. Especially if they put down very little, they are skating in very thin ice right from the start. Let’s fast forward a moment. They decide to have a family. Their bills are increasing by 20% most likely and that was never part of the “qualification” process. Now the baby comes, and likely as not Mom stays home. Now there is a loss of income. Let’s say she goes back to work. Now there is child care. The expenses have now gone up by 30% or more and income may be stable or going down because she realized that her net pay is mostly going to the day care center for the privilege of working. She then figures out it is likely cheaper to stay home and it is better for the child anyway. Now they are back to losing one income which they needed to “qualify” for the mortgage, and now they are strapped. Throw a ringer into this situation, now he loses his job because of cut-backs. On top of this she is pregnant again and this time it was not part of the plan. Now what? If they financed 100% or near that, they are in big trouble. Depending on their savings, they are closing in on Bankruptcy as they are now in a nose dive with the engines blasting. Retirement savings (which now they get a surprise IRS tax bill too which will not be discharged in Bankruptcy Court), college funds (penalty there too and a surprise tax bill), personal savings get eaten up in no time, and then they are done. Both are unemployed, one baby here, one on the way, no health insurance, they will lose their house, they have blown through their savings, and for what? The American Dream?

Here is how putting at least 20% down on a house could change the picture. They would likely have bought a less expensive house, had built in equity out of the gate, still had retirement, college and investment accounts, a lower nut to cover on a monthly basis, more options about family planning, and more time to get out of the house before bankruptcy if they suddenly were both not working in the same situation. Just because you can make the payment now does not mean you will be able to make the payment years from now. When I look back on my own experiences, just the process of having two children added 50% to my monthly bills and they are in public schools, not wearing Ralph Lauren and IZOD, or going to exotic summer camps. Just the health insurance alone is $13,000 extra per year being on a family plan. When I include co-pays for doctors, dentist visits, the occasional emergency room donation, the “daddy I want this toy” request, and a zillion other things, this all adds up. We are not even talking about vacations, food, birthday gifts, their wedding god willing, and college.

So now what? This average couple decides they want a car because their current one is old, or they are bored with it and they see this hot looking Acura TL. I am assuming they are working and getting by with their current situation. They go to their local Acura dealer and the salesman takes them for a test drive because he is assuming they can afford it. Of course they love it and begin to negotiate the terms. Inevitably their credit is run and according to some magic they qualify for a car that has a monthly cost of $800. The salesman knows this and includes this in the Matrix of negotiations for the new car. That new car smell is still permeating the couple’s noses (which is by design by the manufacturers as it is a chemical that isn’t any good for you but triggers the Dopamine drip in the pleasure zone of your frontal lobe). The couple nervously negotiates with the salesman who then pulls out the hidden card, the sales manager who comes over to “talk” to them. This is where the “I have to make money too” conversation happens and the hard ball stuff gets unloaded. This same situation is going on right now across America. If that couple does not realize that they probably can’t afford the car they are looking at and want to buy, they are only accelerating the nose dive to bankruptcy and turning on the rocket turbo boosters. They will make it alright….all the way to the scene of the crash.

It is harder to spend money within your means than it is to over spend and get into trouble. Ask yourself, do I have any credit card debt? If you do, you have already over spent your money and you are living beyond your means. Yes I am generalizing for sure, but what I just described is either someone on this forum reading this post or it is a friend, co-worker, sibling, parent, or neighbor who is dealing with this stress right now.

I am not being a “Debbie Downer” here. This is just life in America. Scary isn’t it?

If you have any questions about why so many people think this is acceptable, just look at what is modeled for them in Washington DC. Ask the average government recipient of US Tax Dollars in the form of some government benefit that they are getting and never paid a dime into a fund to pay for it. People think they are “entitled” to get certain things. We are NOT “entitled” to anything! Where in the Constitution does it say we are “entitled” to a job, a home, a car or even a job? Some Presidents feel this is true, but it is not in the Bill of Rights or the Constitution (Amendments included). Thus we all have to be responsible and spend what we can afford, save for our own futures, and not be dependent on anyone or anything. Imagine what our country would be like if being an Entrepreneur were the norm, and not the average person screaming on TV saying “I want my free money!” That is my money, your money and everyone’s money. Tax dollars are not free, neither is being irresponsible.

Yes this is a long post and yes I got slightly off topic, but deciding to buy a car is a really big deal, and most people only go as far as asking “do I qualify for the loan”.

docboy

^Moneyman2011, solid post! Well said.

Moneyman2011

Thank you! It cost me $600 to write it, but I hope others like you appreciate it.

jasonwdp10

I sure appreciated it, thanks!

BigAl3000

I hate how dealerships do that. One thing I learned from reading Consumer Reports is to not inform the dealership that you have a trade in UNTIL the last minute. The dealership did that to me as well. I have a 2001 CL Type S with about 141k miles on it and its in perfect condition. I was sitting on some negative equity (still owe like 6k) and they told me they could only give me 2k for it. The car's bluebook is around the high 3's and its not much they would have to fix up, since I heard they auction off high mileage vehicles.

If you wanna piss them off and get even, when you go to the other dealership, ask them if they have any 07 TL Type S and see how much its going for. I watch those figures good because the TL Type S is still going for 18k at most, doesn't matter with that high of miles and they damn sure aren't gonna pump 8k worth of restoration into your car. More like oil change (70 bucks), new tires (that "IF" your tread depth is low, other than that, 600 bucks), detailing and washing (100), and engine degrease(50 bucks) and topping off necessary fluids (less than 20 bucks)

BigAl3000

I see you were getting a little frustrated with some of the responses. To answer your question, YES, you are being robbed by the dealership. In my previous post, I gave the money breakdown as to what the dealership REALLY spends to recondition a car for resale. I guarantee the dealership WON'T perform the Timing Belt service (about a 1k dollar job) since its near 105k miles. Hopefully to them, they will sell it and leave that problem to the next owner. So for them to offer you 10k for your trade in is ridiculous. Like someone said before, don't settle for nothing lower than 15k, because they are ripping you off.

In my opinion, if I were you, I would just keep the TL Type S for the time being. I make alot of money too, but I'm still too hesitant to just jump out there and pay a high ass car note, even if I have the money to do so. Some some serious bread to be spending on a car note. Actually, if you compile the figures, its almost like you would be spending close to 70k for a vehicle you only financed 43k for. The TL-S is a fine vehicle. Don't purchase a vehicle until you NEED to purchase one. Don't purchase it because you WANT it. The only difference from your TL-S and the SH-AWD is the AWD, Super Handlingness, 0.2 liters of engine, cooled seats, and thats it. If your tired of having the TL-S, modify it and make it fun to drive.

winstrolvtec

I don't want the bill for this but you're correct, that is not the typical American or American family, I just want to be clear that I am not disagreeing, just saying that sometimes the opposite can prove true and even folks who do the right thing and go by the book can end up in the same mess as those who don't or even worse.

You are talking about people living within their means and being responsible and that's all true but I am focusing on how a large percentage of financing can actually be a good thing, a great thing and can propel people to do even better with their money and become more successful than just doing what folks claim is the right thing or the responsible way to go. Thinking outside of the box can have as much of a positive affect as a negative one, depending how it's used, not just that it's used.

Mr Marco

Hey, Thank you^ That was 1,272 words and I just sold it on IBuyTermPapers.com for $35.

wall e

thank you Moneyman2011. i learned my lesson.

MD-DRIVER

I don't agree with not telling them you have a trade, the best thing to do is take your car to a 3rd party beforehand (like carmax, or another dealer) and see what they will give you for it. That way you are informed and they can not low-ball you on your trade. Also, you will not get blue book value - the dealer ship has to sell your car at a profit on their lot or at auction, if they give you bluebook, they will not be able to do that.

Moneyman2011

Here is another $400 answer:

Again, I noted that I was generalizing but my example is being reflected by the 2,100,000 households of people who have filed for Bankruptcy since 2007, the 11,000,000 that are in the batter’s cage who are imminently ready to file, the 4,500,000 that have already engaged Bankruptcy attorneys and are implementing “work outs” to go Chapter 7 or Chapter 13, court mandated payment schedules, short sales and credit forgiveness programs that are offered by certain banks around the country. There are so many Americans that are massively over extended at so many levels that it is scary. Just the fact that you see on television everyday that you can get 2 years free financing on furniture or even hearing aids is crazy. The vendors would not be offering it if they were not going to get any takers and make money doing it. Just because one can finance something does not mean they should. MOST people do not have the cash to buy something they are financing. If that person does that is great, but I think you will agree that is the exception, not the rule.

The auto manufacturers are offering low cost interest rates because they are trying to stimulate sales of new cars. This is the pure Supply & Demand model. The manufacturers have the ability to produce and sell more cars than there are buyers. So in order to stimulate additional sales it makes sense to offer 0% to as high as 4.9% for 60-72 months! More people than ever are keeping their cars longer and longer, partially because they are built better and last longer with lower maintenance, but also because they are very expensive to replace. In 1985 you could buy a Porsche 911 for what you can buy an Acura TL SH-AWD today. Yes I am not taking into account inflation and real apples to apples dollar values, but you get what I am trying to say.

Just last night I was talking to a client who wanted to restructure his debts so he could buy Austin Martin DB9 for the summer. Let’s just stop for a second and examine what this call was about. This guy is earning more than $2,000,000 per year plus a bonus of $600,000 to $1,200,000 every January. The fact that he makes that kind of money and feels he “needs” to restructure his debts to buy anything is nuts! He is no different from the hourly worker who wants a new 46’ 3D television because his 1 year old LCD isn’t the latest thing. This same person sees an add on TV that Best Buy offers financing and he thinks, well I don’t have the $1,000 (or whatever it costs because I don’t know) but I can make a payment of $50 per month for 36 months. Are we to think that this person actually has the $1,000 and is investing it for the long term and the present value of that money is greater than the cost of the new TV plus interest? Nope! Marketing and global economic expansion has trained us to think that financing is the way to go for almost everything. Why pay today when you can make payments for X number of years and get more now? Maslow’s Hierarchy of Needs is very prevalent here. Just because the bell is ringing and it means we can buy something we likely can’t afford does not mean we should. You want a reality shot? Go rent the Pursuit of Happyness and then talk to me. I know the guy that this movie was based upon and his story is true and heart stopping. His struggle to NOT be homeless, get a job and somehow feed his son was all he wanted. The only thing you need to realize is that in the movie his character son is 7 years old. In real life he was 14 months old! Chris Gardner tells his story and says that many nights the only reason that his son had any food to eat was because “ladies of the night” as he calls them would give him a few dollars. How is that for reality!

Having that kind of perspective about handling money and its inherent value of what you can do with it is priceless. I hope others can benefit by my comments because I am giving pearls here. Life does not have to be as much of a struggle if we put some angles between us and mistakes.

Mr Marco

Didn't I see you on Dr. Phil?^^^

Moneyman2011

cnbc

KES

It is amazing how quickly the options add up on the TL. The base is $36,465 while the AWD-Advanced is $45,945 or $9840 more (26%) so it is very easy to start looking at a $36K car end endup paying a whole lot more than you planned.

Glashub

With all due respect, I don't think I'd want your head on my shoulders. I couldn't go through life converting every moment I spend doing something other than making money into cost of monetization opportunities lost as in it cost me XXX to help someone. Wow! My experience is that a high standard of living doesn't necessarily mean a high quality of life.

I'm sure you're a good person and really if you and I were alike one of us wouldn't be necessary but, man, in every post you seem to think you should reinforce how much your worth monetarily. It's fatiguing because it ain't going to fill the hole we all have inside of us and it ain't going to get you into heaven.

justnspace

iTrader: (1)

^its a joke.

someone commented on billing AZ members, and moneyman is going along with the ride.

The people that do have good heads on their shoulders have heard his advice somewhere in someway shape or form, by various other people.

his info has benefited several members that are not educated in saving money, living in their means, etc.

ggesq

iTrader: (1)

Moneyman2011- thanks for sharing.

Have you ever visited our Off Topic section? I'm sure other members would like to hear your advice.

https://acurazine.com/forums/money-investing-17/

Ken1997TL

Marco made a joke and he got a proper response

Moneyman2011

I have been accused of a very dry sense of humor before. I guess you took me too literally. Sorry. This one is free.

You are right that you can't take it with you, but is it a crime to maximize enjoyment? I don't think anyone wants to be strapped with debt. It causes too much stress. People don't wish to win the lottery to be in debt. They want financial freedom. If my comments are "fatiguing", don't read them.

Moneyman2011

I did not know about it. Many thanks! I am only trying to be helpful here. Nothing I am saying is earth shaking or brand new. Many people have heard this from their grandparents very likely as they were Depression survivors. I maintain my positions and am happy to assist those that value my help.

Mr Marco

It is mind blowing how one person can accumulate so much wealth. Take Mexico’s Carlos Slim whose net worth is said to be 75 billion. The average Mexican makes around $6,000 per year. This imbalance of resources cannot sustain itself. It is only a matter of time before the people who go without the basic human necessities will revolt and overpower those who have so very much more than they could possibly ever need. If Mr. Slim wanted to spend every penny of his family’s money before he died (and he lived to be 96), he would have three billion a year to blow on real estate, airplanes, yachts, luxury automobiles, jewelry, etc. Just to put the numbers into perspective, with the average price of a yacht at 65 million, Mr. Slim could buy 46 in one year and have 10 million left over for household bills like the mortgage payment, car payment, electric bill, insurance, food, etc.

Ken1997TL

Thats why (in my opinion) I believe people who have that amount of wealth should give back. Not in terms of increased taxes but in charitable donations.

If I won the lottery, I'd create businesses and fund charities. In addition to various medical research programs I'd probably push heavily for natural gas vehicles. With billions of dollars, you can lobby Congress and promote their use. We send just under $1 trillion to other countries each year for oil. Meanwhile we have massive natural gas reserves of our own that could be used.

Some say they are just 'one man' when it comes to changing the world and that is usually quite true. But someone with billions of dollars can use their money and influence for the greater good. Imagine what those tens of billions could be used for in Mexico. Rural electrification, improved schools, clean water and jobs that pay well. It boggles the mind.

/hijack

Desi_TSX

Of course I am generalizing, but for the most part this is not the situation.
Yes this is a long post and yes I got slightly off topic, but deciding to buy a car is a really big deal, and most people only go as far as asking “do I qualify for the loan”.[/quote]

Very well said !