How do I negotiate the price of a new car?
I'm buying a brand new car for the first time and the sticker price is intimidating. Do dealerships expect you to negotiate on a new car like they do on a used car? How much can I realistically knock off? What about all the add-ons and fees they pile on? How do I avoid getting taken advantage of?
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The biggest financial mistake I see people make is not having an emergency fund. Before investing, before paying extra on debt, save 3-6 months of expenses in a savings account. This protects you from going into debt when unexpected things happen.
4 Answers
The biggest financial mistake I see people make is not having an emergency fund. Before investing, before paying extra on debt, save 3-6 months of expenses in a savings account. This protects you from going into debt when unexpected things happen.
Be very skeptical of anything that promises high returns with no risk. If it sounds too good to be true, it is. The dot-com bust should have taught everyone that lesson. Slow and boring index funds beat hot stock tips over the long run.
Pay off your highest-interest debt first — that's almost always credit cards at 18-22%. There's no investment that reliably beats paying off an 18% credit card. It's a guaranteed return. Knock that out before you even think about the stock market.
My parents told me the same thing and they were right. But everyone's situation is different. Run the numbers for your specific situation before making a decision. There are good calculators online that account for all the variables.
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