In this podcast, Dave Denniston talks about how today we are in a rental society.
Dave ponders & pontificates on a few thoughts:
– How we are FORCED to rent (and it isn’t good) some assets nowadays
– The HUGE concept that you need to be financially successful
– How my wife and I are saving $10k to $20k on a new car
– The BIG question you should ask yourself with any major purchase
(Note: I outsource transcription efforts, please forgive in advance any grammatical errors. I just simply don’t have time to review it all)
This is Dave Denniston and welcome back to the Freedom Formula for Physicians podcast. Well, I am on a cross country trip right now, helping my parents move halfway across the country, all the way from New Jersey to Dallas for their retirement and we’re running a truck here.
So I’m driving the truck halfway across the country, having a good time and I got to thinking about how we are in a rental society, you know in today’s world, there are so many things that are moving towards rent.
I went to purchase a Dolby the other day and you cannot purchase it outright nowadays you have to rent the software from them and for me I think this is making things so much more expensive.
You guys, if anything we have to own what we got and I say this for a few reasons, I know quite a few people who end having car payments, I know people end up leasing things, leasing TVs, leasing this and that and we have to move away from that you guys, we have to get in this habit of paying for things in cash so that way we own it.
You know if you’re not going to use it more than once or twice, maybe if you’re renting a movie that’s awesome but outside of that if you think about big ticket stuff, we want to get in the habit of owning them, a house, cars and as a matter of fact I recently shared in a podcast how my wife and I are looking for a very special deal with a car and so what we’re doing is we’re going through a friend who ends up having a dealer’s license and it’s going to see us probably $10 -$ 20,000 on a new used car.
I know you missed out on that, buy used you guys, don’t buy new, buy used cars. You’ll save thousands of dollars just taking a drive up the [? 00:02:15]. So think about it, where in today’s society are we renting stuff? Where do we have the opportunity to buy things that we’re going to be using lots of rather than renting it? I don’t care if you’re talking about Netflix or we’re talking about some other media that we end up consuming, where can we get things at a good price without being constantly having to rent from other people and instead owning it.
So let me know what you think? What are you renting? Why are you renting it? Are you having a car loan? Why do you have a car loan? Let me know your thoughts.
For the Freedom Formula for Physicians podcast, this is Dave Denniston, thank you so much for checking in.
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