I just came across a video of Ludacris being interviewed on the Ellen Degeneres show and he was talking about how he still drives a 1993 Acura Legend that has over 250,000 miles. When I heard this it put a huge smile on my face. According to Celebrity Net Worth, Ludacris has over $25 Million, yet he drives a car that is over 20 years old.
A while back, I wrote a post highlighting the habits of rich people, and a study by Thomas Stanley showed that the average millionaire drove a car worth around $22,500. Ludacris has them beat with a car worth a whopping $612 according to Edmunds.com.
Video of Ludacris on the Ellen Degereres Show
Ludacris talks about this car at the 1:43 minute mark
It is all about what we value.
If you watch the video, you will see that the main reason why he kept this car is because it has sentimental value. He wrote music in the car before he became famous and he still writes music in it to this day. He says that he will never get rid of it.
I don’t know about you, but this made me a appreciate my used Infiniti G20 that much more. It gets me where I need to go and does everything I need it to. Because I don’t have a new car, it gives my wife and I the ability to travel to places we wouldn’t have been able to otherwise. We went to Singapore and Hong Kong on vacation two years ago and we were able to pay cash for it. If we had a car payment, that wouldn’t have been possible.
What kind of car do you drive?
Do you drive a car that is getting you closer to achieving your financial goals or do you drive a car that is sucking away all of your cash, leaving you with little to no money left at the end of the month? It is amazing how much extra money we have every month now that we don’t have a car payment. When we sold my brand new car, we decided to take $300 each month that we were paying toward a car payment and put it into a “Travel” Countdown Fund. After two years of saving, we would have about $7,200. This allows us to do a trip internationally ever two to three years, which is something that is important to Kim and I.
What is important yo you?
Would you rather have a nice, fancy car or would you rather drive an old reliable car and travel? Perhaps traveling is not that important to you, if that is the case, then what is important to you? Do you want to put your kids through college? Do you want to start a business? Whatever it is, are you making a conscious effort toward achieving that goal? If not, why not start today? Sell your new car and buy a used car that fits your needs. You will be amazed at the extra money that you will have each month to do whatever you want with.
Personal Capital will allow you to connect to all of your accounts like your bank, investment accounts, etc. This will not only help you see all of your accounts in one place, but it also has a budgeting component where it automatically categorizes your transactions. This is great because you see exactly where all of your money is going each month!