Cars are not status symbols anymore. You are not in control if you are in an environment where people consider you stupid for not having a car, and you actually care enough to go and buy one. Take these 4 steps before going to the dealer:

  • Cost of opportunity is immense. If you want to buy a nice car, it costs $100,000 plus maintenance, insurance, gas, etc. Instead, you can take that money and put it in an emerging market or into your business and those 100k will multiply several times in years.
  • It’s easily replaceable with Public transportation, mobility solutions like electric bikes, skateboards, electric scooters or services like Uber.
  • The social expectation is that you need to have a car, it’s one of the status symbols that society judges. You don’t have a car? you are seeing as lower than low. First, eliminate social expectation, then create your own status symbols. Start with time.
  • Your car owns you, you don’t own the car. The car will break down and have problems and will cost you money, time, frustration and opportunity. Ask yourself what is more important.

Watch Andrew from Nomad Capitalist full explanation: