Optimal Finance Daily - Financial Independence and Money Advice

2823: 7 Reasons Why I Drive a 17 Year Old Car by Jen Hayes on Financial Habits for Building Wealth

Aug 8, 2024

Jen Hayes, a financial advocate dedicated to sharing savvy money strategies, explains her choice of driving a 17-year-old car. She highlights how this choice saves money and reduces stress, aligning with her goal of financial independence. Jen emphasizes the importance of humility and avoiding debt in a society that often pushes for flashy possessions. Her practical insights delve into the long-term benefits of frugality, encouraging listeners to prioritize financial freedom over societal expectations.

09:43

Episode guests

Jen Hayes

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Quick takeaways

Driving a 17-year-old car significantly reduces monthly expenses, helping individuals avoid debt and save money for financial goals.

The podcast challenges societal pressure to own new vehicles, promoting financial stability and humility over consumerist values.

Deep dives

Financial Benefits of an Old Car

Driving an old car can be significantly financially beneficial. The monthly expenses such as tabs and insurance are greatly reduced for a 17-year-old vehicle, amounting to less than $50 each for both. In contrast, purchasing a new car would lead to increased monthly payments, higher insurance costs, and expensive annual tabs. This financial strategy emphasizes how maintaining an old car can help individuals avoid debt and save money in the long run.

The Financial Benefits of Driving an Older Car

7min

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Episode 2823:

Jen Hayes shares her practical reasons for driving a 17-year-old car, highlighting how it saves money, reduces stress, and aligns with her goal of financial freedom. Her approach emphasizes the importance of humility and avoiding debt over the desire for a flashy, new vehicle.

Read along with the original article(s) here: https://www.jenhayes.me//17-reasons-why-drive-old-car/

Quotes to ponder:

"It’s what most people would consider embarrassing. Some people think I’m crazy for continuing to drive this vehicle, but here are seven reasons why I do it."

"My car might be 'embarrassing' to some, but this old car is part of the reason why we’ll be debt-free someday."

"Live like no one else now so you can live like no one else later."

Episode references:

Dave Ramsey's Financial Peace University: https://www.daveramsey.com/store/product/financial-peace-university-class

The Millionaire Next Door: https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

The Total Money Makeover: https://www.amazon.com/Total-Money-Makeover-Classic-Financial/dp/0785289089

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