My neighbor has a new car, it is their fourth one. The other three are pretty new, so I wonder why they brought another car. In this neighborhood, most people do not even use the garage to park their car. Everyone who has more than one car will park it on the street.
They have only lived in the neighborhood for a few years, so most likely they are still paying a mortgage. Their kids both just graduated from high school, that means they have the expense of college.
How can they afford it? I was thinking a fourth new cars for a family of four, does everyone need a brand-new car, what would Suze Orman think?
Suze Orman is well-known for discussing your bottom dollars. What you should and should not spend money on these days. One of the things she likes to talk about is your debt, and how to break out of it.
We both would agree that it looks like a lot debt. A there is house, cars and college tuition, who knows what else. No, they would not be living in this neighborhood if they were financially well off. I have a larger home then they have, with more rooms, and I feel as though I need more space. I have had my car over 10 years, even though it is in good shape I would love to be able to purchase a new car.
I hope I am wrong, but it seems like they are over spending on the kids who should have one foot out the door. They say this is the give me generation, what is the example that they are teaching? Their kids should get out there and work for an old beat-up car like in the old days, when a family had four or five mouths to feed.