Listen to the podcast here: https://moneypig.buzzsprout.com/2136084/12629714-episode-10-should-i-pay-cash-for-a-car-or-finance-it

*Sorry for any errors in grammar as this was generated using AI

Audio File: https://drive.google.com/drive/folders/14LHa1TX6fzfx2pfIXeFX3q9tk9GkyBph?usp=share_link

This episode explores the best options for buying a new car. Should you finance a new car, or pay cash? Ray Brown, Wealth Planner, at Goodwin Investment Advisory (GIA) recommends paying cash as it’s cheaper and encourages individuals to build up their savings over time. However, for those who can’t save enough money upfront, it is suggested to put 20% down and not finance for more than three years using the 23 eight rule. Financing makes it easier to say yes to extras like warranties and upgraded features that increase the cost of the car in the long run.

Ray and Reid Trego, host of The Money Pig podcast, discuss the pros and cons of buying, leasing, or financing cars. They suggest buying a used car to avoid depreciation costs, but acknowledge that there are instances where leasing may make sense for short-term use or business purposes. They also emphasize the importance of understanding one’s personal goals when making financial decisions. For more individualized financial advice, reach out to GIA to set up an introductory meeting.

The Money PIG podcast is hosted by Reid Trego. Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

*Sorry for any errors in grammar as this was generated using AI

Outline:

Chapter 1: Introduction

Timestamp: 00:08 – 00:19

Reed TreeGo introduces the Money Pig podcast, sponsored by Rtrego Goodwininvestment.com Advisory, with the aim of leading people to financial peace, independence, and generosity. Ray Brown, an associate wealth advisor, is a guest on the show to discuss transportation.

Chapter 2: Paying for Transportation

Timestamp: 01:25 – 05:26

Ray Brown and Reed TreeGo discuss the different ways of paying for transportation, including paying cash, financing, or taking a loan. Ray suggests paying cash, as it is the cheapest option and makes people think twice before making a purchase. He also recommends setting money aside in a sinking fund to save for future purchases.

Chapter 3: Financing Transportation

Timestamp: 06:30 – 10:02

The hosts discuss financing transportation and the emotional side of the process that can lead people to overspend. They recommend following the 23 eight rule, which means putting 20% down, not financing for more than three years, and not letting payments exceed 8% of income.

Chapter 4: Leasing Transportation

Timestamp: 10:08 – 14:47

Ray and Reed talk about leasing transportation, which can be a good option for short-term commitments or for people who want to avoid upfront costs. However, there are added fees and paperwork to consider, and the hosts suggest buying things that appreciate in value.

Chapter 5: Upgrading Transportation

Timestamp: 15:05 – 17:04

The hosts discuss the benefits of upgrading transportation over time, as people can reward themselves along the journey and avoid feeling like they have finished. They also highlight how financial advisors can help people manage and rebalance their portfolios of assets.

Chapter 6: Conclusion

Timestamp: 17:19 – 17:29

The hosts remind listeners that the information provided is for informational purposes only and does not constitute financial, tax, investment, or legal advice.

Notes:

Reid Trego is the host of the show and Ray Brown is the guest.

They are discussing transportation and ways to buy a car.

Ray suggests that paying cash for the car is the best idea.

He recommends using the 23 eight rule for financing a car.

They also discuss leasing a car and the hidden costs associated with it.

Upgrading to a used car is also suggested as an option.

The podcast is called “The Money Pig” hosted by Reed TreeGo.

The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Action items:

Based on the transcript, it appears that the main topic of discussion is different ways to buy a car. The follow-ups and action items are:

1. Discussing ways to buy a car: The podcast is centered around discussing the three ways to buy a car, which are paying cash, financing, or leasing. The hosts and guest provide their opinions on each method.

2. 23/8 Rule: The guest, Ray Brown, recommends the 23/8 rule for financing a car. This rule suggests putting 20% down, not financing for more than three years, and keeping the payments at 8% of your take-home pay.

3. 24/10 Rule: The 24/10 rule is another option for financing a car, and it is slightly more lenient than the 23/8 rule.

4. Hidden Costs: When leasing a car, one needs to be aware of the hidden costs, such as paperwork and fees.

5. Buying Used: It is recommended that people consider buying a used car instead of a new one.

6. Individual Goals: Financial advisors need to understand their clients’ individual goals to be able to provide personalized financial advice.

7. Goodwin Investment Advisory: The podcast is hosted by Retriego, and Goodwin Investment Advisory is a registered investment advisory firm regulated by the Securities and Exchange Commission.

These are the main follow-ups and action items from the podcast transcript.