How do I avoid getting ripped off by a mechanic?
Every time I take my car to a mechanic I worry I'm being overcharged or sold repairs I don't need. I don't know anything about cars. How do I find an honest mechanic? How do I tell if a repair is actually necessary? Should I get a second opinion? Are dealership service departments better or worse?
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5 Answers
I'm not a financial advisor but I've learned a lot from personal experience. The most important thing is to start early and be consistent. Even small amounts add up over time thanks to compound interest. Don't try to time the market.
Talk to a fee-only financial advisor, not one who earns commissions on products they sell you. The commission-based advisors have an incentive to recommend products that benefit them, not you. A fee-only advisor charges a flat rate.
Don't make a big financial decision when you're stressed or excited. Sleep on it. The dealership, the realtor, the salesman all want you to decide RIGHT NOW because pressure works in their favor. Walking away is always an option.
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.
The simplest advice I ever got was: spend less than you earn and invest the difference. Sounds obvious but most Americans don't do it. Track every dollar you spend for a month — you'll be shocked where your money goes.
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